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Petrol vehicles have been the top sellers in recent years - increasing their market share to around 68.4% in January-July 2023 from 42.5% in 2014, according to data from automotive market intelligence provider JATO Dynamics. Cost-conscious Indians are preferring to buy petrol cars as they are cheaper than diesel, even though diesel cars offer better fuel efficiency. DIESEL VEHICLES:Tuesday's warning from minister Nitin Gadkari targeted diesel carmakers, whose market share has seen a steady decline to nearly 18% of passenger vehicles in January-July this year from 47.9% in 2014. But when it comes to luxury cars, diesel variants remain in vogue, with their market share rising to 33% so far this year from 31% in 2021. Among automakers, Mahindra and Mahindra (MAHM.NS) has the highest diesel car market share with 47% of unit sales so far this year, up from 28% in 2021.

Persons: Maruti Suzuki, Nitin, Tesla, Aditi Shah, Aditya Kalra, Mark Potter Organizations: Maruti, Tata Motors, Volkswagen, Society of Indian Automobile Manufacturers, JATO Dynamics, Mercedes, BMW, Audi, Mahindra, Hyundai, Kia, Thomson Locations: MUMBAI, China, United States, India

☆ Volkswagen in 'advanced talks' with Mahindra on MEB platform
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsBERLIN, Sept 4 (Reuters) - Volkswagen (VOWG_p.DE) said on Monday that it is in advanced talks with India's Mahindra & Mahindra (MAHM.NS) on the use of key electric components of the German carmaker's open platform for electric vehicles, called MEB. Mahindra wants to use central MEB components such as the e-drive and unit cells for its models, said Volkswagen in a statement. Volkswagen has developed a modular, open vehicle platform for EVs, called MEB, which is used to build to its own cars and those of other group companies including Skoda and Audi. In August, Volkswagen and Mahindra signed a term sheet under which the German carmaker would supply electric components to its Indian peer.

Persons: Andrew Kelly, Miranda Murray, Friederike Heine Our Organizations: New York, REUTERS, Rights, India's Mahindra, Mahindra, Volkswagen, Skoda, Audi, Thomson Locations: Manhattan , New York City, U.S

☆ Billionaire banker Uday Kotak steps down as CEO of Kotak Mahindra Bank
▼ + stars: | 2023-09-02 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +2 min

FILE PHOTO-Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai January 15, 2015. Kotak Mahindra Bank is India's fourth largest private sector bank by assets. Dipak Gupta, currently the joint managing director, will carry out the chief executive duties until Dec. 31, the bank added. "I thought it appropriate to hand over the baton and stagger the transition," Kotak wrote. The bank has already made an application for the new managing director to India's central bank, the bank said in its exchange notification.

Persons: Uday Kotak, Danish Siddiqui, Dipak Gupta, Kotak, Amit Tandon, Tandon, Anand Dama, Jayshree, Chris Thomas, Miral Fahmy, Tomasz Janowski Organizations: Mahindra Bank, REUTERS, Danish, Kotak Mahindra Bank, Reserve Bank of India, Investor Advisory Services, Global Financial Services, Thomson Locations: Mumbai, India

"There is an understanding with Tesla's proposal and government is showing interest," said the official, who is familiar with the issue. Indonesia, for example, has offered to reduce import duties from 50% to zero for EV makers planning investments, a move seen aimed at attracting Chinese players and Tesla. Tesla first tried to enter India in 2021 by pushing officials to lower the 100% import tax for EVs. One of the sources said Tesla told Indian officials a potential India factory could operate at full capacity by 2030. Outside the United States, Tesla currently has a plant in Shanghai - its largest factory worldwide - and one outside Berlin.

Persons: Narendra Modi, Elon Musk, Tesla, Tesla's, Nirmala Sitharaman, Rohan Patel, Aditi Shah, Aditya Kalra, Shivangi Acharya, Kevin Krolicki, Raju Gopalakrishnan, Sharon Singleton Organizations: India's, India's Press, REUTERS, India EV, NEW DELHI, Indian, Tata Motors, Reuters, Mahindra, Tata, EV, EVs, Thomson Locations: New York City , New York, U.S, India, Tesla, New Delhi, Indonesia, United States, Shanghai, Berlin, Mexico

☆ JPMorgan: The world's food supplies face a bleak future. These are the 3 biggest threats, and the companies best-positioned to tackle food insecurity.
▼ + stars: | 2023-08-25 | by ( Mark Reeth | ) www.businessinsider.com time to read: +10 min

Investors need to know exactly where the threats to the world's food supply are coming from, what themes are beginning to emerge in this new reality, and how they should be investing. New threats to the world's food supplyIn her report, Chang highlighted the ongoing problems affecting the world's food supply: war, weather, and the weaponization of food. One of the most devastating recently implemented restrictions on food supply is India's decision to ban the exportation of non-Basmati white rice. The combination of war, weather, and the weaponization of food has taken a toll on the world's food availability. And within food innovation, JPMorgan analysts like Philippine food and beverage maker Monde Nissin (MONDE PM) and Thailand-based seafood producer Thai Union (TU TB).

Persons: UNICEF — that's, Global Research Joyce Chang, Chang, El, Hilary, CJ Cheiljedang, Mengniu Dairy, Kubota, Jeronimo Martins SGPS Organizations: JPMorgan, Hurricanes, UNICEF —, Global Research, Grain Initiative, Food Policy Research, Food, Agriculture Commodities, ASEAN, Mahindra, LG, Thai Union, TU, Jeronimo Martins SGPS SA, Tesco PLC, J Sainsbury PLC, Koninklijke Ahold Delhaize, Carrefour SA, Yara International ASA, OCI, OCI NA, Bayer AG, PepsiCo Locations: Ukraine, California, Canada, East Coast, Russia, Africa, Asia, India, El, South Korean, HK, South Korea, Philippine, Thailand, Europe

☆ India's Mahindra aims to double tractor exports with new platform
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

A Mahindra and Mahindra sign at one of the carmaker's showrooms in Mumbai, India, August 30, 2016. REUTERS/Danish Siddiqui/File Photo Acquire Licensing RightsMUMBAI, Aug 15 (Reuters) - India's largest tractor maker, Mahindra and Mahindra (MAHM.NS), launched a new platform to manufacture lightweight tractors on Tuesday, which would enable the company to double its exports within three years, a senior company official told Reuters. The new platform, named Oja, was developed in collaboration with India's Mahindra Research Valley and Japan's Mitsubishi Mahindra Agriculture Machinery with an investment of 12 billion rupees ($144 million), Hemant Sikka, president of farm equipment sector at Mahindra said. On Tuesday, Mahindra launched three new tractors in Cape Town, South Africa. The company is planning to introduce tractors from the new Oja platform in various locations including North America, ASEAN countries, Brazil, Australia, Europe, and the SAARC region.

Persons: Danish Siddiqui, Hemant Sikka, Rajendra, Mark Potter Organizations: Mahindra, REUTERS, Danish, Rights, Reuters, India's Mahindra Research, Mitsubishi Mahindra Agriculture Machinery, Thomson Locations: Mumbai, India, Cape Town , South Africa, North America, ASEAN, Brazil, Australia, Europe, SAARC

☆ Electric vehicle premiums will ride high in India
▼ + stars: | 2023-08-14 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

Mahindra Funster electric concept SUV is on display after it was unveiled at the India Auto Expo 2020 in Greater Noida, India, February 5, 2020. Singapore's Temasek handed Anand Mahindra’s EV business a punchy valuation of up to $9.8 billion this month. The $23 billion Mumbai-listed Mahindra & Mahindra (MAHM.NS) generates most of its top line from its sprawling autos business churning out everything from commercial vehicles to three wheelers. It follows the sale of up to 4.8% to British International Investments, the UK's development finance institution, at a $9.1 billion valuation in July last year. True, Temasek's valuation of the EV business depends on the latter hitting undisclosed milestones.

Persons: Kumar Rakesh, It’s, Maruti Suzuki, Una Galani, Katrina Hamlin Organizations: Mahindra, India, REUTERS, Reuters, Singapore's Temasek, Anand, Temasek, British International Investments, BNP, Tata Motors, TPG, HK, China’s MG Motors, Maruti, India’s, India’s Mahindra, British International Investment, Thomson Locations: Greater Noida, India, BENGALURU, Mumbai, China, EVs, Temasek

☆ Opinion: Oppenheimer’s not your daddy
▼ + stars: | 2023-08-11 | by ( Opinion Aanchal Saraf | Rebecca H. Hogue | ) edition.cnn.com time to read: +11 min

Corbis/Getty ImagesScholar Teresia Teaiwa famously critiqued the bikini as instrumental to depoliticizing and concealing the effects of nuclear weapons in the Pacific. Britain and France would later begin their own nuclear weapons programs on Indigenous lands and waters in Australia and French Occupied Polynesia, among others. The US began detonating nuclear bombs at the Nevada Test Site in 1951, garnering nearby Las Vegas the nickname Atomic City. Atomic playboys have aestheticized nuclear weapons as sexy — but still safe — since their very existence. Nolan prolongs the time between the flash and the blast, allowing Oppenheimer’s words to hang in unnerving suspension.

Persons: Rebecca H, Hogue, Barbie ”, “ Oppenheimer, “ Barbie ”, Barbenheimer, Hogue Rebecca H, Baker, ” Rita Hayworth, Gilda, Hayworth, — Jacques Heim’s, Louis Réard, Corbis, Teresia Teaiwa, Lee A, Merlin, SpongeBob, Bert, Turtle, Walt, William Blandy, “, Christopher Nolan’s “ Oppenheimer, Cillian Murphy, Nolan, Oppie, Ernest Lawrence, Josh Hartnett, Jean Tatlock, Florence Pugh, Kitty Oppenheimer, Emily Blunt, Tatlock, Oppenheimer, J, Robert Oppenheimer, Christopher Nolan's, Melinda Sue Gordon, Nolan prolongs, “ Gilda, ”, Nolan bifurcates “ Oppenheimer ”, ” “ Oppenheimer, Barbie, Margot Robbie, ’, Ken, Ryan Gosling, —, Barbie’s, Mike ”, Edward Teller, “ It’s, Teller, “ Oppenheimer ” Organizations: Dartmouth College’s Society of Fellows, Mahindra Humanities Center, Harvard University, CNN, Warner Brothers Discovery, Universal, Trinity, Crossroads, Getty, Atomic Energy Commission, US, Las, Atomic, National Atomic Testing, Los, Communist Party, American, Twitter Locations: Pacific, Oceania, New Mexico, Hiroshima, Nagasaki, Marshall Islands, Kiribati, Northern Paiute, Western, Nevada, Amchitka , Alaska, Bikini Atoll, Britain, France, Australia, French, Las Vegas, Las, Playthings, Los Alamos, Japan, American, iconicity, Alamos

☆ Uday Kotak is wanting for the market’s support
▼ + stars: | 2023-08-09 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

Uday Kotak plans to remain on the board of the $44 billion lender carrying his name after he steps down as CEO in December. India’s regulator will bear that in mind as it also decides if someone from inside Kotak Mahindra Bank (KTKM.NS) can succeed the 64-year-old. In the past, the regulator has booted out private bank chiefs for poor management of bad loans and overhauled a bank board where it perceived succession planning was poor. Whatever regulators decide for Uday Kotak and his bank, having the market onside will be helpful all around. Follow @ShritamaBose on TwitterCONTEXT NEWSThe Reserve Bank of India is nudging Kotak Mahindra Bank to select someone outside the lender to succeed billionaire founder Uday Kotak as the next CEO, Bloomberg reported on July 31, citing unnamed sources.

Persons: Uday Kotak, Jamie Dimon, Kotak, Jay, Una Galani, Thomas Shum Organizations: Reuters, Kotak Mahindra Bank, Reserve Bank of India, HDFC Bank, ICICI Bank, Kotak, Reuters Graphics, nudging, Mahindra Bank, Bloomberg, Thomson Locations: MUMBAI, Mumbai

☆ Indian automaker Mahindra says competition from Tesla 'does not faze us'
▼ + stars: | 2023-08-09 | by ( Sumathi Bala | ) www.cnbc.com time to read: 1 min

Mahindra Group isn't worried about global players like Tesla entering India's highly competitive electric vehicle market, its CEO and managing director Anish Shah told CNBC. So Tesla or anyone else coming in does not faze us," Shah said on "Street Signs Asia" Tuesday. "At one point, Mahindra was written off when all the global majors were coming into India. Tesla is reportedly discussing plans to enter the EV space in India, which is the world's third-largest auto market, according to Reuters. CEO Elon Musk met Prime Minister Narendra Modi in June and said he has plans to "make significant investments in India."

Persons: Tesla, Anish Shah, We've, Shah, Elon Musk, Narendra Modi Organizations: Mahindra, isn't, CNBC, Reuters Locations: India

☆ Mahindra Group CEO discusses its EV strategy
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMahindra Group CEO discusses its EV strategyAnish Shah, managing director and CEO of Mahindra Group, discusses what the company is doing when it comes to the sustainability credibility of electric vehicles.

Persons: Anish Shah Organizations: Mahindra, Mahindra Group

☆ Formula E's Hughes sets indoor world speed record
▼ + stars: | 2023-07-28 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

LONDON, July 28 (Reuters) - British Formula E driver Jake Hughes has smashed a world indoor speed record by hitting 218.71kph (135.9mph) inside London's ExCeL Centre in a modified version of the electric championship's Gen3 racecar. NEOM McLaren driver Hughes, who had three practice runs before his record attempt, warmed up with a run of 214.80kph before further runs of 215.05 and 217.65 through the speed trap. His record attempt was then clocked at 217.65kph. "I felt like I’ve never wanted anything more in my life than having a world record," he added. "It’s all about showcasing the potential of what an electric racing car can do," he told Reuters.

Persons: Jake Hughes, 218.71kph, Lucas di Grassi, Leh, NEOM McLaren, Hughes, Di Grassi, Briton, I’ve, Jeff Dodds, Alan Baldwin, Pritha Sarkar Organizations: Reuters, Porsche, New, New Orleans Convention, Guinness World Records, Mahindra, Thomson Locations: Docklands, U.S, New Orleans, 216.87kph

SummaryCompanies Top private banks report attrition rates of 35-50%Highest turnover seen in sales staffBrisk growth in retail lending leading to attritionMUMBAI, July 27 (Reuters) - India's private lenders are contending with soaring attrition amid strong demand for loans and the rush to capture a larger share of the crowded market. HDFC Bank, India's largest private lender, saw its employee turnover rate over the last year rise to 34%, while Axis Bank was at nearly 35%. Kotak Mahindra Bank's attrition surged to about 50%, with smaller peer Yes Bank in toe at 43%. The bank is working towards controlling it and would "not like to see an overall attrition of more than 25-30%," he said. Kotak Mahindra Bank, which has seen the sharpest jump in attrition, saw the worst churn at junior levels, it said.

Persons: Kotak, Amitabh Chaudhry, Chaudhry, Rituparna Chakraborty, Prashant Kumar, Teamlease's Chakraborty, Shanti Ekambaram, Ekambaram, Jain, Ira Dugal, Siddhi Nayak, Dhanya Ann Thoppil Organizations: HDFC Bank, Axis, Kotak Mahindra, Teamlease Services, Reuters, Kotak Mahindra Bank, Thomson Locations: MUMBAI, India's, Siddhi

"Is there going to be a challenge to Royal Enfield? It sold fewer than 30,000 motorcycles - less than the number of bikes Royal Enfield sells each month. Triumph said it has received orders for over 14,000 Speed 400 bikes, exceeding its total India sales of the past decade. Still, the frenzy over the new models is reflected in the surge in Google searches about Harley-Davidson and Triumph in India. Improved financing options is also encouraging lower-income buyers to consider premium bikes, said HDFC Securities analyst Aniket Mhatre.

Persons: Davidson, Rishi Vora, brokerages, Harley, Kotak, Royal Enfield's, Eicher, Royal, Shubhabrata Marmar, Enfield, Varun Painter, MotoCorp, Sathish Rao, Aniket Mhatre, Priyanka Kochhar, Indranil Sarkar, Aby Jose Koilparambil, Nandan Mandayam, Saumya Singh, Navamya Ganesh Acharya, Varun, Dhanya Skariachan, Euan Rocha, Christopher Cushing Organizations: Reuters, Bajaj Auto Ltd, Handout, REUTERS, Royal Enfield, Securities, Harley, Royal, Eicher Motors, Reuters Graphics Reuters, ROYAL, Enfield, Mahindra, Mahindra's, TVS, Bajaj Auto, Bajaj, Triumph, HDFC Securities, Thomson Locations: REUTERS BENGALURU, India, Royal Enfield, Bengaluru

☆ India Kotak Mahindra Bank's 67% profit jump beats expectations
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 22 (Reuters) - India's Kotak Mahindra Bank (KTKM.NS) beat expectations on Saturday with a 67% year-on-year rise in net profit for the April-June quarter, helped by higher net interest income and robust loan growth. The Mumbai-based private lender's standalone net profit rose to 34.52 billion rupees ($421.1 million) for the financial first quarter, above analysts' average estimate of 32.4 billion rupees, according to Refinitiv data. Kotak's net interest income, the difference between interest earned and paid out, increased 33% to 62.34 billion rupees. Its net interest margin grew to 5.57% from 4.92% for the same quarter last year. The strong credit growth has helped private banks such as HDFC Bank (HDBK.NS) and IndusInd Bank (INBK.NS) report double-digit profit growth for the April-June quarter.

Persons: Kotak, Siddhi Nayak, Robert Birsel, William Mallard Organizations: Kotak Mahindra Bank, Loans, HDFC Bank, IndusInd Bank, Kotak Mahindra, Siddhi, Thomson Locations: MUMBAI, Mumbai

☆ India is said to be an 'oasis' in the desert. Here are some sectors to watch for
▼ + stars: | 2023-07-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +8 min

Major economies were hit by higher inflation during the Covid-19 pandemic, but India's inflation was already elevated. In June, India's inflation rate was 4.81%, which remains within the Reserve Bank of India's tolerance band of 2% to 6%. There is a paradigm shift and flight of capital from Indian households savings to equity to contribute to the India growth story," Azeez told CNBC's "Squawk Box Asia" last week. "So whichever way one looks at the economic numbers, India appears as an oasis in the global desert," he added. watch nowHowever, Matthew Asia's Mittal said that instead of buying into pharmaceutical companies, upstream companies such as Syngene will be a good investment opportunity.

Persons: Goldman Sachs, Darren Robb, Feroze Azeez, Anand, Azeez, CNBC's, Nifty, it'll, Soumya Rajan, Peeyush Mittal, Nilesh Shah, Shah, Financials, Rajan, Waterfield's Rajan, We've, we've, Hindenburg, Matthews, Mittal, India's, Nestle, Kotak's Shah, Punit Paranjpe, Matthew Asia's Mittal Organizations: Bank, Getty, Wealth, Reserve Bank, Monetary Fund, Waterfield, Matthews Asia, CNBC, Mahindra Asset Management, IDFC, IDFC Ltd, HDFC Bank, Housing Development Finance Corporation, India's HDFC Bank, ICICI Bank, Bajaj Finance, Mahindra Finance, Nestle, World Bank, Nurphoto, Hindustan Unilever, Britannia Industries, Manufacturing Global, Godrej Aerospace, Afp Locations: India, United Kingdom, Japan, Mumbai, China, Nestle India, LuLu, Lulu, Kerala

☆ Asia's private credit markets thrive as desperate borrowers find lenders
▼ + stars: | 2023-07-20 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Private lenders, meanwhile, had "significant liquidity" to deploy for such financings, proving to be a right fit. Besides property developers, borrowers thronging private markets include privately-held companies and start-ups whose private equity issuance has been stymied by broader stock market swings and the deepening discounts of their valuations, known as a 'down round' in the industry. Investment firm Muzinich & Co. recently announced it had closed a $500 million Asia Pacific private debt strategy. Australian superannuation fund UniSuper, which runs a $15 billion private markets portfolio investing in unlisted infrastructure and private equity, is looking to grow its portfolio. "Just given the pipeline of opportunities, we could see ourselves potentially ... (doing) another $3 to $5 billion," said Sandra Lee, UniSuper's head of private markets.

Persons: Bryan Clark, Andrew Tan, Tan, Sandra Lee, UniSuper's, Shane Forster, Benno Klingenberg, Timm, Rae Wee, Georgina Lee, Vidya Ranganathan, Kim Coghill Organizations: Star, JLL, Western, Muzinich, Asia Pacific, Muzinich's Asia Pacific, ICE, Bain Capital, India's, Mahindra Bank, Hong Kong's ADM, BlackRock, Data, Barclays, UBS, Thomson Locations: SINGAPORE, Arizona, Asia, Hong Kong, Singapore

☆ India cenbank calls on more lenders to offer digital rupee - sources
▼ + stars: | 2023-07-12 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

Nearly two dozen central banks across emerging and advanced economies are expected to have digital currencies in circulation by the end of the decade, the Bank for International Settlements (BIS) found in a survey, published on Monday. The RBI aims to reach a target of one million CBDC transactions per day by the end of this year, RBI deputy governor T Rabi Sankar said on Tuesday. There were 1.3 million customers and 0.3 million merchants, who used CBDC as of June 2023, he said. "We are in the advanced stage of submitting a CBDC pilot request to the RBI. The central bank has also asked smaller banks to seek feedback from those currently conducting the pilots, the bankers said.

Persons: T Rabi Sankar, Siddhi Nayak, Sohini Goswami Organizations: Reserve Bank of India, Reuters, Bank for International Settlements, State Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Yes Bank, Siddhi, Thomson Locations: MUMBAI, Bank, BOB.NS

☆ Goldman strategist says one country offers the 'most fertile ground for picking stocks' and shares his favorites
▼ + stars: | 2023-07-03 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

That's despite Indian stocks already soaring, with the country's benchmark indexes BSE Sensex and Nifty 50 soaring to new record highs on Friday, according to Refinitiv data. He said that Indian stocks have a 16% compound annual return over the last 20 years in local currency terms, and 13% in dollar terms. It also has a high proportion of what Goldman analysts dub "multibagger" stocks, according to Koul. Goldman Sach screened 25 large-cap Indian stocks for those with an attractive growth and valuation profile. Four banks meet its criteria: HDFC Bank , ICICI Bank , State Bank of India and Kotak Mahindra Bank.

Persons: Goldman Sachs, Sunil Koul, CNBC's, Koul, That's, Goldman, Banks, Goldman Sach, Larsen, Toubro, — CNBC's Michael Bloom Organizations: Asia Pacific, CNBC, HDFC Bank, ICICI Bank, State Bank of India, Kotak Mahindra Bank, U.S . Global, SBI, UltraTech, Growers Locations: India, U.S

In this article HDFCBANK-IN Follow your favorite stocks CREATE FREE ACCOUNTA HDFC Bank branch in Mumbai, India, on Friday, April 14, 2023. Bloomberg | Bloomberg | Getty ImagesIndia's largest private lender HDFC Bank has completed its merger with Housing Development Finance Corporation , the country's biggest mortgage lender, in a deal that pits the new entity against the world's largest banks. HDFC shareholders will receive 42 shares of HDFC Bank for every 25 shares they own, and HDFC will cease operations on the Indian stock market on 13 July. In a presentation to HDFC investors, the mortgage lender outlined synergies including access to lower funding costs, operational efficiencies and a wider distribution network for HDFC. There will also be cross-selling opportunities as 70% of HDFC's customers do not have a banking account with HDFC Bank, according to the presentation.

Persons: Soumya Rajan, Nilesh Shah, HDFC, Rajan, Shah Organizations: Bloomberg, Getty, HDFC Bank, Housing Development Finance Corporation, JPMorgan Chase, Industrial, Commercial Bank of China, Bank of America, Waterfield Advisors, Mahindra Asset Management, Reliance Industries, CNBC Locations: Mumbai, India, HDFC

☆ IT, auto stocks help Indian shares hit new highs
▼ + stars: | 2023-06-30 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, June 30 (Reuters) - Information technology (IT) and auto stocks helped India's benchmark indexes hit fresh record highs on Friday, after robust economic data from the United States eased fears of a slowdown and improved broader sentiment. Reuters GraphicsThe Nifty 50 (.NSEI) rose as much as 1.21% to hit an all-time high of 19,201.70, before closing at 19,189.05. The S&P BSE Sensex (.BSESN) also gained 1.26% to settle at a fresh record of 64,718.56. The Nifty 50 (.NSEI) has risen over 10.5% in the three months ended June 30, its best performance since the September quarter of 2021. Midcaps (.NIFMDCP100) also hit a fresh record while smallcaps (.NIFSMCP100) hovered around their 52-week high.

Persons: Deepak Jasani, MotoCorp, Maruti Suzuki, Bharath Rajeswaran, Dhanya Ann Thoppil Organizations: Reuters, BSE, HDFC Securities, Auto, Mahindra, Maruti, Infosys, Thomson Locations: BENGALURU, United States, Bengaluru

☆ India’s push to democratise credit tests limits
▼ + stars: | 2023-06-30 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Yet barely half of them have active loans and only up to 10% have a credit card. That’s why the regulator is allowing the use of RuPay credit cards, the country’s low-cost answer to Mastercard (MA.N) and Visa (V.N), for UPI payments. Earlier, in June 2022, the central bank had allowed lenders to link RuPay credit cards to UPI accounts. HDFC Bank became the first private bank to go live on UPI with RuPay credit cards in February. Paytm tied up with SBI Cards and Payment Services in May to issue RuPay credit cards to its consumers via UPI, offering cashbacks on small-value payments.

Persons: It’s, Paytm, –, Bernstein, Una Galani, Pranav Kiran, Thomas Shum Organizations: Reuters, UPI, Google, Reuters Graphics Reuters, Mastercard, Visa, Merchants, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, One97 Communications, Reserve Bank, Tiger, Uni, “, Reserve Bank of India, SBI Cards, Services, Thomson Locations: MUMBAI, India, Punjab

The hectic pace of activity comes after private credit funds targeting Asia jumped 76% last year to a record $11.2 billion, driven by both regional and India-dedicated strategies, according to Global Private Capital Association. As large global sponsors continue to invest into multi-billion dollar Asia-focused credit funds such as Apollo, Blackstone and KKR, the Asian private credit industry is set for further boom, Robert Wright, partner in law firm Baker McKenzie, said. The string of new private credit funds come against the backdrop of startups facing the threat of having down rounds. Nevertheless, alternative financing such as private credit does not come cheap, industry experts warned. Private credit firms usually arrange loans, with assets secured, on a floating rate basis.

Persons: GPCA, Singapore's SeaTown, Europe's 21yield, Nicholas Mairone, Robert Wright, Baker McKenzie, SeaTown, Rakshat Kapoor, Camille Krejci, Parthiv Rishi, Sidley Austin, Siew Kam Boon, Yantoultra Ngui, Sumeet Chatterjee Organizations: Asia, SINGAPORE, Global Private Capital Association . Industry, Silicon Valley Bank, Blackstone, KKR, Reuters Graphics, Bain Capital, India's, Mahindra Bank, Hong Kong's ADM, SoftBank Investment Advisers, Reuters, Prosus NV, Thomson Locations: Asia, India, Singapore, United States, North America, Silicon, Pacific, Japan, Hong Kong

☆ Magnus Carlsen headlines new chess tournament ‘to scale the game to a billion fans’
▼ + stars: | 2023-06-29 | by ( Ben Church | Coy Wire | ) edition.cnn.com time to read: +4 min

The inaugural Global Chess League (GCL), which got underway in Dubai on June 22, is the latest event to offer a new format for the game. The franchise-style format allows fans to follow teams, as well as players, and some of the game’s biggest stars are getting involved. “I think this is definitely something quite special,” grandmaster Magnus Carlsen, who is participating in the tournament, told CNN. Carlsen hopes the new league format will succeed in opening the game up to a new audience, an ambition matched by the GCL chairperson Jagdish Mitra. “I think it’s an opportunity for the sport of chess and its 600 million fans,” Mitra told CNN Sport.

Persons: it’s, Magnus Carlsen, Carlsen, Viswanathan Anand, Ian Nepomniachtchi, ” Carlsen, ” Magnus Carlsen, Ali Haider, Chess.com, Jagdish Mitra, “, ” Mitra, It’s, Mitra Organizations: CNN, Global Chess League, “, FIDE, Tech Mahindra, SG Alpine Warriors, Global, GCL, CNN Sport Locations: Dubai, Indian, Russian

[1/2] U.S. President Joe Biden and India's Prime Minister Narendra Modi attend an official state dinner at the White House in Washington, U.S., June 22, 2023. Biden and Modi gathered with CEOs including Apple's (AAPL.O) Tim Cook, Google's (GOOGL.O) Sundar Pichai and Microsoft's (MSFT.O) Satya Nadella. Modi, who has appealed to global companies to "Make in India," will also address business leaders at the Kennedy Center for Performing Arts. Modi praised Gopalan for keeping India "close to her heart" despite the distance to her new home, and called Harris "really inspiring." On Friday evening, Modi will address members of the Indian diaspora, many of whom have turned out at events during the visit to enthusiastically fete him, at times chanting "Modi!

Persons: Joe Biden, Narendra Modi, Elizabeth Frantz WASHINGTON, Modi, Biden, Tim Cook, Sundar Pichai, Satya Nadella, Sam Altman, OpenAI, Sunita Williams, Anand Mahindra, Mukesh Ambani, Farwa Aamer, John Kirby, Kirby, India's, Kamala Harris, Antony Blinken, Harris, Shyamala Gopalan, Gopalan, Steve Holland, Simon Lewis, Jeff Mason, Trevor Hunnicutt, Don Durfee, Grant McCool Organizations: India's, White, REUTERS, Indian, U.S, NASA, Mahindra Group, Reliance Industries, Kennedy Center for Performing Arts, FedEx, MasterCard, Adobe, South China Seas, South, Asia Society Policy Institute, White House, Washington, State Department, Bharatiya Janata Party, BJP, Thomson Locations: Washington , U.S, Washington, China . U.S, India, United States, CHINA, Beijing, China, South, South Asia, New Delhi, Taiwan, Russia, Moscow, Ukraine, American

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