Author: Supriya Jena

  • Congress Backs Farmers’ Protests: Key Demands & Ongoing Struggles”

    Congress Backs Farmers’ Protests: Key Demands & Ongoing Struggles”

    On Friday, the Congress party showed strong support for farmers and their ongoing protests. The farmers are marching from their protest site at Shambhu border, between Punjab and Haryana, to Delhi. This comes after Vice President Jagdeep Dhankhar spoke out about farmers’ issues at a ceremony in Mumbai. He asked why promises made to farmers were not kept and what should be done to fulfill these promises.

    Jairam Ramesh, the Congress leader, stated that the Vice President’s remarks have given a big boost to the farmers’ movement. He said farmers are demanding several things, including:

    1. A legal promise for Minimum Support Price (MSP) for their crops.
    2. Setting MSP at 1.5 times the calculation of growing costs, based on recommendations from the MS Swaminathan Commission.
    3. One-time debt relief for farmers, similar to how banks have written off huge amounts owed by private companies.
    4. Decisions on importing and exporting farm goods must involve farmers’ opinions, through an independent agency.
    5. A restructuring of the PM Fasal Bima Yojana to truly support farmers.

    Ramesh also reminded people that the Congress party has promised similar support before the elections. Farmers want a legal guarantee for MSP, especially as they march towards Parliament.

    To prepare for the protesters, security forces have been heavily deployed at the Haryana border. The Ambala district has restricted gatherings of five or more people to maintain order. The farmers are organized under groups like Samyukta Kisan Morcha and Kisan Mazdoor Morcha. They have been at the Shambhu and Khanauri border areas since February 13, after police stopped their march to Delhi last year.

    In addition to the MSP demand, farmers want debt waivers, pensions for themselves and farm workers, no increase in electricity rates, the dropping of police charges against them, and justice for victims of violence in 2021. They also want changes to the Land Acquisition Act of 2013 and compensation for families of farmers who died in past protests

  • RBI Meeting: Rate Cuts and Growth Forecasts Under Scrutiny

    RBI Meeting: Rate Cuts and Growth Forecasts Under Scrutiny

    The Reserve Bank of India (RBI) will reveal its latest decisions on Friday at 10:00 am. This comes after a three-day meeting that started on December 4. For the first time in more than two years, the committee in charge of monetary policy will pay more attention to the slowing growth of the economy.

    The RBI has kept its interest rate at 6.5% for the last ten meetings. They have been careful about inflation, especially because food prices have been high, but they remain hopeful about the economy bouncing back due to good rains and expected spending on infrastructure projects. Recently, they changed their view from “removing support” to a more neutral stance on the economy.

    The central bank has a 7.2% growth forecast for the economy in the financial year 2024-25, but this has come under pressure after a big drop in growth seen in the last quarter. Some economists have lowered their growth expectations to 6%. High inflation, partly caused by changing food prices, has kept general prices at an elevated 6.2% in October. Because of this situation, the RBI may lower its growth forecast and increase its inflation expectations.

    What to Expect?
    With more people calling for interest rate cuts to help the economy, more members of the RBI committee are likely to support lowering rates. In the last meeting, one external member voted for a small cut in the interest rate, and analysts expect at least two more members to agree this time.

    The availability of money in the banking system has dropped significantly, making it likely that the RBI will lower the required reserves that banks must hold. Initially, there was about ₹4.5 trillion in September, but it has now dropped to just ₹1.2 trillion. Because of this tight situation, economists expect the RBI to take action with longer-term loans.

    The future of RBI Governor Shaktikanta Das is also important, as his term ends on December 10, and it is unclear if he will stay or be replaced.

    Outcomes from the Last Meeting
    At the last meeting on October 9, the RBI kept the interest rate at 6.5% with a majority of votes. They wanted to balance keeping prices in check while helping the economy grow. Their growth forecast stayed at 7.2% for the upcoming financial year, with predictions showing steady growth throughout.

    Inflation was projected at 4.5%, with expectations of slight increases in the coming quarters. Meanwhile, the Indian rupee has been stable compared to other currencies.

    In other news, the RBI increased limits for UPI transactions to make digital payments easier. They also introduced a new feature for account lookups to prevent mistakes in money transfers. Governor Das emphasized that banks should be careful about their financial exposures.

    Foreign investment has shown positive signs, but India’s current account deficit has widened. The RBI also allowed individuals taking floating-rate loans to avoid pre-payment penalties and is looking into new funding options for Urban Cooperative Banks.

    Finally, the RBI is launching a new system to help banks manage risks related to climate change

  • Sukhbir Badal’s Close Call: Heroic Police Save Him from Assassination

    Sukhbir Badal’s Close Call: Heroic Police Save Him from Assassination

    Sukhbir Singh Badal, a leader of the Shiromani Akali Dal party, thanked two brave Punjab Police officers who saved his life during an attack on him. Badal met and hugged Assistant Sub-Inspectors (ASIs) Jasbir Singh and Hira Singh, who are part of his security detail, after the incident on Wednesday near the Golden Temple.

    In a post on social media platform X (formerly Twitter), Badal praised their courage, saying, “It’s not easy to risk your life for someone else. My family and I will always be grateful for their bravery.”

    The attack happened when a former Khalistani terrorist named Narain Singh Chaura tried to shoot Badal but missed. Thanks to the quick actions of plainclothes police officers, the attacker was caught.

    Amritsar Police Commissioner Bhullar stated they are investigating the attack, looking into various angles to see if any organization helped Chaura or if he acted alone for attention.

    How did ASIs Jasbir Singh and Hira Singh save Badal? When Jasbir Singh noticed the danger, he jumped on the shooter, grabbing his hands and pushing him away. This quick thinking, along with other officers’ help, stopped the attack.

    The shooting was filmed by reporters covering Badal’s religious service at the Golden Temple. Badal was there for a traditional penance (tankhah) for past mistakes during his time in government from 2007 to 2017.

    Narain Singh Chaura, who has a troubled past with terrorism, was taken into police custody for three days after the attack.

    Initial investigations show that Chaura acted on his own and was “self-motivated.” Police are checking if there might be a bigger plan behind the attack but so far, it looks like Chaura was upset about a decision made against Badal during a recent consideration of a past case.

    The gun used in the attack was unregistered, and police are trying to find out how Chaura got it. CCTV footage showed Chaura speaking with a police officer the day before the attack, which raised concerns about security measures at the Golden Temple.

    The attack sparked anger among political leaders. The Congress party criticized the Punjab government for poor security, while the BJP called it a serious failure in law and order.

  • Ola Electric Under Scrutiny: CCPA Notices and Market Challenges

    Ola Electric Under Scrutiny: CCPA Notices and Market Challenges

    Ola Electric will be in the spotlight this Friday because the Central Consumer Protection Authority (CCPA) has asked for more information from the company. This is regarding a notice they sent earlier about possible problems with how Ola Electric treats its customers. Ola Electric received this email on December 4 and has 15 days to reply.

    Back on October 8, the CCPA wrote a notice to Ola Electric, asking them to explain complaints about misleading ads and unfair business practices. Ola Electric responded on October 21, saying they solved 99.1% of the 10,644 complaints they received.

    In their stock exchange announcement, Ola Electric stated that this notice won’t affect their business or finances. The company, based in Bengaluru, has faced complaints about after-sales service and issues with their scooters.

    Additionally, Ola Electric’s share of the electric scooter market fell by almost 6% in November, dropping to 24.8%. It reported a 30% decline in new scooter registrations—down from 41,161 in October to 28,688 in November.

    Citi Research recently started covering Ola Electric and set a target price of Rs 90 for its shares. They noted that while the company is facing challenges with its service, these issues are expected to improve over time as the supply chain stabilizes.

    On Thursday, Ola Electric shares ended at Rs 98.5, a slight increase of 0.11%, while the Sensex index went up by 1%. In the past three months, Ola Electric’s shares have dropped by 14.5%. The company’s market value is currently Rs 43,446 crore.

    Ola Electric has also been launching new products. They recently introduced two new electric scooters, the S1 Z and Gig, aimed at delivery workers and budget-conscious buyers in India.

  • 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.