Good Afternoon ☕

In a somber incident, six carriages of the Delhi-Kamakhya North East Express derailed near Buxar, Bihar, claiming four lives and injuring around 70 passengers. The train, traveling at its normal speed, was suddenly jolted by a loud noise and a plume of smoke shortly after departing from Buxar station. Hospitals in Ara, Buxar, and Patna are on alert to accommodate the injured, with CM Nitish Kumar offering ₹4 lakh in condolences to victims' families. Railway Minister Ashwini Vaishnaw has promised a comprehensive inquiry into the cause. Our thoughts are with the affected families during this challenging time.

Important News of the Day

1. Bihar train accident: 6 dead, 100 injured in derailment of North East Express

At least four passengers died and 70 others were injured after six coaches of the Delhi-Kamakhya North East Express derailed near Buxar in Bihar. The train was coming at a normal speed when suddenly a loud sound was heard and a plume of smoke rose out of the train. The accident took place less than half an hour after the train left the Buxar station. Hospitals at Ara, Buxar, and Patna, including PMCH, AIIMS, and IGIMS in the state capital, have been asked to keep beds ready for the injured. Bihar CM Nitish Kumar announced an ex-gratia of ₹4 Lakh each to families of the people who died. Railway Minister Ashwini Vaishnaw expressed condolences for the loss of lives and said that the root cause of derailment will be found.

2. SEBI Investigating Adani Group’s Ties With Gulf Asia Fund

The Securities and Exchange Board of India (SEBI) is investigating the ties between the Adani Group and Gulf Asia Fund, owned by Dubai-based Nasser Ali Shaban Ahli, as part of its ongoing investigation into the Indian conglomerate. The investigation aims to determine whether there is a breach of share ownership regulations. The probe follows a January report by short-seller Hindenburg Research that alleged offshore shell companies "surreptitiously" owned stock in Adani listed firms, posing governance concerns. The Adani Group has not commented on the SEBI probe and its possible ties with the fund.

3. PM Netanyahu threatens to ‘crush and destroy' Hamas, says ‘they burned alive’

Israeli Prime Minister Benjamin Netanyahu has vowed to "crush and destroy" Hamas, claiming that every member of the organization is a "dead man". Netanyahu's statement comes amid the ongoing Israel-Hamas war, which has claimed more than 2,300 lives on both sides and is expected to escalate. The conflict has resulted in horrifying scenes, including the slaughter of elderly people and finding bloody rooms crowded with massacred civilians. The U.S. is already rushing munitions and military equipment to Israel and has deployed a carrier strike group to the eastern Mediterranean as deterrence.

4. Foreign companies without PAN can open bank account in IFSC-Gift City

Foreign companies without a Permanent Account Number (PAN) can now open a bank account in the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City), according to an amendment made by the Finance Ministry to the Income Tax Rules. The IFSC in GIFT City seeks to bring back financial services transactions that are currently carried out outside India by overseas financial institutions and overseas branches/subsidiaries of Indian financial institutions to the Indian shores. The IFSC allows NRIs and resident Indians to open a foreign currency account with a bank at IFSC GIFT City.

5. Japan interested to partner with India to build infra abroad: JICA India chief

Japan's premier international cooperation and development agency, JICA, is interested in partnering with India in infrastructure projects in Southeast Asia, Africa, and the Pacific, according to JICA India chief Saito Mitsunori .Japan and India have a strong economic partnership, marked by extensive trade, investment, and industrial collaboration. Japan remains a significant investor in India, with substantial investments in key sectors, such as automobiles and electrical appliances. Both countries are also collaborating in critical areas like semiconductor technology and steel sector decarbonization. During an official visit to India in March 2022, Japanese Prime Minister Fumio Kishida announced an ambitious investment target of US$37 billion (JP¥ 5 trillion) in India over the next five years, demonstrating Japan’s strong commitment to deepening economic collaboration with India.

Stock Market Update 📈

1. Adani Ports sees more offers at dollar bond buyback than planned

   Adani Ports, a major Indian port operator, has received a higher number of offers for its dollar bond buyback than initially anticipated. The company's buyback offer, which aimed to repurchase its outstanding bonds, garnered significant interest from bondholders. This increased demand reflects investor confidence in Adani Ports and its ability to meet its debt obligations.

2. Coal India says trade unions defer strike plan

   Coal India has announced that trade unions have deferred their strike plan. The decision to postpone the strike comes after productive discussions and negotiations between the company's management and the unions. This development brings relief to the coal industry, ensuring uninterrupted coal production and supply.

3. India Ratings downgrades rating on Vedanta's debt instruments

   India Ratings has downgraded the credit rating on Vedanta Limited's debt instruments due to concerns over the company's financial health. The rating agency cited worries about the impact of the ongoing economic challenges and increased leverage on Vedanta's ability to meet its financial obligations. This downgrade may affect the company's borrowing costs and investor confidence.

4. India wants Saudi Aramco to develop strategic petroleum reserve as ties strengthen

   India is reportedly seeking to collaborate with Saudi Aramco in the development of a strategic petroleum reserve, further enhancing their bilateral ties. This partnership aims to bolster India's energy security and strengthen its relationship with the Saudi Arabian energy giant. The move comes as both countries seek to deepen their strategic cooperation in the oil and energy sectors.

5. Strong US performance to lift the show for pharma companies

   The robust performance of the US pharmaceutical industry continues to be a beacon of hope for pharmaceutical companies worldwide. With a combination of innovative research, increasing demand for healthcare solutions, and a supportive regulatory environment, the sector is poised for growth. This strong US performance is expected to have a positive ripple effect on pharmaceutical companies, driving advancements in healthcare and pharmaceuticals globally.

6. Need robust mechanism to regulate digital markets: NCLAT Chairperson Ashok Bhushan

   Ashok Bhushan, Chairperson of the National Company Law Appellate Tribunal (NCLAT), has emphasized the need for a robust regulatory mechanism to oversee digital markets. Recognizing the growing importance of the digital economy, Bhushan highlights the importance of effective oversight to ensure fair competition and protect consumer interests. His statement underscores the ongoing discussions about regulating the digital marketplace to address issues related to market dominance and data privacy.

7. Glenmark arm inks licensing pact with Astria Therapeutics

   Glenmark Pharmaceuticals, a global pharmaceutical company, has entered into a licensing agreement with Astria Therapeutics. Under this partnership, Glenmark will provide Astria access to its proprietary dermatology products for the commercialization of certain therapies in the United States. This collaboration aims to enhance the availability of dermatological treatments and expand Glenmark's presence in the U.S. market.

8. JSW Steel, ArcelorMittal set sights on Vedanta mines, steel business in East

   JSW Steel and ArcelorMittal are reportedly exploring opportunities to acquire Vedanta's mines and steel business in the Eastern region of India. This move signifies the ongoing consolidation and competition within the Indian steel industry. Both companies aim to expand their presence in this high-demand market, potentially reshaping the dynamics of the region's steel production and supply chain.

Breaking News: The Scoop You Can't Miss!

1. Adani refinances $3.7 bn loan in Ambuja, ACC deal

Adani Group has entered into a $3.7 billion refinance agreement with a consortium of at least 20 foreign banks, the largest such deal in the cement industry. The group has reportedly got an approval from a group of banks for a syndicated loan of about $3.5 billion to refinance debt related to the acquisition of Ambuja Cement. Adani Group is aiming to refinance as much as $3.8 billion worth of debt taken for the Ambuja acquisition. The group was seeking to refinance a total of $3.8 billion worth of debt taken for the Ambuja acquisition.

2. India launches ‘Operation Ajay’ to get its citizens back from war-torn Israel

India has launched "Operation Ajay" to evacuate its citizens from Israel amid the ongoing conflict between Israel Defense Forces (IDF) and Hamas terrorists. The Union Ministry of External Affairs is facilitating the return of Indian citizens from Israel, and special charter flights and other arrangements are being put in place. The Indian Embassy in Tel Aviv has received continued requests from Indians, including tourists, who want to leave the country after Hamas-backed terrorists barged into Israeli territory and started their onslaught against civilians. The majority of Indians in Israel are engaged in the roles of caregivers, while the country also has Indian students, IT professionals, etc.

3. S Jaishankar held ‘secret meeting’ with Canadian counterpart amid tensions

According to a report by Financial Times, External Affairs Minister S Jaishankar held a secret meeting with his Canadian counterpart Melanie Joly in September amid the ongoing India-Canada row over the killing of a Khalistani separatist leader. The meeting was held in Washington last month. The report comes amid heightened diplomatic tensions between India and Canada.

4. Gujarat administration has kept communication channels open with Tesla

The Gujarat administration is keeping communication channels open with Tesla to support the company's plans in India, according to Gujarat Chief Minister Bhupendra Patel. The state aims to increase its contribution to the nation's economic output from a little over 8% to 10% by 2026-27, with the goal of becoming a $500 billion economy by that time. The details of the communication channels have not been disclosed, but this development suggests that Tesla's plans to enter the Indian market are still on track.

World News 🌎

• Kim and Putin vow to advance ties on 75th anniversary of North Korea-Russia ties

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

• Israel-Hamas war: Google contacts all employees in Israel; prioritises safety

• ‘Ballot or bullet?’: Terrorist Pannun warns PM Modi of Hamas-like attack

• Did Hamas behead citizens and children in Israel? President Biden says THIS

• British Airways suspends flights to Tel Aviv due to security concerns in Israel

• High interest rates to complicate investments, says World Bank chief Ajay Banga

• Brent slips to $85/bbl even after Saudi's pledge to stabilise markets

• The world needs an international agency for artificial intelligence.

• Billionaire Bill Ackman defends stance on pro-Hamas Harvard students

If you found this newsletter informative and thought-provoking, why not share it with someone you think would appreciate it? Forward this email to them and help spread the knowledge.

Thank you for being a part of our community, and we look forward to bringing you more exciting content tomorrow.