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India exported smartphones worth $4.67 billion in the first four months of FY24, with the US absorbing one-third of these shipments, generating a substantial revenue of ₹16,180 crore. This highlights India's growing prominence in the global smartphone market.

Important News of the Day

1. India exports smartphones worth $4.67 bn in Apr-Jul FY24, US accounts for one-third of shipments Massive ₹16,180

India exported smartphones worth $4.67 billion in the first four months of the current fiscal year 2024, according to data from the commerce ministry. The United States accounted for one-third of the shipments in value terms, with exports to the US jumping multifold to $1.67 billion from $284.6 million a year ago. The increase in exports is attributed to the rise in demand for smartphones due to remote work and online learning during the pandemic.

2. UK eyeing Indo-Pacific push

The UK is looking to strengthen its presence in the Indo-Pacific region, with the two sides currently negotiating a bilateral FTA and exploring joint projects in India's neighborhood. The UK's commitment to the region was emphasized in the Integrated Review Refresh 2023, which elevated the Indo-Pacific region's priority from a mere "tilt" to becoming "a permanent pillar of the UK's international policy." The UK has also deployed its Carrier Strike Group to the Indo-Pacific and has been recognized as the eleventh full dialogue partner of the Association of Southeast Asian Nations (ASEAN).

3. Maruti to spend Rs50,000 crore in capex by FY31, banks' exposure to NBFCs shows steady rise

Maruti Suzuki India Limited (MSIL) plans to invest over Rs 50,000 crore by 2030-31, including Rs 45,000 crore towards doubling its capacity to 4 million cars in the next eight years. The remaining amount will be spent on expanding infrastructure and exports. It takes Rs22,000-23,000 crore for a car plant of a million units, so the company would spend twice that for the two plants needed. Banks' exposure to non-banking financial companies (NBFCs) rose 25 percent to Rs13.8 lakh crore in August 2023, with total bank credit to NBFCs moving to 9.3 percent in August 2023 from 8.8 percent a year ago.

4. Invest in soft skills for enhanced workforce employability: Maharashtra minister

Maharashtra's education minister, Deepak Kesarkar, has urged the upcoming interim budget to invest in upgrading soft skills like languages to empower the country's workforce to fully harness its demographic advantages, particularly in international contexts. Soft skills have long been associated with career success, and a study by MIT Sloan found that in-factory soft skills training returned roughly 250% on investment within eight months of its conclusion. Boosts in worker productivity accounted for much of this gain, but a number of other factors contributed, like the ability to perform complex tasks more quickly, short-term gains in improved attendance, and increased retention during the training.

5. India seeks support for system to raise farm import duties

India is seeking support from developing nations at the World Trade Organization (WTO) to push for a special safeguard mechanism (SSM) that will allow them to temporarily raise agricultural import duties. The trade body’s 13th inter-ministerial meeting will be held in Abu Dhabi in February. India is working to build a consensus among developing nations to support a simple, operable, and accessible non-onerous SSM. The move is intended to protect the interests of Indian farmers and control fluctuating edible oil prices.

Stock Market Update 📈

1. NLC India wins contract for power supply to Rajasthan at Rs 2.64 per unit

   NLC India has secured a significant contract to supply power to Rajasthan at an attractive rate of Rs 2.64 per unit. This deal is expected to boost the state's energy supply and affordability. NLC India's competitive pricing and reliable power generation capabilities were key factors in winning the contract. The agreement is a positive development in the energy sector, ensuring a stable power supply for Rajasthan residents while keeping costs in check.
   

2. Solar Industries hits record high on winning orders worth Rs 1,853 crore from Coal India

   Solar Industries India Ltd. soared to a historic high as its shares surged on the news of securing orders worth Rs 1,853 crore from Coal India Limited. The company's stock witnessed a significant boost as investors reacted positively to the substantial order win. These orders reflect the continued growth of Solar Industries in the explosive sector of explosives and blasting solutions, as it plays a crucial role in the mining industry. The company's strong position in this field is expected to drive further success and expansion.
   

3. Oil soars as Hamas’ attack on Israel fans Middle East tensions

   Oil prices surged today as tensions escalated in the Middle East following Hamas' attack on Israel. The conflict has raised concerns about potential disruptions to the region's oil supply, causing prices to spike. This development underscores the geopolitical fragility of the area and its impact on global energy markets. Analysts are closely monitoring the situation for further developments that could impact oil prices and stability in the region.
   

4. Indian stocks brace for Israel-Hamas war impact

   Indian stocks are on edge as the Israel-Hamas conflict unfolds. Investors are closely monitoring the situation, fearing potential repercussions on global markets. The conflict has heightened geopolitical tensions, leading to uncertainty in the financial markets. Traders are watching for any potential impact on oil prices, which could have a significant influence on India's economy. As the situation evolves, Indian stocks remain volatile, with market participants bracing for further developments and their potential effects on the stock market.
   

5. India's forex reserves drop for 4th week, fall to over 5-month low

   India's foreign exchange reserves have experienced a decline for the fourth consecutive week, reaching a five-month low. The reserves, which serve as a critical buffer against economic uncertainties, have dropped due to increased import costs and a slowdown in foreign investments. As of now, they stand at a level that demands careful monitoring to ensure stability in the country's external financial position. Experts are closely watching the situation to assess its potential impact on India's economic resilience.
   

6. India's September fuel demand slips 2% month-on-month

   In September, India's fuel demand experienced a 2% month-on-month decline, reflecting changing consumption patterns. This drop may be attributed to factors such as the ongoing COVID-19 pandemic, rising fuel prices, and improved public transportation options. Despite this dip, India remains a key player in the global energy market, and fluctuations in its fuel demand continue to be closely monitored by industry experts.
   

7. TCS to consider share buyback next week

   Tata Consultancy Services (TCS), one of India's leading IT services companies, is set to discuss the possibility of a share buyback program in the upcoming week. This move comes as TCS aims to enhance shareholder value and utilize its surplus cash reserves. The decision is expected to be made during the company's board meeting, where the specifics of the buyback, including the size and pricing, will be deliberated upon. TCS has consistently been a key player in India's IT sector and is looking to further strengthen its market position.
   

8. Indian billionaire Ambani's Reliance Retail to raise $598 million from ADIA

   Reliance Retail, owned by Indian billionaire Mukesh Ambani, is set to secure $598 million in funding from the Abu Dhabi Investment Authority (ADIA). This strategic investment will further boost Reliance Retail's expansion efforts in India's highly competitive retail market. ADIA's support underscores confidence in the company's growth potential and its commitment to delivering quality products and services to consumers nationwide. This investment is expected to strengthen Reliance Retail's position as a leading player in the Indian retail industry.

Breaking News: The Scoop You Can't Miss!

1. GST Council tweaks hiring norms for tribunal

The Goods and Services Tax (GST) Council in India has clarified the taxability of personal and corporate guarantees and tweaked the norms for hiring members and President of GST appellate tribunal. The council also allowed businesses to file appeals despite delays. Additionally, the council exempted tax on flour that has 70% millets, recommended keeping ENA for human consumption outside GST net, and cut levy on molasses to 5%. The council's decisions were made during a meeting held on October 7, 2023.

2. 16K crore heist as payment gateway company falls victim to hackers, complaint filed in Thane

A payment gateway service provider company's account was hacked, and a group of persons allegedly siphoned off funds worth ₹16,180 crore over a period of time and from different bank accounts. The Thane Police has registered an FIR against the group of persons responsible for the heist.

3. NCLT dismisses Simpl co-founder’s plea

The National Company Law Tribunal (NCLT) has dismissed an application by Nityanand Sharma, co-founder of fintech startup Simpl, seeking to refer disputes before the NCLT to arbitration. The dispute is between Sharma and Chaitra Chidanand, the other co-founder of Simpl. The NCLT ruled in favor of Chidanand, stating that Sharma's petition raised contractual disputes, not oppression or mismanagement. Simpl is a digital payments platform that allows users to make purchases and pay bills in installments.

4. India to mark 10 Oct as Good Manufacturing Practice Day

The Indian government, along with the Indian Drugs Manufacturers’ Association (IDMA), will celebrate the first-ever National Current Good Manufacturing Practice Day (cGMP Day) on October 10, 2023, to improve the poor quality of many Indian drugs. Good Manufacturing Practice (GMP) rules are the backbone of pharmaceutical manufacturing operations and help manufacturers prevent non-compliance. The move comes after the image of the Indian pharma industry was affected badly due to multiple reports of poor-quality cough syrups abroad. The IDMA will organize the celebration every year to sensitize the public about the quality of drugs.

5. India, Saudi tie up for grid, green hydrogen

India and Saudi Arabia signed a Memorandum of Understanding (MoU) for electrical interconnections and green hydrogen. The agreement was signed during the first meeting of the India-Saudi Arabia Strategic Partnership Council between India's Minister of Power and New and Renewable Energy, Raj Kumar Singh, and Saudi Arabia's Minister of Energy, Abdulaziz bin Salman Al-Saud. The MoU aims to enhance ties between the two countries in renewable energy, energy efficiency, hydrogen, electricity, and digital transformation, innovation, cybersecurity, and AI in the energy sector. India has targeted to achieve 5 million tonnes of green hydrogen capacity annually and an additional 125 GW of renewable energy capacity by 2030 under the National Green Hydrogen Mission.

World News 🌎

• Justin Trudeau calls UAE President and speaks about India

• UN Security Council key meeting over Israel-Palestine war today

• Justin Trudeau calls UAE President and speaks about India

• ‘This is our 9/11': Israel-Palestine war death toll rises to 1,000. 10 points

• Afghanistan: Powerful earthquake, aftershocks kills over 2000 people

• Joe Biden signals potential meeting with Xi Jinping at APEC summit

• India-Canada News: 'Committed to your wellbeing', says Toronto University

• 'Flight to nowhere': How a US flight was forced to take mid-air u-turn

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