1) No power supply if Rs 7,200 cr dues not settled by Nov 7: Adani to Bangladesh
Adani Power Jharkhand Limited (APJL), a wholly-owned subsidiary of Adani Power, has warned that it will discontinue electricity supply to Bangladesh if outstanding dues totaling nearly $850 million (approximately Rs 7,200 crore) are not settled by November 7, as per a Times of India report.
According to the latest local media reports, APJL has already halved its power supply due to unpaid bills, which amount to $846 million. Recent data from Power Grid Bangladesh PLC showed that the Adani plant reduced its output significantly on Thursday night, leading to a shortfall of over 1,600 megawatts (MW) for the country. The plant, with a total capacity of 1,496 MW, was only able to produce 700 MW from one operational unit during this period, according to The Daily Star.
In a prior letter to the Bangladesh Power Development Board (PDB), Adani Power had urged the clearance of outstanding dues by October 30. The letter, dated October 27, stated that failure to make payments would compel the company to suspend power supply in accordance with the Power Purchase Agreement (PPA). The PDB has not yet issued a letter of credit (LC) for $170.03 million from Bangladesh Krishi Bank, nor has it addressed the outstanding amounts.
2) 8.5 mn jobs per year were created in last 23 years. India needs 10 mn new jobs annually to sustain 6.5% GVA: Goldman
Goldman Sachs has laid out three focused policies that might help India reach the target:
Affordable social housing development:
The real estate sector employs 80% of the construction workforce.
Incentivizing affordable housing can create jobs while addressing the housing deficit.
Expanding IT hubs beyond major cities:
By moving IT hubs and Global Capability Centers (GCCs) to Tier-2 and Tier-3 cities, resource pressures in major cities can ease while creating new jobs in smaller towns.
Boosting labour-intensive manufacturing:
Shifting fiscal incentives toward labour-intensive industries, such as textiles and footwear, could diversify job creation beyond capital-heavy sectors.
Here is Goldman Sachs’ prediction on how the job creation and economic growth might progress in India by 2030.
Base case:
10 million jobs annually, maintaining a 6.5% GVA growth rate.
The real investment rate is expected to rise from 33.5% in FY24 to 36.1% by FY30.
Bull case (Optimistic):
7% economic growth, creating 14 million jobs annually.
The real investment rate could climb to 38.2% by FY30.
Bear case (Pessimistic):
6% economic growth, adding only 5 million jobs per year.
The real investment rate is to hover at 34% by FY30.
5) Silent firing is where companies make jobs more difficult in hopes that employees quit so that they're replaced by Al.
3) SEBI cautioned investors against using apps that offer virtual trading or fantasy games linked to stock prices.
Market regulator Securities and Exchange Board of India (SEBI) on November 4 cautioned investors about virtual trading, gaming platforms linked to stock prices. Such platforms are in violation of securities regulations, said SEBI in a circular.
"It has come to the notice of Securities and Exchange Board of India (SEBI)that some apps / web applications/ platforms are offering virtual trading services or paper trading or fantasy games to the public based on stock price data of listed companies. Such activities are in violation of Securities Contract (Regulation) Act, 1956 and SEBI Act, 1992, which are laws designed to protect investors," the regulator said.
"Participation in unauthorised schemes, including sharing of confidential and personal trading data, is at the investors’ own risk, cost and consequences, as such schemes / platforms are not registered with SEBI," the regulator added. SEBI warned that investors won't be able to raise grievances through SEBI-approved mechanisms in case of a dispute during such activities.
4) Bosch to lay off 7,000 employees from Germany plants.
German automotive components giant Bosch has announced plans to lay off 7,000 employees due to ongoing business challenges. CEO Stefan Hartung also indicated that additional job cuts may be necessary, as the company has not met its financial targets for 2024.
“In recent months, Bosch has repeatedly announced plans to reduce jobs worldwide. The latest move affects over 7,000 jobs in Germany, primarily in the automotive supply sector, but also in the tools division and the BSH subsidiary that handles household appliances," said Hartung, according to a report from Rzeczpospolita.
The company reported nearly $98 billion in revenue for 2023. According to CEO Stefan Hartung, this year's return on sales is projected to be 4 per cent, down from 5 per cent last year, with a target of 7 per cent by 2026. Hartung also acknowledged that Bosch is unlikely to meet its financial objectives for 2024, adding, "Bosch will not achieve its economic goals in 2024; at the moment, I cannot rule out that we will have to further adjust our staffing resources."
Despite the layoffs, Bosch is moving forward with its largest-ever acquisition, planning to purchase Irish firm Johnson Controls' residential and light Commercial HVAC Businesses for approximately $8 billion. This strategic move is aimed at bolstering Bosch's presence in the heat pump and air conditioning sectors.
The layoffs contribute to the growing concerns in the auto industry, a key sector of Europe's largest economy. On Wednesday, Volkswagen reported a sharp drop in profits, falling to a three-year low in the third quarter. Meanwhile, workers are threatening strike action in response to the company’s plans to cut costs by closing plants in Germany and reducing wages.
5) Warren Buffett-led Berkshire Hathaway's cash pile reached record $325.2 bn in Q3.
Berkshire Hathaway Inc.’s cash pile soared to $325.2 billion in the third quarter, a record for the multinational conglomerate, after chairman Warren Buffett continued to trim some of his most significant equity stakes and refrain from major acquisitions. Berkshire Hathaway once again trimmed its holdings in Tim Cook-led technology giant Apple Inc., the Omaha, Nebraska-based conglomerate said in a statement on November 2, Saturday.
The conglomerate's stake in the iPhone maker was valued at $69.9 billion at the end of the quarter, down from $84.2 billion in the second quarter, indicating that the company cut its stake by about 25 per cent. Berkshire Hathaway first disclosed its Apple stake in 2016 and spent $31.1 billion on the 908 million Apple shares it held through the end of 2021. Berkshire sold over 600 million Apple shares in 2024, though it remains its largest stock holding.
Berkshire sold $36.1 billion of stock overall, including several billion dollars of Bank of America (BofA) shares, and bought just $1.5 billion, making the quarter the eighth straight quarter in which Berkshire was a net seller of stocks. Berkshire did not repurchase any of its stock, the first time since the second quarter of 2018, suggesting that Buffett does not even view shares of his $975 billion conglomerate as a bargain. Buffett said in May that Apple was an “even better” business than two others in which Berkshire owns shares: American Express Co. and Coca-Cola Co. Apple would likely remain its top holding, indicating that tax issues had motivated the sale, “but I don’t mind at all, under current conditions, building the cash position,” he said. Berkshire was a net seller of shares. The company reported $34.6 billion in net share sales in the third quarter.
6) Boeing workers end strike, accept new deal offering 38% wage hikes.
Boeing CEO Kelly Ortberg said on Thursday that employees furloughed during a seven-week strike by factory workers would be repaid by the company for lost wages, but it would proceed with plans to cut about 10 per cent of its global workforce. Boeing furloughed thousands of salaried employees on a rolling basis after the strike by 33,000 union machinists began in September and halted production of its best-selling 737 MAX.
But the planemaker later canceled the unpaid leave after announcing plans to cut 17,000 jobs. "Your sacrifice made a difference and helped the company bridge to this moment," Ortberg told staff in an email seen by Reuters. "We want to acknowledge your support by returning your lost pay if you went on unpaid furlough." Boeing is dealing with morale issues as it moves ahead with its job cuts, with many of the employees due to be notified about the future of their roles this month.
"We will continue forward with our previously announced actions to reduce our workforce levels to align with our financial reality and a more focused and streamlined set of priorities," Ortberg wrote to staff. "These structural changes are important to our competitiveness and will help us deliver more value to our customers over the long term." A spokesperson for the Society of Professional Engineering Employees in Aerospace, which represents Boeing engineers, said earlier it was informed that 60-day notices of job losses would be issued to its members on Nov 15.
7) Consumer Commission has ordered Ola Electric to compensate customer ?1.73 lakh for faulty battery.
The District Consumer Disputes Redressal Commission, has ordered Ola Electric to pay Rs 1.73 lakh to Hyderabad-man K Sunil Chowdary for negligent service related to a faulty EV battery.
The compensation includes a refund of Rs 1.63 lakh and an additional Rs 10,000 for distress. The refund also includes 12% interest from August 2023. Chowdary purchased an Ola S1 Pro in June for Rs 1.63 lakh, which included a warranty of Rs 6,299. He alleged that the battery charger was non-functional from the beginning, taking 10 days for the company to replace it. Despite repeated complaints, the company failed to address the issue but later picked up the vehicle for service in August from the complainant and thereafter did not respond.
The forum noted that the firm did not defend its case despite being issued with multiple notices. Hence, the forum stated that allegations made by the complainant are unrebutted and hence proved.
8) Suspend CEO for failing to report fraud that was evident: SEBI to Embassy Office Parks.
Market regulator Securities & Exchange Board of India (SEBI) has ordered the suspension with immediate effect of Aravind Maiya, chief executive officer (CEO) of Embassy REIT's (real estate investment trust's) manager Embassy Office Parks Management Services Pvt Ltd, and his appointment as an interim CEO. Mr Maiya was the engagement partner (EP) for the audit of Coffee Day Enterprises Ltd (CDEL).
SEBI's interim order direction follows an order issued by the national financial reporting authority (NFRA) barring Mr Maiya for 10 years from undertaking any audit concerning financial statements or internal audits of the functions and activities of any company or corporate body. NFRA also imposed a Rs50 lakh penalty on Mr Maiya.
In an order, Ashwani Bhatia, whole-time member (WTM) of SEBI says, "In the face of persistent non-compliance by Embassy Office Parks Management as the operational arm of a registered intermediary, grave violations of law touching upon the competence and integrity of the CEO of the Manager of Embassy REIT, and considering that the interest of unitholders and investors is at stake due to deliberate retention of a source of weakness in the REIT ecosystem by Embassy Office Parks Management, I am of the view that SEBI is required to intervene urgently in the interest of investors and issue interim directions to stop the on-going non-compliance by Embassy Office Parks Management."
9) The Union Minister Pralhad Joshi, inaugurated Phase-ll of the retail distribution of Bharat Atta priced at Rs 30/kg and Bharat Rice priced at Rs 34/kg.
Bharat Atta at MRP of Rs.30 per kg and Bharat Rice at MRP of Rs.34 per kg is being made available to consumers during the Phase-II. While interacting with media persons during the event, Shri Joshi stated that the initiative is an affirmation of the Government of India’s commitment towards ensuring the availability of essential food items to the consumers at subsidized prices. Direct interventions through retail sale of basic food items under Bharat Brand such as rice, atta and dal have helped in maintaining stable price regime, he added.
In the initial stage of Phase - II, 3.69 LMT of Wheat and 2.91 LMT of Rice are made available for retail sale. During Phase – I, around 15.20 LMT of Bharat Atta and 14.58 LMT Bharat Rice was made available to general consumers at subsidized rates. Bharat Atta and Bharat Rice will be available at stores and mobile vans of Kendriya Bhandar, NAFED and NCCF and e-commerce /big chain retailers. During the Phase-II. ‘Bharat’ brand Atta and Rice will be sold in 5 Kg and 10 Kg bags.
Updating on Procurement of paddy in Punjab, Union Minister reiterated the commitment of Central Government to achieve the targeted procurement estimate of 184 LMT in Punjab and procure every single grain brought to mandis by the farmers. As of 4th November 2024, a total quantity of 104.63 LMT of paddy has arrived in the Punjab mandis out of which 98.42 LMT had been procured by State agencies and FCI. The paddy is being purchased at MSP @ Rs 2320/- as decided by Government of India for Grade ‘A’ paddy. The total paddy purchased by Government of India till date in the ongoing KMS 2024-25, amounts to Rs 20557 Crores. This has benefitted 5.38 lakh farmers and the MSP amount has been credited to their bank accounts.
10) Royal Enfield launches a new bike, Bear 650, a scrambler priced at Rs 3.4 lakh ex-showroom.
Royal Enfield has launched the Bear 650 in India and it is priced at Rs. 3.39 lakh (ex-showroom, Delhi) onwards. The Bear 650 is based on the existing Interceptor 650 but is a more off-road capable motorcycle and Royal Enfield’s middleweight scrambler offering.
As seen in these images, it borrows certain design elements from the Interceptor 650 but is slightly more modern as well. The Bear 650 gets all LED illumination and appears to borrow the turn indicators from the recently launched 450s. Further, it gets a slightly revised seat as well. Then, other elements like a braced handlebar and a revised tail section are also seen on the Bear 650.
Similar to the Interceptor, the Bear 650 also gets a 650cc parallel-twin engine that makes 47bhp. But its torque is up by 5Nm and the Bear gets 57Nm. The engine is linked to a six-speed gearbox.
On the hardware front, the Bear 650 sports long-travel USD front forks and conventional rear springs. Its braking hardware comprises a single front and rear disc with dual-channel ABS, mounted on 19-inch front and 17-inch rear spoke wheels wrapped in MRF’s Nylorex tyres. The Bear 650 also gets a single pod console with a TFT setup along with LED illumination. It is smartphone-compatible and offers navigation too.
11) Iran's currency Rial plunged to all-time low of 7,03,000 against the US dollar as Trump wins.
Iran’s currency fell on Wednesday to an all-time low as Donald Trump clinched the U.S. presidency again, signaling new challenges ahead for Tehran as it remains locked in the wars raging in the Middle East. The rial traded at 703,000 rials to the dollar, traders in Tehran said, breaking through the record before recovering slightly later in the day to 696,150 to $1. It wasn’t immediately clear what caused the rally but Iran’s Central Bank has in the past flooded the market with more hard currencies as an attempt to improve the rate. The slide comes as the rial already faces considerable woes over its sharp slide in value — and as the mood on the streets of Tehran among some darkened. “One-hundred percent he will intensify the sanctions,” said Amir Aghaeian, a 22-year-old student. “Things that are not in our favor will be worse. Our economy and social situation will surely get worse.”
In 2015, at the time of Iran’s nuclear deal with world powers, the rial was at 32,000 to $1. On July 30, the day that Iran’s reformist President Masoud Pezeshkian was sworn in and started his term, the rate was 584,000 to $1. Trump unilaterally withdrew America from the accord in 2018, sparking years of tensions between the countries that persist today.
Iran’s economy has struggled for years under crippling international sanctions over its rapidly advancing nuclear program, which now enriches uranium at near weapons-grade levels. Pezeshkian, elected after a helicopter crash killed hard-line President Ebrahim Raisi in May, came to power on a promise to reach a deal to ease Western sanctions. However, Iran’s government has for weeks been trying to downplay the effect on Tehran of whoever won Tuesday’s election in the United States. That stance continued on Wednesday with a brief comment from Fatemeh Mohajerani, a spokeswoman for Pezeshkian’s administration.
12) Indian Govt approves 50 solar parks to generate 37.5 gigawatts of energy.
In a landmark decision for renewable energy in India, the Union Ministry of Renewable Energy has officially approved the creation of 50 solar parks with a combined capacity of 37.5 gigawatts (GW). This ambitious project reflects India’s commitment to increasing its clean energy capacity, aiding in the transition from fossil fuels to more sustainable sources.
The newly approved solar parks will be strategically located across various states, ensuring balanced energy generation and distribution. This approach not only optimizes resource use but also enhances efficiency in delivering renewable energy throughout the nation. These solar parks are expected to play a crucial role in reaching India’s ambitious renewable energy targets and reducing the country’s carbon footprint.
Along with solar, the Ministry is expanding offshore wind energy projects, which aim to tap into the vast wind energy potential along India’s coastline. By diversifying its renewable energy sources, India is taking a comprehensive approach to meet its climate goals.
13) Lenskart's valuation raised by 12% to $5.6 billion by Fidelity.
A fund managed by United States-based financial services major Fidelity has increased the valuation of eyewear retailer Lenskart to $5.6 billion. This represents a 12 per cent increase in the firm’s fair value in Fidelity’s books, based on the latest valuation of the company as of September 30. For the ongoing financial year, Lenskart reportedly achieved an annual revenue run rate of $1 billion.
In June this year, IPO-bound Lenskart raised $200 million in secondary investment from Singapore’s state-owned investment firm Temasek and Fidelity. As value in startup companies grows, secondary sales offer a way to repay early investors. The Peyush Bansal-led company was valued at about $5 billion in this round. The firm was last valued at $4.5 billion during a $100 million funding round in June last year. Over the past two years, Lenskart has attracted nearly $1 billion in capital, making it one of the largest growth-stage financings globally.
Lenskart continues to deepen its penetration in India while rapidly scaling its international presence in Asia. With a unique click-and-mortar business model, it is disrupting the eyewear industry by offering an omni-channel customer experience across online platforms, mobile applications, and stores. The company now has over 2,500 stores, of which 2,000 are in India.
14) FMCG firms are dumping near-expiry products through quick commerce: complain Distributors' Federation
The All India Consumer Products Distributors Federation (AICPDF) has raised major concerns over FMCG firms dumping near-expiry products and non-movable stocks, often disguised through hefty discounts, through quick-commerce platforms. The industry body that represents FMCG distributors in India alleged that consumers, lured by attractive discounts, may unknowingly purchase near-expiry products or non-movable stocks that can pose health risks, especially with food and consumable goods.
The lack of clear labelling and transparent information exacerbates the issue. In a recent statement, AICPDF has appealed to the Ministry of Consumer Affairs, warning that quick-commerce and e-commerce platforms are becoming convenient dumping grounds for products approaching their expiration dates.
The body has also alleged that this trend threatens not only the stability of small and medium retail businesses but also consumer safety, as it often lacks proper transparency and regulation. “We are witnessing an alarming trend where manufacturing companies are flooding the market with near-expiry and non-movable stocks, leveraging consumers with substantial discounts to push these products,” AICPDF said.
15) SC has ordered the liquidation of Jet Airways in view of the 'alarming circumstance' that the resolution plan hasn't been implemented for 5 years.
The Supreme Court on Thursday ordered the liquidation of grounded Indian carrier Jet Airways, saying it “had no choice” but to do so. The bench of Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Misra said that liquidation is the best route as Jalan-Kalrock Consortium (JKC), the successful bidder for the airline, failed to implement the resolution plan five years after its approval.
"We hold that the successful resolution applicant (SRA, that is JKC) has contravened the terms of the resolution plan, and the corporate debtor is directed to be taken into liquidation. The fundamental concern is not only to do substantial justice but also to ensure speedy disposal of disputes. The resolution plan has been contravened. Since the resolution plan cannot be implemented, liquidation remains an option for the corporate creditor," the judgment said.
Before pronouncing the order, Justice Pardiwala orally noted that this case had taught “many lessons.” “This litigation is an eye-opener and has taught us many lessons about the Insolvency and Bankruptcy Code (IBC) and the functioning of the National Company Law Appellate Tribunal (NCLAT),” he said. The court exercised its extraordinary powers under Article 142 to set aside an NCLAT decision that upheld a resolution plan and transferred ownership to JKC without full payment to lenders. “We have no doubt that the NCLAT acted contrary to settled legal principles. NCLAT incorrectly interpreted our order,” the Court observed.