REC Power Development and Consultancy Ltd handed over Rajasthan-IV H-1 Power Transmission Ltd, a special purpose vehicle, to Power Grid Corporation of India Ltd on October 15, 2024. Power Grid Corp emerged as the transmission service provider through a competitive bidding process and will develop the project on a BOOT basis within 24 months.
Sharad Pawar, the chief of NCP (SP), vows to continue his efforts to bring Maharashtra on the right track despite his age. He criticizes the Eknath Shinde-led government for corruption and calls for action against it. Assembly elections are set for November 20.
Iranian commander Esmail Qaani attended the funeral of general Abbas Nilforoushan, killed in an Israeli strike in Beirut. Thousands joined the procession in Tehran, displaying Hezbollah and Palestinian symbols. Iran retaliated by launching missiles on Israel and is engaged in diplomatic efforts for a ceasefire. Foreign Minister Abbas Araghchi stated Iran is prepared for war but seeks peace.
Thousands of US and Filipino troops launched joint Kamandag exercises in the northern and western Philippines. This follows China’s recent military drills around Taiwan and a collision between Chinese and Filipino vessels in the South China Sea. These exercises are not related to regional tensions but aim to enhance coastal defense capabilities.
The 30-share BSE Sensex closed down 152.93 points at 81820.12
Israeli military operations intensified in Gaza, killing at least 50 Palestinians. Jabalia refugee camp faced severe bombardment as Israeli forces surrounded the area, leading to fierce battles with Hamas fighters. UN agencies warned of humanitarian crises, while hospitals struggled to operate amid ongoing sieges and evacuation orders.
The NSE Nifty index closed 70.61 points down at 25057.35
External Affairs Minister S Jaishankar arrives in Islamabad to attend the SCO summit, marking the first high-level visit from India in nearly nine years. Despite frosty relations over Kashmir and terrorism, both nations avoid bilateral talks, focusing instead on the SCO's trade and economic agenda.
The Election Commission of India raised concerns about distorted election expectations due to inaccurate exit polls by media houses. CEC Rajiv Kumar highlighted the discrepancies between these early predictions and actual results, urging the press to introspect on the matter and avoid creating misleading expectations.
Reliance Jio's Chairman Akash Ambani advocates for Indian data to remain within the country and calls for incentives for AI and machine learning data centers. He highlights AI's transformative potential in sectors like healthcare, education, and agriculture. Jio aims to democratize AI, offering affordable models and services nationwide. India aspires to be a global leader in AI development.
Over seven lakh voters in Bellary received Rs 200 each to vote for the Congress candidate. The funds, allegedly misappropriated by former Karnataka tribal minister B Nagendra and his aides, came from the Valmiki Corporation. The charges involve misuse of government funds for personal expenses and election activities. Nagendra denies the allegations.
The post-pandemic excess had made the stock market a lot younger, said Zerodha founder Nithin Kamath in a post on the social media platform X while sharing a blog-post by Zerodha which states that according to the survey by World Economic Forum, 1 in 2 Gen Z-ers started investing even before they hit adulthood.
Union Minister Nitin Gadkari urged representatives from the Society of Indian Automobile Manufacturers (SIAM) to explore promoting ethanol and flex fuels in India. During a meeting, the discussion highlighted Brazil's success with flex fuels and how a shift to biofuels can reduce pollution and fossil fuel imports while supporting farmers.
Israel's Prime Minister Netanyahu has stated that Israel will make its own decisions on how to respond after Iran launched 200 missiles at the country. This attack followed Israeli strikes in Lebanon, which caused significant casualties and damage. The situation has also led to heightened tensions and humanitarian concerns in Lebanon and Gaza.
Biz2X, a subsidiary of Biz2Credit, has surpassed Rs 9,000 crore in loan disbursements, driven by its AI-integrated platform, DigiKred. The company expects to facilitate an additional Rs 5,000 crore by FY2025. Strategic collaborations and expansions into UAE and Saudi Arabia bolster their growth.
Elon Musk of SpaceX criticizes Reliance Jio's demand to auction satellite spectrum, calling it unprecedented. Jio urges India's Telecommunications Minister to reconsider the regulatory approach for satellite spectrum, citing competitive concerns between satellite and terrestrial networks, despite regulatory recommendations favoring administrative allocations.
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Climate change and digitalisation are expected to challenge central banks, like the Reserve Bank of India, in managing inflation-targetting policies. Issues like supply shocks from climate events and shifts in credit supply due to digitalisation could impact monetary stability. Central banks need to incorporate these factors into their frameworks for effective policy implementation.
Defence Minister Rajnath Singh inaugurated the Indian Navy's second Very Low Frequency radar station in Telangana's Damagudem forest, amidst political allegations of ecological impact. Telangana BJP chief G Kishan Reddy clarified that necessary land and environmental clearances were provided by the previous government in 2017, with funds allocated for forest restoration.
Nihar Nilekani, son of Infosys co-founder Nandan Nilekani, has acquired a 1.32% stake in PTC India during July-September 2024. PTC India is a provider of power trading solutions in India. Its segments include power and financing business.
The new funds will be used to expand operations and grow all seven acquired homegrown brands — Xtrim, Yogarise, Rusabl, BabyPro, Trendy Homes, Cinagro, and Frenchware. Evenflow plans to expand the global presence of these brands by entering more countries.
Defence Minister Rajnath Singh emphasizes the importance of collective maritime security and cautions against allowing outside forces, while inaugurating a new VLF Naval Station in Vikarabad. The move aims to bolster the region's maritime defenses, supported enthusiastically by Telangana despite ecological concerns.
Russia and China held in-depth defence and military discussions, committing to strengthen their partnership while criticizing U.S. influence in Asia. Both nations agreed on global assessments and pledged to deepen military relations, with Russia supporting China's stance on Taiwan and the broader Asian landscape.
