Top Stories | CNBC-TV18 Global Leadership Summit: Goyal backs RBI rate cut, Jio Financial and Zomato in Nifty inclusion talks and more
Welcome to a special edition of the newsletter! At the CNBC-TV18 Global Leadership Summit, CNBC-TV18 connects you with exclusive insights from influential leaders and policy-makers mapping India’s economic future. Union Minister Piyush Goyal advocates a potential RBI interest rate cut, reinforcing the summit's focus on strategic growth levers to propel India’s economic ascent.
In market highlights, Jio Financial Services and Zomato are emerging as strong candidates for the Nifty 50 index reshuffle in March 2025. This potential inclusion follows the NSE’s expansion of its Futures & Options (F&O) segment to 45 new stocks, including Zomato, Paytm, and Adani Energy, with trading set to begin November 29. Nuvama Research forecasts significant inflows if these stocks join the Nifty, estimating $661 million for Zomato and $403 million for Jio Financial.
On the regulatory front, SEBI is proposing a hike in custodians’ net worth requirement to ?1,000 crore, strengthening oversight as custodians manage over ?278.5 trillion in assets. Meanwhile, tax filings have surged fivefold, with government sources noting a reduced tax burden on the middle class under PM Modi’s leadership, though higher earners have seen their contributions increase.
In the startup world, SoftBank’s investment in Swiggy has yielded a substantial $500 million gain. SoftBank remains optimistic about Swiggy’s growth potential in India’s competitive food delivery space.
Internationally, Donald Trump’s strengthened position in US politics—alongside the GOP’s control of the House—has fueled a market rally, pushing Bitcoin above $90,000 on investor optimism.
As we celebrate Children’s Day, experts highlight the importance of securing your child’s future through targeted insurance and investment plans, with early financial planning offering a strong foundation.
Stay tuned for real-time updates from the Global Leadership Summit, where India’s economic future takes center stage!
Piyush Goyal demands a rate cut, RBI Governor's speech follows — all the action at Global Leadership Summit
India’s Commerce and Industry Minister Piyush Goyal said the Reserve Bank of India (RBI) must cut interest rates to boost growth, just days ahead of the next monetary policy review starting December 4. The view is in sharp contrast to that of the RBI Governor Shaktikanta Das who insists on waiting for retail inflation down to 4% before moving the needle on interest rates.
India's consumer price index hit a 14-month high in October, led primarily by a sharp spike in the price of food and vegetables, limiting the likelihood of an interest rate cut to near zero.
Jio Financial, Zomato potential Nifty inclusion candidates? Here is what analysts said
Jio Financial Services Ltd. and food delivery aggregator Zomato Ltd., could be potential candidates for inclusion in the Nifty 50 index during the next index reshuffle in March 2025, according to Nuvama Alternative & Quantitative Research.
Jio Financial, Zomato and 43 other stocks were announced as new inclusions within the Futures & Options space from November 29 onwards, which will mark the start of the December F&O series.`It is mandatory for a stock to be within the F&O space to be eligible for consideration for an inclusion in the Nifty 50 index.
Nuvama expects potential inflows of $661 million into Zomato in case it is announced as a Nifty inclusion in March 2025. For Jio Financial, it sees inflows worth $403 million.
Zomato, Paytm, Adani Energy among 45 new stocks in expanded NSE F&O list
Stock exchanges on Wednesday, November 13, 2024, announced the inclusion of 45 new stocks in the futures and options (F&O) trading segment, set to be available for trading from November 29. Among notable entrants include Zomato, Jio Financial, Paytm, Delhivery, and Avenue Supermarts, marking a significant expansion in F&O-eligible stocks.
The National Stock Exchange (NSE) clarified that details regarding the market lot size, strike schemes, and quantity freeze limits for these securities will be shared with members on November 28 via a separate circular.
SEBI mulls doubling custodian net worth requirement, tighter compliance norms
The Securities and Exchange Board of India (SEBI) has proposed raising the minimum net worth requirement for custodians to ?1,000 crore, up from ?500 crore, as the volume of client assets managed by custodians has expanded significantly.
Outlined in a consultation paper issued on Wednesday (November 13), the proposal aims to strengthen custodians’ compliance obligations and align them with regulatory frameworks applied to large stock brokers.Custodians serve a critical role in safeguarding assets for institutional clients, including foreign portfolio investors (FPIs) and mutual funds.
SEBI highlighted that the assets held in custody had grown to ?278.5 trillion as of September 30, from ?2.7 trillion in 2002, making their role in the securities market increasingly vital.
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Tax filers increased five times, tax burden on middle class down, claim I-T sources
In a major achievement, government sources on Wednesday, November 13, claimed that the tax burden on individuals earning less than ?20 lakh a year, has come down drastically during the last 10 years, which have been governed by Prime Minister Narendra Modi.
However, on the other hand sources added that there has been a substantial increase in the taxes paid by those having an annual income above ?50 lakh.
Classifying those earning less than ?20 lakh per annum as middle class, sources added that the current government has given them a decent relief when it comes to shouldering the tax burden.
#StartupStreets
SoftBank's Swiggy order leaves it richer by $500 million
SoftBank, the second-largest investor in Swiggy, has once again reaped a handsome return from its India bets. The investment, made through its Vision Fund, has already surged over two-fold in a span of three years after Swiggy’s shares soared 17% on debut.
In April 2021, the SoftBank Vision Fund acquired about an 8% stake in the company at a valuation of $5 billion. However, despite a broader sell-off, the stock of the food-delivery firm rallied 17% from the offer price of ?390, valuing the company at $12.1 billion. That translates to a gain of nearly $500 million for SoftBank in three years. The rupee has depreciated almost 12% against the US dollar since April 2021.
SoftBank, which owns 173 million shares of Swiggy, continues to hold them as it opted out of diluting its stake through an offer for sale (OFS). Swiggy promises significant headroom for growth. “We think there's a long way to go for Swiggy,” said Sumer Juneja, Managing Partner and Head of EMEA & India Investing at SoftBank, during an exclusive interaction with CNBC-TV18’s Shereen Bhan.
#Trump2.0
Trump wins Republican trifecta as GOP retains house majority
Republicans held on to their narrow majority in the US House, giving Donald Trump and his party unified control of the elected branches of government and limiting potential curbs on the incoming president’s power.
The Republican sweep, called by CNN and NBC News on Wednesday, sharply diminishes any hope for Democrats to curtail Trump’s sway over next year’s big fights over trillions of dollars in expiring tax provisions. Trump wants to extend cuts approved during his first term and add new ones he promised on the campaign trail.
Bitcoin rises above $90,000 on Trump euphoria
Bitcoin charged past the $90,000 level on Wednesday, as its relentless rally showed no signs of easing on expectations that Donald Trump as US president and his administration will be a boon for cryptocurrencies.
The world's biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and touched $91,110 - a record high. It was last up 3% at $91,016, marking a 32% rise since the November 5 election.
Smaller peer Ether has similarly soared 37% since election day, while Dogecoin, an alternative token, promoted by billionaire Trump-ally Elon Musk was up more than 150% as the Bitcoin frenzy extended across the crypto landscape.
#PersonalFinance
Children's Day 2024: Insurance and investment plans that can secure your kid’s future
With rising education costs, especially for international studies, it’s crucial for parents to plan ahead. Investing in a child plan is one of the ways to build a dedicated fund for their future needs — be it for education, health, or other essential expenses.
According to Vivek Jain, Head — Investments at Policybazaar, “A child investment plan serves as a proactive tool to build a dedicated fund. Whether it’s for tuition, books, or other educational expenses, these plans help manage inflation and ensure uninterrupted education for the child.”
Children’s Day 2024: Why teens should start investing right away
As we celebrate Children’s Day tomorrow (November 14), let’s focus on the financial habits that can help young people secure a brighter future. Starting to invest at a young age may seem like a distant idea, but it can be one of the best gifts a teenager can give themselves.
Experts agree that the earlier you begin, the more time your money has to grow, setting the foundation for financial freedom in adulthood.
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