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Foreign Institutional Investors (FIIs) have been rapidly exiting Indian markets, and this high-speed exodus does not look like it will stop anytime soon. In October 2024, FIIs withdrew Rs 1,14,445.89 crores from Indian markets. Yesterday, FIIs withdrew $770.67 million from the markets, with equity outflows of $440.86 million and debt outflows standing at $327.44 million across various categories. Per NSDL data, hybrid outflows amounted to $2.31 million. While this may sound dissuading at first, a recent SBI report underlined that FIIs still hold a massive $ 18.241 billion in Indian markets. So far, FY25 has seen FII inflows worth $ 8.924 billion. However, the situation may quickly turn alarming as well, given that FII holdings in Indian equities have already come down to a 12-year low. Says Anirudh Garg, Partner and Fund Manager at Invasset PMS, "The current valuation of Indian stocks, trading at around 24 times expected earnings, appears high compared to Chinese stocks, which are at approximately 10 times. Economic concerns, including weak corporate earnings and declining consumer demand, further exacerbate this situation. Additionally, renewed fears of inflation and potential monetary tightening by central banks have led FIIs to withdraw from the Indian market." In the meantime, DIIs (domestic institutional investors) are stepping in big time. During October 2024, DIIs infused Rs 1,07,254.68 crore in Indian markets. In November so far, DIIs have been keeping the fund momentum going, infusing Rs 12,265.74 crore in India, while FIIs have offloaded Rs 16,445.49 crore this month. But despite this strong uptick, SBI's recent report suggests that consumer confidence in India remains below 100, signaling muted positivity and optimism in the economy. While household consumption is gradually recovering, it grew at 4% last year, much below the 7% levels recorded pre-pandemic. <h2>FII share in <keyword id="20868945" type="General" weightage="20" keywordseo="NSE-listed-companies" source="keywords">NSE-listed companies</keyword> takes a dip, DII stake rise </h2>FIIs share in NSE-listed companies stood at 15.98% in October, with assets under their custody in the equity segment coming to Rs 71.08 lakh crore last month. In September, this stood at Rs 77.96 crore. Experts suggest that this is likely to continue for some time to come. Mutual funds, on the other hand, saw their share in NSE-listed companies hit a record high of 9.58%, as opposed to their 9.32% stake in September 2024. FIIs turned net sellers in the debt segment as well in October, dumping $771 million in Indian markets. This comes after 2 consecutive months of healthy inflows in this segment in August and September 2024, where the figures stood at $2,806 million and $2,295 million, respectively.

FII stake in Indian equities dips to a 12-year low

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Imagine a bustling jewellery market teeming with diamonds and gold. Amidst this glittering chaos, a small stall is trying to sell handcrafted gemstones. Even as newer and shinier outlets keep cropping up, all vying for attention, this gemstone store offers some of the oldest yet valuable jewels at a discount. Though they lack immediate sparkle, these rare gems reveal their value to the discerning buyer. This is how South Korea appears for many experts in global capital markets: a trove of undervalued gems, overshadowed by brighter, more aggressively marketed investment options. This undervaluation, known as the "<keyword id="24399183" type="General" weightage="20" keywordseo="korean-discount" source="keywords">Korean Discount</keyword>," reflects how South Korean companies are priced much lower than their global peers despite robust fundamentals — strong financial performance and consistent profitability. Contributing factors are many, ranging from opaque governance structures to geopolitical risks. But the fact stays, if you are a seasoned conglomerate listed in South Korea, you are likely undervalued. <keyword id="19906087" type="General" weightage="20" keywordseo="hyundai" source="keywords">Hyundai</keyword> Motor India Ltd. (HMIL), a subsidiary of the Korean giant Hyundai Motor Company (HMC), recently sought to escape this valuation trap by listing in India, a market where investor optimism commands premium pricing. But its valuation raised many eyebrows! Now that a month and a half has gone by since its listing, time is apt to examine if this gamble paid off. Will <keyword id="93460" type="General" weightage="100" keywordseo="hyundai-india" source="Orion">Hyundai India</keyword> justify its high valuation? Or does the listing highlight broader questions about the overheated valuation dynamics of Indian markets? A record-breaking <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> but questions remain Hyundai Motor India’s mega Initial Public Offering (IPO), launched in October 2024, broke records by raising ₹27,870 crore, making it India’s largest-ever IPO. The offer was oversubscribed by 2.37 times, highlighting robust demand. But many investors remained sceptical: was this IPO an honest attempt to expand Hyundai’s footprint in India or was it trying to offer a way to cashout for existing investors and promoters? Or perhaps, is it an attempt by the Korean chaebol — a large family-owned business conglomerate — to break free from the aforementioned “Korean Discount”? When shares listed on October 22, these concerns seemingly weighed on the minds of most investors and the stock promptly dipped 5% below the issue price on the day. A tepid grey market performance had already foreshadowed this muted debut in the Indian markets. Now, after almost 35 trading sessions on Indian market, the stock remains almost exactly at price it listed on October 22 at Rs 1820—no gain, no loss. <h3>The gamble of hyper-valuation</h3>Much of this hesitation stemmed from Hyundai’s valuation. On listing, Hyundai was valued at $18 billion, positioning it as one of India’s most valuable automotive companies. However, such high valuations often temper investor enthusiasm, resulting in more cautious short-term outcomes. For most investors, the Price-to-Earnings (P/E) ratio is the most preferred parameter to gauge if a company is overvalued or undervalued. With a P/E ratio of 26.3, HMIL was priced significantly above the Indian automotive industry average of 24.4. Globally, automotive companies operate with much lower P/E ratios, reflecting mature market conditions and slower growth trajectories. HMIL’s South Korean parent Hyundai Motor Company (HMC) trades at a meagre 3.07, believe it or not! For Indian investors, the high premium hinted at overvaluation despite Hyundai’s strong domestic position. Such stark difference in valuation obviously sparked debates — is the Indian market assigning a premium to Hyundai Motor India’s growth potential, or is it simply reflecting the general exuberance around the prospects of the Indian economy? Another concern is the allocation of IPO proceeds. Hyundai’s IPO was structured as an offer for sale (OFS), meaning all funds raised would flow to the parent company rather than Hyundai India’s operations. Although Hyundai has committed to investing in R&amp;D for EVs and hybrids, critics argue that the lack of immediate reinvestment in India’s operations reflects a missed opportunity for domestic growth. Despite the early disappointment, Hyundai was confident that the valuation was fair. It did have some factors going for it, in addition to the fact that other auto giants like Mahindra &amp; Mahindra and <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> command even higher P/E ratios. And looking at the company fundamentals, it does seem like Hyundai is playing a long-term game. <h3>Hyundai in India: A proven track record</h3>Despite the initial stumble, Hyundai India’s long-term story is compelling. Since entering the Indian market in 1996, the automaker has sold over 8 million vehicles and firmly occupies the second spot in the domestic passenger vehicle market, trailing only Maruti Suzuki. Hyundai’s blockbuster SUV offerings, like the Creta and Venue, have been critical in building this dominance. Despite some challenge from Maruti Suzuki Brezza and Tata Punch, Creta has retained the tag of ‘most-selling SUV in India’ successfully so far this year. <div type="image" title="Hyundai" agency="Business Insider India" msid="116156234" hostid="261" caption="&amp;lt;p&amp;gt;Selling over 17,000 units per month on average this year, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva)&amp;lt;/p&amp;gt;"></div> Selling over 17,000 units per month on average, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva) Hyundai India’s market share of 14% in October 2024 underscores its clout. The company’s ability to tap into India’s premiumisation trend, where consumers increasingly prefer high-end vehicles, positions it well for growth. With plans to expand in electric vehicles (EVs) and hybrid technology, Hyundai is poised to capitalise on both domestic demand and export opportunities. The company’s ability to capitalize on its strong brand, extensive dealer network, and leadership in segments like SUVs and exports will determine its future performance. Hyundai’s strategic focus on expanding electric vehicle production also aligns with global trends towards sustainability, potentially positioning it as a leader in the segment. By listing in India, Hyundai aims not only to expand its operations but also to make India a global manufacturing and export hub for its products, especially SUVs and EVs. Therefore, despite early setbacks, Hyundai’s gamble seems to have paid off. The stock has rebounded, gaining 5% in the past month. More good news came in this week, as positive projections from Morgan Stanley and JPMorgan forecast an impressive 17-28% upside for the stock over the next year, reflecting growing investor optimism. <h3>A strategic pivot from the Korean Discount?</h3>The Korean Discount has long plagued South Korea’s chaebols, including Hyundai. Experts attribute this to several factors: <ul> <li>Chaebol Governance: South Korea’s conglomerates, known as chaebols, are often criticised for opaque governance structures and excessive family control.</li> <li>Geopolitical Risks: Tensions with North Korea contribute to investor caution, adding a layer of perceived risk.</li> <li>Limited Domestic Liquidity: South Korea’s relatively small investor base can constrain market activity and valuation potential.</li> </ul> By listing in India, Hyundai sought to unlock better valuations for its subsidiary, leveraging the optimism of Indian markets. India’s stock market has a trailing P/E ratio of 24.4, far above South Korea’s Kospi average of 16-17. The Indian market’s appetite for high-growth stories provides a fertile ground for companies like Hyundai to escape the valuation constraints of their home market. A successful IPO could encourage other such conglomerates to follow suit, setting a precedent. While Hyundai India has a robust track record, its future success hinges on navigating key challenges: <ul> <li>Supply Chain Vulnerabilities: Hyundai relies heavily on its Chennai plant, making it vulnerable to disruptions.</li> <li>Intensifying Competition: Domestic rivals like <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> and MG Motors are making aggressive inroads into the EV market.</li> <li>Policy Risks: The automotive sector’s reliance on government incentives for EVs and hybrids adds a layer of unpredictability.</li> </ul> High valuations come with risks. Hyundai will need to prove that it can sustain its growth trajectory in India, fend off competition from established players like Maruti Suzuki and Tata Motors, and navigate challenges such as supply chain disruptions and regulatory hurdles. If Hyundai successfully capitalises on its strong brand and market leadership, it could not only redefine its value but also serve as a case study for other Korean companies seeking better recognition and valuations in global markets. <h3>Is Hyundai saga a reflection of overheated Indian markets?</h3>The bigger question here is, does Hyundai’s IPO highlights a broader narrative about Indian markets’ premium valuations? With a trailing P/E ratio of 24.4, Nifty 50 index is among the highest in emerging markets. India’s stock markets consistently command a premium due to robust retail participation, strong economic growth prospects, and a burgeoning middle class. While this premium reflects optimism about India’s long-term growth story, it also signals potential risks of overvaluation, particularly in sectors like technology, automotive, and consumer goods. With a record ₹94,017 crore outflow by Foreign Portfolio Investors (FPIs) in October 2024, concerns about overheated valuations are mounting. Sustaining such unprecedented valuations required companies to consistently perform above global averages, and retaining robust earnings growth quarter after quarter remains a challenge in today’s uncertain world. For Hyundai, the high valuation is both an opportunity and a risk. While it underscores investor confidence, it narrows the margin of safety, making the stock vulnerable to corrections during economic downturns. Take for example, the high-profile IPO of Life Insurance Corporation of India (LIC) that raised over ₹21,000 crore. Its listing was met with disappointment as the stock began trading at a 9% discount to its issue price, and subsequent performance has remained subdued. LIC’s post-IPO journey also highlights how inflated valuations can lead to long-term underperformance, as the stock gave only 12% return over the past 30 months when even the Nifty 50 index went up by over 44%. This happens when when the company's growth narrative fails to align with its pricing. Despite being a household name with a dominant market share, LIC's stock has struggled to meet expectations, partly due to concerns about its operating efficiency and the limited use of IPO proceeds for growth initiatives. Make no mistake, Hyundai Motor India’s IPO is a landmark event! It showcases the potential for Korean companies to leverage emerging markets like India for better valuations. It also shows that strong fundamentals can help justify a company such premium valuations even amidst bearish economic prospects. However, it also serves as a cautionary tale about the risks of overvaluation. For Hyundai, the next steps involve proving its long-term growth story, navigating competitive challenges, and maintaining investor confidence. For Indian markets, Hyundai’s IPO underscores the need to balance optimism with realistic expectations as they continue to evolve as global investment hotspots. To sustain the country’s economic narrative as a land of unmatched opportunities, corporate India must work on improving long-term fundamentals and mitigating long-term risks. As global investors watch closely, Hyundai India’s success or failure could shape how international companies view India as a listing destination in the years to come.

Tackling the 'Korean Discount': A deep dive into curious case of Hyundai Motor India's market listing

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<ul class="summary-list"><li>A huge global IT outage is disrupting flights, banks, retailers, and media outlets.</li><li>The widespread disruptions have been linked to an issue with the cybersecurity firm CrowdStrike.</li></ul>A <a target="_blank" class="" href="https://www.businessinsider.com/major-disruptions-airline-bank-london-stock-exchange-microsoft-outage-2024-7">mass IT outage</a> has hit flights, banks, retailers, and media outlets around the world.The issues appear to be linked to the cybersecurity firm <a target="_blank" class="" href="https://www.businessinsider.com/crowdstrike-outage-why-taking-time-companies-recover-2024-7">CrowdStrike</a>.Microsoft also acknowledged the issue in an <a target="_blank" rel=" nofollow" class="" href="https://x.com/MSFT365Status/status/1814181228196835622">X update</a> early Friday, writing, "Our services are still seeing continuous improvements while we continue to take mitigation actions."Here are some of the companies and operations affected.<h2 id="bef28417-d5ac-4c54-90a0-4a5ce5f6e727">Airlines</h2><a target="_blank" class="" href="https://www.businessinsider.com/united-american-warn-pilots-of-communication-issues-amid-grounding-2024-7">Numerous airlines grounded flights</a> early Friday morning, including the big three US carriers: United Airlines, Delta Air Lines, and American Airlines. In statements, they all cited technology issues.Delta and American had both <a target="_blank" class="" href="https://www.fly.faa.gov/adv/adv_list.jsp?WhichAdvisories=ATCSCC&amp;AdvisoryCategory=All&amp;dates=Friday%2C+07-19-2024&amp;AirFlow=AirFlow&amp;Ctop=Ctop&amp;Gstop=Gstop&amp;Gdelay=Gdelay&amp;Route=Route&amp;Other=Other">canceled</a> their ground stops by 7 a.m. ET.A United spokesperson told Business Insider that it was holding all aircraft at their departure airports while it works to restore systems. "Flights already airborne are continuing to their destinations," they added.American has blamed the issues on CrowdStrike, saying they were because of a "technical issue with Crowdstrike that is impacting multiple carriers," according to BBC News.The budget airlines Frontier, Allegiant, and Spirit also issued ground stops which were later canceled.<a target="_blank" class="" href="https://kdvr.com/news/local/frontier-airlines-ground-stop-major-outage/amp/">Frontier's</a> was issued on Thursday night. "Flight operations are currently being impacted by a major Microsoft technical outage," it said in a statement.Spirit <a target="_blank" class="" href="https://x.com/SpiritAirlines/status/1814282714838663498">said</a> it was unable to rebook <a target="_blank" class="" href="https://www.businessinsider.com/crowdstrike-terms-conditions-limits-damages-to-refund-2024-7">affected customers </a>because of the outage.Disruption also extended to Europe. The continent's largest airline, Ryanair, advised passengers to arrive early as the outage caused "disruption across the network."KLM also <a target="_blank" class="" href="https://x.com/KLM/status/1814215826301448539">said</a> it had to "largely suspend operations" as the outage made "flight handling impossible."British Airways, Wizz Air, Turkish Airlines, Eurowings, Lufthansa, and Qantas were also among those who said they were affected.<h2 id="7307656e-e0f2-44bf-9702-63dda969aa91">911 lines</h2>According to a <a target="_blank" class="" href="https://www.facebook.com/AlaskaStateTroopersOfficial/posts/pfbid022K5MYDVWd8fKxJqbYVCm9sKz1UTCd2SB4T9z5s7tRA3ZP5cPupbg4TU6Ev4bxi5Ul?locale=en_GB">Facebook post from Alaska State Troopers</a>, emergency lines in the state are also affected.The post said: "Due to a nationwide technology-related outage, many 911 and non-emergency call centers are not working correctly across the State of Alaska.""We appreciate your patience and will update you when we know more," the statement added.<h2 id="9ff2cd7c-d4b7-41c2-a1dc-ce4675b186f4">Airports</h2>The major UK airports Heathrow, Gatwick, and Luton have reported issues, with some warning of delays and disruption.An X post from <a target="_blank" class="" href="https://x.com/GatwickExpress/status/1814189768349044876?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1814189768349044876%7Ctwgr%5E212d4ebfe13b784f1708bc8c0b18073d8ff4f4e4%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.lbc.co.uk%2Fnews%2Fmass-it-outage-grounds-planes-hits-banks-broadcasters%2F">Gatwick Express</a>, a train service for the airport, said the company was unable to access driver diagrams at certain locations, "leading to potential short-notice cancelations, particularly on the Thameslink and Great Northern networks."A spokesperson for Belfast International Airport confirmed to BI that <a target="_blank" class="" href="https://www.businessinsider.com/it-outage-forced-airports-to-handwrite-flight-info-on-whiteboards-2024-7">whiteboards were being used to handwrite flight information</a> before systems were later restored. Whiteboards were also used at Singapore Changi Airport.<h2 id="d2d9d90f-b48f-40b9-86b0-06c7b5999916">Hospitals and doctors' surgeries</h2>Several hospitals and doctors' practices appear to have been affected by the outage.In the UK, the NHS' EMIS system, which doctors use to book appointments, view patient notes, order prescriptions, and make referrals, <a target="_blank" class="" href="https://x.com/GrimethorpeSur1/status/1814187687978361116">appears to be having issues</a>.A spokesperson for the NHS told BI in a statement: "The NHS is aware of a global IT outage and an issue with EMIS, an appointment and patient record system, which is causing disruption in the majority of GP practices."They said that long-standing measures were in place to manage disruption and that there was no known impact on 999 or emergency services, so people should use these services as normal."Patients should attend appointments unless told otherwise and only contact their GP if it's urgent, and otherwise please use 111 online or call 111," they added.Two German hospitals canceled elective operations scheduled for Friday, <a target="_blank" class="" href="https://www.reuters.com/business/healthcare-pharmaceuticals/two-german-hospitals-cancel-elective-operations-citing-global-it-outage-2024-07-19/">Reuters</a> reported.<h2 id="63f7bad1-df44-4f43-92fe-5f9f3be51a5b">NYCT Subway</h2>Commuters in New York City and DC may also face delays Friday morning.In an<a target="_blank" class="" href="https://x.com/nyctsubway/status/1814237602393751617?s=46"> X post,</a> the NYCT subway said: "Train arrival information is unavailable for A/B/C/D/E/F/G/J/M/N/Q/R/Z/Rockaway Park Shuttle/Franklin Av Shuttle due to a worldwide technical outage. Train service is unaffected."The post said the <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-crowdstrike-outage-could-hurt-consumer-trust-big-tech-ai-2024-7">tech outage</a> also impacted Subway officials' ability to see train locations.<h2 id="704f1376-5c10-439c-8d2b-85cb5949466a">Broadcasters</h2>Sky News also appears to have been hit by the outage. The UK news channel has been showing archive footage and briefly displaying an error message.The news site appears to be up and running at the time of writing.<h2 id="b74a2ece-32a6-431f-b5a5-1aa247d30d47">London Stock Exchange</h2>The London Stock Exchange's website was also experiencing issues."RNS news service is currently experiencing a third-party global technical issue, preventing news from being published on <a target="_blank" href="http://www.londonstockexchange.com">www.londonstockexchange.com</a>," the company said in a statement."Technical teams are working to restore the service. Other services across the group, including London Stock Exchange, continue to operate as normal," it continued.<h2 id="e4c28021-165c-4dbb-b3de-5828201211ee">Retailers and fast-food giants</h2><a target="_blank" class="" href="https://www.bloomberg.com/news/live-blog/2024-07-19/microsoft-cloud-technical-outage-updates">Bloomberg</a> reported that McDonald's Japan suspended about a third of its stores in the country on Friday. The issue was with the stores' cash registers, the report said.The grocery-store chain <a target="_blank" class="" href="https://www.businessinsider.com/supermarkets-fast-food-chains-retailers-disrupted-global-it-outage-2024-7">Woolworths</a> told BI that some stores had "been impacted as a result of the global IT issue." All but six stores were open for business, but some had fewer functioning checkouts.<h2 id="c9f197fd-592f-440c-abbb-9202adfe70cd">Delivery delays</h2>FedEx and UPS are warning of delivery delays because of the outage.In a statement <a target="_blank" class="" href="https://www.fedex.com/en-us/service-alerts.html">on the company's website</a>, FedEx said it was experiencing "substantial disruptions throughout our networks due to a global IT outage experienced by a third-party software vendor." The company said parcels due to be delivered on Friday might face delays.A UPS spokesperson told BI that it continues to operate effectively but there may be some service delays due to third-party outage "impacting some UPS computer systems in the U.S. and Europe."<h2 id="38b967fd-07b7-415f-993e-f004e9c1734d">Some US state driver services are down</h2>Drivers in some states are unable to access services because of the outage.Georgia's Department of Driver Services <a target="_blank" class="" href="https://x.com/GeorgiaDDS/status/1814265895591485931">posted</a> on X that "due to the global Microsoft/Crowdstrike outage, DDS services are unavailable at this time."Tennessee's Department of Safety and Homeland Security <a target="_blank" class="" href="https://x.com/TNDeptofSafety/status/1814296725537931533">said</a> some Driver Services Centers may not be able to process transactions, according to a post on X.North Carolina's Department of Motor Vehicles driver license and plate agencies are also impacted and unable to assist customers, <a target="_blank" class="" href="https://www.cnn.com/business/live-news/global-outage-intl-hnk/index.html">according</a> to a CNN report.<h2 id="06b04518-e517-4183-a7f7-d2b10c0d3a5a">Hotels</h2>Bloomberg reported that at the Ocean Park Marriott in Hong Kong, staff were using pen and paper to check guests in and said the <a target="_blank" class="" href="https://www.businessinsider.com/crowdstrike-global-it-outage-one-defective-it-update-sparked-chaos-2024-7">outage</a> was affecting their systems globally. Marriott International later told CNN in a statement that "certain hotel systems" have been affected."We are actively working with our vendors to resolve issues that have impacted certain hotel systems," the company said in a statement to the publication. "We apologize for any inconvenience that guests may experience."

Mass IT outage: here's a list of companies and operations affected

Billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s Reliance Industries and <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="153" meta.entityid="Tata Group">Tata Group</keyword> have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list. TIME listed Reliance in the 'Titans' category (one of the five categories under which the companies were divided, other being Leaders, Disrupters, Innovators, and Pioneers). Tata was listed in 'Titan's' category while Serum under 'Pioneers'. "Reliance Industries was founded as a textile and polyester company 58 years ago by Dhirubhai Ambani. Today the sprawling conglomerate -- which has aligned its growth with Indian Prime Minister Narendra Modi's vision for a 'self-reliant' India -- is the country's most valuable company, with a market capitalisation of more than USD 200 billion," TIME said. Now led by Dhirubhai's son Mukesh, the Mumbai-based company has ventures in energy, retail, and telecommunications, among others, and has made its chairman Asia's richest man, it said. The publication went on to stated that in February, Reliance came out on top in a fiercely competitive race to dominate India's burgeoning streaming market by striking a USD 8.5 billion merger deal with Disney's India business. "The deal will bring together more than 100 television channels and give the combined group around a 31 per cent share of India's streaming market compared to rivals Netflix and Amazon Prime with 8 per cent each," according to analytics firm Comscore. Reliance has revolutionised several economic sectors in the world's most populous country by making world-class products and services available at affordable prices with multiple innovations. Under Mukesh Ambani, the firm's telecom arm Jio revolutionised India's digital landscape and drove digital inclusion on an unprecedented scale with the most affordable mobile data tariffs in the world. It set up the world's largest single location refining complex. Reliance Retail is ranked among the top 100 retailers globally and in FY24 it registered 1.06 billion footfalls across its 18,800+ stores (67 per cent of which are in small towns and villages). Reliance is investing USD 10 billion in building the most comprehensive ecosystem for new energy and new materials in India and has set an ambitious goal to reach net-zero carbon by 2035. TIME described Serum as the world's biggest vaccine maker, churning out billions of vaccines. The company makes 3.5 billion doses every year, including for measles, polio, and most recently, HPV. "Serum's CEO Adar Poonawalla says the company's success can largely be chalked up to its private ownership. Not being beholden to shareholders allows it to keep vaccine prices low (the R21 will cost USD 4 a shot)," the publication said. Tata Group, it said, was founded in 1868 and has a vast portfolio extending from steel, software, watches, subsea cables, and chemicals, to salt, grains, air-conditioners, fashion, and hotels. "But as rivals have aggressively courted new businesses, it struggled to keep up with stiff competition. In 2017, after over a century of family management, N Chandrasekaran took over as chairman despite having no personal ties to the family -- highly unusual when India's business landscape is ruled by family succession plans," TIME said. As chair, he has transformed the group by investing in tech manufacturing, AI, and semiconductor chips. In 2023, it became the first Indian company to assemble iPhones, and is building another plant, it said, adding that in September, Tata announced a partnership with Nvidia to develop an AI cloud in India. "And this year, it announced plans for the country's first major semiconductor manufacturing facility. The moves seem to be paying off: in February, Tata's combined market capitalisation reached a whopping USD 365 billion, more than the entire economy of India's neighbour and rival, Pakistan," it added. This is the fourth edition of annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world. To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then, TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward. 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