The World Opinion

Category: Economy

  • Adani Wilmar Posts Highest-Ever Half Yearly Net Profit At Rs 624 Crore | Economy News

    New Delhi: Adani Wilmar Ltd on Thursday reported its highest-ever half-yearly net profit at Rs 624 crore for the first six months of the current fiscal (FY25). In Q2 FY25, the Adani Group company clocked Rs 326 crore in standalone profit (PAT), up from Rs 324 crore in Q1 FY25. In the quarter, the company saw an 18 per cent surge in revenue at Rs 14,460 crore (year-on-year).

    Adani Wilmar MD and CEO Angshu Mallick said they have delivered another strong quarter, with double-digit growth in both edible oils and Food & FMCG segments. “We have been the second and third largest players in wheat flour and basmati rice business, respectively. On the back of trust and quality, along with branding investments, our flagship brand ‘Fortune’ has been gaining good acceptance with consumers for the entire range of kitchen essentials,” Mallick added.

    Edible oils and Food and FMCG segments delivered strong double-digit revenue growth of 21 per cent and 34 per cent (YoY), respectively. The strong growth in staple foods was partially offset by the decline in the industry essential segment.

    With stable edible oil prices, the Adani Group company posted strong profits over the last four quarters. For Q2 FY25, operating EBITDA was at Rs 613 crore. In Q2, the edible oil segment revenue grew by 21 per cent YoY to Rs 10,977 crore.

    This represents the third consecutive quarter of double-digit volume growth. The growth was driven by strong performance in soybean, sunflower, and mustard oil. The Food and FMCG segment’s revenue grew by 34 per cent to Rs 1,718 crore. Excluding the G2G exports business, the volume growth of the Food and FMCG business was at 21 per cent YoY.

    “In the wheat business, the company continues to grow strongly. The sales also benefited from the introduction of small pack sizes in markets with lower per capita consumption. In Q2, branded sales of pulses, besan, soya nuggets, sugar, poha, and soap showed strong double-digit growth YoY,” the company said.

    The company has been expanding its distribution network to access more towns and has reached over 36,000 rural towns directly by the end of September. The goal is to reach 50,000 rural towns by the end of FY25 and drive the penetration of outlets and volume offtake in the new outlets, said the company.

  • Unchanged Retail Fuel Prices Amid Oil Volatility To Support Returns For Industry: Report | Economy News

    New Delhi: Amid the ongoing geo-political tensions, unchanged retail fuel prices amid the volatile oil prices will support overall returns for the industry, according to a report on Thursday. Operating profit will be higher than the $9-11 per barrel on average over the 10 years through fiscal 2025. This will partly support the continued substantial capital expenditure (capex) of Oil marketing companies (OMCs), said a CRISIL Ratings report.

    OMCs are projected to see operating profit drop to $12-14 per barrel in fiscal 2025 from $20 per barrel last fiscal. The moderation is expected as diesel spreads soften, discounts on Russian crude oil wane and the impact of inventory loss kicks in with crude oil price averaging $75 per barrel currently, down from $82 per barrel in the first half of the fiscal.

    According to Aditya Jhaver, Director, CRISIL Ratings, gross refining margin (GRMs) are seeing a steep correction this fiscal and are likely to average $3-5 per barrel, with diesel spreads evening out as refineries globally have ramped up production while consumption has slowed.

    “That said, overall returns will be bolstered by marketing margins (net of operating expenses) that are likely to continue at Rs 4.5 per litre (or $9 per barrel), factoring no reduction in retail fuel prices,” he noted. OMCs earn from two businesses — refining business and marketing business.

    While oil price declined 11 per cent on-year to average $83 per barrel in fiscal 2024, the fluctuation in inventory value had a marginal impact on overall GRM (reported at $12 per barrel). Core margins were healthy because of high diesel spreads with continued geopolitical uncertainties that disrupted the global energy supply chain keeping international prices high.

    Further, the largely unchanged retail fuel rates resulted in healthy marketing margins (net of operating expenses) of Rs 4 per litre or $8 per barrel, cumulating to an overall high profit of $20 per barrel for the year, the report mentioned.

    The consequent cumulative cash accrual, estimated at Rs 52,000-54,000 crore, will partially support the Rs 90,000 crore capex planned by OMCs. “While profits could moderate on-year, the industry is expected to continue with capex, which will partly be debt funded,” said Joanne Gonsalves, Associate Director, CRISIL Ratings.

  • Air India, Singapore Airlines Expand Codeshare Agreement | Mobility News

    Air India And Singapore Airlines Codeshare Agreement: Air India and Singapore Airlines (SIA) have agreed to expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network. This marks the first extensive expansion of codeshare arrangements between the airlines since 2010, offering customers enhanced travel options between Singapore and India, as well as beyond.

    A codeshare pact allows two airlines to offer their customers services on each other’s flights. From October 27 this year, Air India and SIA will codeshare on each other’s flights between Singapore and the Indian cities of Bengaluru and Chennai, increasing their total weekly scheduled codeshare services between the countries to 56 from 14.

    SIA will codeshare on Air India’s domestic flights between Delhi and Amritsar, Bengaluru, Coimbatore, Lucknow, and Varanasi, between Mumbai and Ahmedabad, Amritsar, Bengaluru, Coimbatore, Goa, Jaipur, Kolkata, Lucknow, and Thiruvananthapuram, as well as between Kolkata and Guwahati.

    Air India customers will be able to access 29 destinations across SIA’s network. These are Adelaide, Brisbane, Cairns, Darwin, Melbourne, Perth, and Sydney (Australia); Bandar Seri Begawan (Brunei); Phnom Penh and Siem Reap (Cambodia); Denpasar, Jakarta, Medan, and Surabaya (Indonesia); Fukuoka, Nagoya, Osaka, Tokyo Haneda, and Tokyo-Narita (Japan); Busan and Seoul (South Korea); Kuala Lumpur and Penang (Malaysia); Auckland (New Zealand); Cebu and Manila (the Philippines); as well as Danang, Hanoi, and Ho Chi Minh City (Vietnam). The list includes existing codeshare arrangements to Kuala Lumpur.

    SIA customers will also be able to connect to Air India’s international services from Bengaluru, Delhi, and Mumbai to 12 destinations across Europe, the Middle East, and Africa. These are Copenhagen (Denmark); Paris (France); Frankfurt (Germany); Milan (Italy); Nairobi (Kenya); Amsterdam (the Netherlands); Jeddah and Riyadh (Saudi Arabia); Colombo (Sri Lanka); as well as Birmingham, London-Gatwick, and London-Heathrow (the United Kingdom).

    Both airlines plan to progressively include other destinations in their network to the codeshare arrangements. Subject to regulatory approvals, the codeshare flights will be progressively made available for sale through the airlines’ respective booking channels.

  • India’s M&A Deal Value Surges 66 Per Cent In 2024, Outpacing Global Deal Of Worth USD 1.6 Trillion | Economy News

    New Delhi: Mergers and acquisitions (M&A) deals in the first nine months of the year surged by 66 per cent in value terms compared to the same period in 2023, signalling a revival in deal sentiment, according to a report by Boston Consulting Group.

    However, deal volumes in India saw a marginal decline of 3 per cent, though this was not as sharp as the 13 per cent decline observed in the Asia-Pacific region and globally.

    In the 21st edition of the Global M&A Report, the consulting firm noted that global deal value in the first nine months of 2024 increased by 10 per cent compared to the same period last year, reaching USD 1.6 trillion.The report highlighted that M&A activity in India has been strong in 2024, bucking the trend seen in other Asia-Pacific markets. 

    This performance marks a reversal of the sharp decline in deal-making that India experienced from mid-2022 through 2023.”While the global M&A market is on the road to recovery with a modest 10 per cent increase in deal value this year, India is outpacing the global trend, showcasing a remarkable 66 per cent surge in M&A activity in 2024. 

    This growth contrasts sharply with the broader Asia-Pacific market, which saw a 5 per cent decline, underscoring India’s unique resilience and appeal. Key drivers of large deals have been sectors such as technology, media, industrials, and healthcare, leveraging the ‘Make in India’ initiative, India’s strengthening ties with the US and Europe, and ongoing regulatory tensions between China and the West.

    “Sector-wise, technology, media, and telecommunications accounted for 40 per cent of total deal value in the first nine months of 2024. Despite cautious global sentiment, industrial companies continue to lead deal-making in India this year.Healthcare targets also remain a significant focus, primarily driven by domestic deals as companies strive to maintain their leadership positions.”

    As we look ahead, the longer-term outlook for deal-making in India remains strong. Companies with healthy balance sheets will continue to seek inorganic growth opportunities, while private equity and venture capital investors will aim to deploy record-high dry powder, as India continues to be a preferred investment destination,” said Dhruv Shah, Managing Director and Partner at BCG.

    The report also highlighted that increased regulatory scrutiny and protectionist measures in some countries are impacting deal-making. Globally, the time from signing to closing for deals exceeding USD 2 billion increased by 11 per cent from 2018 to 2022, reaching an average of 191 days.

    BCG’s analysis found that approximately 40 per cent of deals studied failed to close within the originally projected timeline. Nearly two-thirds of these delayed deals required an additional three months or more to close. 

  • Ola Electric’s Stock May Trade Below Its Debut Price Of Rs 76, No Respite Seen | Economy News

    New Delhi: Facing a barrage of customer complaints amid poor after-sale service, Bhavish Aggarwal-run Ola Electric saw its stock plummet to a record low on Wednesday — below Rs 80 apiece in the morning trade — as market experts said the share may soon trade below its debut price of Rs 76.  

    At the end of the day, the stock closed marginally higher at Rs 81.76. During the session, the share touched Rs 79.15 on the lower side and Rs 83 on the higher side. The EV company’s stock has fallen about 48 per cent from its highest level of Rs 157.40.

    Ola Electric’s shares were listed in August. After listing, a sharp rally was seen in the Ola Electric and the counter made an all-time high of Rs 157.40. Jigar S Patel, Senior Manager- Technical Research Analyst, Anand Rathi Shares and Stock Brokers, said for Ola Electric, the support will be at Rs 76 and resistance at Rs 86. Market experts said that the strong support of Rs 86 has broken in Ola Electric and the next target is Rs 75 and the “trend in the counter continues to be negative”.

    The stock remains weak and selling is being seen at all levels. Due to the weakness, investors should stay away from this stock and invest in stocks with strong fundamentals, said market analysts. The reason for the fall in the shares of Ola Electric is the decline in sales and service-related problems.

    According to the government portal Vahan, Ola Electric sold 24,665 e-scooters in September. In August, this figure was 27,587. As per reports, Ola Electric’s flagship S1 series EV scooter has become a nightmare for hundreds of customers who are consistently facing issues like malfunctioning hardware and glitching software and spare parts are hard to come by, resulting in inordinate delays.

    Market analysts say that the share is showing extreme volatility due to challenges the company faces as well as rising competition and service-related issues.

  • 2025 Mercedes-Benz AMG G 63 Launched – Price, Features, Specs, And Performance | Auto News

    2025 Mercedes-Benz AMG G 63 Launched: Mercedes-Benz has launched the updated AMG G 63 in India, priced at Rs 3.60 crore (ex-showroom). It sits at the top of the G-Wagon lineup with a Rs 1.05 crore higher premium than the base G-Class 400d. Earlier, Mercedes also introduced the limited-edition AMG G 63 Grand Edition at Rs 4.0 crore (ex-showroom).

    The new G-Class G 63 comes with mechanical and functional upgrades over the previous model. It is powered by the same 4.0L V8 bi-turbo engine with 48V mild hybrid technology, producing 590 bhp and 850 Nm of torque, with an additional 20 bhp boost. It’s paired with a 9-speed torque converter automatic gearbox, sending power to all four wheels via the AMG 4MATIC system.

    The SUV includes a low-range transfer case and locking differentials for enhanced off-road capability. It accelerates from 0 to 100 kmph in 4.3 seconds, with a top speed of 240 kmph. The updated model also features a Race Start function for faster launches.

    Visually it remains mostly unchanged; however, the interior gets a few subtle additions like an off-road cockpit, showing vehicle positioning, compass, altitude, steering angle, tyre pressure, and temperature on the driver and multimedia displays. The “Transparent Hood” feature can be activated via the off-road menu.

    Other features remain the same, including a twin 12.3-inch screen setup for the driver display and infotainment system, Mercedes’ latest MBUX system support, wireless Android Auto and Apple Carplay, USB-C ports, ambient lighting, and an 18-speaker Burmester 3D sound system.

    Safety features include active brake assist, lane-keeping assist, and a 360-degree camera. The AMG G 63 also offers the MANUFAKTUR range with 31 upholstery options and 29 paint colors, allowing customers to personalize their vehicle with exclusive trims and colors.

  • Paytm Receives NPCI Approval To Onboard New UPI Users | Personal Finance News

    New Delhi: One 97 Communications Limited, which owns the Paytm brand, on Tuesday said that it has receivesd approval from The National Payments Corporation of India (NPCI) to onboard New UPI users.

     

    “Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that vide letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has granted approval to the Company to onboard new UPI users, with adherence to all NPCI procedural guidelines and circulars. A copy of the NPCI letter is enclosed for your reference,” One 97 Communications Limited said in a regulatory filing.

    The update comes months after the Reserve Bank of India’s regulatory freeze. The Reserve Bank of India had in February this year said since the Paytm Payments Bank cannot accept further credits into its customer accounts and wallets after March 15, 2024, certain additional steps have become necessary to ensure seamless digital payments by UPI customers using ‘@paytm’ handle operated by the Paytm Payments Bank, and minimise concentration risk in the UPI system by having multiple payment app providers. 

    RBI said that the actions are undertaken in the sole interest of protecting the customers and payment system from any possible disruptions and are without any prejudice to the regulatory or supervisory actions initiated by RBI against Paytm Payments Bank.

    However, a day ahead of the Reserve Bank deadline asking customers and merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to other banks by March 15, NCPI granted approval to Paytm-owner One97 Communications Ltd to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model. Axis Bank, HDFC Bank, State Bank of India, and YES Bank will act as Payment System Provider (PSP) banks to Paytm. YES Bank shall also be acting as a merchant acquiring bank for existing and new UPI merchants for One97 Communications Ltd (OCL).

  • Bomb Threat In Kolkata-Jaipur Indigo Flight: Airlines With 183 Passengers Make Emergency Landing At Jaipur Airport | Mobility News

    Bomb Threat In Kolkata-Jaipur Indigo Flight: An IndiGo Airlines flight with 183 passengers on board on Tuesday evening had to make an emergency landing at the Jaipur International Airport after receiving a bomb threat.  An official said that the flight was coming from Kolkata to Jaipur when the pilot got information that there was a bomb in the flight.  

    “The pilot spoke to the air traffic control system and got the flight to make an emergency landing at Jaipur Airport,” he said, adding that the investigation of the flight was underway. 

    He said that Indigo Airlines flight 6E-394 took off from Kolkata to Jaipur at 2:58 pm with 183 passengers on board. “The plane was to land at Jaipur Airport at 5:19 pm. Shortly before landing, the pilot got information about the bomb in the flight,” he said,

    He said that the pilot showed prudence and got the flight to make an emergency landing at the Tango Taxi Area of Jaipur Airport at 5:14 pm. 

    The tango area is a place where the flight is parked and is a little far from the runway area. The official said that CISF staff started the investigation by cordoning off the flight 100 meters away. 

    “Currently there are 183 passengers in the flight, who will be evacuated safely after the investigation is completed,” the officials said.

    On October 15, a flight going from Dammam to Lucknow had to make an emergency landing here at Jaipur airport after receiving a bomb threat  Similarly, on October 19, a flight coming from Dubai to Jaipur again had to make an emergency landing after receiving a bomb threat. 

  • Autorickshaw Poster Offering Basic Kannada Lessons To Passengers In Bengaluru Goes Viral | Economy News

    New Delhi: An autorickshaw poster offering basic Kannada lessons to passengers in Bengaluru has received a lot of attention on social media. Ajmal Sultan, known as “Auto Kannadiga” online, has displayed the poster inside his auto. The pamphlet, titled “Learn Kannada With Auto Kannadiga” converts basic Kannada to English sentences. This poster has resonated with many social media users. 

    Ajmal Sultan has devised this inventive solution to help bridge and foster linguistic harmony. This benevolent initiative by the Bengaluru auto driver aims to teach non-Kannadigas a little Kannada while they are traveling in his auto. 

    The driver has placed the poster in his auto with both Kannada and English translations of key phrases needed for communication while driving like “Namasakara sir” (Hello, sir), “UPI idiya? Athwa cash aa?” (Do you accept UPI or only cash?).

    The picture of the poster was shared by a user on his social media account. “As a non-Kannadiga, I totally love this approach!” he wrote. 

    A number of social media users lauded the poster on social media with some calling it a great and genius idea. 

    “This is actually great!” said one user. 

    Another user said, “This seems like a faster, cheaper way to learn Kannada.” 

    One user called it a “genius idea.”

    There were, however, some users who disagreed with the content written in the poster.

    “This is ridiculous!” wrote one user.

    “Everything else is fine, but why sir?” questioned a user.

  • Hyundai Motor India Stock Market Listing Today; Will Investors Make Big Money? Check GMP | Economy News

    New Delhi/Seoul: Hyundai Motor India is all set to make its stock market debut on Tuesday. This is Hyundai Motor’s first listing outside South Korea and the largest IPO in the history of the Indian stock market. The Indian subsidiary of South Korean automotive giant has surpassed the previous record set by the Life Insurance Corporation of India (LIC) in 2022, which then raised $2.5 billion.

    The IPO price band has been fixed at Rs 1,865-Rs 1,960 per share. The IPO is a pure offer for sale (OFS) and the entire proceeds will go to the promoter.

    Hyundai Motor India Stock Market Listing: Will Investors Make Big Money? Latest GMP 

    As per reports, the Hyundai Motor India latest GMP has declined suggesting a 2% premium of Rs 45-50 w.r.t its issue price of Rs Rs 1,865-Rs 1,960 per share apiece. Experts suggest that the scrip will have a tepid debut in stock market.  It must however be noted that since grey market premium is the parameter driven from unlisted market, the real time value on stock market can vary.

    Hyundai Motor India is the second-biggest carmaker in India, following Japan’s Maruti Suzuki. Industry observers are keen on whether the company can enhance its local competitiveness through the listing on the Indian stock market.

    The South Korean automotive giant has made aggressive investments in India in recent years.

    Last year, Hyundai acquired General Motors’ manufacturing plant in India’s western city of Pune. The company is currently upgrading the facility with a smart manufacturing system, aiming to achieve a production capacity of over 200,000 units annually.