The World Opinion

Category: Economy

  • BPL Group Chairman T.P.G. Nambiar Passes Away, Top Leaders Express Condolences | Economy News

    New Delhi: Consumer electronics and medical device major BPL Group’s founder and Chairman T.P.G. Nambiar passed away in Bengaluru early on Thursday. He was 94. 
    Nambiar’s son-in-law and former Union Minister Rajeev Chandrasekhar confirmed the news.

    “It is with great sadness that I inform all abt the passing away of my father-in-law TPG Nambiar, Chairman BPL Group. #OmShanthi He was a true visionary and built one of Indias most trusted consumer brands that remains popular to this day. #BelieveInTheBest”, he said in a post on X.

    “I am pausing my Election campaign work and returning to Bengaluru to be with family,” the BJP leader wrote. Returning to India after working in the US and the UK, Nambiar had set up the British Physical Laboratories India Pvt Ltd, as a joint venture with a British company, in Kerala in 1963 to manufacture precision devices for defence forces.

    It later expanded its medical devices, and in the 1980s, also diversified into televisions, video cassette recorders, and later on refrigerators and other consumer electrical and electronic devices.

    Condoling the death of Nambiar, Prime Minister Narendra Modi, in a post on X, said: “Shri TPG Nambiar Ji was a pioneering innovator and industrialist, who was a strong votary of making India economically strong. Pained by his passing away. Condolences to his family and admirers.”

    Karnataka’s Commerce & Industries and Infrastructure Minister M.B. Patil wrote on X: “I am deeply saddened to hear the passing of T.P. Gopalan Nambiar, the visionary founder of the BPL Group, whose pioneering contributions to India’s electronics industry have left an indelible mark. His legacy will continue to inspire generations. My heartfelt condolences to his family and loved ones during this difficult time. May his soul find eternal peace. #BPL”

    Veteran BJP leader and former Karnataka Chief Minister B.S.Yediyurappa, in an X post, said: “Saddened by the passing of Shri TPG Nambiar, founder of the iconic BPL brand, who has been a close acquaintance for a long time. Shri Nambiar’s enormous contributions and legacy will always be remembered. My heartfelt condolences to his loved ones”.
    Biocon Ltd Executive Chairperson Kiran Mazumdar-Shaw also expressed her condolences.

    “Founder of BPL Group, T P Gopalan Nambiar, passes away at 94; mourned by political leaders and family. A great visionary Business Leader who was a forerunner of our tele tech industry. Om Shanthi”, she said on X.

  • Domestic Institutional Investors Pour Record Over Rs 1 Lakh Crore In Equities In October | Economy News

    Mumbai: In a new monthly record, domestic institutional investors (DIIs) infused more than Rs 1 lakh crore in Indian equities in October amid heavy selling by foreign institutional investors (FIIs), thus keeping the stock market healthy compared to its global peers. 

    This sustained DII activity came as the cumulative foreign portfolio investor (FPI) selling in equity through the Indian stock exchanges stood at Rs 102,931 crore (till October 24).

    So far, the DII investments have been around Rs 4.41 lakh crore, with two more months to go, driven by growing retail participation through mutual funds.

    Earlier, the highest recorded monthly DII inflows were registered in March this year, at about Rs 56,356 crore.

    According to market experts, DII inflows are a result of SIP contributions alongside insurance and retirement fund flows.

    FPIs are likely to continue their selling in the near-term since the market sentiment has turned weak due to the escalation of tensions in the Middle East and the uncertainty regarding the outcome of the US presidential elections.

    Going forward, domestic macros are largely favouring the market with the unveiling of strong Purchasing Managers’ Index (PMI) data and strong economic growth forecast by the Reserve Bank of India (RBI) for FY25. The resilience of recent manufacturing data suggests the plausibility of an economic recovery in H2 FY25, which should encourage investors to accumulate quality stocks, said experts.

    Foreign institutional investors (FIIs) sold equities worth Rs 4,613 crore on October 30, while domestic institutional investors bought equities worth Rs 4,518 crore on the same day.

    A significant trend in the market is the strong stock-specific action.

    Better-than-expected results are responded with sharp moves up to 20 per cent a day while worse-than-expected results are met with around 15 per cent correction.

    According to experts, this trend of strongly rewarding good results and punishing poor results equally strongly is a reflection of the focus on stock-specific action rather than focus on the benchmark indices and market as a whole.

  • How To Spot Digital Arrest Scam And Protect Yourself –Explained | Economy News

    New Delhi: Digital arrests have recently emerged as a common form of digital fraud in India, costing Indians a significant portion of their hard-earned money. However, digital arrest is merely a scam that may be avoided by being aware of the fraudulent techniques used by con artists to digitally arrest victims. 

    During his recent Mann ki Baat address, Prime Minister Narendra Modi warned the country about the surge of digital arrest frauds. He said that “there is nothing like digital arrest in our law” and that this is merely fraud. According to PM Modi, digital arrest can be avoided by following the three steps of digital security: stop, think, and act.

    What is a digital arrest?
    In a digital arrest scam, con artists pose as the CBI, police, and occasionally RBI personnel. They first use phone calls to reach their victims before moving on to video calls via Skype and WhatsApp.

    The scammers typically use a police station-style setup after switching to video to trick victims into thinking that officers are making the call. 

    The con artists claim that the target’s detention results from their alleged unlawful activities. 
    A warrant for a digital arrest for the purported offense is threatened to the victims. To revoke the digital arrest warrant, the scammers then demand cash or a penalty. Following payment, the scammers vanish, leaving the victims with a financial loss.

    Thousands of people have fallen victim to such scammers. According to data from the National Cybercrime Reporting Portal (NCRP ), this fraud is very common. An Indian Express report using NCRP statistics claims that in the first quarter of 2024, Indians lost up to Rs 120 crore due to digital arrest cases.


    How to spot a digital arrest scam?
    During his recent Mann ki Baat address, Prime Minister Modi issued a warning to the country on the increase in digital arrest frauds. The PM said there is nothing like digital arrest in our law and the gang of criminals doing this are enemies of society.

    Scams using digital arrest are detectable. First off, nobody from the government calls people and threatens them or demands money. PM Modi claims that no government organization calls people to demand money. 

    Second, there’s no reason to be alarmed if you receive such a call. You should realize that the scammers have gathered your personal information and are attempting to intimidate you. 

    Thirdly, scammers frequently fabricate an emergency to force you to act impulsively. By staying on the call all the time, scammers exert pressure on the victim. It may be a case of cybercrime if you believe that the con artists are inciting a sense of urgency. 

    Fourth, you should be on guard if the con artists implicate you in a significant crime while on the phone. Since you haven’t done anything illegal, you can tell right once that this call is fraudulent.


    How to protect yourself from a digital arrest scam?
    The key to avoiding being a victim of digital arrest scams is to remain alert and aware of such fraudulent activities. According to PM Modi, there are three steps to digital security: stop, think, and act.

    * There is nothing like digital arrest in our law.

    * No government agency calls people and threatens them, nor does it demand money over a video call.

    * Don’t panic when you receive a call. Instead, take a screenshot and record a call.

    * Verify the identification of fraudsters posing as law enforcement authorities by getting in touch with the government or law enforcement officials directly through the appropriate route. 

    * The first thing to do if you fall victim to a digital arrest scam is to report your bank and freeze your account right away.

    * Never divulge private information to third parties, including KYC details, bank details like – user ID password, card details, CVV, OTPs or PIN number.

    * Victims should call the national cyber helpline 1930 and report such incidents on cybercrime.gov.in.

  • Rs 100 Deducted For Waitlisted Train Ticket Cancellation; IRCTC Responds | Mobility News

    Indian Railways has announced thousands of special trains to handle the surge in passenger demand during the festive season. Despite this effort, stations are experiencing long queues, and many travelers are still unable to secure confirmed tickets.

    Passengers are voicing other concerns, particularly over unconfirmed tickets and last-minute cancellations of confirmed tickets. Complaints have been flooding IRCTC’s X (formerly Twitter) handle.

    In a recent incident , a passenger who booked a waitlisted ticket from Delhi to Prayagraj found that it didn’t get confirmed even after chart preparation. Upon refund, he noticed a deduction of Rs. 100 instead of receiving the full amount. 

    He took the matter to the X platform and wrote his concern to the Railway Ministry. He posted,” I booked a waitlisted ticket from Delhi to Prayagraj, but it didn’t get confirmed after the chart was prepared. Could you explain why 100 rupees were deducted from the refund instead of receiving the full amount.

    Dear @RailMinIndia @AshwiniVaishnaw

    I booked a waitlisted ticket from Delhi to Prayagraj, but it didn’t get confirmed after the chart was prepared. Could you explain why 100 rupees were deducted from the refund instead of receiving the full amount


    — Adil ansari (@Adilans62788455) October 30, 2024

    In the response IRCTC wrote ‘As per Indian Railway rules in case of waitlisted/RAC ticket clerkage charges Rs. 60/- along with GST per passenger shall be levied.”

    As per Indian Railway rules in case of waitlisted/RAC ticket clerkage charges Rs. 60/- along with GST per passenger shall be levied Please follow the given link: https://t.co/0Mek9yKVW3
    — IRCTC (@IRCTCofficial) October 29, 2024

    The passenger had initially shared a version of the ticket on Twitter, which revealed that it was booked through a third-party app—resulting in additional deductions beyond the standard clerkage fee.

    IRCTC Refund Policies and Deduction Details 

    Many passengers are also puzzled by deductions from their refunds on unconfirmed tickets. Refunds for tickets booked through third-party apps, as opposed to directly on IRCTC’s platform, can include additional fees. However, under Indian Railways’ refund rules, clerkage charges and GST are applicable for RAC and waitlisted ticket cancellations. Here’s a closer look at the refund policies:

    Refund Rules for Confirmed Tickets

    Refunds on confirmed tickets depend on the timing of the cancellation: 
    1. 48+ Hours Before Departure

    Cancellation fees are charged based on class:


    AC First/Executive: ₹240 + GST
    First Class/AC 2 Tier: ₹200 + GST
    AC Chair Car/AC 3 Tier/AC 3 Economy: ₹180 + GST
    Sleeper: ₹120
    Second Class: ₹60

    2. Between 48 to 12 Hours Before Departure: 25% of the fare, subject to a minimum of the above-listed cancellation fees, plus GST for AC classes.

    3. Within 12 to 4 Hours Before Departure: 50% of the fare, with a minimum cancellation charge, plus GST for AC classes.

    4.Cancellation within 4 Hours of Departure: No refund for confirmed tickets if canceled or TDR not filed online within four hours of departure.

    5. For RAC e-Tickets: No refund if canceled or TDR not filed within 30 minutes before departure.

    Refund Policy for RAC and Waitlisted Tickets

    RAC and waitlisted tickets offer specific cancellation rules:

    1. Before Departure: Tickets can be canceled up to 30 minutes before departure, with a deduction of ₹60 (clerkage charge) plus GST per passenger.

    2. After Departure: No refund if canceled after 30 minutes before departure.

    3. RAC Tickets with Confirmed Seat Allocation: If RAC or waitlisted tickets are confirmed upon chart preparation, cancellation rules apply as per the confirmed ticket refund policy.

    Refund Rules for Partially Confirmed Tickets

    For partially confirmed e-tickets or family/group bookings where some passengers have confirmed reservations and others remain on RAC or waitlisted status:

     Before Departure: A full refund, minus clerkage, is allowed if canceled online for all passengers up to 30 minutes before departure.

  • Elon Musk Buys $35 Million Mansion To Bring Together His 11 Children And Their Mothers | Economy News

    New Delhi: Elon Musk, the richest person in the world, is now taking an unconventional approach to family life. He plans to bring all 11 of his children and their mothers under one roof, creating a blended family unlike any other. According to a report by The New York Times, Musk recently acquired a massive 14,400-square-foot mansion in Austin, Texas, alongside an adjacent six-bedroom property. This 35 million dollars investment reflects Musk’s latest endeavour to unite his family in a spacious, shared home environment.

    The impressive mansion which is designed with a Tuscan flair is only about 10 minutes away from Elon Musk’s Texas residence, according to the report. Musk sees this setup as an opportunity for his children to grow up closely together while also making it easier for him to balance his time with each of them.

    Musk has welcomed 12 children into his life since 2002. Unfortunately, he tragically lost his first child with ex-wife Justine Musk to sudden infant death syndrome at only 10 weeks old. After IVF in 2008 the couple had five more children—twins Griffin and Vivian, followed by triplets Saxon, Damian, and Kai—before eventually divorcing.

    Afterward, Musk had a high-profile relationship with British actress Talulah Riley, whom he married and divorced twice, though they did not have children together. Between 2020 and 2022, Musk welcomed three more children with musician Grimes, whose real name is Claire Boucher. The pair share children named X, Y, and Tau, though they are currently involved in a custody dispute over them.

    In 2021, Musk secretly welcomed twins with Shivon Zillis, an executive at his Neuralink company and has since confirmed that they have a third child together as well.

    How wealthy is Elon Musk?

    His fortune recently soared by an impressive 21 billion dollars after Tesla’s stock surged nearly 19 per cent following an impressive third-quarter earnings report. This jump marked Tesla’s biggest single-day rally since March 2021, boosting the company’s market value by 117 billion dollars.

  • Fresh Bomb Threats To 100 More Flights Take Total To 510; Agencies On Alert | Mobility News

    Bomb Threats To Flights: More than 100 flights operated by various Indian airlines received bomb threats on Tuesday, according to sources. In 16 days, over 510 domestic and international flights have got the threats that later turned out to be hoaxes. The threats were issued mostly through social media.

    Air India received threats for around 36 flights and IndiGo for about 35 flights. Vistara received the threats for 32 flights, the sources in the know said. “A number of Air India flights were subject to security threats received on social media on 29 October 2024.

    “Following the laid down protocols, relevant authorities were immediately alerted, and all security procedures strictly adhered to, as per guidance from the regulatory authorities,” an airline spokesperson said in a statement.

    Meanwhile, the Mumbai police have registered a case against an unidentified person after three airlines received bomb threats on their X handle, an official said on Tuesday.

    IndiGo, Air India and Vistara had received the threats on Monday, and they turned out to be a hoax after verification, the official added.

    The Mumbai police have registered 14 FIRs in October in connection with the bomb threats to airlines.

    Amid a spate of hoax bomb threats to airlines, the IT Ministry has asked social media platforms to observe due diligence obligations and promptly remove or disable access to misinformation within the strict timelines prescribed under IT rules.

    Besides, the civil aviation ministry is looking to take legislative actions to tackle the menace of the hoax bomb threats to airlines.

    On Sunday, Civil Aviation Minister K Rammohan Naidu said the Centre is mulling steps to ban perpetrators, who resort to hoax bomb threats, from flying.

  • Navi Mumbai Airport To Start Operations In First Half Of 2025: Adani Group CFO | Mobility News

    Navi Mumbai Airport Details: Group CFO of Adani Group, Jugeshinder ‘Robbie’ Singh on Tuesday said the Adani Group’s newly built airport at Navi Mumbai will start operations in the first half of 2025. Earlier this month, Adani Group successfully managed the landing of Indian Air Force aircraft at a Navi Mumbai runway.

    “With this, we are on track to start operations in the first half of next year 2025,” Singh said while announcing the Adani flagship company’s quarterly and half-yearly results.

    “We managed to further add six new routes, six new airlines and 13 new flights across all the seven operational airports,” Singh informed the shareholders in a video message.

    The Navi Mumbai airport will feature a 3,700-meter runway capable of handling large commercial aircraft, modern passenger terminals, and advanced air traffic control systems. 

    The Terminal 1 of the airport alone is projected to handle up to 20 million passengers annually. Upon full completion, it will have a total capacity to handle 90 million passengers per year.

    According to Adani Group website, the conglomerate “forayed into civil aviation with a vision to leverage its rich experience of building stellar infrastructure in transforming Indian airports.”

    Adani Airport Holdings Limited was incorporated in 2019 as a 100 per cent subsidiary of Adani Enterprises Ltd, the flagship company of the Adani Group.

    The Adani Group had made its maiden venture into the airports sector by emerging as the highest bidder for the operation, management, and development of six airports: Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram, and signing concession agreements with the Airport Authority of India for all six airports.

    Adani airports now handles 25 per cent of passenger footfalls and 33 per cent of India’s air cargo traffic, according to its website.

    Coming to Adani Enterprises’ earnings, the flagship entity of Adani Group reported that its net profits during the July-September quarter rose 664 per cent to Rs 1,741 crore. In the year 2023, it was at Rs 228 crore.

    So far in the two quarters of 2024-25 – April-June and July-September, the net profits cumulatively were 254 per cent up at Rs 3,196 crore.

    Coming to the company’s total income or the revenue from operations, the July-September quarter saw a rise of 15 per cent to Rs 23,196. April-June and July-September combined, the total income was 14 per cent higher at Rs 49,263 crore.

    Adani Enterprises has recorded its highest half-yearly EBITDA of Rs 8,654 crore, which the company said is consistently supported by strong performance from emerging core infra businesses under its “incubation portfolio”.

  • Terror In The Air Continues: 60 More Flights Get Bomb Threats | Mobility News

    60 More Flights Get Bomb Threats: Over 60 flights of Indian carriers received bomb threats on Monday, sources said. In the last 15 days, more than 410 domestic and international flights operated by Indian carriers have faced hoax bomb threats, mostly issued through social media.

    According to sources in the know, around 21 flights each from Air India and IndiGo, and about 20 Vistara flights received threats on Monday alone. An Air India spokesperson confirmed that multiple flights had faced security threats through social media on Monday.

    “Following the laid down protocols, relevant authorities were immediately alerted, and all security procedures strictly adhered to, as per guidance from the regulatory authorities,” the spokesperson said in a statement.

    Meanwhile, against the backdrop of a spate of hoax bomb threats to airlines, the IT Ministry has asked social media platforms to observe due diligence obligations and promptly remove or disable access to misinformation within the strict timelines prescribed under IT rules.

    Also, the civil aviation ministry is looking to take legislative actions to tackle the menace of the hoax bomb threats to airlines.

    On Sunday, Civil Aviation Minister K Rammohan Naidu said the Centre is mulling steps to ban perpetrators, who resort to hoax bomb threats, from flying.

    7 Flights To And From Kolkata Receive Bomb Threats

    At least seven flights of India-based carriers to and fro Kolkata received bomb threat messages through social media posts on Monday, officials at Netaji Subhas Chandra Bose International (NSCBI) Airport here said. The threats, however, turned out to be a hoax and flights were operated.

  • Swiggy IPO May Open On November 6: All You Want To Know | Economy News

    New Delhi: Food and grocery delivery major Swiggy is looking to raise Rs 11,300 crore through its initial public offering (IPO) opening for public subscription on November 6, sources said on Monday.

    Swiggy is one of the most valued new-age consumer brands to tap the Indian capital market. The company’s Rs 11,300-crore IPO is a combination of fresh issue of shares worth Rs 4,500 crore and an offer for sale (OFS) of Rs 6,800 crore, they added.

    Key Points You Want To Know About Swiggy Upcoming IPO

    1. The shares would be available at a price band of Rs 371 to Rs 390 apiece.

    2. The issue would conclude on November 8 and the bidding for anchor investors will open for a day on November 5, they added.

    3. Those selling shares in the OFS route are — Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, Alpha Wave Ventures, LP, Coatue PE Asia XI LLC, DST EuroAsia V B.V, Elevation Capital V Ltd, Inspired Elite Investments Ltd, MIH India Food Holdings B.V, Norwest Venture Partners VII-A Mauritius and Tencent Cloud Europe B.V.

    4. Early investors like Accel, Elevation Capital and Norwest Ventures are making up to 35 times in returns on the portion they decided to sell. On the other hand, SoftBank continues to stay invested.

    5. Going by the IPO papers, proceeds from the fresh issue to the tune of Rs 137.41 crore will be used for debt payment of subsidiary Scootsy.

    6. Additionally, Rs 982.40 crore will be invested in Scootsy for expanding the Dark Store network in the quick commerce segment, with Rs 559.10 crore allocated for setting up dark stores and Rs 423.30 crore for lease or licence payments.

    7. The company will also invest Rs 586.20 crore in technology and cloud infrastructure, Rs 929.50 crore for brand marketing and business promotion, and funds will be allocated for inorganic growth and general corporate purposes.

    8. Swiggy’s confidential offer document was approved by Sebi in September and following this updated draft papers were filed.

    9. The company filed its offer document on April 30 through the confidential pre-filing route.

    10. Under the confidential filing process, Sebi reviews confidential DRHP and provides comments on it. Thereafter, the company going public is required to file an update to the confidential DRHP (UDRHP-I) after incorporating the regulator’s comments. This UPDRHP-I is made available for public comments over 21 days.

    11. Finally, after incorporating the changes due to public comments, the company is required to update the DRHP-II (UDRHP-II).

    12. In April, sources had previously stated that Swiggy received shareholders’ approval for an IPO to raise Rs 10,414 crore through issue of fresh equity shares and an offer for sale. A special resolution was passed at an extraordinary general meeting of Swiggy on April 23, sources stated.

    Founded in 2014, Swiggy had a valuation of nearly USD 13 billion in April. The company’s annual revenue stood at USD 1.09 billion as on March 31, 2023, and has more than 4,700 employees, according to Tracxn, a global startup data platform.

  • LIC Housing Finance Logs 12 Per Cent Net Profit Jump At Rs 1,329 Crore In Q2 | Economy News

    Mumbai: LIC Housing Finance Ltd on Monday reported 12 per cent increase in net profit at Rs 1,329 crore in Q2 FY25, from Rs 1,188 crore in the same period last year. 

    The company clocked a 2.5 per cent growth in revenue at Rs 6,926 crore, from Rs 6,758 crore in the year-ago period, riding on stable growth in both home and project loan disbursements.

    The company expressed optimism for growth in the upcoming festive quarters, driven by a robust focus on affordable housing and rural infrastructure.

    Outstanding loan portfolio was up by 6 per cent to Rs 294,588 crore while individual home loan portfolio was up by 7 per cent to Rs 250,879 crore. In the July-September period, loan disbursements were Rs 16,476 crore, a 12 per cent increase from Rs 14,665 crore in the year-ago period. During the quarter, the company had a technical write-off of Rs 286 crore.

    According to LIC Housing Finance, the net interest income (NII) declined by 6 per cent to Rs 1,974 crore from Rs 2,107 crore in Q2 FY24, driven by a reduced net interest margin (NIM), which stood at 2.71 per cent compared to 3.04 per cent a year earlier and 2.76 per cent for Q1 FY25.

    The company’s provisions for expected credit loss stood at Rs 5,458 crore, covering 49 per cent of Stage 3 loans. The stage 3 exposure on default (as on September 30) stood at 3.06 per cent as against 4.33 per cent (as on September 30, 2023) and 3.30 per cent (as on June 30, 2024), said the company.

    “During the six months ended September 30, 2024, the total disbursements for the company stood at Rs 29,391 crore against Rs 25,521 crore for the same period of the previous year, a growth of 15 per cent. The shares of LIC Housing Finance closed at Rs 618.45 on Monday, up by 3.39 per cent.