Good Evening ☕

Welcome to the whirlwind! In a country where cricket is akin to religion, the ongoing ICC Men's Cricket World Cup isn't just sending fans into a frenzy, but is also jolting India's gig market with a surge of temporary job opportunities. Meanwhile, Tata Capital's healthcare arm is making waves with a hearty $10 million infusion into Apex Kidney Care, showcasing a resolute stride in healthcare advancements. The economic theatrics continue as India and the UK are on the brink of stitching up a Free Trade Agreement (FTA) deal by the month's end, potentially unlocking new avenues of trade and cooperation. Amidst cricket cheers and economic maneuvers, the narrative of India continues to be as riveting as a last-over thriller!

Important News of the Day

1. ICC Men's Cricket World Cup boosts India's Gig Market

The ongoing ICC Men's Cricket World Cup in India has led to a surge in temporary job opportunities, with over 100,000 additional jobs expected to be generated. E-commerce firms, food delivery platforms, and hospitality companies are among the sectors experiencing high demand for part-time workers. This hiring frenzy is anticipated to boost India's job market and GDP, with temporary job roles projected to increase by at least 20% in the coming quarters. The World Cup is also expected to have a positive impact on salaries for temporary and gig workers.

2. Tata Capital’s healthcare arm invests $10 million in Apex Kidney Care

Tata Capital Healthcare Fund II has invested $10 million in Apex Kidney Care, a Mumbai-based dialysis service chain, as part of its funding round. The healthcare chain will use the fresh money to expand its dialysis services across the country. This is the second transaction in the nephrology space in the past month, after Asia Healthcare Holdings acquired a majority stake in the Asian Institute of Nephrology and Urology for ₹600 crore in September.

3. India-UK likely to sign FTA deal by October end

India and the United Kingdom are expected to sign a proposed free-trade agreement (FTA) deal by the end of October 2023. The FTA negotiations between the two countries have been ongoing, with the 13th round recently concluded. The 'rules of origin' provision, which aims to prevent the dumping of goods, is one of the key issues being discussed. The investment treaty is being negotiated separately. The FTA is considered India's most complex agreement to date and will serve as a standard template for future FTA negotiations. The UK is seeking a high-quality agreement, while India is cautious due to the inclusion of non-trade related subjects.

4. Internet abuzz as ₹12,000 Bengaluru house listing offering space for just a bed

In a recent "peak Bengaluru moment," a house listing on No Broker has baffled the internet. The listing offers a cramped space in Mahadevapura, Bengaluru, that can only fit a single bed, with a monthly rent of Rs 12,000 and a deposit of Rs 50,000. The incident has gained attention as another example of landlords in Bengaluru putting forward bizarre conditions for tenants.

5. Cauvery Water Dispute: Over 40,000 shops closed

Over 40,000 shops in Tamil Nadu's Thanjavur district have been closed in protest against the Karnataka government for not releasing Cauvery River water to Tamil Nadu. The Cauvery River, which flows through the southern Indian states of Karnataka, Tamil Nadu, Kerala, and the Union Territory of Puducherry, has been the center of a highly contentious water dispute. The blockade is being held by the Cauvery Delta Protection Movement and the farmers' union across eight districts in Tamil Nadu. This protest is in response to the Supreme Court's 2018 judgment, which reduced Karnataka's annual water releases and Tamil Nadu's allocated share of water.

Stock Market Update 📈

1. AA and below-rated companies step up borrowings to Rs 18,039 cr in Sept as top firms stay on sidelines

   In September, lower-rated companies (AA and below) in India took the lead by increasing their borrowings to a staggering Rs 18,039 crore, while top-rated firms remained cautious. This trend reflects a shifting dynamic in the borrowing landscape, with riskier borrowers taking the initiative as economic conditions evolve.

2. India expected to become $30-trillion economy by 2050

   In a promising economic forecast, India is projected to ascend to a $30-trillion economy by the year 2050. This remarkable growth trajectory reflects the nation's burgeoning industries, innovation, and demographic advantage. Experts emphasize the need for sustainable development and investment in human capital to realize this ambitious economic milestone, solidifying India's position as a global economic powerhouse in the decades to come.

3. CRED Revenue Grows 3x In FY23

   In a remarkable feat, CRED, the popular credit card payment app, has reported a phenomenal threefold increase in revenue for the fiscal year 2023. The company's impressive growth is attributed to its expanding user base and innovative offerings. With this outstanding achievement, CRED solidifies its position as a key player in the fintech industry, promising a bright future ahead.

4. Adani’s $3.5 billion Ambuja loan is moving ahead

   Adani Group's $3.5 billion loan for its Ambuja project is progressing smoothly, marking a significant development in the company's expansion plans. The investment will boost Ambuja's capabilities and strengthen Adani's presence in key sectors, driving economic growth and job creation. This loan demonstrates confidence in Adani's vision for sustainable development and highlights their commitment to future projects.

5. Blackstone holds initial talks with Disney for stake in India arm

   Private equity firm Blackstone Group has reportedly initiated discussions with Disney regarding the acquisition of a stake in Disney's India subsidiary. This move is seen as a strategic step to expand Blackstone's presence in the rapidly growing Indian media and entertainment industry. While details remain undisclosed, these preliminary talks indicate Blackstone's interest in the flourishing Indian market, where Disney has a significant footprint.

6. Exxon Mobil in talks to buy Pioneer Natural Resources for $60 billion

   In a significant development, Exxon Mobil is reportedly in advanced negotiations to acquire Pioneer Natural Resources in a deal valued at $60 billion. This potential acquisition could mark a major consolidation within the energy sector, expanding Exxon Mobil's presence in the oil and gas industry. Stay tuned for further updates as the deal progresses.

7. InsuranceDekho valued at $600 million in Series B round

   InsuranceDekho, a leading online insurance marketplace, has achieved a remarkable milestone, with its latest Series B funding round valuing the company at an impressive $600 million. This substantial investment underscores the growing prominence of digital insurance platforms and InsuranceDekho's commitment to revolutionizing the insurance industry. The funding will be used to expand their services, enhance customer experiences, and further solidify their position in the market.

Breaking News: The Scoop You Can't Miss!

1. CEA issues guidelines for hydro projects after disaster in Sikkim

The Central Electricity Authority (CEA) in India has issued guidelines for slope stability in hydropower projects after heavy rains and glacial lake floods damaged a dam in Sikkim. The guidelines outline slope stabilization methods and practices to be followed both before construction and after commissioning of the project. The move comes after concerns were raised over hydropower projects in Sikkim following the washing away of the dam of Teesta Urja hydro-power project due to heavy rains. The central government will make a detailed assessment of damage to hydropower projects in Sikkim after the flood water recedes.

2. BRICS competition regulators to discuss leniency, digital markets

Competition regulators from Brazil, Russia, India, China, and South Africa (BRICS) are meeting in New Delhi to discuss leniency provisions and competition-related trends in digital markets. The three-day meeting will also address issues such as competition in the digital economy, big tech, algorithms, and challenges in merger control. The Competition Commission of India (CCI) will introduce regulations for a proposed leniency-plus regime, which aims to encourage companies under investigation to cooperate. The meeting provides a platform for BRICS competition regulators to exchange knowledge, discuss strategies, and foster fair competition through cooperation.

3. Fountains nozzles, worth ₹10 lakh, installed during G20 Summit go missing

During the G20 Summit in New Delhi, fountains nozzles worth ₹10 lakh were installed outside Bharat Mandapam and Delhi Gate. However, after the conclusion of the summit, 36 nozzles were reported missing from the newly installed fountains. The theft of these nozzles has been a puzzle for officials, as they have hindered the functioning of the fountains and lights installed in the Pragati Maidan area, Ring Road, and Salimgarh. This incident is part of a series of thefts that have occurred in the aftermath of the G20 Summit, including missing flower pots, rubber nozzles, wires, and broken lights.

4. Govt’s mental health helpline helped over 350,000 people

The Indian government's Tele-Mental Health Assistance and Networking Across States (Tele-MANAS) helpline has provided counseling services to over 350,000 people, according to Mansukh Mandaviya, the Minister of Health and Family Welfare. The helpline receives more than 1,000 calls daily and was established in response to the National Mental Health Survey, which revealed that 10% of the population is affected by mental health issues. This initiative aims to address the growing need for mental health support in the country and provide accessible and confidential assistance to those in need.

5. About 70% taxpayers may shift to new regime: CBDT chairman

Around 70% of personal income taxpayers in India are expected to shift to the new tax regime, which has been made more attractive in the FY24 union budget, according to the Central Board of Direct Taxes (CBDT) chairman Nitin Gupta. Currently, around 60% of corporate income is already under the low tax rate regime. The new tax regime offers lower tax rates but without exemptions and deductions. Taxpayers can choose between the old and new tax regimes every year. The shift to the new regime is expected to increase the tax base and simplify the tax system.

World News 🌎

• China challenging US superpower status is ‘not inevitable’, says Xi Jinping

• Category 4 Hurricane Lidia slams near Mexico's Puerto Vallarta. 10 points

• Pakistani journalist leaves India over ‘anti-India, Hindu’

• Hamas attack: 'Heartbroken' says Microsoft CEO on terrorist attacks in Israel

• US: San Francisco police fatally shoot car driver who rammed into Chinese consulate

• Kremlin blames US policy failure for conflict, warns of regional escalation risk

• Earthquake today: Another 6.3 magnitude quake shakes part of Western Afghanistan

• Biden pledges military aid for Israel, raising questions about aid for Ukraine

• Gaza under complete siege; Israel cuts water, electricity and food supply

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