I&B Minister Ashwini Vaishnaw

New Delhi: Facing widespread criticism, the government has withdrawn the new draft of the Broadcasting Services (Regulation) Bill, 2024, which had sparked concerns over potential government overreach in regulating online content. The draft Bill, which was privately shared with select stakeholders last month, faced pushback from independent content creators and tech companies.

The Ministry of Information and Broadcasting has reportedly asked stakeholders to return their copies of the draft Bill. The ministry is expected to revise the proposal and release a new draft after further consultations.

The draft Bill, which was an expansion of the November 2023 version, aimed to regulate not just OTT platforms and digital news but also social media accounts and online video creators. This move raised alarms about the freedom of speech, particularly among independent creators who would have been categorized as “OTT broadcasters” under the proposed regulations.

The draft also sought to establish a “Code of Ethics” for online content, which had already been challenged in court. The ministry’s statement, however, did not acknowledge the newly withdrawn draft, leading to confusion among stakeholders about the status of their feedback on the earlier version.

New Delhi: All the ten Adani group stocks slumped in early trade on Monday, with Adani Energy tumbling 17 per cent, after the US short-seller Hindenburg Research alleged that SEBI chairperson Madhabi Puri Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani to round-trip funds and inflate stock prices.

Adani Energy Solutions nosedived 17 per cent, Adani Total Gas tanked 13.39 per cent, NDTV plunged 11 per cent and Adani Power dropped 10.94 per cent on the BSE.

Stocks of Adani Green Energy declined 6.96 per cent, Adani Wilmar slumped 6.49 per cent, Adani Enterprises tumbled 5.43 per cent, Adani Ports dived 4.95 per cent, Ambuja Cements skidded 2.53 per cent and ACC dipped 2.42 per cent.

Hindenburg Research had on Saturday alleged that SEBI chairperson Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani – the elder brother of group chairman Gautam Adani – to round-trip funds and inflate stock prices.

Buch and her husband issued a statement calling Hindenburg’s latest tirade as an attack on the credibility of SEBI and attempted “character assassination”.

In the equity market, the 30-share BSE Sensex tanked 479.78 points to 79,226.13. The NSE Nifty dropped 155.4 points to 24,212.10.

Buch and her husband Dhaval Buch in a joint statement on Sunday said the investments were made in 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022, and in capacity as “private citizens living in Singapore”. These funds became “dormant” on her appointment in SEBI.

“SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest,” Hindenburg said.

Equity benchmark indices declined in early trade on Monday dragged by Reliance Industries and Kotak Mahindra Bank along with weak global market trends.

The 30-share BSE Sensex tanked 504 points to 80,100.65 in early trade. The NSE Nifty dropped 168.6 points to 24,362.30.

Among the Sensex pack, Kotak Mahindra Bank, Reliance Industries, Larsen & Toubro, ICICI Bank, IndusInd Bank and Axis Bank were the biggest laggards.

UltraTech Cement, NTPC, HDFC Bank and Power Grid were among the gainers.

HDFC Bank climbed 1.57 percent after the company’s consolidated net profit grew 33.17 percent to Rs 16,474.85 crore in the June 2024 quarter.

In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong quoted in the positive territory.

The US markets ended lower on Friday. Global oil benchmark Brent crude climbed 0.67 percent to USD 83.18 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,506.12 crore on Friday, according to exchange data.

The BSE benchmark hit its new all-time high of 81,587.76 in the initial trade on Friday but failed to carry forward the winning momentum and tanked 738.81 points or 0.91 percent to settle below the 81,000-mark at 80,604.65.

The NSE Nifty tumbled 269.95 points or 1.09 percent and ended at 24,530.90 after hitting its fresh record peak of 24,854.80 during the opening bell on Friday.

Andhra Pradesh IT Electronics and Human Resource Development Minister Nara Lokesh

Amaravati: Andhra Pradesh IT, Electronics and Human Resource Development Minister Nara Lokesh on Wednesday extended an open invitation to NASSCOM members to set up shop in the state, following concerns raised on neighbouring Karnataka’s proposal to reserve certain jobs for Kannadigas there.

The National Association of Software and Service Companies (NASSCOM) expressed disappointment over the Karnataka State Employment of Local Industries Factories Establishment Act Bill, 2024.

The IT industry body observed that the restrictions mandated by this bill “could force companies to relocate as local skilled talent becomes scarce”.

Amid this backdrop, Lokesh welcomed IT, IT services, Artificial Intelligence (AI) and related companies to relocate and expand in Andhra Pradesh.

“We understand your disappointment. We welcome you to expand or relocate your businesses to our IT, IT services, AI and data centre cluster at Vizag,” he said in a post on social media platform X.

Promising best-in-class facilities, the IT minister offered “uninterrupted power, infrastructure and the most suitable skilled talent” with “no restrictions from the government”.

Mumbai: Rupee depreciated 10 paise and settled for the day at 83.61 against the US dollar on Monday, weighed down by the overall strength of the American currency in the overseas market.

Forex traders said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels and significant foreign fund inflows supported the rupee at lower levels.

At the interbank foreign exchange market, the local unit opened at 83.53, but lost ground and touched its all-time low of 83.62 against the dollar. It finally settled at 83.61 against the American currency, registering a loss of 10 paise from its previous close.

On Friday, the rupee settled at 83.51 against the US dollar.

Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, said the rupee declined on positive US dollar and rising domestic inflation.

US dollar rose on safe haven demand amid political violence in the US, he said, adding that rising odds of a rate cut by the Federal Reserve in September may limit a sharp upside in the greenback.

“Traders may take cues from Empire State manufacturing index data from the US. USD-INR spot price is expected to trade in a range of Rs 83.30 to Rs 83.80,” Choudhary said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading marginally lower by 0.02 per cent at 104.07.

Brent crude futures, the global oil benchmark, were trading 0.09 per cent higher at USD 85.11 per barrel.

In the domestic equity market, the benchmark indices scaled all-time high levels. The 30-share BSE Sensex ended the day 145.52 points, or 0.18 per cent, higher at an all-time high of 80,664.86 points. The broader NSE Nifty settled 84.55 points, or 0.35 per cent, higher at a record 24,586.70 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday, as they purchased shares worth Rs 2,684.78 crore, according to exchange data.

According to the official data released on Monday, wholesale inflation in the country rose for the fourth consecutive month in June at 3.36 per cent on account of rise in prices of food articles, especially vegetables and manufactured items.

India’s merchandise exports in June increased 2.56 per cent to USD 35.2 billion even as the trade deficit widened to USD 20.98 billion during the month, the commerce and industry ministry data showed on Monday.

The government data released on Friday showed retail inflation increased to a four-month high of 5.08 per cent in June as food items, including vegetables became dearer.

The number of Prime Minister Narendra Modi’s followers on his X handle crossed the 100-million mark on Sunday, registering an impressive growth of nearly 30 million in the past three years, officials said.

He is already the most followed head of government on the social media platform globally.

Officials noted that his followers are quite a few times more in number in comparison to most followed opposition leaders like AAP’s Arvind Kejriwal and Congress’ Rahul Gandhi who have 27.5 million and 26.4 million followers respectively.

Among other heads of government with a large following are US President Joe Biden (38.1 million) and Turkiye’s Recep Tayyip Eedogen (21.5 million).

In a post, Prime Minister Modi said, “A hundred million on @X! Happy to be on this vibrant medium and cherish the discussion, debate, insights, people’s blessings, constructive criticism and more. Looking forward to an equally engaging time in the future as well.”

An official said, “PM Modi has more followers even compared to active global athletes like Virat Kohli (64.1 million), Brazilian footballer Neymar Jr (63.6 million) and American basketball player LeBron James (52.9 million).”

“He is ahead of even celebrities like Taylor Swift (95.3 million), Lady Gaga (83.1 million), and Kim Kardashian (75.2 million),” the official said.

He said world leaders often eagerly engage with Modi on social media because connecting with him significantly boosts their own follower base, engagements, views and reposts. This was seen recently in Italy as well as Austria, the official added.

Prime Minister Modi is also an influential presence on YouTube and Instagram with nearly 25 million subscribers and more than 91 million followers respectively.

Since joining X, formerly known as Twitter, in 2009, he has consistently used it for constructive engagement, officials noted, highlighting that he has never blocked anyone.

“He maintains an active and engaging persona, follows numerous common citizens, interacts with them, replies to their messages, and has never blocked anyone. PM Modi has always used this platform organically, without ever resorting to paid promotions or bots,” an official said, adding that it reflects his ability to resonate with a diverse and dynamic audience.

In a post on X, External Affairs Minister S Jaishankar said, “Prime Minister @narendramodi crossing 100 million followers on X is a testimony to how he has revolutionized direct communication. Congratulate PM Modi on reaching this milestone. Confident that his vision will reach many more in the times ahead.”

New Delhi: Japan’s Softbank investment arm Softbank Vision Fund exited from Paytm in the June quarter at a loss of around USD 150 million, sources aware of the development said.

Softbank invested about USD 1.5 billion in One97 Communications — the owner of Paytm brand — in tranches in 2017.

“Softbank has exited Paytm at a loss of 10-12 per cent. The total loss is around USD 150 million,” one of the sources said.

Softbank held around 18.5 per cent stake in Paytm before the company’s initial public offering (IPO) in 2021. It held a 17.3 per cent stake through SVF India Holdings (Cayman) Ltd and 1.2 per cent through SVF Panther (Cayman) Ltd.

SVF Panther sold its entire stake during the IPO for Rs 1,689 crore, about USD 225 million.

“Softbank announced that it will exit Paytm in 24 months from the time of the IPO. The exit was in line with Softbank’s plan. However, the company did anticipate loss at that time,” another source said.

Softbank had acquired Paytm shares at an average price of about Rs 800 apiece.

Paytm share price was listed at Rs 1,955, lower by 9 per cent, and has not matched its issue price of Rs 2,150 apiece to date.

The share price of Paytm plummeted further after the Reserve Bank of India (RBI) banned its associate firm Paytm Payments Bank Ltd (PPBL) from carrying out transactions. It touched an all-time low of Rs 310 on May 9.

Paytm reported widening of losses to Rs 550 crore in the fourth quarter of 2023-24 following the ban on transactions related to its payments bank.

The company during the reported quarter wrote off Rs 227 crore investment for a 39 per cent stake in PPBL following future uncertainties associated with its business operations, including the uncertainty of any other regulatory development, etc.

For the year ended March 31, 2024, the company’s loss narrowed to Rs 1,422.4 crore. Paytm had recorded a loss of Rs 1,776.5 crore in FY23.

Billionaire Warren Buffet’s Berkshire Hathaway Inc also exited Paytm around seven months back by selling shares at a lower-than-acquired price.

The company had acquired 2.6 per cent stake in Paytm for Rs 1,279.7 per share at an aggregate value of Rs 2,179 crore, as per an official document.

The shares were disposed of at an average price of Rs 877.29 apiece, taking the transaction value to Rs 1,370.63 crore in November.

Paytm’s shares closed at Rs 467.25 apiece on Friday.

Bharti Airtel on Friday announced between 10-21 per cent hike in mobile tariffs, a day after larger rival Reliance Jio announced an increase in rates.

Airtel, in a release, said that the revision in mobile tariffs will be effective from July 3.

“We have ensured that there is a very modest price increase (less than 70 paise per day) on entry-level plans, in order to eliminate any burden on budget challenged consumers,” the Sunil Mittal-led telecom firm said announcing the revision in mobile tariffs.

Bharti Airtel said it has maintained that the mobile Average Revenue Per User (ARPU) needs to be upwards of Rs 300, to enable a financially healthy business model for telcos in India.

“We believe that this level of ARPU will enable the substantial investments required in network technology and spectrum and offer a modest return on capital,” the telco said.

Among the unlimited voice plans, Airtel has raised tariffs in the ballpark range of about 11 per cent, and accordingly rates are revised from Rs 179 to Rs 199; from Rs 455 to Rs 509; and from Rs 1,799 to Rs 1,999. In the daily data plan category, the Rs 479 plan has been increased to Rs 579 (20.8 per cent increase).

The mobile tariff hike from mobile operators comes immediately after the 10th spectrum auction, which ended in just two days with muted response from the industry.

Loss-making telecom operator Vodafone Idea will raise mobile tariffs across the board by 11-24 per cent from July 4, according to a company statement.

Reliance Jio and Bharti Airtel will roll out increased mobile service rates from July 3 onward.

“In line with its commitment to provide its consumers with simple and comprehensive plans, Vi has curated an optimum range of feature-rich plans to meet the diverse needs of its consumers. Staying true to its philosophy of supporting entry-level users and progressively linking higher prices to increased usage, changes in entry-level plans are nominal,” Vi said.

The company has raised the entry-level plan, minimum recharge value for 28 days of mobile service, by about 11 per cent to Rs 199 from Rs 179.

Vi has raised the price of a popular 84-day validity plan with 1.5 GB data per day to Rs 859 from Rs 719 earlier.

The company has increased the price of its annual unlimited plan by about 21 per cent to Rs 3,499 from 2,899 at present.

It has made no change in its 365 validity plan with a 24 GB data limit, which costs users Rs 1,799.

“Vi is planning significant investments over the next few quarters to further enhance the 4G experience as well as launch 5G services,” the statement said.

The 30-share BSE Sensex jumped 2,777.58 points or 3.75 per cent to hit a record peak of 76,738.89 in early trade. The NSE Nifty rallied 808 points or 3.58 per cent to hit a fresh all-time high of 23,338.70.

Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for a third straight term, with the BJP-led NDA expected to win a big majority in the Lok Sabha polls.

The counting of votes will take place on June 4.

All the 30-Sensex companies were trading in the green. Power Grid, NTPC, Larsen & Toubro, State Bank of India, Axis Bank, IndusInd Bank, ICICI Bank and Mahindra & Mahindra were the biggest gainers.

India’s economy grew by 8.2 per cent in the fiscal year that ended in March, cementing the country’s position as the fastest-growing major economy in the world.

In Asian markets, Seoul, Tokyo and Hong Kong were quoting with gains while Shanghai traded lower.

US markets ended mostly higher on Friday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,613.24 crore on Friday, according to exchange data.

Global oil benchmark Brent crude dipped 0.04 per cent to USD 81.08 a barrel.

The BSE benchmark climbed 75.71 points or 0.10 per cent to settle at 73,961.31 on Friday. The Nifty advanced 42.05 or 0.19 per cent to end at 22,530.70.

New Delhi: India’s economy growth slowed to a four-quarter low of 7.8 per cent in the January-March period, but pushed the annual growth rate for FY24 to 8.2 per cent, mainly on account of good showing by manufacturing, official data showed on Friday.

The growth propelled the Indian economy to USD 3.5 trillion and set the stage for achieving the USD 5-trillion target in the next few years.

In the previous 2022-23 fiscal year, the economy grew 7 per cent.

China has registered an economic growth of 5.3 per cent in the first three months of 2024.

The economic expansion was recorded at 7.8 per cent during the January-March 2024, while it was 8.6 per cent in October-December 2023 and 8.1 per cent in July-September 2023.

The growth was 8.2 per cent in April-June 2023, as per data released by the National Statistical Office (NSO).

The GDP grew 6.2 per cent in the January-March quarter of 2022-23.

The NSO, in its second advance estimate released in February, had projected the GDP growth for 2022-23 at 7.7 per cent.

According to the NSO data, real GDP, or GDP at constant prices, is estimated to attain a level of Rs 173.82 lakh crore in 2023-24, against the first revised estimates (FRE) of GDP for 2022-23 of Rs 160.71 lakh crore.

“The growth rate in real GDP during 2023-24 is estimated at 8.2 per cent as compared to 7.0 per cent in 2022-23,” it stated.

Nominal GDP or GDP at current prices is estimated to attain a level of Rs 295.36 lakh crore in 2023-24, against Rs 269.50 lakh crore in 2022-23, showing a growth rate of 9.6 per cent, it added.

The real GDP in the March quarter of 2023-24 is estimated at Rs 47.24 lakh crore, against Rs 43.84 lakh crore a year earlier, showing a growth rate of 7.8 per cent.

Nominal GDP, or GDP at current prices in the March quarter of 2023-24, is estimated at Rs 78.28 lakh crore, against Rs 71.23 lakh crore in the year-ago period, showing a growth rate of 9.9 per cent.

The real GVA (gross value added) is estimated at Rs 158.74 lakh crore in 2023-24, against the FRE for 2022-23 of Rs 148.05 lakh crore, registering a growth rate of 7.2 per cent as compared to 6.7 pe cent in 2022-23.

The GVA growth in the manufacturing sector accelerated to 8.9 per cent in the March quarter against 0.9 per cent a year ago.

GVA growth in mining was 4.3 per cent in the fourth quarter compared to 2.9 per cent in the same quarter of the previous fiscal.

Construction grew 8.7 per cent in the quarter, up from 7.4 per cent in the corresponding period of 2022-23.

The agriculture sector growth decelerated to 0.6 per cent from 7.6 per cent.

The electricity, gas, water supply, and other utility services segment grew 7.7 per cent during the fourth quarter from 7.3 per cent in the year-ago period.

GVA growth in the services sector — trade, hotel, transport, communication and services related to broadcasting — was 5.1 per cent in the fourth quarter against a growth of 7 per cent a year ago.

Financial, real estate and professional services grew 7.6 per cent in the March 2023 quarter compared to 9.2 per cent in the year-ago period.

Public administration, defence and other services posted 7.8 per cent growth in the quarter against 4.7 per cent expansion in the same quarter a year ago.