<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="NDTV" title_caption="Cook: " i="" recognise="" that="" prices="" are="" high.="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5742e083dd089592708b467c-960/screen%20shot%202016-05-23%20at%2010.22.49.png"></div></div></div>Chandra's question really summed up Apple's problem in a nutshell. Not only is the price high, but a lot of Apple services - like iBooks - don't actually work in India. That makes the iPhone look like a bad deal. Here's the crucial part of the NDTV interview:Chandra: It's expensive. Even in dollar terms it's expensive&#xa0;because you have taxes in India and then you don't necessarily have all the functionality that you would in the US. So you've got an iPhone here which is more expensive than it is in the US, with less functionality than you would have in the US, and in a country where purchasing power is a fraction of what it is in the US.Cook: The challenge there is the duties and the taxes and the sort of compounding of those, it takes a price and it makes it very high. Our profitability in is less in India, materially less. But still I recognise that prices are high. We want to do things that lower that over time to the degree that we can, so we're looking at a number of different things. What we wouldn't do is lower our quality bar.Cook later went on to repeat Apple's historical position, which is that "We're only going to make a product that we think is a great product. And that means we are not going to compete in some of the other price bands." But then he went back and repeated his statement that iPhone prices could come down:Cook: But I want the consumer in India to be able to buy at a price that looks like the US price. That would be my objective. And I&#xa0;want the user experience to have all the services.That statement would imply that Cook wants to see a 24% cut to the average price of the iPhone in India.&#xa0;Clearly, none of this is a cast-iron guarantee that Apple will start competing on price. Cook was playing to an Indian audience, which doesn't want to hear why it's OK that Indians pay a 31% increase for their phones compared to Americans. Nonetheless, it shows that Cook is aware of one of the key problems holding the iPhone back: The smartphone market is no longer growing, and Apple has already fully captured the high-end of the market. Yet Apple needs to grow, and it's difficult to see where that growth will come from if 1 billion people in Asia can't afford the product. &#xa0;&#xa0;Here is the entire interview:<div></div><div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://www.businessinsider.com/intelligence/25-big-tech-predictions-for-2016?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen_2016-predictions&amp;utm_content=iphone_ctgr_leadgen_2016-predictions&amp;utm_campaign=iphone_ctgr_leadgen_2016-predictions"></a> EXCLUSIVE FREE REPORT: 25 Big Tech Predictions by BI Intelligence. <a href="http://www.businessinsider.com/intelligence/25-big-tech-predictions-for-2016?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen_2016-predictions&amp;utm_content=iphone_ctgr_leadgen_2016-predictions&amp;utm_campaign=iphone_ctgr_leadgen_2016-predictions">Get the Report Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/turn-macbook-into-external-hard-drive-2016-5">How to turn your MacBook into an external hard drive by pressing one button</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="g1eWNtMzE6vll8lLcajligF8I9SJy_7O" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Tim Cook just admitted the price of iPhones may be too high

As many as seven <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-group" source="keywords">Adani group</keyword> stocks ended lower on Friday as the Swiss authorities froze USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of a money laundering probe, suspecting he may be a frontman from the group -- a charge the conglomerate vehemently denied. Shares of <keyword id="19934911" type="General" weightage="20" keywordseo="Adani-Power" source="keywords">Adani Power</keyword> dropped 2.73 per cent, Adani Energy Solutions declined 2.42 per cent, Adani Ports slipped 1.37 per cent, Adani Green Energy went lower by 1.17 per cent, Adani Enterprises dipped 0.76 per cent, Adani Total Gas (0.55 per cent) and Adani Wilmar (0.37 per cent) on the BSE. However, three group firms managed to settle in the green. The stock of <keyword id="19963163" type="General" weightage="20" keywordseo="ACC" source="keywords" meta.keywordsubtype="org" meta.entityname="ACC" meta.hostid="261" meta.entityid="ACC">ACC</keyword> jumped 1.94 per cent, NDTV climbed 1.01 per cent and <keyword id="20057393" type="General" weightage="20" keywordseo="Ambuja-Cements" source="keywords" meta.keywordsubtype="org" meta.entityname="Ambuja Cements" meta.hostid="261" meta.entityid="Ambuja Cements">Ambuja Cements</keyword> (0.01 per cent). During the day, shares of Adani Power tumbled 3.20 per cent, Adani Energy dived 2.75 per cent, Adani Green declined 1.53 per cent, Adani Ports went down by 1.51 per cent, Adani Enterprises fell 1.18 per cent, Adani Wilmar (1.07 per cent), Adani Total (0.89 per cent), NDTV (0.57 per cent), Ambuja Cements (0.54 per cent) and ACC (0.46 per cent). Swiss authorities have frozen USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of money laundering probe, suspecting he may be a frontman from the Adani group -- a charge the conglomerate vehemently denied saying it was neither involved in any Swiss court proceedings nor any of its accounts are subject to sequestration. US-based short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword>, which had last year targeted the Adani group in a damning report that led to wiping away of USD 150 billion in market value of listed firms of the conglomerate in the following weeks, in a post on X cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned <keyword id="20372802" type="General" weightage="20" keywordseo="Adani-stocks" source="keywords">Adani stocks</keyword>," it said citing the report. Adani group rejected the allegations as baseless, saying it had no involvement in any Swiss court proceedings. "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," it said. The Swiss media outlet Gotham City in its report stated that a ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing and more than USD 310 million belonging to an alleged frontman for billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> have been sequestered in five Swiss banks over the last three years. The Swiss investigators suspect that the associate, Chang Chung-Ling, is not the ultimate beneficial owner (UBO) of the company under investigation, but a mere front. The Adani Group, however, said that the court order was not linked to them and they have not been mentioned in it. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/pn-gadgil-jewellers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113302533.cms">PN Gadgil Jewellers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Majority of Adani group stocks settle lower; Adani Power drops nearly 3%

Once virtually written off by the market participants, Indian public sector companies operating in all domains are doing a stellar job in the stock market lately. The interest in <keyword id="21743180" type="General" weightage="20" keywordseo="Indian-PSUs" source="keywords">Indian PSUs</keyword> has returned over the past years, with many of them accumulating multifold returns for their respective shareholders. The talks around PSUs doing well got fresh air recently after Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>, in an interview with TV channel NDTV last week, outlined how values of the PSUs, particularly banks, are increasing in the stock market. "When our government took over, the markets were at 25,000 and now they are at 75,000," PM Modi had said. "See the PSU banks, their value is increasing in the stock market." "Wait and watch on June 4; the programmers behind the stock market will get tired of the action," said PM Modi in the interview. He indicated the financial markets will set new records after June 4 - the day the Election Commission will count the votes of the seven-phase Lok Sabha elections. Pointing out criticism by opposition parties that the BJP was destroying public-sector undertakings, PM Modi, in that interview, cited the example of state-run aircraft maker Hindustan Aeronautics Ltd, which posted a profit of Rs 4,000 crore in the quarter that ended in March 2024. <keyword id="19997265" type="General" weightage="20" keywordseo="HAL" source="keywords">HAL</keyword> shares have risen over 200 per cent over the past year, and over 1,300 per cent over the past five years, mostly because of an aggressive indigenous <keyword id="19938953" type="General" weightage="20" keywordseo="defence" source="keywords">defence</keyword> manufacturing push by the government. The same goes for the other defence PSUs such as <keyword id="19909513" type="General" weightage="20" keywordseo="BEL" source="keywords">BEL</keyword> and <keyword id="20359646" type="General" weightage="20" keywordseo="BDL" source="keywords">BDL</keyword>. Technology transfer, multinationals tying up with Indian manufacturers, Make in India, and Production-Linked Incentive are hosts of tailwinds that are associated with the order flow seen in the defence sector, said N Jayakumar, MD and Group CEO, Prime Securities, in an interaction with NDTV Profit on Tuesday morning. "As long as the order flow continues the growth here is just a function of our imagination," Jayakumar asserted. N Jayakumar, MD and Group CEO, Prime Securities, said, "One of the best-performing baskets of portfolios over the last several years has been the PSUs...It's been a disbelievers rally and it kept getting stronger." With a stellar performance in the PSU space, Jayakumar asserts that "a lot more of divestment and a lot more on revenue gathering front can happen." "I think a lot more on divestment will and can happen," Jayakumar added. Abhay Agarwal, Founder, Piper Serica Advisors, is also of the view that defence space has remarkable opportunities, particularly for exports. Agarwal is also bullish on the mobility sector, including the railways. "Within the PSU basket, there are opportunities that are still there for the long-term investors," said Agarwal, speaking to NDTV Profit. On the overall remarks that the PM made on the economic front, Agarwal said, "It is quite refreshing to see the prime minister address the fact that private capital formation is important for economic growth. If you have the target to grow the GDP 8-9 per cent over the next decade and get India to where it should get to. Then it is very important for private capital formation to take place." Investors and entrepreneurs who are forming private capital must be incentivized, Agarwal suggested. "It is a refreshing message (from the PM) to everybody that the government is not going to shy away from focusing on growth. Getting India into a virtuous cycle is very important because GDP growth cannot happen in isolation...I think it is great that the PM did this and put the economic agenda in an environment where politics is kind of taking over every conversation." Notably, the BSE PSU index is up over 100 per cent in the past year, against Sensex's 20 per cent run during the same period. "Let's say railway PSU stocks, there are four or five of them, the opportunity is 10x of what we have done so far. Despite the number of Vande Bharat and other trains rolled out, the amount of mobility demand is still there. Giant opportunity is there...I think there are tremendous opportunities in mobility and defence," Agarwal said. On opportunities in the green energy domain, Abhay Agarwal said how the government is particularly focused on making the country energy-independent and added there is immense potential in this space. "The focus of the government is on making sure, whether is a PSU or a private sector company which are doing these large projects, are given to people who have the capabilities," he explained. India meets a sizable portion of its energy needs through fossil fuels, and various renewable energy sources, are now seen as an avenue to reduce the dependence on conventional sources of power. At COP26 held in 2021, India committed to an ambitious five-part "Panchamrit" pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, to reducing emissions by 1 billion tonnes by 2030. India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070. About 44 per cent of India's energy requirements at present come from non-fossil sources and are likely to touch as high as 65 per cent by 2030, much higher than what the country pledged at the COP summit in 2021. Asked whether investors should only bet on big players in this sector, Abhay Agarwal said, "In green energy, you have to bet only on the big boys. There are no small players. This space is all about having access to large capital and execution capabilities. Both these have to come together." SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/go-digit-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110276113.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/go-digit-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110276113.cms" target="_blank">Go Digit IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/sports/webstories/kolkata-knight-riders-vs-sunrisers-hyderabad-head-to-head-record-match-timings-and-more/slidelist/110274500.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kolkata-knight-riders-vs-sunrisers-hyderabad-head-to-head-record-match-timings-and-more/slidelist/110274500.cms" target="_blank">Kolkata Knight Riders vs Sunrisers Hyderabad – head-to-head record, match timings and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a>

Indian PSUs hold immense investment potential, experts bullish on defence and mobility

<ul><li>Hundreds of millions of dollars were invested in group stocks through opaque investment funds by partners of promoter family, says <keyword id="12406255" type="General" weightage="20" keywordseo="occrp" source="Orion">OCCRP</keyword>.</li><li>All the nine <keyword id="6367820" type="General" weightage="20" keywordseo="adani-group" source="Orion">Adani group</keyword> stocks opened in the red and continue to be under pressure.</li><li>The group rejected the ‘recycled allegations’ saying that SC and SEBI are overseeing these matters. </li></ul>Eight of nine Adani group stocks closed in the red on Thursday after George Soros funded Organised Crime and Corruption Reporting Project (OCCRP) made a fresh set of allegations on the group. The project which calls itself a ‘global network of investigative journalists’ said that hundreds of millions of dollars were <a href="https://www.businessinsider.in/business/corporates/news/hindenburg-2-0-occrp-alleges-mauritius-based-opaque-funds-invested-millions-of-dollars-in-adani-stock/articleshow/103228872.cms">invested in publicly traded group stocks through </a>Mauritius-based ‘opaque’ investment funds by partners of promoter family. Adani Green Energy slipped the highest while three other stocks shed over 3% in today’s trade. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><thead><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Stock </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Change </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adani Enterprises </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-3.7% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adani Green Energy </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-4.3% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adani Ports &amp; SEZ </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-3.3% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adani Power </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-2.2% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adani Total Gas </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-2.6% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adani Wilmar </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-2.5% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">ACC </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">0.4% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Ambuja </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-3.5% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">NDTV </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-2.1% </th></tr></thead><tbody></tbody></table>Source: BSE The investigation run by the Organized Crime and Corruption Reporting, details of which have been shared with the <a href="https://www.ft.com/content/8d46b435-9725-46d4-80be-2cb3e276c4c9" data-type="tilCustomLink" target="_blank">Financial Times</a>, says that the Global Opportunities Fund based in Bermuda looks like any other fund, but on the inside two men were using the fund for a specific purpose – to amass shares of the Adani Group. The two men named in the investigation are – Nasser Ali Shaban Ahli from the United Arab Emirates and Chang Chung-Ling from Taiwan - who are close associates of Vinod Adani, the elder brother of Gautam Adani. The FT article says: “Their investments were overseen by a Vinod Adani employee, raising questions over whether they were front men used to bypass rules for Indian companies that prevent share price manipulation. Their intricate paper trail that shielded them from regulators and the public has been laid bare in documents shared with the Financial Times by Organized Crime and Corruption Reporting, a network of investigative journalists.” The new documents, based on which the articles have been written, identify Ahli and Chang as two most significant investors in the broader scheme outlined by <keyword id="191733" type="General" weightage="20" keywordseo="hindenburg" source="Orion">Hindenburg</keyword>. They outline a series of bespoke investment structures within the Global Opportunities Fund that were used by Ahli and Chang exclusively to trade in <keyword id="645971" type="General" weightage="20" keywordseo="adani-stocks" source="Orion">Adani stocks</keyword>, says the report by FT. According to documents in 2017, Ahli and Chang secretly controlled at least 13% of the free float – shares that are available with the public to trade – in three of the four publicly traded companies of the Adani Group. News reports say that the connection of these two men to Vinod Adani matters because they are associated with the promoter group. Both men began their investments in Adani stocks in 2013. FT goes on to say that were Sebi, the markets regulator in India, to treat Chang and Ahli as proxies for Vinod Adani then it would mean Adani Group breached the rules to prevent artificial inflation of share prices. Group refutes ‘recycled allegations’ The Adani group released a statement saying that the OCCRP report was aimed to generate profits by driving down its stock prices. “We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report,” the group statement said. The group said that these claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs. “Notably, these FPIs are already part of the investigation by the Securities and Exchange Board of India (SEBI). As per the Expert Committee appointed by the Hon’ble Supreme Court, there is no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices,” the group said. The case, based on a few public interest litigations (PILs) on stock manipulations is being heard in the Supreme Court. It has appointed a six-member expert committee and also asked the market regulator SEBI to submit a report on the same, <a href="https://www.businesstoday.in/latest/corporate/story/adani-group-probe-supreme-court-postpones-hearing-in-sebi-status-report-adani-hindenburg-396060-2023-08-29">which it did, on August 25</a>. The hearing of the case has been postponed. As the Hon’ble Supreme Court and SEBI are overseeing these matters, it is vital to respect the ongoing regulatory process, the group said. This is the second set of allegations on the group, after US-based Hindenburg Research had alleged stock manipulation and accounting troubles on the group in January this year. Hindenburg also added that it has taken short positions on the group stocks.

Adani stocks under pressure after OCCRP report; group calls it ‘recycled allegations’

Adani group stocks stage a rebound led by Adani Enterprises: Group market capitalisation rises by ₹25,575 crore

Equity benchmark <keyword id="15325219" type="TOPIC" weightage="60" keywordseo="sensex" source="TOPIC" sourcekeytype="business-economics" meta.keywordsubtype="null" meta.msid="58713695" meta.aliasname="BSE SENSEX,Sensex India,India sensex,sensex rate,sensex high,sensex low,todays sensex,sensex today,sensex price,market" meta.seopath="business-economics/sensex" meta.entityname="sensex" meta.hostid="83" meta.entityid="sensex">sensex</keyword> declined 123 points on Friday due to selling pressure in metal and energy stocks amid a bearish trend in global equity markets. Rising crude prices and continued selling by foreign investors also weighed on market sentiment, traders said. Snapping its two-day gaining streak, the 30-share <keyword id="53232" type="General" weightage="20" keywordseo="bse-sensex" source="Orion">BSE sensex</keyword> ended 123.52 points or 0.20 per cent lower at 60,682.70. During the session, the index touched a high of 60,774.14 and a low of 60,501.74. The broader NSE Nifty slipped 36.95 points or 0.21 per cent to finish at 17,856.50. HCL Tech was the biggest loser on the sensex chart, shedding 2.79 per cent, followed by Tata Steel, ICICI Bank, Reliance Industries, ITC, Wipro, Infosys and M&amp;M. In contrast, Tata Motors, L&amp;T, Bharti Airtel, HDFC Bank and SBI were among the winners, climbing up to 2.05 per cent. "During this week, the benchmark <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword>-30 and Nifty-50 were almost flat. However, the BSE Midcap and BSE Small-cap index saw positive gains during the week. "Sector-wise, BSE Metal and BSE Power index witnessed sharp correction, whereas Healthcare, IT, capital goods and Realty reported gains this week," said Shrikant Chouhan, Head of Equity Research (retail), Kotak Securities Ltd. Among sectoral indices, metal declined by 1.51 per cent on Friday, followed by utilities (1.35 per cent), power (0.84 per cent) and energy (0.69 per cent). Realty, capital goods and industrials were among the gainers. Adani Group's flagship Adani Enterprises fell 4.15 per cent to settle at Rs 1,847.35. Shares of edible oil major Adani Wilmar Ltd slipped 0.95 per cent to end at 436.10 per scrip. Adani Transmission and Adani Total Gas witnessed a fall of 5 per cent each, while Adani Green Energy fell 4.99 per cent. The scrip of Ambuja Cements gained 0.85 per cent to Rs 361.05, NDTV fell 3.65 per cent to Rs 208.65, and ACC dipped 1.85 per cent to Rs 1,881 on the exchange. Meanwhile, Adani Ports and Special Economic Zone gained 0.31 per cent to Rs 583.85. In the broader market, the BSE midcap gauge rose 0.04 per cent, and the smallcap index gained 0.48 per cent. Elsewhere in Asia, markets in Shanghai and Hong Kong ended with losses, while Tokyo and Seoul settled with gains. Equity exchanges in Europe were trading with losses in the afternoon session. The US markets had ended significantly lower in the overnight session. "Domestic indices lost ground following the global rout as investors speculated over the prospects of further policy tightening. Worries about a looming recession escalated as the President of Richmond Fed added to the hawkish comments by the Fed speakers," said Vinod Nair, Head of Research at Geojit Financial Services. The rupee slipped 4 paise to close at 82.55 against the US dollar on Friday. International oil benchmark Brent crude was trading 2.32 per cent higher at $86.46 per barrel. Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 144.73 crore on Thursday, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/orphaned-and-abandoned-children-are-same-says-bombay-hc-pulls-up-maha-for-differentiating/articleshow/97798611.cms">Orphaned and abandoned children are same says Bombay HC, pulls up Maha for differentiating</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/shark-tank-india-s2-an-entrepreneur-who-battled-anxiety-develops-app-to-gamify-mental-health/articleshow/97798940.cms">An entrepreneur who battled anxiety develops app to gamify mental health</a>

Sensex snaps 2-day winning run amid weak global cues; metal, energy stocks weigh

<ul><li><keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> opened in the red on Tuesday amid negative cues in the global markets after the US reported better-than-expected services data. </li><li>Sensex opened 439 points lower at 62,396 while the 50-stock index Nifty50 opened 100 points lower at 18,601. </li><li>In the last five days, both the indices gained marginally higher with Sensex gaining 0.21% while Nifty50 rose 0.41%. </li><li>TVS Motor, Adani Enterprises, <keyword id="45123" type="General" weightage="100" keywordseo="hdfc" source="Orion">HDFC</keyword> are amongst the <keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">stocks to watch</keyword> out for on Tuesday. </li></ul>India’s benchmark indices Sensex and Nifty50 opened in the red on Tuesday amid negative cues in the global markets after the US reported better-than-expected services data, which could push the US Fed to announce higher interest rate hikes. <keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of how the Indian markets may perform, was down 105 points, or 0.6% early morning today. Sensex opened 439 points lower at 62,396 while the 50-stock index Nifty50 opened 100 points lower at 18,601. On Monday, indices <a href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-end-choppy-session-with-losses-in-ril-it-company-stocks/articleshow/96002687.cms">ended on a flat note</a> ahead of the RBI monetary policy outcome with Sensex ending 33 points lower at 62,834 while the Nifty50 closed 4.95 points higher at 18,701. “Indian markets are likely to open on a negative note today tracking weak global cues. Investors are likely to remain cautious due to stronger-than-expected US jobs report, which could impact the Fed’s decision to slow down the interest rate hike to fight inflation,” said analysts at ICICI Direct. In the last five days, both the indices gained marginally higher with Sensex gaining 0.21% while Nifty50 rose 0.41%. Rupee wiped out most of the gains it made against the US dollar in the previous week. It opened 8 paise lower at 81.87, as against 81.79 on Monday. Brent crude oil prices fell to $83.3 per barrel, down from $87 on Monday. <cmsannotation type="cmsannotation" annotationid="US and Asian markets tumble" comment="subhead" text="US and Asian markets tumble">US and Asian markets tumble</cmsannotation> The US and Asian markets tumbled following strong services data from the US, which could push US Fed chair Jerome Powell to deliver higher rate hikes. The benchmark S&amp;P 500 posted a 1.8% fall on Monday to close below the 4,000 level. On the other hand, the Dow Jones Industrial Average fell 1.4% to 33,947, while the tech-heavy Nasdaq Composite fell 1.93% to 11,235. In Asia, most of the major indices were in the red on Tuesday. The Hang Seng index fell 0.93%, while Taiwan Weighted declined 0.66%. However, Shanghai Composite was marginally up by 0.14%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch out on Tuesday" comment="subhead" text="Stocks to watch out on Tuesday">Stocks to watch out on Tuesday</cmsannotation> TVS Motor: Promoter group Srinivasan Trust sold 25.7 lakh shares of the company at an average price of ₹1,030.03 per share via bulk deal on NSE. Adani Enterprises: The Gautam Adani-led company became the biggest shareholder of NDTV following its open offer to acquire a 26% stake in the company. HDFC: Life Insurance Corporation of India (LIC) has increased its stake in the company to over 5% through buying 1.2 lakh shares in the open market. Adani Green Energy: The company has announced commissioning of its third hybrid power plant in Rajasthan having generating capacity of 450 megawatts (MW). JSW Energy: The company said its arm JSW ReNew Energy has commissioned 27 megawatts (MW) wind energy generation capacity at Tuticorin in Tamil Nadu as part of the first phase of its 450 MW wind project. <cmsannotation type="cmsannotation" annotationid="Stocks in F&amp;O ban on Tuesday" comment="subhead" text="Stocks in F&amp;O ban on Tuesday">Stocks in F&amp;O ban on Tuesday</cmsannotation> Delta Corp, GNFC and Indiabulls Housing Finance are the stocks in F&amp;O ban period on Tuesday, while Punjab National Bank has been removed from the ban list. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/all-except-three-indian-sectoral-indices-have-outperformed-their-us-counterparts-in-2022-so-far/articleshow/96004159.cms">All except three Indian sectoral indices have outperformed their US counterparts in 2022 so far</a> <a href="https://www.businessinsider.in/finance/news/rupee-at-80-against-the-usd-a-possibility-say-analysts-as-us-fed-hints-at-slower-rate-hikes/articleshow/95940818.cms">Rupee may hit 80/$ aided by trifecta of softer rates, cooling crude and stronger macros, say analysts</a> <a href="https://www.businessinsider.in/stock-market/news/key-takeaways-from-paytms-analysts-meeting/articleshow/95940970.cms">Paytm’s optimistic growth projections boost sentiments, shares climb nearly 8%</a>

Sensex, Nifty50 open in the red amid negative global cues – TVS Motor, Adani Enterprises, HDFC among stocks to watch out for

<ul class="summary-list"><li>Gautam Adani's wealth has fallen by more than a quarter over the first month of 2023.</li><li>The Indian industrialist started the year as the world's third-richest person. He's now in 11th place.</li></ul><a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1">Gautam Adani</a>'s year hasn't started well.The Indian industrialist's wealth has fallen by more than a quarter over the first month of 2023.At the start of the year, Adani was the world's third-richest person, behind just Bernard Arnault, the CEO of Louis Vuitton and Moët owner LVMH, and Tesla and SpaceX CEO Elon Musk.He had added $42 billion to his fortune in 2022 even as other billionaires like Musk and Amazon founder Jeff Bezos saw their fortunes stutter, and came into the new year worth around $120 billion, according to the <a href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>.But his fortune has since plummeted to $84.4 billion, a drop of $36 billion, Bloomberg's data shows. As of January 31, he is the 11th-richest person on the planet.Adani is founder and chairman of the Adani Group, a multinational conglomerate with <a href="https://www.adani.com/businesses" rel=" nofollow">businesses</a> spanning energy, mining, ports, and airports. It owns <a href="https://www.adaniports.com/Ports-and-Terminals/Mundra-Port" rel=" nofollow">India's largest commercial port</a> and has a <a href="https://timesofindia.indiatimes.com/business/india-business/adani-group-takes-over-mumbai-airport/articleshow/84380085.cms" rel=" nofollow">controlling stake in Mumbai's international airport</a>.A <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">report by Hindenburg Research</a>, an investment-research firm and short seller, <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1">was the catalyst for the downwards spiral of Adani's wealth</a>. In the report, which was published last week and which Hindenburg said took two years to compile, the short-seller accused the Adani Group of a "brazen stock manipulation and accounting fraud scheme."Shares in the group's listed businesses crashed after the report was released, and as most of Adani's wealth is derived from the large stakes he has in these companies, his wealth plummeted.According to <a href="https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/" target="_blank" rel="nofollow noopener nofollow sponsored">Bloomberg</a>, he holds close to 75% stakes in Adani Enterprises, Adani Power, and Adani Transmissions. Share prices for both <a href="https://www.google.com/finance/quote/ADANIENT:NSE?window=1Y">Adani Enterprises</a> and <a href="https://www.google.com/finance/quote/ADANIPOWER:NSE?window=1Y">Adani Power</a> have dropped by around a quarter since the start of January, while <a href="https://www.google.com/finance/quote/ADANITRANS:NSE?window=YTD" target="_blank" rel="noopener">Adani Transmissions'</a> share price has fallen by an even larger amount.The Adani Group has <a href="https://www.adani.com/Newsroom/Media-Release/Media-statement-II-on-a-report-published-by-Hindenburg-Research" target="_blank" rel="noopener">said</a> it is exploring legal action against Hindenburg and released a <a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023" target="_blank" rel="noopener nofollow">413-page report</a> which said that Hindenburg's claims were "nothing but a lie." It called Hindenburg's document a "malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations.""It is tremendously concerning that the statements of an entity sitting thousands of miles away, with no credibility or ethics has caused serious and unprecedented adverse impact on our investors," the conglomerate added.<a href="https://markets.businessinsider.com/news/stocks/gautam-adani-group-hindenburg-short-seller-systematically-looting-market-news-2023-1">Hindenburg criticized the group's response</a>, saying that it failed to address many of its questions.Adani began 2022 in 14th place on the world rich list. Soaring energy prices and a string of acquisitions, including a port in Israel and a hostile takeover of Indian broadcaster NDTV, boosted his fortune over the course of the year, <a href="https://www.bloomberg.com/news/articles/2022-12-27/how-the-world-s-biggest-wealth-gainer-added-40-billion-in-2022?srnd=ukwealth" target="_blank" rel="noopener">Bloomberg</a> reported.Adani was worth just $10 billion as recently as June 2020, but data from the Bloomberg Billionaires Index shows he hit the $100 billion threshold in April 2022 and his fortune ballooned to $150 billion in September, before falling slightly.His rise in fortune in 2022 was in stark contrast to the downturns experienced by many other members of the business elite. Musk's wealth crashed by nearly $140 billion, Amazon founder Jeff Bezos shed around $85 billion, and Alphabet cofounder Larry Page slumped by roughly $45 billion.Adani is the richest Indian on the Bloomberg list, just ahead of Mukesh Ambani, whose wealth is estimated at $82.2 billion as of January 31. Ambani controls <a href="https://www.ril.com/OurCompany/ProductsAndBrands.aspx" target="_blank" rel="noopener">Reliance Industries</a>, another multinational conglomerate.<h2>From diamond sorter to tycoon</h2>Adani was born in Ahmedabad, in the Indian state of Gujarat, in 1962. He dropped out of university after his second year studying commerce, according to <a href="https://www.siliconindia.com/news/success-stories/gautam-adani-from-a-college-dropout-to-billionaire-industrialist-nid-210122-cid-80.html" rel=" nofollow">Silicon India</a>. He then turned to the diamond industry, first as a sorter and then as a trader in Mumbai, the publication reported.After his brother purchased a plastic company, Adani started working with him and began importing PVC, <a href="https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/?sref=lAVQtUwz" rel=" nofollow">per Bloomberg</a>. In <a href="https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/?sref=lAVQtUwz" rel=" nofollow">1988</a>, he set up Adani Enterprises.The Adani Group comprises seven listed companies with a combined 23,000 staff. As of late December, the companies were worth $166 billion, though that was down from $242 billion in <a href="https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani" target="_blank" rel="noopener">August</a>.A <a href="https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani" target="_blank" rel="noopener">profile</a> on the Adani Group website says Adani aims to make India a significant player in sustainable energy, and self-reliant in defence and security.Adani said he and a companion were kidnapped in 1998 by a group of armed men. A police report said the kidnappers demanded a $2 million ransom and released the pair after the sum was paid, per <a href="https://indianexpress.com/article/cities/ahmedabad/two-accused-of-abducting-gautam-adani-20-years-ago-acquitted-5473592/" rel=" nofollow">The Indian Express</a>. Eight people accused of the kidnapping were ultimately acquitted, <a href="https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122" rel=" nofollow">Times Now India</a> reported.Adani was dining at the Taj Mahal Palace Hotel during the <a href="https://www.bbc.com/news/world-asia-india-46314555" rel=" nofollow">2008 Mumbai terrorist attacks</a>. He told <a href="https://www.indiatoday.in/latest-headlines/story/gautam-adani-mallika-sarabhai-escape-after-close-encounter-with-death-34159-2008-11-28" rel=" nofollow">India Today</a> that from his table, he could see gunmen entering the hotel and hid in its basement.

Meet Gautam Adani, the Indian industrialist who started 2023 worth almost as much as Elon Musk, but whose wealth has plummeted rapidly

India's largest fintech company <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> saw its mandatory lock-in expiry end today, with 86 per cent of its shares becoming free to trade. Trends showed that the lock-in expiry had minimal or no impact on the company's share price, which was trading at Rs 637, down 0.2 per cent at 10:30 am. In fact, details on <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> show that more shares were being bought than sold. Paytm counts the likes of Warren Buffet, SoftBank, Elevation Capital, and Alibaba as its long-term investors. Top brokerage firms such as JP Morgan, Morgan Stanley, <keyword id="6361649" type="General" weightage="50" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword>, <keyword id="46909" type="General" weightage="50" keywordseo="icici-securities" source="Orion">ICICI Securities</keyword>, Dolat Analysis and Research Themes, and CITI have extended their confidence in Paytm's strong performance. The company recently announced Q2 FY23 financials and posted a 76 per cent yearly growth in revenue to Rs 1,914 crore. Meanwhile, the company's losses were reduced by 11 per cent on a sequential basis. The company's contribution profit surged 224 per cent year-on-year to Rs 843 crore. Recently, in a shareholder letter, the founder and CEO Vijay Shekhar Sharma, said: "We are now excited about the next year of our journey, as we get close to EBITDA profitability and free cash flow generation." In fact, brokerages like JP Morgan, and Goldman Sachs expect Paytm to achieve its breakeven target ahead of September 2023. On Monday, the company announced that it had disbursed 3.4 million loans in October, registering a yearly growth of 161 per cent. The value of total loans disbursed in October grew to Rs 3,056 Cr (USD 407 million, year-on-year growth of 387 per cent). Paytm's leadership in offline payments strengthened further with its total merchant subscription devices deployed increasing to 5.1 million. With its subscription-as-a-service model, the strong adoption of devices drives higher payment volumes, and subscription revenues, while increasing the funnel for merchant loan distribution. For October, the total merchant gross merchandise value processed through Paytm aggregated to Rs 1.18 lakh crore (USD 14 billion), marking a yearly growth of 42 per cent. Sharma, in his letter further wrote that the payment revolution continues in India, with merchants and users enthusiastically adopting digital payment technology. The government's incentives for <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> payments and merchants' adoption of its devices and subscription product, is making payments increasingly "monetizable and profitable" for the company. Talking about the company's rapidly growing lending business which is now at an annualised run rate of Rs 37,000 crore in the month of October, Sharma said, "In parallel, we are now scaling up lending distribution which can bring financial inclusion to hundreds of millions of people in our country." "Due to the huge demand for lending in our country, our low penetration and the compounding nature of our lending journey, we are extremely optimistic about the prospects of our lending business," Sharma added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sebi-approves-adani-groups-open-offer-for-26-stake-in-ndtv/articleshow/95527185.cms">Sebi approves Adani Group's open offer for 26% stake in NDTV</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/ongc-q2-results-profit-drops-30-to-12826-crore-as-govt-levies-windfall-tax/articleshow/95528095.cms">ONGC Q2 Results: Profit drops 30% to ₹12,826 crore as govt levies windfall tax</a>

Paytm sees no impact from lock-in expiry, trends show heavy buying

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>'s <keyword id="12173789" type="UNKNOWN" weightage="60" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> has overtaken fellow countryman Mukesh Ambani as Asia's <keyword id="12429218" type="UNKNOWN" weightage="60" keywordseo="richest-man" source="Orion">richest man</keyword>.</li><li>Adani has a net worth of $88.5 billion, according to the Bloomberg <keyword id="11940268" type="UNKNOWN" weightage="60" keywordseo="billionaires" source="Orion">Billionaires</keyword> Index.</li></ul>Indian billionaire Gautam Adani is now the richest man in Asia with a net worth of $88.5 billion, according to the <a href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index.</a>According to the index, Adani clinched the top spot on Monday by overtaking Reliance Industries Ltd. CEO Mukesh Ambani, who has a net worth of $87.9 billion.Adani's fortune has gained $12 billion year-to-date. Most of the 59-year-old's <keyword id="11921347" type="UNKNOWN" weightage="60" keywordseo="wealth" source="Orion">wealth</keyword> comes from shares in companies under Adani Group, the conglomerate he founded. In particular, share prices of Adani Green Energy have soared over 44% so far this year, while those of electric power company Adani Transmission have gained 15% year-to-date.Adani has done well for himself, especially considering he dropped out of college to work as a diamond sorter in the 1980s, per the magazine <a href="https://www.adani.com/-/media/Project/Adani/Media-Coverage/TheNewBusinessFamilies.pdf?la=en">Business Today</a>. He began importing and exporting other commodities in 1988 and gradually expanded into other industries using loans, <a href="https://www.ft.com/content/ffce04fe-d295-11e2-aac2-00144feab7de">the Financial Times reported.</a> Adani also survived two dangerous events. In 1998, Adani accused a group of men of kidnapping him and his companion, Shantilal Patel, <a href="https://indianexpress.com/article/cities/ahmedabad/two-accused-of-abducting-gautam-adani-20-years-ago-acquitted-5473592/">per The Indian Express.</a> He and Patel were released only after their captors received $2 million in ransom.In 2005, six men were cleared of the charges due to a lack of evidence, <a href="https://www.ndtv.com/india-news/gujarat-court-acquits-two-in-1998-kidnapping-of-industrialist-gautam-adani-1956529">NDTV</a> reported. In 2018, two additional men brought to trial were acquitted after prosecutors failed to establish their connections to the alleged kidnapping, <a href="https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122">Times Now India</a> reported. Adani also escaped death during the <a href="https://www.bbc.com/news/world-asia-india-46314555" target="_blank" rel="noopener noreferrer">2008 Mumbai terrorist attacks.</a> He was at the Taj Mahal Hotel in the city center when militants sieged the building, and he hid in the basement until help arrived the following day. Attacks across the city left 166 dead.

College dropout Gautam Adani, who survived a terrorist attack and a kidnapping, is now Asia's richest person with a $88.5 billion fortune

<ul><li>Daily Active Users in India have increased by nearly 150% in the past year.*</li><li>Snapchat also announced new Indian Snap Games and exclusive content.</li></ul><keyword id="4422132" type="PERSON" weightage="20" keywordseo="snapchat-india">Snapchat India</keyword> has seen its Daily Active Users increasing by nearly 150% in the past year* on the back of new content, partnerships and experiences. Since launching its content platform Discover in India in 2018, Snapchat has aired content from over 30 partners including Miss Malini, NewJ, Pocket Aces and Vice India. In the past year alone, over 40 million unique viewers in India have watched a show on Snapchat**. In a virtual press conference held yesterday, the company announced further investment with a Hindi adaptation of one of its longest running Snap Originals series Phone Swap and new shows featuring celebrities Anushka Sen, Raftaar, Ruhi Singh and Vir Das. These will premiere in 2021. Snap also announced its first Indian Snap Games partner - Moonfrog Labs - who is creating an exclusive, custom-made version of popular board game Ludo Club. Furthermore, Ready Chef Go! - a Snap Game that launched last year and saw 25 million unique players in the first 6 months*** - will add an Indian kitchen challenge called ‘Dosa Dash’ where Snapchatters will be able to cook up Dosa with their friends. The company also debuted the most recent developments in its partnership with Samsung, including new Hinglish personalised Bitmoji stickers that can be used on the Samsung Keyboard. Finally, new SnapKit integrations with Alt Balaji and NDTV, mean that Snapchatters can share everything from breaking news, to shows they’re watching, price comparison information and even real time ETA when travelling across the country by train. “It’s exciting to share what we’ve been working on over the past few months,” said Durgesh Kaushik, Head of India Market Development at Snap, “It’s always been a priority to us that Snapchat feels like it was made just for you - no matter where you are in the world or the language that you speak. We’ve come a long way since last year - seeing nearly 150% growth of our community here in India. We hope Snapchatters really enjoy these new features and experiences, and we are grateful to have such creative partners to collaborate with.” Hardik Shah, India’s first Official Lens Creator, hosted a Lens Studio workshop on October 21. Lens Studio is Snap’s free tool to create augmented reality experiences - making it accessible to a wider range of creators. Snap has held workshops at high schools and colleges across the country and have now taught over a thousand students. There are seven OLCs in India who have created a range of experiences from celebrating Independence Day, to bringing local landmarks like the Gateway of India to life or Bollywood Arts Project to life and even teaching Hindi. Earlier this year, in response to the global pandemic, Snap launched its new mental health and well-being feature ‘Here for You’. In partnership with the Mariwala Health Initiative and Manas Foundation, the feature provides expert resources when Snapchatters search topics such as stress, anxiety or depression. Footnotes * Snap Inc internal data, Q3 2019 vs Q3 2020 ** Snap Inc internal data, August 2019 - August 2020 *** Snap Inc internal data December 19, 2019 - May 12, 2020

Snapchat India sees 150% growth in Daily Active Users

Mohali, Dec 5 () Punjab Chief Minister Amarinder Singh on Thursday said his government is committed to providing a safe and stable environment to industry, and eliminating gangsters was on the top of his agenda.
 Amarinder was speaking at an interactive session during the first day of Progressive Punjab Investors Summit (PPIS) 2019.
 Citing the steps taken by his government to facilitate industrial development, Amarinder said the focus is on providing the right environment to investors and industry to promote Punjab as a preferred destination. 
 He talked about several decisions taken by his government to improve ease of doing business in the state, including single-window clearances, online applications and approvals, subsidy on industrial power, amendments to key legislations related to business and industry, as well as water regulation.
 He said Punjab does not have labour problems and the state's educated and committed workforce was a major asset for the industry.
 When asked about gangsterism in the state, Amarinder said eliminating it is a priority for his government. 
 "Either they (gangsters) lay down arms, or they will have to face the consequences," he warned. 
 Notably, the opposition party SAD has been targeting the government, alleging that the law and order situation in the state has "collapsed" and gangsters are "ruling the roost."
 Amarinder said he abolished truck unions to provide a safe environment for industry to operate.
 Steps are also being taken to ensure women safety so that they can take up industrial jobs and do night shifts, he said, adding that any woman could call the police for safe transportation back home not only at night but at any time of the day if she felt threatened or unsafe in any way. 
 The chief minister also underlined the need to shift people from agriculture to industry in view of the surplus production that is making agriculture non-viable. 
 On its part, the Punjab government is promoting skill development to boost employability, he added.
 He also stressed on the need to provide continuity to industry to encourage them to invest and expand in Punjab. 
 It is essential not to indulge in political vendetta with the opposition and ensure that any party coming to power maintains the same policy approach to industry, he added. 
 "Stability is a key component for providing an enabling environment for industrial growth," he said, hoping that the next government that takes over the state will also adopt this philosophy.
 To a question on drugs, he said his government has set up a special task force to contain the menace.
 While the drug problem will not disappear in view of the money involved in the business, it would be well under control and manageable by the time the next Assembly elections are due in the state, Amarinder said.
 On the issue of stubble burning, he reiterated his stand that the Centre would have to pitch in to find a permanent solution to the problem. 
 He stressed on the need for the central government to add compensation of Rs 100 per quintal to minimum support price to check stubble burning, and also underscored the importance of crop diversification in the long term to eliminate the problem. 
 He said he would again raise the issue with Prime Minister Narendra Modi during their next meeting. 
 Farmers would definitely shift from wheat and paddy to other crops, just like they had moved to paddy cultivation in the 1960s, if it is made worth while for them, he said.
 Punjab, like other states, is already reeling under financial problems due to non-payment of GST share in time by the Centre, the chief minister said, pointing out that Punjab had not received its GST share since August 2019, translating into dues of Rs 6,000 crore.
 Given that the states have handed over all other revenue generation sources to the central government under the GST regime, it has left them in a critical situation, he added.
 The interactive session was steered by NDTV Co-Chairman Prannoy Roy. CHS SUN RVK

Punjab govt committed to provide safe, stable environment to industry: Amarinder

<ul><li>Indian American <keyword id="6421975" type="PERSON" weightage="20" keywordseo="indra-nooyi">Indra Nooyi</keyword> served as the Chairman of Pepsico for 12 long years and stepped down in October 2018.</li><li>She is currently serving as a board member of US e-commerce giant Amazon. </li><li>Nooyi is being considered for the position of Commerce Secretary in the President-elect of the US <keyword id="99719" type="PERSON" weightage="20" keywordseo="Joe-Biden">Joe Biden</keyword>’s cabinet.</li></ul>Indian American Indra Nooyi is reportedly nominated for the <a href="https://www.businessinsider.in/politics/world/news/from-larry-fink-to-meg-whitman-here-are-the-business-leaders-who-may-be-in-line-for-key-roles-in-the-biden-administration/slidelist/79154860.cms#slideid=79155008">position of Commerce Secretar</a>y in the President-elect of the United States (US) Joe Biden’s cabinet. Nooyi is one of the many accomplished women being considered for significant roles in the President’s cabinet. “When I imagine the future of leadership, one face I picture is Indra Nooyi, chairman and CEO of PepsiCo,” that’s what Rosabeth Moss Kanter, who chairs the Harvard University Advanced Leadership Initiative, <a href="https://hbr.org/2010/05/adding-values-to-valuations-in.html">wrote in 2010</a>. Kanter was not just praising Nooyi, it was a eulogy to globalisation itself. After four years of Donald Trump administration, the rise of one of the biggest mascots of globalisation may be seen as a relief from countries like India, which are key exporters to the US. India also has a lot of grouse against the US for cracking down on H-1B visas and the pressure from Washington on trade tariffs, to name a few. However, in her earlier interviews, she has been quite measured even while batting for global trade. Here’s a look at Nooyi’s persona and her beliefs on key issues. Chennai’s rebel child is leading change in America Born in Chennai, Nooyi graduated from the Indian Institute of Management Calcutta and later went on to study at Yale School of Management in 1978. Nooyi has often spoken about being a <a href="https://www.businessinsider.in/careers/pepsi-ceo-indra-nooyi-is-stepping-down-after-24-years-with-the-company-see-her-life-and-career-from-moving-to-the-us-at-age-22-to-earning-31-million-last-year/articleshow/65297694.cms">rebellious child in a conservative family in South India. </a> <div type="image" title="indra nooyi" msid="79303581" hostid="261"></div> But the rebel at heart has gone on to make big changes in one of the biggest FMCG companies in the world – PepsiCo. Nooyi served as the Chairman of Pepsico for 12 long years and stepped down in October 2018. She is currently serving as a board member of US e-commerce giant Amazon, being the second woman of colour, to be on the board of the Jeff Bezos-led company. Nooyi – a master of managing large organisations smoothly Her journey at PepsiCo started in 1994, where she started as a Chief Strategist and then soon went on to be PepsiCo’s 5th CEO in 2006. During her tenure at PepsiCo, its net revenue grew at an annualised rate of 5.5%. When she began her term as the company’s CEO, Nooyi successfully thwarted activist investor Nelson Peltz’s motive to split PepsiCo into two – beverages and snacks to be managed differently. In fact, during Nooyi’s reign, PepsiCo again created a buzz in the stock market – the company’s share price more than doubling during her tenure. <div type="image" title="nooyi pepsi" msid="79303611" hostid="261"></div> One of Nooyi’s most appreciated work formulas has been her design-led thinking that led to the company’s growth. Experts have <a href="https://hbr.org/2015/09/how-indra-nooyi-turned-design-thinking-into-strategy">documented</a> this approach. She is also known to have frequented markets often to see how PepsiCo’s products were placed on the shelves. “We don’t sell products based on the manufacturing we have, but on how our target consumers can fall in love with them,” she had told the <a href="https://hbr.org/2015/09/how-indra-nooyi-turned-design-thinking-into-strategy">Harvard Business Review </a>in an interview in 2015. Will Nooyi restore global trade back to its glory days? It is beyond doubt that Nooyi has been among the biggest faces representing the success of globalisation in the last few decades. By the time she stepped down as Pepsi CEO, almost a fifth<a href="https://www.businessinsider.in/business/heres-how-indra-nooyi-changed-pepsico-in-her-12-years-as-ceo/articleshow/65307441.cms"> of PepsiCo’s net revenues</a> came from Asia, North Africa, the Middle East and Latin America. She did oppose Trump’s tirade against the North American Free Trade Agreement (NAFTA) and said <a href="https://economictimes.indiatimes.com/news/international/business/employees-are-scared-for-their-safety-after-trumps-win-indra-nooyi/articleshow/55434358.cms?from=mdr">this right after his election in 2016</a>. “I'm sincerely hoping based on the talk we heard from our President-elect the day after the election, that what we heard before the election and what we are really going to see in action are quite different. That it is much more measured, more sensitive to the trade deals we have already. That we want to build this country the right way going forward and not necessarily retreat into isolationism.” However, it may be too soon to expect her to reverse the setback to global trade under Donald Trump administration, which took a hard stance wherever it could. “Everyone recognises that global trade is good, at the same time when you are in recession and have extreme levels of joblessness in certain countries, protectionist tendencies are inevitable. The challenge is to talk our way through this and really craft the policy that threads the needle between globalization on the one hand and protectionist tendencies on the other hand,” Nooyi said in an<a href="https://www.ndtv.com/video/business/news/tough-to-balance-globalisation-protectionism-nooyi-125534"> interview to NDTV in 2010. </a> Nooyi's stand on H1B Visa Indra Nooyi was among the <a href="https://www.news18.com/news/world/tim-cook-indra-nooyi-and-57-other-us-ceos-call-out-trump-for-disruptive-h1-b-visa-policy-1855813.html">59 top CEOs of America </a>who had signed a letter calling out Trump's H1B visa policy's severe consequences. The CEOs spoke up against the inconsistent immigrant decisions and wrote in the letter that "those shifts were "unfair" and created a risk of "unnecessary costs and complications." Ivanka Trump called Nooyi her mentor Throughout her illustrious career, Nooyi has found a mention in almost every other influential or powerful list across the globe. She was also reportedly approached by Ivanka Trump to be the next <a href="https://www.businessinsider.in/trumps-new-world-bank-chief-might-be-indra-nooyi-former-pepsico-ceo/articleshow/67552186.cms">World Bank chief</a>. When Nooyi was stepping down from PepsiCo, Ivanka Trump had taken to Twitter to celebrate her friend and "mentor." <div type="twitter" handle="IvankaTrump" handlename="Ivanka Trump" image="http://pbs.twimg.com/profile_images/1054179226100908032/i5ZXfFdE_normal.jpg" favoritecount="3839" retweetcount="574" status="The great @IndraNooyi is stepping down as PepsiCo CEO, after 12 yrs.Indra, you are a mentor + inspiration to so ma… https://t.co/zDWNTR8rBf" createdat="1533649524000" id="1026826643640397826"></div> However, Nooyi has always been known to be a staunch supporter of Hillary Clinton. When Clinton had lost the elections in 2016, Nooyi had said that she was seriously concerned about the safety of women, gay workers, and others. Nooyi has clearly been able to make friends across ideologies and political beliefs. Nooyi's bond with Vice President Kamala Harris and President Joe Biden When Kamala Harris was selected as Joe Biden's Vice Presidential candidate, Nooyi had taken to social media to share the excitement about her friend Kamala. <div type="twitter" handle="IndraNooyi" handlename="Indra Nooyi" image="http://pbs.twimg.com/profile_images/1136719908417474560/fyvcyBmL_normal.png" favoritecount="850" retweetcount="105" status="I am truly excited and encouraged by @JoeBiden’s selection of @KamalaHarris to be his Vice President. I’ve had the… https://t.co/ioNUXOm1Wn" createdat="1597190430000" id="1293336522956189696"></div> During Biden's tenure as the Vice President of the US, Nooyi was honored by Biden during an event hosted by the U.S. India Business Council (USIBC). In 2014, during lunch in honour of India's Prime Minister Narendra Modi's visit to America, Nooyi was seated next to Biden. Nooyi has joked that her entry into politics could cause the third World War When she stepped down as the Chairman and CEO of PepsiCo, Nooyi was asked whether she would join politics. She had <a href="https://economictimes.indiatimes.com/news/international/business/will-cause-third-world-war-if-i-join-politics-indra-nooyi/articleshow/66145829.cms?from=mdr">then replied</a> that her outspoken nature would cause the third World War if she entered politics. "Me and politics don't mix at all. I am too outspoken, I am not diplomatic. I don't even know what diplomacy is. I would cause a third World War. Don't do it," she <a href="https://economictimes.indiatimes.com/news/international/business/will-cause-third-world-war-if-i-join-politics-indra-nooyi/articleshow/66145829.cms?from=mdr">had said then. </a> SEE ALSO: <a href="https://www.businessinsider.in/tech/news/bitcoin-is-on-a-record-run-surging-past-18000-heres-why-the-cryptocurrency-is-booming-again/articleshow/79301688.cms">Bitcoin is on a record run, surging past $18,000 — here’s why the cryptocurrency is booming again</a>

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