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India now has the fourth-largest stock market in the world, overtaking Hong Kong!

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Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India.

Indian exchanges value reach $4.33 trillion, exceeding Hong Kong’s $4.29 trillion: Bloomberg data.

India’s stock market has surpassed Hong Kong’s for the first time with the total value of shares listed on Indian exchanges reaching $4.33 trillion as of Monday’s close, exceeding Hong Kong’s $4.29 trillion, according to Bloomberg data. This makes India the world’s fourth-largest equity market.

The stock market capitalisation surpassed $4 trillion on December 5, with about half of that coming in the past four years, the report added.

Indian equities are surging, fuelled by a growing base of retail investors and robust corporate earnings. India presents itself as a viable alternative to China, attracting global capital and companies due to its stable political environment and a consumption-driven economy among the fastest-growing globally, according to the report.

Ashish Gupta, CIO at Axis Mutual Fund in Mumbai, expressed optimism, saying, “India has all the right ingredients in place to set the growth momentum further.”

China’s appeal as a global growth engine has diminished’

This upward trajectory in Indian stocks contrasts sharply with Hong Kong, which has experienced a historic downturn. Factors contributing to Hong Kong’s decline include stringent anti-Covid-19 measures in Beijing, regulatory crackdowns, a property-sector crisis, and geopolitical tensions with the West, the report said.

This has diminished China’s appeal as a global growth engine, resulting in a significant equities downturn, with Chinese and Hong Kong stocks losing over $6 trillion in total market value since their 2021 peaks, according to the report. Hong Kong’s role as a prominent hub for initial public offerings has waned amid the turmoil, it added.

This article is sourced from Hindustantimes News!

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Meet the man, an Indian, whose business supplies engines to Rolls-Royce, Mercedes-Benz, and BMW!

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Abhay Firodia (Chairman Of Force Motors) : His narrative inspires us by showing us that anyone can leave a lasting legacy that transcends business and advances society if they have passion, tenacity, and an optimistic outlook.

In a remarkable journey that spans decades, Abhay Firodia, the visionary chairman of Force Motors, has not only steered the company to great heights but has become a perfect example of success in the automotive industry.

Born into the legacy of Bajaj Tempo, the company underwent transformation under the leadership of Abhay Firodia, who joined in 1975. His relentless dedication and strategic vision led to the company’s evolution into Force Motors, known for crafting SUVs, vans, tractors, pickup trucks, and even providing engines for prestigious car brands like Mercedes Benz, BMW, and Rolls Royce.

Having weathered a bitter feud with the Bajaj family in 1968, Abhay Firodia’s commitment to innovation and growth is reflected in the diverse portfolio of Force Motors. Since 2009, the reins of the company have been in the hands of his son, Prasan.

Also Read: Ram Mandir Inauguration: Ayodhya set for grand Pran Pratishtha ceremony today!

Beyond the automotive world, Abhay Firodia is making a profound impact on India’s cultural landscape. He is constructing a museum that celebrates the rich history, philosophy, and culture of the Jain community, showcasing a commitment to heritage and inclusivity.

From his early days in Gwalior to pursuing education at Fergusson College in Pune, Abhay Firodia’s journey shows the values of education, hard work, and a relentless pursuit of excellence.

With an estimated net worth of $2.9 billion, according to Forbes, Abhay Firodia’s success is not just measured in financial terms but also in the positive influence he continues to exert in the automotive industry. 

His story serves as an inspiration, reminding us that with passion, determination, and a forward-looking vision, anyone can shape a legacy that goes beyond business and contribute to the greater good.

With direct inputs from DNA India News!

Also Read : Meet YouTuber Shruti Shiva who is married to IAS officer Abhishek Pandey earns more than her husband, she is from!

Meet YouTuber Shruti Shiva who is married to IAS officer Abhishek Pandey earns more than her husband, she is from…

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This YouTuber earns more than her IAS officer husband. Know her story here!

Shruti Shiva is a YouTuber who earns more than her husband, who is an IAS officer in Uttar Pradesh’s Meerut. Shruti has over 276k subscribers on YouTube and over 67k followers on social media platform Instagram. 

She began her journey as a YouTuber just three years ago and has made a mark in such a short period. Shruti Shiva hails from Kotdwar district of Uttarakhand. She did her master’s from a university in America’s south Florida. 

Shruti Shiva was still in America when she began blogging. Her elder sister encouraged Shruti to opt for video blogging as a career and now she earns more than her IAS officer husband, she told Aaj Tak. 

Shruti Shiva met her husband IAS officer Abhishek Pandey when she was a dental student and the IAS officer was a student at IIT Roorkee, she told Aaj Tak. Abhishek Pandey was anchoring one of the IIT festivals which Shruti went to attend. Impressed by Abhishek Pandey’s anchoring, Shruti complimented him. Sometime later, the IAS officer approached her and they fell in love. 

After completing graduation, Abhishek Pandey secured a job at Tata Steel and simultaneously started her preparations for the IAS exam and Shruti went to America for higher studies. The two got married in 2020. 

With direct inputs from DNA India News!

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Ayodhya’s tourism and hospitality sectors grow ahead of the inauguration of Ram Mandir, creating nearly 20,000 jobs!

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Ayodhya will become a popular global tourist destination thanks to the Ram Mandir, claims Yeshab Giri, Chief Commercial Officer of Randstad India.

Ram Mandir News

Ahead of the highly anticipated ‘Pran Pratishtha’ ceremony at Ayodhya’s Ram Mandir on January 22, the hospitality, travel, and tourism industries have combined to create 20,000 jobs, according to The Economic Times.

In the coming months, industry insiders predict a steady rise in job opportunities due to the expected daily influx of thousands of devotees.

The Ram Mandir will turn Ayodhya into a major worldwide tourism destination, according to Yeshab Giri, Chief Commercial Officer at Randstad India, who spoke with ET. He anticipates 3–4 lakh visitors per day.

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The demand for lodging and travel services has surged as a result of the increase in tourists, and this has caused the hospitality industry in Ayodhya to grow significantly.

Giri projects that 20,000–25,000 permanent and temporary jobs will be created in the interim, with an annual increase in employment.

Vice President at TeamLease Balasubramanian A told the business daily that 20,000 to 30,000 new jobs in the hospitality, travel, and tourism industry have been created in the last six months alone. These jobs include drivers, cooks, waiters, and hotel employees.

Thousands of new jobs in hospitality management, restaurant and hotel staff, logistics managers, and driver positions are expected as the temple’s inauguration draws near, according to hospitality industry officials.

In addition to Ayodhya, other nearby cities like Lucknow, Kanpur, and Gorakhpur are anticipated to see an increase in demand. According to Rajeev Kale, President and Country Head at Thomas Cook (India), the excitement surrounding the temple’s inauguration has significantly increased temple tourism across a range of consumer segments.

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This Article was originally published on DNA India!

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NFO Alert: Bajaj Finserv AMC enters the ETF market; launches Nifty 50 and Nifty Bank ETF

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Bajaj Finserv

Bajaj Finserv AMC has introduced two new fund offerings, namely Bajaj Finserv Nifty 50 ETF and Bajaj Finserv Nifty Bank ETF, which became available for subscription on January 15, 2024. Marking the company’s foray into the ETF market, this strategic initiative aims to provide investors with a more cost- effective avenue for investment.
These ETFs are designed to mirror the performance of significant benchmark indices in the Indian stock market, making them an attractive option for long-term investors seeking exposure to securities within the Nifty 50 Index and the Nifty Bank Index, thereby tracking the market leaders.
NFO: Bajaj Finserv Nifty 50 and Nifty Bank ETF
The fund’s management will be jointly overseen by Sorbh Gupta and Ilesh Savla. The subscription window for this new fund offer opened on January 15, 2024, and is set to close on January 18, 2024. Following this, both ETFs will be available for continuous sale and repurchase until January 29, 2024, on the BSE and NSE platforms.

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Bajaj Finserv Nifty 50 ETF and Bajaj Finserv Nifty Bank ETF aim to replicate the performance of Nifty 50 and Nifty Bank indices, subject to tracking errors. These indices are widely recognized as indicators of the Indian equity market, encompassing large- cap companies from various sectors.
The goal of introducing these index-linked ETFs is to provide investors with a diversified and transparent investment option aligned with market movements. The benchmark indices for the fund are Nifty 50 TRI and Nifty Bank TRI.
Benefits of Bajaj Finserv Nifty 50 ETF and Bajaj Finserv Nifty Bank ETF

Bajaj Finserv Nifty 50 ETF and Bajaj Finserv Nifty Bank ETF come with benefits such as consistent liquidity facilitated by market maker on the exchange and real-time tracking of Net Asset Value (NAV) or Indicative NAV (iNAV). These funds boast ample liquidity owing to a substantial number of buyers and sellers for the securities included in the benchmark index, addressing concerns related to securities-transaction-tax”>Securities Transaction Tax (STT) and brokerage.
The primary objective of these funds is to replicate the benchmark index’s performance, with Bajaj Finserv Nifty 50 ETF aligned with the Nifty 50 Index and Bajaj Finserv Nifty Bank ETF tracking the Nifty Bank Index, striving to approximate the respective index returns, accounting for tracking errors.
Ganesh Mohan, CEO, Bajaj Finserv Asset Management Limited (Bajaj Finserv AMC) said “We are pleased to offer our first 2 ETFs – Nifty 50 ETF and Nifty Bank ETF. The Nifty 50 ETF reflects our commitment to providing large-cap investment options, while the Nifty Bank ETF, comprising leading banking stocks, provides an opportunity to invest in a sector that is the backbone of the Indian economy. Both the schemes symbolise our dedication to offering diverse products that cater to the diverse needs of investors.”
Bajaj Finserv Asset Management Limited, a wholly-owned subsidiary of Bajaj Finserv Limited, has announced its presence in the investment solutions industry. Backed by one of India’s most respected and oldest brands, it offers a host of innovative products and solutions to every Indian. With a future-focused and differentiated investment strategy, its ambition is to help every Indian achieve his/her financial goals.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir.

Google Layoffs Employees, Move Comes Year After Google cut roughly 12,000 jobs

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Google layoffs employees this year. This move came a year after Google had cut roughly 12000 jobs. The move impacts employees within hardware and central engineering teams, as well employees who work on Google Assistant, the company’s voice-activated software product.

Google layoffs employees

Kevin Bourrillion, who  worked at Google as a senior software engineer for nearly 19 years, was among the many who were fired as part of the search giant’s ongoing efforts to reduce expenses. 

The company layoffs this year impacts employees within hardware and central engineering teams, as well employees who work on Google Assistant, the company’s voice-activated software product. Other parts of the company were also affected. The layoffs are also hitting the teams that produce Google’s Nest, Pixel and Fitbit devices, with many of the cuts affecting the company’s augmented reality team.

Bourrillion was one of the employees laid off. “End of an era! After 19 years of working at Google, with more than 16 of them on the team that I founded, I made the tough decision yesterday morning to finally bite the bullet and find out that I’d been laid off overnight,” he wrote in a post shared on X.


Bourrillion said the layoffs came at an opportune time.

“Layoffs suck, but in my case… it’s fine, because I’ve needed some kind of change in my life for a very long time,” he wrote. “And I have no plans to rush into anything else right now. I’ve got too much to do: cycling, reading, restarting my drum lessons, travel, family time. etc. etc.”

The Google layoffs of employees come about a year after Google cut roughly 12,000 jobs, reducing the company’s workforce by about 6%.

“This will mean saying goodbye to some incredibly talented people we worked hard to hire and have loved working with. I’m deeply sorry for that,” Google CEO Sundar Pichai wrote in a blog post last January. 

This article is orginally published on Bussiness Today and taken for informational purpose!

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Tata Power Becomes 3rd Tata Group Firm To Cross Rs 1 Lakh-Crore Market Cap

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Synopsis

A combined market cap of Tata Motors (Rs 273,985 crore) and Tata Motors DVR (Rs 27,940 crore) touched Rs 3.02 trillion in intra-day trades on Tuesday.

Tata Motors’ market capitalisation (market cap) crossed Rs 3 trillion after the stock price of the company along with Tata Motors DVR hit a new high on the bourses.

A combined market cap of Tata Motors (Rs 273,985 crore) and Tata Motors DVR (Rs 27,940 crore) touched Rs 3.02 trillion in intra-day trade today. Shares of Tata Motors (Rs 825.15) and DVR (Rs 549.50) are up 1.5 per cent, hitting a new high. In comparison, the S&P BSE Sensex was down 0.13 per cent at 73,231 at 09:28 AM

JM Financial has upgraded the stock’s rating to Buy, setting a SOTP-based target price of Rs 350, indicating a potential upside of 24% from current levels.

In a note, JM Financial said that Tata Power’s recalibrated strategy involves tapping high-margin group captive RE (renewables) opportunities, exiting low-value businesses, venturing into brownfield pumped hydro storage, and expanding transmission business beyond distribution.

The company is expected to see accelerated growth, going ahead, the domestic brokerage opines.

The other companies from the Tata group stocks with a market cap above Rs 1 lakh crore are TCS, which occupies the top spot with a market cap of Rs 13.27 lakh crore, Titan (Rs 3.18 lakh crore), Tata Motors (2.40 lakh crore), Tata Steel (Rs 1.60 lakh crore) and Trent (Rs 1.01 lakh crore).

The stock has delivered over 36% returns in the past 12 months outperforming Nifty which has returned over 12% during the same period. Tata Motors shares also hit a fresh 52-week high of Rs 727.50 on Thursday.

This Article was originally published on Economic Times.

Also Read : Reliance industries launches GET 2024 programme: Online recruitment drive for young engineering talent across India

Reliance industries launches GET 2024 programme: Online recruitment drive for young engineering talent across India

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Reliance Industries Limited, India’s largest corporate, has initiated the Graduate Engineer Trainee (GET) 2024 Programme, heralding a new era in entry-level recruitment.
According to a press release by Reliance, this programme is designed to democratise opportunities by extending access to world-class training and employment to young engineers from all corners of the country, particularly those from smaller towns and regional institutes.

Reliance industries

For the first time, Reliance has shifted the application process online, aiming to provide equal opportunities for every young engineering student nationwide.
This strategic shift aligns with recent sentiments expressed by ISRO Chairman Dr S Somnath, emphasising that India’s true talent resides in smaller cities and regional institutes.
The GET 2024 Programme invites online applications from B. Tech and B.E. graduates of the 2024 batch, majoring in Chemical, Electrical, Mechanical, and Instrumentation from AICTE-approved institutes.
The programme serves as a stepping stone for budding engineers, offering structured training and exposure throughout their learning journey.
Reliance has established a dedicated website (https://relianceget2024.in/) to
disseminate information about the eligibility criteria, the application process, and to accept online registrations.
The GET 2024 process unfolds in four stages- registration from January 11 to January 19, online assessment from February 5 to February 8 2024, personal interviews February 23 to March 1 2024. The final results will be announced by the end of March 2024.
Reliance plans to on board these trainees across various verticals, including Manufacturing, Exploration and Production (E&P), Reliance Project Management Group (RPMG), Petrochemicals, Procurement & Contracting, and Reliance New Energy.
This initiative reflects Reliance’s commitment to fostering young engineering talent and contributing to India’s technological and industrial growth.
The GET 2024 Programme is poised to shape the careers of aspiring engineers and
further strengthen Reliance’s position as a hub for innovation and talent development.

This article was orginally published on ANI news!

Also Read- SBI General Insurance Records 50 per cent Growth in December FY 2024

SBI General Insurance Records 50 per cent Growth in December FY 2024

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SBI Genral Insurance

SBI General Insurance, one of India’s leading General Insurance companies, registered a significant growth of 50% in the month of December FY 24, leading to GDP of INR 1001 crore. The Company has contributed around 14% to the overall accretion of private insurance industry, marking the highest accretion in the month of December FY 24.
The Company’s diverse product portfolio, combined with its distribution and its reach has resulted in SBI General improving its private market share to 6.41% in the month of December FY 24, with an improvement of 137 basis points in market share over the corresponding month of last financial year.
In the month of December, the Company also showcased strong growth across retail, commercial lines, and rural & agri business. The Company remains No. 1 in the Personal Accident segment, along with its strong presence in various lines of business including health, home, commercial and motor.
In the 9M FY 23-24, the General Insurance industry registered a growth of 14%, while the Company has registered a growth of 23%. The growth is primarily driven by the health and motor segment, which continues to be the largest contributor in the general insurance sector.

Commenting on the Company’s performance, Mr. Kishore Kumar Poludasu, MD & CEO, SBI General Insurance, said, “We’re happy to share that we have registered a 50% surge in December premiums and a steady 23% growth in the first nine months of FY24, marking a significant growth for SBI General Insurance. The growth is attributed to our unwavering commitment to a customer-centric approach. We continue to achieve sustainable growth with profits. Looking forward, we see 2024 as a year of continued growth, as we will keep setting new benchmarks in the industry. With the objective of making insurance available to all by 2047, we will continue to develop simple and innovative products for our customers.”
SBI General is one of the fastest growing private general insurance companies, with the strong parentage of SBI. We, at SBI General Insurance, are committed to carry forward the legacy of trust and security; and have the vision to become the most trusted general insurer for a transforming India.

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Ever since our establishment in 2009, our growth has been exponential in various aspects. We have expanded our presence from 17 branches in 2011 to over 141 branches pan-India. Till date, we have served over 34 crore customers. We have been awarded as the ‘Domestic General Insurer of the Year’ – India at the Insurance Asia Awards 2023 Singapore. Additionally, we were recognized as one of the Best Brands 2023 at the ET Edge Best Brands 2023. Furthermore, we were recognised as Highest Growth – General Insurance runner up at ASSOCHAM 15th Global Insurance Summit & Awards. We have secured ‘Insurer of the Year’ in the non-life category at FICCI Insurance Industry Awards in 2022.

We have a robust multi-distribution model encompassing Bancassurance, Agency, Broking, Retail Direct Channels and Digital tie-ups. The widespread network of distributors like 22437 plus SBI branches, Agents, other financial alliances, OEMs, and multiple digital partners enable us to extend our reach to the pocketed remote areas of India. We offer a bouquet of products spread across various lines of businesses that cater to customers across all segments like Retail, Corporate, SME and Rural, ensuring accessibility via digital as well as physical modes.
SBI General Insurance reported a 23.4% growth in Gross Direct Premium (GDP) and the GDP stood at INR 8514 crore in 9M FY 23-24.

(ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir.

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Today’s Stock Market: Smallcap Index Reaches Record high; Nifty 50 and Sensex close positive for the third straight day!

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Stock market today: Sensex closed 63 points, or 0.09 per cent, higher at 71,721.18 while the Nifty 50 closed the day at 21,647.20, up 29 points, or 0.13 per cent!

Stock market today: Sensex closed 63 points, or 0.09 per cent, higher at 71,721.18 while the Nifty 50 closed the day at 21,647.20, up 29 points, or 0.13 per cent.

Global cues were largely positive ahead of US inflation data, expected later today. According to a Reuters poll, core CPI is expected to remain unchanged at 0.3 per cent from the previous month while on a year-on-year basis, inflation is expected to slow to 3.8 per cent in December from 4 per cent in November.

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Sensex closed 63 points, or 0.09 per cent, higher at 71,721.18 while the Nifty 50 closed the day at 21,647.20, up 29 points, or 0.13 per cent.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed.

This article was orginally published on livemint.com!

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