In a CNBC-TV18 exclusive story, India’s insurance regulator, IRDAI Chairman Debasish Panda, is rooting for 100% FDI in the sector. He says now is the perfect time to make it happen and is also encouraging big, established insurers to consider going public.
Meanwhile, CNBC-TV18 sources said that the government might be scrapping the windfall tax on crude oil soon. Sources added the PMO has reviewed it and decided it’s time to end the levy.
The Tatas are ramping up their Apple game! Word is Tata Electronics is in advanced talks to take a 60% stake in Pegatron’s India operations—one of Apple’s key iPhone manufacturers. This move comes a year after Tatas bought Wistron’s India business.
In the national capital region, Delhi’s air quality has hit “severe” levels, prompting stricter pollution control measures. Construction and demolition activities are banned, physical classes are off, and airlines are warning of flight delays due to poor visibility.
Over in Brazil, world leaders are meeting for the G20 Summit. Ukraine’s President Zelenskyy is urging the group to take note of Russia’s deadly attack on Odesa, which left eight people dead. Meanwhile, the Kremlin is accusing the U.S. of escalating tensions after allowing Ukraine to use American long-range missiles against Russian territory.
Govt to discontinue windfall gains tax levy in December
After being in existence for almost over two years, the top government has decided to discontinue the windfall gains tax levy. Sources told CNBC-TV18 that the top government, including the Prime Minister’s office, took a detailed review of the levy with the Revenue Department and the Petroleum Ministry, post which it decided to “discontinue with the tax.”
Stage 4 of GRAP imposed in Delhi-NCR, here’s a list of restrictions
Delhi woke up to a smoggy morning on Monday (November 18), with an air quality index (AQI) of 485 at 9 AM, per the Central Pollution Control Board (CPCB). The air quality was in the ‘severe’ category.
Stage 4 of the Graded Response Action Plan (GRAP) has been imposed in the Delhi-NCR as the air quality has worsened in the region. The measures include a ban on truck entry and a temporary halt on construction at public projects.
According to CPCB data, Anand Vihar recorded an AQI of 487, Bawana 495, Dwarka Sector 8 500, Mundka 495, Alipur 478, Burari Crossing 463, Lodhi Road 478, RK Puram 477 and Wazirpur 492 — all in the ‘severe’ category.
Oil holds weekly loss on glut concerns, China’s demand outlook
Oil held a weekly decline on concerns over plentiful supply and the outlook for demand in China, the world’s biggest crude importer.
Brent crude traded below $71 a barrel after falling 3.8% last week, while West Texas Intermediate was near $67. The prospect of a supply glut next year and a stronger dollar has weighed on prices, while monthly figures showed another drop in apparent oil demand in China during October.
Tata Electronics to acquire majority stake in Pegatron’s India iPhone plant
Tata Electronics is set to acquire a 60% stake in Taiwanese manufacturer Pegatron’s iPhone assembly plant in Chennai, marking a significant step in Tata’s expansion as an Apple supplier. Pegatron will retain a 40% stake, providing technical support under the new joint venture. The Chennai plant, which employs around 10,000 workers and manufactures over 5 million iPhones annually, will become Tata’s third iPhone facility in India.
Opportune time to increase insurance FDI to 100%: IRDAI Chairman
In 2021, the move to increase the Foreign Direct Investment (FDI) limit in the insurance sector to 74% from 49% did not garner very strong interest. Except for Zurich Insurance’s decision to acquire a 74% stake in Kotak General Insurance, no other foreign player responded positively despite the 74% FDI limit coming with greater control on the board and decision making of the insurance company.
According to the IRDAI Chairman, Debasish Panda, it is an opportune time to increase the FDI limit in India’s insurance sector to 100%.
Manipur Violence: Centre decides to send additional 50 CAPF companies to northeast state
Union Home Minister Amit Shah held a key meeting to review the security situation in the state on Monday (November 18). The Centre has decided to send an additional 50 CAPF companies comprising more than 5,000 personnel to Manipur, PTI reported.
This comes after the Home Ministry rushed 20 additional CAPF companies, 15 from the CRPF and five from the BSF, to the state following after violence broke out in Jiribam district and spread to other places.
Manipur violence: BJP Jiribam Mandal sees mass resignations over ‘unwelcome’ situation
Eight key office bearers of the Bharatiya Janata Party (BJP) Jiribam Mandal in Manipur have submitted their resignations as the situation remains tense in the district following fresh incidents of violence.
The members have expressed deep concern over the “unwelcome and helpless situation” prevailing in Jiribam and Manipur as a whole in their joint resignation letter to the state BJP leadership.
The mass resignation was given by — K. Jadu Singh – President, Mutum Hemanta Singh – General Secretary, P. Biramani Singh – General Secretary (Organisation), Mutum Brojendro Singh – Executive Member, Th. Meghajit Singh – Executive Member, L. Chaoba Singh – Executive Member among two others.
Maharashtra Assembly Elections 2024: Campaign ends, state gears up for voting on Nov 20
The election campaign for the Maharashtra 2024 assembly elections concluded on Monday, November 18, setting the stage for polling across all 288 assembly constituencies on November 20, with results to be declared on November 23.
The ruling BJP-led Mahayuti alliance, comprising the BJP, Shiv Sena (Eknath Shinde faction), and the NCP (Ajit Pawar faction), is vying to retain power, while the opposition Maha Vikas Aghadi (MVA), an alliance of Congress, Shiv Sena (UBT), and the NCP (Sharad Pawar faction), is hoping for a strong comeback.
Israeli strikes kill 14 Palestinians in Gaza, some in attacks on tents, say medics
Israeli military strikes across the Gaza Strip killed 14 Palestinians on Monday, including six people who were killed in attacks on tents housing displaced families, medics said.
Four people, two of them children, were killed in an Israeli airstrike on a tent encampment in the coastal area of Al-Mawasi, designated as a humanitarian zone, while two others were killed in temporary shelters in the southern city of Rafah and another in drone fire, health officials said.
COP29 In Azerbaijan: Countries yet to agree on Climate Finance
India has expressed strong dissatisfaction with the reluctance of developed nations to engage constructively on critical issues like climate finance and the Mitigation Work Programme (MWP) at the ongoing CoP29 climate summit in Baku, Azerbaijan.
https://www.youtube.com/watch?v=F_s9JQz9bJI
Honasa Consumer shares slip below IPO price after 20% fall on Q2 loss, downgrades
Shares of Honasa Consumer, parent of Mamaearth fell as much as 20% in Monday’s trading session and have now slipped below their IPO price of ₹324, after the company reported its first quarterly loss in five quarters.
Out of the 12 analysts that have coverage on Honasa Consumer, eight of them have a ‘Buy’ rating, while two each have a ‘Hold’ and a ‘Sell’ recommendation.
Global brokerage firm JPMorgan has an ‘Underweight’ rating on Honasa Consumer and has reduced the price target to ₹330 per share.
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