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India, deeply concerned about people in Gaza, sent humanitarian aid to the rescue! India's Deputy Permanent Representative to the United Nations, Ambassador R. Ravindra, donned his superhero cape as he expressed India's worries about the situation in Gaza. In a true act of heroism, India sent 38 tons of food and critical medical supplies to help the civilians in the Gaza Strip. Stay tuned for more updates on this heartwarming saga of Indian goodwill.

Important News of the Day

1. ‘India deeply concerned about people in Gaza, sent humanitarian aid’

India's Deputy Permanent Representative to the United Nations, Ambassador R. Ravindra, expressed India's deep concern about the humanitarian crisis in Gaza and condemned the terror attacks in Israel during a meeting of the United Nations Security Council. He also highlighted India's efforts to send 38 tons of food and critical medical equipment to the civilians in the Gaza Strip. Ravindra reiterated India's commitment to continue sending humanitarian aid to the Palestinians. India's Deputy Permanent Representative also expressed concern about the large-scale loss of civilian lives in the ongoing Israel-Hamas war and emphasized the need for a peaceful resolution to the conflict.

2. Legal framework has been weaponised to oppress certain communities: CJI

The Chief Justice of India, DY Chandrachud , has stated that India's legal framework has been weaponized to systematically oppress certain communities. He emphasized the need for safeguards for marginalized communities and cited some of the judgments of the Supreme Court. This is not the first time that language has been weaponized to entrench white supremacy, marginalize, and oppress. The problem of systemic exclusion and discrimination is embedded in the story of the nation and its culture, and racial disparities in policing and police violence are sustained by implicit and explicit bias.

3. Delhi Metro's frequency to increase from today to beat air pollution

Delhi Metro will run 40 additional trips on weekdays starting from October 25 to mitigate the city's pollution. The move comes after Graded Response Action Plan (GRAP)-II measures were invoked to combat pollution in the national capital. The Delhi government has also been instructed to run additional buses in the capital under the "Paryavaran Bus Sewa" campaign to bolster public transport in a bid to reduce vehicular emissions. District officials will be conducting field visits to ensure the strict implementation of pollution mitigation measures. The Delhi government has identified 13 major pollution hotspots in Delhi, and special teams will be deployed at eight other locations which have been recording high pollution levels. These teams will focus on the sources of pollution, whether it be biomass burning, dust, congestion, or cars. The Delhi government has also ordered officials to use suppressant powder to prevent dust pollution in the city.

4. Indians still prefer hotels over homestays

Meja Urja Nigam, a joint venture between NTPC and UP Rajya Vidyut Utpadan Nigam, is planning to foray into floating solar space. The company is planning to raise thermal power generation capacity to 5.6 GW. Meja Urja Nigam is also planning to include floating solar and hybrid energy in its thermal solar parks. The company has issued a tender for the supply of rooftop solar at three buildings in Meja TPP. Floating solar is a new way to harness the sun's power, and it is used extensively in Asia but has yet to make a big splash in the U.S. where it makes up about 2% of all solar installations.

5. Ascent of yuan in India’s indirect trade with Russia

India's trade with Russia in yuan is increasing as Russian exporters prefer being paid in the Chinese currency. The trades are routed through global financial centers like Singapore and Dubai. The use of yuan for payment by India will remain limited, given India doesn't accumulate much yuan as export to China is low. However, Indian refiners have settled some payments for Russian oil imports in Chinese yuan, but the U.S. dollar remains the dominant currency for such payments. The Reserve Bank of India will release guidance for banks in two to three days to resolve some teething issues on the rupee trade mechanism.

Stock Market Update 📈

1. Gensol Engineering bags Rs 302 crore contract from Mahagenco

   Gensol Engineering, a leading renewable energy solutions provider, has secured a lucrative contract worth Rs 302 crore from Maharashtra State Power Generation Company (Mahagenco). This agreement marks a significant milestone for Gensol in its mission to contribute to the renewable energy sector's growth in India. The contract involves the development of solar power projects, reinforcing the commitment to clean and sustainable energy sources.

2. Tech Mahindra to divest its holding in Avion Networks for $50,000

   Tech Mahindra, a leading IT services company, has announced its decision to divest its holdings in Avion Networks. The move will see Tech Mahindra sell its stake in Avion Networks for a sum of $50,000, marking a strategic shift in the company's portfolio. This decision aligns with Tech Mahindra's broader business strategy to focus on core areas of expertise and streamline its investments.

3. Honda bets on autonomous driving, AI for holistic mobility solutions of future

   Honda is investing heavily in autonomous driving and artificial intelligence to shape the future of holistic mobility solutions. The company is committed to advancing technology that will transform how people travel, emphasizing AI-driven autonomous features to create safer and more efficient transportation options.

4. Kaya to raise ₹300 crore through rights issue

   Kaya, the renowned skincare and beauty solutions company, has announced plans to raise ₹300 crore through a rights issue. This move is part of their strategic efforts to fuel expansion and enhance their product offerings. Kaya's shareholders will soon have the opportunity to participate in this capital-raising initiative.

5. Among sovereign wealth, Norwegian fund is a tusker with biggest equity holdings

   Norway's sovereign wealth fund, renowned as the world's largest, now boasts the largest equity holdings among its peers. The fund, managed by Norges Bank Investment Management, has achieved this milestone, solidifying its status as a major player in global financial markets. The Norwegian fund's diversified portfolio and strategic investments have propelled it to the forefront of sovereign wealth funds, marking a significant achievement for the nation's financial stability and future prosperity.

6. Swarup Mohanty promoted as Mirae Asset Financial Group’s Vice Chairman

   Swarup Mohanty has been promoted to the position of Vice Chairman at Mirae Asset Financial Group. With this elevation, Mohanty, an industry veteran, is set to play a pivotal role in the group's strategic leadership. His extensive experience and expertise will contribute to the continued growth and success of Mirae Asset Financial Group, a prominent player in the global financial services sector.

7. Bombay HC Bench forbids final tax orders for Delta Corp without permission

   In a significant ruling, a Bombay High Court bench has issued an interim order, forbidding the issuance of final tax orders for Delta Corp without prior permission. The decision comes as a response to ongoing legal proceedings and ensures that no tax-related actions can be taken against the company until further notice. This development has raised questions about the potential implications for Delta Corp's financial standing and legal situation.

8. Flipkart sees consolidated loss widen to ₹4,890.6 crore

   E-commerce giant Flipkart has reported a consolidated loss of ₹4,890.6 crore in its recent financial statement. The widening loss is attributed to increased investments in technology, logistics, and customer acquisition as the company continues to expand its market presence. Despite the losses, Flipkart remains optimistic about its long-term growth prospects, emphasizing the importance of strategic investments to stay competitive in the fiercely contested Indian e-commerce market.

9. Reliance Industries nears deal to buy Disney's India operations.

   Reliance Industries, a major conglomerate in India, is reportedly closing in on a significant deal to acquire Disney's operations in India. This acquisition could mark a strategic move for Reliance, expanding its presence in the media and entertainment industry. While specific details and financial terms are yet to be disclosed, this development signifies a major shift in the Indian entertainment landscape. Disney's India operations encompass various popular channels and content, making it a valuable asset in the eyes of Reliance Industries.

Breaking News: The Scoop You Can't Miss!

1. No-tax liability claims grow despite robust rise in income

The number of people reporting zero-tax liability for their previous year’s income continued to climb, with 44.6 million tax returns, or two-thirds of all 2021-22 assessment year filings, making this claim. This trend raises concerns about the depth of the expansion of the tax base and compliance. While the overall trend of increased tax return filings signals improved compliance, the rise in returns claiming zero-tax liability is a cause for concern.

2. 66% of CEOs in India find Gen AI top investment priority, says report

According to a report by KPMG India and HFS Research, 66% of CEOs in India consider artificial intelligence (AI) as their top investment priority. However, 77% of them also see AI as a double-edged sword. The report also found that 70% of Indian companies are investing in AI to automate their business processes, while 64% are using it to improve customer experience. The report highlights the need for companies to develop a clear AI strategy and invest in reskilling their workforce to ensure that they can take advantage of the benefits of AI while mitigating its risks.

3. India may drop local remedies clause in new BITs as UK trade pact nears

India is shifting its stance in talks with the UK regarding bilateral investment treaties (BITs) and is seeking faster investor-state dispute resolution in a new treaty to be signed alongside a free trade pact next month. India is moving away from its 2016 model BIT approach and may drop the local remedies clause in new BITs. The tweak in stance is for "strategically important countries" with which India is seeking closer economic integration after exiting the Regional Comprehensive Economic Partnership, a China-led mega trade deal. India is currently negotiating for a social security agreement and a fresh BIT under the FTA.

4. Road consultants need to sign anti-corruption pact

The Indian government has mandated that consultants working on road construction projects must sign "integrity pacts" to prevent corruption. This move is in line with global best practices and aims to ensure that infrastructure projects are delivered efficiently and without illicit gain. Integrity pacts have been used in over 15 countries and 300 separate situations, and they help save taxpayer money and increase transparency in public contracts. The pacts are co-created by Transparency International national chapters or other civil society partners and government officials responsible for a particular procurement process. The clauses are drawn from international open contracting principles and the local legal and social context.

5. Govt cuts basmati rice export floor price to $950 per tone

The Indian government has decided to cut the minimum export price (MEP) for basmati rice to $950 per metric ton from $1,200 a metric ton, following complaints by traders that overseas shipments had become unviable. The government had imposed a floor price of $1,200 a tone for overseas shipments in August to cool domestic prices. The MEP was expected to be cut with the arrival of the new season harvests, but the government said on Oct. 14 said it would maintain it until further notice, angering farmers and exporters who said the new crop had led to a drop in domestic prices. The decision to lower the MEP would help both farmers and exporters who suffered on account of the $1,200 MEP.

World News 🌎

• UN chief Antonio Guterres hits back at Israel, says ‘can’t justify punishment…'

• Tesla says DOJ is probing personal benefits violations, vehicle range

• Sikh man dies after assault in New York car accident

• Hurricane Otis: Mexico braces for extremely dangerous Category 5 storm

• Over 1,000 cats rescued in China from trucks headed to slaughterhouse

• Israel-Hamas War: S&P cuts Israel’s rating outlook to Negative as conflict rages

• Hong Kong court says same-sex couples hold equal inheritance rights

• UN Gaza operation may end in hours amid fuel crunch, many hospitals 'collapse'

• Don't want war with Iran, but..': Antony Blinken

• 'Like Anne Frank...': Israeli PM draws parallel between Hamas attack, Holocaust.

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