Author: Supriya Jena

  • Pushpa 2 Smashes Records with Historic Opening Day Earnings!

    Pushpa 2 Smashes Records with Historic Opening Day Earnings!

    The movie ‘Pushpa 2: The Rule,’ starring Allu Arjun, has broken records and become the Indian film with the highest first-day earnings ever. On its opening day, it made a jaw-dropping Rs 175 crore, according to Niftystat.

    This film outperformed SS Rajamouli’s ‘RRR,’ which made Rs 156 crore on its first day. It is the first Indian movie to earn over Rs 50 crore in two languages—Telugu and Hindi—on the same day. The Hindi version did especially well, making around Rs 65-67 crore and surpassing Shah Rukh Khan’s ‘Jawan.’

    On December 5, 2024, the movie had amazing attendance, with 80.14% of seats filled for the Telugu version and 51.53% for the Hindi version. Experts believe the second day might see a slight drop in earnings, predicting around Rs 120-140 crore. However, with strong demand, especially in popular areas, the Hindi version alone might bring in another Rs 50 crore.

    About ‘Pushpa 2’

    Directed by Sukumar, the movie continues the story of Pushpa Raj, a red sandalwood smuggler. Allu Arjun gives a powerful performance that secures his position as one of 2024’s biggest stars. Fahadh Faasil is back as SP Bhanwar Singh Shekhawat, and Rashmika Mandanna returns as Srivalli. New cast member Jagapathi Babu adds even more excitement.

    The first film,’Pushpa: The Rise,’ released during the pandemic, became a global hit, earning Rs 326.6 crore worldwide and winning Allu Arjun a National Award for Best Actor. With ‘Pushpa 2,’ the series has reached new heights and set remarkable box office records.

  • 13 Children Die in Mexico from Contaminated IV Bags: Health Officials Investigate

    13 Children Die in Mexico from Contaminated IV Bags: Health Officials Investigate

    Health officials in Mexico have reported that 13 children died in hospitals due to a serious problem with IV bags. These cases happened at four medical facilities in central Mexico. The doctors think the cause may be a harmful bacteria called Klebsiella oxytoca, but they are still investigating to confirm this.

    The health ministry of Mexico has raised an alert and told a health agency to stop using IV solutions from a company called Productos Hospitalarios, but they haven’t confirmed if this company sold the contaminated bags.

    All the children who died were either babies or kids up to 14 years old. Health experts have found 20 cases of the bacteria, with 15 confirmed and 5 not confirmed. Out of these, 13 children have died, while 7 others are still getting treated in hospitals. The exact reason for the children’s deaths is still being looked into.

    The health ministry is working hard to find out where the outbreak started and is making sure to check on other hospitals to prevent more cases. They are asking health workers to report any new cases quickly.

  • Nvidia CEO’s Smart Tax Moves Could Save His Family $8 Billion

    Nvidia CEO’s Smart Tax Moves Could Save His Family $8 Billion

    Jensen Huang, the CEO of Nvidia, is one of the richest people in the U.S., with a fortune of $127 billion. When he dies, he should pay a 40% tax on his wealth, which means billions would go to the government. However, Huang has found clever ways to avoid much of this tax, allowing his family to keep around $8 billion. This is part of a trend where very wealthy people use complicated tax strategies to protect their money from taxes meant for estates.

    The estate tax, which only affects a small number of very rich people, hasn’t produced much revenue for the government in the last two decades, even though the wealth of the richest increased a lot. In 2000, if the estate tax had grown with overall wealth, it could have brought in around $120 billion last year, but instead, it only raised about a quarter of that amount.

    Huang’s tax avoiding methods include using special types of trusts that let him move millions of Nvidia shares into a safe place. For example, in 2012, he put around 584,000 Nvidia shares worth $7 million into a trust. Today, those shares are worth over $3 billion, but rather than paying a huge tax on that, his family will likely owe only a few hundred thousand dollars.

    In 2016, Huang set up more trusts with even more Nvidia shares. Those shares are now worth over $15 billion. This will save his family about $6 billion in estate taxes when he dies. If he sells shares from these trusts, he will face a large capital gains tax, but he can cover that bill without it being taxable to his heirs.

    Additionally, Huang has used his charitable foundation to donate Nvidia shares, which have reduced his taxable income, allowing him to save even more money. Since his foundation has funneled a lot of money into a donor-advised fund (where he still has some control), it means his family can avoid paying estate taxes when he passes away. In recent years, 84% of the foundation’s donations went to this fund. The shares donated have significantly reduced his potential estate tax, saving his family up to $800 million.

  • Stock Market Bounces Back: Key Updates on Major Companies

    Stock Market Bounces Back: Key Updates on Major Companies

    Today, the stock market enjoyed a recovery, with stocks up over 1% after a short break. Here are some key companies to watch due to recent news:

    Mishtann Foods: The government’s financial watchdog, Sebi, has asked Mishtann Foods to return nearly Rs 100 crore. This money was said to be misused in questionable deals with related businesses.

    Canara Bank: The Reserve Bank of India (RBI) has approved Canara Bank to sell parts of its stake in Canara Robeco AMC and Canara HSBC Life. They plan to reduce their ownership by 13% and 14.5% respectively through an IPO (Initial Public Offering).

    Spandana Sphoorty: The credit rating agency Icra has changed Spandana Sphoorty’s outlook from stable to negative, though their ratings remain at ICRA A+.

    Nykaa: Nykaa announced that Nihir Parikh has stepped down as the CEO of Nykaa Fashion, effective December 5.   Dr. Reddy’s Laboratories: This company reported that the Kazakhstan revenue authority slapped a fine of Rs 28.7 lakh on its subsidiary.

    – ABFRL (Aditya Birla Fashion and Retail): The company revealed in a notice that it received a GST demand for Rs 2.45 crore.

    – Ola Electric: The Central Consumer Protection Authority has requested more documents from Ola Electric regarding a show cause notice linked to over 10,000 complaints.

    – Afcons Infrastructure: The company has successfully completed the longest tunneling project for the Delhi Metro Rail Corporation in Phase 4 of the Delhi Metro.

    – Ramco Systems: Ramco has teamed up with Hanjin Information Systems to help Korean aviation companies improve their Maintenance and Engineering (M&E) services.

  • Market Update: Volatility Ahead of RBI Policy Decision

    Market Update: Volatility Ahead of RBI Policy Decision

    On a bumpy Thursday, our domestic markets ended the day higher, getting ready for a big announcement from the Reserve Bank of India (RBI). Today, we expect markets to remain unpredictable as traders await the RBI’s policy decisions. They think the markets will likely keep going up, even if it starts off shaky on Friday morning.

    Market Trends: What to Watch For
    – Short-term Outlook: As long as the market stays above 24,300 points, it looks promising. Traders might consider buying when prices dip. If things go well, the index could reach 25,000 soon!
    – Fear Index: The India VIX, which shows how scared or confident investors are, went up slightly by 0.54% to a level of 14.53.

    Stocks to Keep an Eye On:
    1. Granules
    2. Manappuram

    These stocks are currently in a special ban period because they’ve hit a certain trading limit.

    Currency Update:
    The Indian Rupee bounced back from its lowest point, ending the day up by 3 paise at 84.72 against the US dollar after a day of steady trading.

    Buying and Selling:
    Foreign investors were active, buying shares worth ₹8,539 crore on Thursday, while domestic investors sold shares worth ₹2,304 crore.

    Foreign Investment Summary:
    The amount of money foreign investors are betting against Indian stocks dropped from ₹82,563 crore on Wednesday to ₹45,397 crore on Thursday.

    (Disclaimer: The views expressed are of the experts and do not represent the views of NiftyStat.)

  • Robert Ryman’s $1.5M White Canvas Auction: A Minimalist Marvel!

    Robert Ryman’s $1.5M White Canvas Auction: A Minimalist Marvel!

    A special white canvas made by famous artist Robert Ryman will be sold at an auction in Berlin this week. The artwork, named General 52 x 52, is from 1970 and is worth over $1.5 million! The auction will take place at Ketterer Kunst on December 6 and 7.

    At first, you might think it’s just a blank canvas, but there’s much more to it. Ryman used special paints called white enamel and enamelac that are usually meant for metal. This makes the artwork unique and makes you think about what art really is. Ryman, who died in 2019, was a self-taught artist known for his clean white art. His simple pieces often made people question what they think of as art.

    Delicate Art That Needs Care

    Even though it looks simple, General 52 x 52 is very sensitive. Because the white surface is delicate, it can’t be moved for viewing before the auction. If it’s even slightly damaged, it could lose a lot of its value. The auction house, Ketterer Kunst, stated that any small flaw could really hurt the artwork’s worth, which is why they won’t be moving it anywhere.

    Art You Can Experience

    Simone Wichmann from Ketterer Kunst talked about how Ryman’s art invites viewers to be part of the experience. She explained that “white is not always white.” It changes with light, movement, and how we see it. Viewing Ryman’s work makes you part of the artwork, transforming you into a creator. That’s a big part of Ryman’s minimalist style, where just looking at the piece is part of the art itself.

    Ryman’s Impact on Minimalism

    Even though Ryman’s art often sparked arguments, he also received a lot of praise and sold pieces for large amounts of money. His simple style, especially the use of white, made him an important person in the minimalist art movement after World War II. Ryman was self-taught and used to work as a security guard at the Museum of Modern Art in New York before becoming famous for his thought-provoking art.

    The General 52 x 52 is one piece in a larger series called General, which includes 15 artworks that are all slightly different from each other. Some of his works are in major museums, like the Solomon R. Guggenheim Museum in New York, and one was even shown in a big exhibit in Germany in 1972.

    This auction continues a trend of exciting art pieces being sold that get people talking. Just last month, Maurizio Cattelan’s artwork—a banana duct-taped to a wall—was sold for $6.2 million at Art Basel Miami Beach. The buyer, a cryptocurrency entrepreneur, even ate the banana shortly after buying it, sparking more discussion about what art really means.

    As art sales keep pushing limits, Ryman’s General 52 x 52 offers yet another chance to think about art in new ways. The auction is set to keep discussions alive about how art changes in the 21st century.

  • EQT Partners to Boost Investments in India’s Thriving Market!

    EQT Partners to Boost Investments in India’s Thriving Market!

    EQT Partners, a big private equity firm from Sweden, is on the lookout for more companies to buy in India in 2025. Jean Eric Salata, a top EQT executive, shared that over the past year and a half, they have invested $6 billion in India—way more than they expected. They believe India is a fantastic place for international investments.

    In these 18 months, EQT made seven investments in areas like financial services, tech services, and healthcare, and they expect the market for buyouts in India to grow from $10 billion now to $50 billion by the end of the decade.

    Recently, EQT merged with Baring PE Asia, making it their Asian branch. They currently manage assets worth over $250 billion and are keen on boosting investments in infrastructure, real estate, and industrial technology, like electric vehicle manufacturing.

    In their healthcare space, EQT is learning to use new technologies like artificial intelligence (AI). Companies in their portfolio are adapting to AI, improving their services. For instance, Sagility, one of their healthcare companies, has acquired an AI firm to bring advanced solutions to the market.

    Over the last 25 years, EQT has invested about $8 billion in more than 30 Indian companies, including names like Indira IVF and O2 Power.

    Salata believes that India’s stock market is doing great compared to others globally, making it appealing for investors. However, he mentioned that finding the right price for assets can be a challenge. They also pay close attention to corporate governance, which means they carefully check how companies are run.

  • Hama’s Capture Puts Pressure on Assad: Latest in Syrian Conflict

    Hama’s Capture Puts Pressure on Assad: Latest in Syrian Conflict

    The Syrian army has pulled back from the city of Hama after rebels managed to break through its defenses. This is a significant setback for President Bashar Assad. The army reported that they moved their troops outside the city to keep civilians safe. Hama, which is Syria’s fourth-largest city, is one of the few cities that still remained fully under government control during the ongoing conflict that started in March 2011 after a popular uprising.

    Rebels, including the group Hayat Tahrir al-Sham and the Turkish-backed Syrian National Army, have been pushing an offensive to take control of more territory. Recently, they also captured much of Aleppo, the largest city in Syria, which marked a major win for Assad’s opponents. Fighting in Hama had been ongoing for three days before the rebels announced they had entered the city early Thursday.

    The Syrian army admitted that several soldiers were killed during the fighting and blamed the rebels for using suicide attacks to breach their defenses. If the rebels fully take over Hama, it could signal a serious decline in Assad’s power. The next target for the insurgents may likely be Homs, the third-largest city in Syria, which is located about 40 kilometers south of Hama.

    Hama is important because it connects Syria’s center with its north, east, and west. It is also close to the coastal region of Latakia, where Assad has strong support. The city is remembered for a tragic event in 1982 when thousands were killed by security forces to destroy a rebel uprising.

    With tensions escalating once again in Syria’s long civil war, many people have had to flee their homes since the renewed violence began. Rebel commanders have claimed that their forces have entered Hama and are moving towards the center.

  • Sebi’s Game-Changer: New Method for Stock Closing Prices!

    Sebi’s Game-Changer: New Method for Stock Closing Prices!

    On Thursday, India’s markets regulator, Sebi, suggested a new way to decide the closing prices of stocks in the equity cash market. Currently, the closing price is figured out using the Volume Weighted Average Price (VWAP) over the last 30 minutes of trading. This method helps find a fair price but doesn’t let investors buy or sell stocks at that exact closing price.

    The new idea, called the Close Auction Session (CAS), aims to make prices more stable during the busy closing moments of the market, especially on important days like index rebalancing and when derivatives expire. It will help big investors complete their trades at the closing price and make tracking indices easier for passive funds, which are investment funds that follow the performance of an index.

    Sebi pointed out that as more Indian stocks join big international indices, investors face challenges in keeping track of these stocks. The current method of using the last half-hour’s average price can lead to differences that hurt investors.

    To solve this, Sebi wants to replace VWAP with CAS as a call-auction system, similar to what many countries already use. The new method would be gradually introduced, starting with stocks that have derivatives available.

    Sebi suggests that this auction session should take 15 minutes, from 3:30 PM to 3:45 PM, and split into different parts. These include figuring out a reference price, accepting orders, a no-cancellation period, and finally confirming and matching trades. Alternatively, Sebi could also hold it in three parts, without a no-cancellation phase, similar to how pre-open sessions work.

    Sebi is looking for public feedback on these proposals until December 26.

  • Crores for Green Initiatives on Delhi-Mumbai Expressway

    Crores for Green Initiatives on Delhi-Mumbai Expressway

    New Delhi: The National Highways Authority of India (NHAI) announced that its special company, DME Development Ltd (DMEDL), will raise ₹1,000 crores through green bonds. This money will help make climate-friendly improvements on the Delhi-Mumbai Expressway.

    DMEDL plans to collect this money in two parts: an initial amount of ₹500 crores and a chance to raise another ₹500 crores if there is a lot of interest from investors. The bonds are set to launch in December 2024.

    The money from these bonds will be used for several eco-friendly projects, including planting trees along the road, building safe passages for animals, creating natural drainage systems, installing solar-powered streetlights, recycling waste, and harvesting rainwater.

    NHAI Chairman Santosh Kumar Yadav mentioned that these green bonds will encourage more investment in projects that help the environment, particularly in the roads and highways sector. They will also help save money in the long run by using less energy and reducing harmful vehicle emissions.

    By issuing these bonds, DMEDL aims to improve its financial standing, lower borrowing costs, and attract investors who care about environmental and social issues. DMEDL has asked Care Edge Analytics to review and confirm its green projects.

    Founded in August 2020, DMEDL is a company set up by NHAI to finance, build, and operate the new Delhi-Mumbai expressway. It has received an AAA rating from agencies like CRISIL, CARE, and India Rating. DMEDL has plans to raise around ₹48,000 crores through loans and bonds from banks and has already secured about ₹42,000 crores.