Centre Appoints Finance Secretary Tuhin Kanta Pandey as New SEBI Chairman
Confirming a CNBC-TV18 news report, the Appointments Committee of the Cabinet has approved the appointment of Finance Secretary Tuhin Kanta Pandey as the new Chairman of SEBI (Securities and Exchange Board of India). Pandey will assume office for an initial tenure of three years.
“The Appointments Committee of the Cabinet has approved the appointment of Shri Tuhin Kanta Pandey, IAS (OR:1987), Finance Secretary and Secretary, Department of Revenue to the post of Chaiman, Securities and Exchange Board of India (SEBI), initially for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier,” the government order stated.
Read Here
India’s 2047 ambitions hinge on accelerated reforms, higher investment: World Bank
India needs to accelerate reforms and significantly ramp up investment to achieve its long-term economic aspirations, with a World Bank report stating that the country must sustain a 7.8% average real GDP growth rate over the coming decades.
The report highlights that gross national income per capita would need to rise nearly eightfold from current levels for India to meet its 2047 targets.
In an exclusive interaction, World Bank Country Director Auguste Tano Kouame told CNBC-TV18 that becoming a high-income nation at the current rate of growth is “not an option”.
Kouame said India would need a sustained 7.8% growth rate and accelerated land and labour reforms to become a high-income nation by 2047. Kouame added that India must leverage its demographic dividend, but the window to do so is only the next 20-25 years.
Read here
Stock Market Crash: ₹6 lakh crore lost in 45 minutes as Midcap sell-off intensifies; Sensex down 1,000 points
Indian equity markets are trading with steep cuts on Friday, February 28, in what has been a painful start to the March F&O series. The first 45 minutes has seen a loss of ₹6 lakh crore in the overall market capitalisation of the listed companies on the Bombay Stock Exchange (BSE).
The Nifty is trading with cuts of 300 points, while the Sensex is down nearly 1,000 points within the first hour of trade. The Midcap index is down over 1,200 points and has corrected over 21% from its all-time high in September 2024. The Smallcap index is also down over 2% and has corrected over 24% from its December peak.Multitude of factors can be attributed to why the markets are down in today’s trading session.
Read here
Market LIVE
Tune in to Market movement here ????????
How will Coal India’s new levies benefit the stock?
Analysts who have coverage on state-run Coal India Ltd. see a potential upside of up to 45% on the stock, after India’s largest miner announced a uniform levy of ₹300 per tonne across all mines of its subsidiary, Northern Coalfields Ltd.
The ‘Singrauli Punarasthapan charge’ will come into effect from May 1, 2025. The company said the expected additional revenue due to levies will be around ₹3,877.5 crore. NCL reported dispatches of 114 MT from April 2024 to January 2025, which is 19% of Coal India’s overall dispatch of 630 MT during this period.Brokerage firm Nuvama expects a ₹34 per share increase in the fair value of Coal India, assuming a 5x increase in the Enterprise Value-to-EBITDA multiple. Currently, Nuvama has a price target of ₹419 per share, which is a 15% upside potential from Thursday’s close. A ₹34 increase will change the upside potential to nearly 25%.
Read here
Mumbai to Nagpur in just 8 hours! Expressway’s last section to open in mid-March, says report
A 16-hour journey will now take only 8 hours. A new expressway has been completed, making this 700 km journey faster. This is the Mumbai-Nagpur Samruddhi Expressway, which is now fully ready.
The last 76 km section, which was incomplete, is now finished. The project was announced by Chief Minister Devendra Fadnavis in 2015 and has been completed after 10 years. The Maharashtra State Road Development Corporation is expected to open the expressway around March 15, News18 Hindi reported. However, a 625 km section from Lagatpuri near Nashik to Nagpur is already open.
Read here
#DailyData????
#PersonalFinance????
SEBI introduces strict timelines for deployment of funds raised in NFOs
The Securities and Exchange Board of India (SEBI) has announced new regulations to ensure timely deployment of funds raised through New Fund Offers (NFOs), marking a significant shift in how NFOs are managed in India and seeking greater transparency and investor confidence in the mutual fund industry. According to SEBI’s new guidelines, Asset Management Companies (AMCs) will now be required to deploy the funds within 30 business days from the date of unit allotment.
30-day deployment timeline
“The AMC shall deploy the funds garnered in an NFO within 30 business days from the date of allotment of units,” the SEBI’s latest circular said.At present, AMCs face no firm deadlines for deploying NFO funds, leading to concerns about the efficient use of investor money. The new regulations, set to come into effect from April 1, 2025, will mandate that AMCs adhere strictly to the 30-day deadline.
Read here
Gold prices under pressure ahead of key US inflation data: What’s next for the yellow metal
Gold prices slipped on Thursday (February 27) as a stronger US dollar and rising Treasury yields weighed on the metal. Investors are closely watching upcoming US inflation data for insights into the Federal Reserve’s interest rate decisions.
Spot gold dropped 0.4% to $2,905.64 per ounce as of 0426 GMT.US gold futures also declined 0.4% to $2,918.20.In India, 24-carat gold fell by ₹290 to ₹8,798.3 per gram, while 22-carat gold dropped by ₹270 to ₹8,066.3 per gram.
Key market factors affecting gold prices
Stronger US dollar and treasury yields
The dollar index gained 0.2%, moving away from recent lows. Higher yields on US 10-year Treasury bonds further pressured gold, as non-yielding assets like bullion become less attractive.
Read here
#TechTalks????
March tech releases: Nothing Phone 3a, Apple M4, and more
March 2025 will be an exciting month for smartphone enthusiasts as a number of top companies are gearing up to introduce their newest models. Besides the potential launch of the Apple M4 MacBook Air, other noteworthy announcements include new models from Samsung, OnePlus, and Xiaomi — packed with the latest processors, improved cameras, and fashionable designs.
Nothing Phone 3a series
The company has officially confirmed that Nothing Phone 3a and Phone 3a Pro will go on sale on March 4. The launch event is scheduled for 3:30 pm IST, and it will be available on Flipkart.
Xiaomi 15 and Xiaomi 15 Ultra
Xiaomi has officially announced the launch date of the Xiaomi 15 and Xiaomi 15 Ultra. The smartphones will be available in foreign markets on March 2.
Read here
Redefining the digital engineering landscape: AI, sustainability, and the path forward
In a rapidly changing world, digital engineering has emerged as a unifying force that drives innovation, shapes consumer experiences, and steers industries toward more sustainable practices. The Digital Engineering Awards 2024, co-hosted by ISG, L&T Technology Services and CNBC-TV18 provided a vivid snapshot of how businesses worldwide are navigating global uncertainties while doubling down on AI-led transformation and sustainability.
Gathering on a star-studded panel at the event were Amit Chadha (CEO and MD, LTTS), Rajeev Gupta (CFO, LTTS), Steve Hall (President, EMEA & Chief AI Officer, ISG), Vanessa Eriksson (Founder, Girls in Tech Nordics), and Asha Poulose Johnson (Chief Digital Officer, IT, GE Healthcare). Their insights offer a roadmap for organisations aiming to remain relevant, resilient, and responsible in the face of unprecedented change.
Read here
#StartupsWorld????
‘Resume not needed, college doesn’t matter’: Bengaluru AI startup’s ₹40 LPA job offer
A Bengaluru-based start-up is making waves online for its bold hiring pitch. Sudarshan Kamath, the founder of Smallest AI, listed the job for a software engineer on his X account, offering ₹40 lakh per annum for a five-day work-from-office job.
For the role, freshers as well as individuals with up to two years of experience are eligible to apply. Additionally, candidates will not be judged based on their education or qualifications; instead, they need to introduce themselves through a 100-word introduction and links to their best work.“We are looking to hire a cracked full-stack engineer at Smallest AI… Send a small 100-word text introducing yourself + links to your best work to info@smallest.ai,” Kamath wrote on X.
Read here
India inks pact with Paytm for mentorship, market access, funding opportunities for startups
The government has inked an agreement with Paytm (One97 Communications Ltd) under which the company would provide mentorship, infrastructure support, market access, and funding opportunities to startups, an official statement said on Wednesday.
The Memorandum of Understanding (MoU) was signed by the Department for Promotion of Industry and Internal Trade (DPIIT) with Paytm to foster innovation and accelerate the growth of manufacturing and fintech startups in India, the commerce and industry ministry said.”As part of this collaboration, Paytm will provide mentorship, infrastructure support, market access, and funding opportunities to startups, helping them scale and innovate,” it added.
Read here
We’ll see you on Monday with another 11:11
