FIIs may boost their position in equity markets in FY25; see top sectors and stock choices.

In FY25, FIIs could invest more in the equity markets; see top stocks and sectors for recommendations.

In FY24, global investors contributed Rs 2.08 lakh crore to the domestic equity market and Rs 1.21 lakh crore to the debt market.

Foreign institutional investors' (FIIs') inflows are anticipated to remain high in the fiscal year 2025 due to the economy's strong growth and the pace of profits development. Global investors had previously invested Rs 1.21 lakh crore in the loan market and Rs 2.08 lakh crore in the domestic stock market in FY24. As a consequence, the BSE Sensex, the benchmark stock index, increased by about 25% in the 12 months leading up to March 2024, while the BSE Midcap and BSE Smallcap, two broader indexes, increased by 63% and 60%, respectively.

In the meantime, domestic equities market foreign portfolio investment (FPI) holdings fell to a decadal low of 16.6% in 2023, mostly as a result of a selloff brought on by portfolio underperformance and an increase in US bond rates. Alchemy Capital Management's Head Quant and Portfolio Manager, Alok Agarwal, stated: "FPI inflows in FY24 remained robust, indicating continued foreign investor confidence in the Indian market, even with the decline." Furthermore, domestic mutual funds and direct retail investors have significantly increased their free float ownership of NSE-listed companies, thereby reducing the influence of FPI flows. This has helped to counterbalance the impact of FPI outflows. The rise of retail investors in the domestic stock market has also been instrumental in this regard.

According to him, India is one of the few major economies that has double-digit growth in nominal GDP, double-digit increase in corporate profitability, and double-digit return on equity. "We anticipate sustained strong foreign direct investment (FDI) flows and their subsequent escalation in their market share in India," stated Agarwal.

As of March 15, 2024, FIIs held assets in the Indian financial services industry valued at Rs 18.29 lakh crore. According to NSDL statistics, information technology came in second at Rs. 6.45 lakh crore, followed by oil, gas and consumable fuels at Rs. 5.80 lakh crore, automobiles and auto components at Rs. 4.39 lakh crore, FMCG at Rs. 4.11 lakh crore, healthcare at Rs. 3.62 lakh crore and capital goods at Rs. 2.85 lakh crore.

Geojit Financial Services' chief investment strategist, VK Vijayakumar

"The FPIs were compelled to remain buyers in India due to the robustness of the Indian stock market and the improving macroeconomic conditions in the country. It's likely that this tendency will continue.

"With a consistent flow from domestic institutional investors (DII) and now if steady FII participation resumes, there is potential for India to surpass a 20% weighting in the MSCI EM Index by the second half of 2024 itself," Nuvama Institutional Equities stated in expressing its opinion on the strong inflows of institutional investors.

As of December 2023, FIIs owned a 71.93% holding in CarTrade Tech and a 64.42% investment in Samhi Hotels, according to data provided by Ace Equity. Additionally, they owned 62.71% of Delhivery and 63.72% of Paytm. Additionally, more than 50% of shares in a number of other businesses, including 360 One Wam, Redington, Zomato, Axis Bank, Five-Star Business Finance, Shriram Finance, HDFC Bank, and Max Financial Services, were owned by foreign investors.

Income Tax FY-2025: How to Switch Between New and Old Tax Regimes

Until FY 2019-20 (which concluded on March 31, 2020), there was just one tax system with four tax slabs and rates. The New Tax Regime was implemented in 2020.

Income Tax 2024-25: During the Union Budget hearings for fiscal year 2023-24, Finance Minister Nirmala Sitharaman stated that the new tax structure will be implemented as the default regime. This new tax policy went into effect in 2020. The current laws provide that if taxpayers fail to disclose their choice with their employer, deductions will be handled in accordance with the New Tax Regime.

Union Finance Minister Sitharaman emphasised in her speech on Budget recommendations for Fiscal Year 2023-24 that one of the primary goals of the new income tax system is to give individuals more control over their financial management. Rather than using government incentives or punishments to compel decisions, taxpayers are given significant leeway in deciding how to spend their money. 

Nonetheless, taxpayers who choose to cling to old taxation rules have been granted flexibility by measures in Budget 2023, which allow them to switch between old and new regimes. The frequency with which such transitions occur, however, is dependent on certain forms of income.

Salaried Individual

A salaried individual has the ability to choose between the new and old tax regimes many times during the fiscal year. The new tax system provides fewer tax deductions and exemptions than the previous tax regime, which allowed for different deductions from taxable income under Chapter VI A. Section 80C is a well-known and widely applied deduction. 

Profits from business or profession

Individuals who earn a living from their company or profession, on the other hand, can only make one decision. For example, if a person with business income moves from the old to the new system in FY 2023, they will be ineligible to transfer again. Individuals with company income who opt out of the new tax regime will be unable to opt back in in the future.

How can I switch while submitting an ITR?

The Central Board of Direct Taxes (CBDT) recently issued two new income tax return forms for the Assessment Year 2024-25: ITR-1 (SAHAJ) and ITR-4 (SUGAM). ITR Form 1 now contains the option to pick a tax regime. To opt out of the new tax regime, ITR 4 taxpayers (individuals with business or professional income) must complete form 10-IEA.


Previously, people had to complete Form 10-IE to select the new tax regime. However, Form 10-IE, which allowed people to opt into the new tax system, has been terminated. This amendment attempts to make the new tax regime the default setting beginning in the fiscal year 2023-24. As a result, unless people take particular steps to opt out of the new tax scheme, it will apply automatically.

Old vs. New Tax Regime

Individuals can take advantage of a variety of tax breaks and deductions under the previous tax system. Exemptions and deductions often claimed include home rent allowance (HRA), leave travel allowance (LTA), and deductions under Sections 80C, 80D, 80CCD(1b), 80CCD(2), and more.

New Tax Regime

The exclusions and deductions provided under the Old Regime do not apply to the New Regime. If the taxable income (after all deductions) under the prior regime was less than Rs 5 lakh, the person did not have to pay any tax. 

If your taxable income is less than Rs 7 lakh, the full amount would be tax-free under the new regime.

• Income up to Rs 3 lakh is tax-free.
• Income between Rs 3 lakh and Rs 6 lakh is taxed at 5%.
• Over Rs 6 lakh to Rs 9 lakh, it is 10%.
• Over Rs 9 lakh to Rs 12 lakh, it's 15%.
• Over Rs.12 lakh to Rs.15 lakh, it is 20%.
• Above Rs 15 lakh, it's 30%.

Old Tax Regime

• Income Tax Slabs (Rs) Income Tax Rates (%)
• From 0 to 2,50,000: 0%
• From 2,50,001 to 5,00,000 5%.
• From 5,000,001 to 10,000,000, 20%
• From 10,000,001 and above 30% 

Government to sell 7 lakh tonnes of onions by the end of February in order to lower the price per kilogramme to Rs 35.

Onion prices have been bringing tears as domestic prices stay elevated for over 4 months

In an effort to rein in onion prices, which have increased by 48 per cent, the government is amassing a massive buffer stock, which in November contributed to a higher-than-average inflation rate of 5.55 per cent.

The government has already prohibited the edible bulb's exports because general elections are soon.

"We are continuing to procure the commodity to bring it to 7 lakh tonnes, and we have built up a substantial buffer of 5 lakh tonnes." In order to lower prices, we are also offloading this buffer concurrently. When the buffer runs out in late February, prices should drop to around Rs 35 per kilogramme, and by March, they should return to normal levels of around Rs 20, according to Consumer Affairs Secretary Rohit Kumar Singh, who spoke with Moneycontrol.

As of December 12, the average price of onions throughout India is Rs 55.12 per kilogram.

Up until now, the government has purchased roughly 5.10 lakh tonnes of onions and offloaded 2.72 lakh tonnes in expensive markets through both open markets and direct retail sales to customers.

Data indicates that government-held buffers keep prices under control, giving us a strong buffer to step in further. Then, traders are aware that they cannot control the market, according to Singh.

Export ban

In an effort to keep domestic prices under control, on August 19, the Centre decided to buy an extra 200,000 tonnes of onions from farmers while also enacting a 40 per cent export duty on onions. But because prices did not decline much, on October 29 it also announced a minimum export price (MEP) of $800 per million tonnes (free-on-board basis).

"But even with MEP, we observed that over a lakh tonne of exports were made each month because other neighbouring countries' onion prices remained high," the secretary continued.

The MEP was first implemented on December 31 and was later extended to a complete export prohibition through March 2024.

Delays in Kharif arrivals, export restrictions by Egypt and Turkey, hailstorms during Kharif crops, and high global retail prices as a result of availability worries have all been blamed for the price increase.

After the kitchen staple's retail sale price in the national capital surpassed Rs 80 per kg, while prices in the mandis stayed around Rs 60 per kg, exports of this staple were ultimately outlawed. Since July, the Consumer Price Index basket's onion inflation has been in double digits, with a nearly four-year high of 42.1 per cent in October.

IPOs Coming Up in December 2023: A List of Them

New Delhi: As 2023 comes to an end, a number of companies that have been waiting for the right time to go public will finally announce their initial public offerings (IPOs). All of these companies have already filed their DRHPs to the market regulator, and many of them have already received the final approval.

To see the list of IPOs slated for December 2023, scroll down.

The IPO of Sheetal Universal

With its impending initial public offering (IPO), which is slated to begin on December 4, 2023, and end on December 6, Sheetal Universal is prepared to raise Rs 23.80 crore. The IPO, which has a minimum lot size of 2,000 scrips, is priced at Rs 70 per share. With a possible listing date of December 11, 2023, investors can expect the allotment results to be finalised on December 7, 2023.

The Graphisads IPO

Graphisads is currently taking investments through December 5, 2023, and has already opened for business on November 30, 2023. 48.12 lakh shares, valued at Rs 111 apiece, are offered in the IPO, which has a total market value of Rs 53.41 crore.

The minimum lot size for retail investors is 1,200 scrips, or Rs 1,33,200. December 8, 2023, is when allotment for this IPO is anticipated to occur. On December 13, 2023, the company may list on exchanges.

IPO for Marinetrans India

The subscription period for Marinetrans India's Rs 10.92 crore initial public offering (IPO) is November 30, 2023–December 5, 2023. The company hopes to list on the exchanges on December 11, 2023, and plans to complete the allotment on December 8, 2023.

With 42 lakh newly issued equity included in this offering, investors are closely monitoring it.

IPO for Net Avenue Technologies

56.96 lakh shares are up for grabs in an IPO priced at Rs 10.25 crore by Net Avenue Technology. Beginning on November 30, 2023, and ending on December 4, 2023, is the subscription window.

Investors can anticipate the allotment results on December 7, 2023, and a possible listing date on December 12, 2023, with a minimum lot size of 8,000 stocks priced at Rs 16–18 apiece.

Skip the lines now with Delhi Metro's new QR code-based ticketing service utilising the Paytm Mobile App.

 

Via the Paytm Mobile App, Delhi Metro has introduced QR code-based ticketing, which is a convenient choice for commuters and improves the "convenience of ordering tickets" for travellers throughout its network.

In the Metro Bhavan, this project was launched by Dr. Vikas Kumar, the managing director of the Delhi Metro Rail Company (DMRC), in the presence of Mr. Abhay Sharma, the chief business officer of Paytm.

This new feature allows users to purchase a mobile QR ticket from the 'Metro' area of the Paytm app. On the day of travel, they can easily enter their station of entrance and destination. In order to continue their journey, passengers simply hold their smartphone in front of the QR code scanner at the Automated Fare Collection (AFC) gates at both entry and exit stations. This facility was previously only accessible via the Airport Express Line.

"The introduction of this Paytm-based QR-based ticketing for all Delhi Metro corridors will allow for efficient and trouble-free mobility for thousands of metro commuters in the National Capital, "Vikas Kumar, a doctor, said. Our recent actions to support digital ticketing demonstrate our dedication to the "Digital India" agenda, which aims to deliver government services electronically with improved online infrastructure and inclusivity "Furthermore, he said.

Abhay Sharma stated, "With the use of this technology, Delhi Metro Rail customers would be able to bypass the lines to buy tickets.

Information Systems Q2 Results: Guideline Cut Again Despite Increase in Sales and Profit

Even as the larger Indian IT services industry prepares for a slowdown, Infosys Ltd. has cut its revenue growth projection for fiscal 2024 for a second time.

According to a filing with the market on Thursday, the revenue of the second-largest IT services company in India increased 2.8% over the prior three months to Rs 38,994 crore in the quarter ended in September. This contrasts with the Rs 38,503-crore analyst consensus forecast that Bloomberg tracks.

Infosys Q2 Results: Important Highlights (QoQ)

• Revenue increased by 2.8% to Rs. 38,994 crore from Rs. 37,933 crore (Bloomberg estimate: Rs 38,503 crore).
• EBIT increased by 4.8% to Rs. 8,274 crore from Rs. 7,891 crore (Bloomberg estimate: Rs 8,088 crore).
• EBIT margin was 21.20% as opposed to 20.80% (Bloomberg's expectation was 21%). Net profit increased by 4.5% to Rs. 6,215 crore from Rs. 5,945 crore (Bloomberg estimate: Rs 6,266.50 crore).
• Declared interim dividend of Rs. 18 per share.
• 14.6% versus 17.3% for the attrition rate.

In the July-September quarter, Infosys' sales increased 2.2% sequentially to $4,718 million. In constant currency terms, it increased by 2.3%.

The business has revised its constant currency revenue growth forecast for the fiscal year ending March 31, 2024 to 1-2.5%, down from 1%-3.5% at the end of the preceding quarter. In FY24, it intends to attain operating profitability of 20-22%.

According to Chief Executive Officer Salil Parekh, the IT giant achieved significant transaction wins worth $7.7 billion, its best ever for a quarter, on the back of demand spread across verticals and countries.

In a macroeconomic situation that is uncertain, he said, "This is a testament to our ability to pivot and stay relevant to evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale." "Strong H1 performance with significant large deal wins lays the groundwork for the future." Topaz's growing usage of Generative AI is assisting us in delivering continuous value and expanding market share."

Infosys is the market leader in India's $250 billion IT services industry, which is expected to stall as businesses in the United States and elsewhere cut down on technology to deal with rising interest rates and inflation. Russia's military campaign in Ukraine has also caused economic anxiety for firms.

Infosys, like its larger counterpart Tata Consultancy Services Ltd., is attempting to fuel development through higher-margin digital services.

On Thursday, Infosys shares lost 1.95% to Rs 1,464.55 per share on the BSE, while the benchmark Sensex fell 0.10% to 66,408.39 points. The quarterly results were released after the market closed.

Today's news about Adani Green Energy shares comes after a subsidiary commissions a solar power project in Bikaner.

Following the completion of the commissioning of the whole 150 MW solar power plant at Bikaner, Rajasthan, by the Adani Group company's wholly owned stepdown subsidiary Adani Solar Energy Jaisalmer Two Private Ltd., shares of Adani Green Energy Ltd. are in the news today. Shares of Adani Green Energy closed Friday's trading session 0.15% higher at Rs 960.75 compared to the previous BSE closing of Rs 959.30. The company's market value increased to Rs 1.52 lakh crore. A total of 0.19 lakh shares were exchanged, totaling Rs 1.83 crore in turnover.

In the previous session, the opening price of the Adani Green Energy shares was higher at Rs 960. Shares of Adani Green Energy have dropped 49.14 percent since the start of this year and 56.38 percent over the past year. The stock's beta in the most recent year was 0.9, indicating modest volatility. On November 9, 2022, the large-cap stock reached a 52-week high of Rs 2259.15, and on February 28, 2023, it reached a 52-week low of Rs 439.35.

Technically speaking, Adani Green Energy's relative strength index (RSI) is at 39.4, indicating that the stock is neither overbought nor oversold. Shares of Adani Green are now trading below the 150-day moving averages, but above the 5-20-50-100-200-day moving averages.

The project has been given the go-ahead to manufacture its own electricity for sale to consumers or on power exchanges.

Reliance Retail will acquire the South Asian licences of UK-based Superdry.

MUMBAI: Reliance Retail Ventures will pay 40 million pounds to purchase the ailing I-JK-based Superdry brand and related trademarks in three Asian countries.

The Superdry brand, trademarks, and other intellectual property assets encompassing India, Sri Lanka, and Bangladesh will be transferred to a new entity in which Reliance Retail's indirect subsidiary, Reliance Brands Holding I-JK, would control 76% and Superdry Plc will keep 24%.

Reliance Retail's relationship with Superdry dates back to 2012, when the former acquired the I-JK-based clothier's India franchise rights. According to a filing with the London Stock Exchange, Superdry will invest around 10 million pounds in the new entity, which will be offset by the 40 million pounds received from Reliance Retail.

Superdry's intellectual property assets encompassing the three South Asian areas accounted for around 1.8% of total sales in the fiscal year ending April 30, generating approximately 11 million pounds in revenue and 2.6 million pounds in operating profit, according to the company.

According to Superdry, the agreement with Reliance Retail will also involve intellectual property rights for its new designs. It thinks that the acquisition would give its brand with the "greatest chances" in South Asia, allowing it to "concentrate on building its brand and generating sales in its more established areas, where it has the most experience."

Reliance Retail, owned by billionaire Mukesh Ambani, has over 18,000 outlets in India, offering over 50 distinct fashion brands. In India, it also holds the intellectual property rights for the Gas and Iconix brands. Iconix represents 23 brands, including Ed Hardy, London Fog, Umbro, and Hydraulic.

Julian Dunkerton and James Holder founded Superdry after visiting Tokyo in 2003. The arrangement with Reliance Retail would also assist the British firm enhance its liquidity, strengthen its balance sheet, and support its continuing working capital requirements as part of its recovery strategy, according to the company.

IDFC First Bank's QIP for Rs 3,000 crore is expected to begin today; check the pricing

Unidentified sources told CNBC TV18 that IDFC First Bank is set to raise Rs 3,000 crore through a qualified institutional placement (QIP) on October 3. A green shoe option will be included in the issue. The QIP price is expected to be around Rs 90-91 per share, representing a 3-4 percent reduction to the October 3 closing price of Rs 94.25.

The QIP's bankers include a mix of domestic and foreign corporations. In the annual general meeting (AGM) conducted in August of this year, shareholders authorised money raising.

IDFC First Bank also announced a QIP in 2021, at an issue price of Rs 57.35 per share. The bank distributed 52.31 crore equity shares to qualifying institutional buyers for a total of Rs 3,000 crore.

Technical Details

IDFC Bank is trading lower than its 5-, 10-, and 20-day moving averages, but higher than its 50-, 100-, and 200-day moving averages. The private lander's market capitalization is Rs 63,291.9 crore, and the company's one-year beta is 1.29, suggesting strong volatility.

In comparison to the Nifty 50's 16.1 percent one-year gain, IDFC First Bank increased 97.2 percent in the same time period, nearly tripling investors' wealth. According to Trendlyne statistics, the bank's stock outperformed its industry by 54.37 percent in the previous year. The RSI for the stock is 56.7, suggesting that it is neither overbought nor oversold.

Promoters owned 39.9 percent of the bank as of June 2023, while DIIs and FIIs owned 20.9 and 11.7 percent, respectively. The general public owned 27.5 percent of the lender.

The majority of the year's gains happened in the last six months, when IDFC First Bank increased by 71.68 percent. The currency closed for trading on October 3 at Rs 100.7, down 6.4 percent from its 52-week high.

Zomato surges 72% this year, nears 52-week high on ICC World Cup booster

Zomato share price has soared around 67 percent in the past one year. Technicals show that the relative strength index of the stock stands at 61.3, implying that it's trading neither in the overbought nor in the oversold territory

 The share price of Zomato jumped around 2.5 percent on Tuesday to an intraday high of Rs 104.30 on the NSE amid positive outlook on account of the ICC Men's World Cup 2023. The stock has rallied over 70 percent so far this year, and is just shy of its 52-week high of Rs 105.

Zomato could be the biggest beneficiary of the World Cup in the post-Covid era, said Karan Taurani, Senior Vice President - Research Analyst at Elara Capital, said in an interview with CNBC-TV18.

“If you look at the market share numbers over the last 3-4 years, pizza has lost market share as a category within the overall QSR chain. It's a win-win for burger, fried chicken for aggregators like Zomato, over the near to medium-term,” Elara Capital's research analyst said.

ICC World Cup boost 

According to Taurani, during World Cup 2011 and 2019, Jubilant FoodWorks, operator of Domino's Pizza in India, would have been the biggest beneficiary because of its best user experience in terms of delivery. This time, however, he believes  that Zomato could be the one. “We have seen adoption wherein delivery of food has moved to other categories and not just pizza. Zomato is able to replicate or even do better as compared to Jubilant in terms of the overall delivery experience.”

Increased orders and restaurant partnerships

According to brokerage firm Motilal Oswal, Zomato, as an online food delivery platform, may experience increased orders and restaurant partnerships during the ICC World Cup, especially for home-viewing parties. They can leverage marketing campaigns and special offers to attract more users.

Zomato Technicals

The Zomato stock has soared around 67 percent in the past one year. Technicals show that the relative strength index (RSI) of the stock stands at 61.3, implying that it's trading neither in the overbought nor in the oversold territory.

The one-year Beta of Zomato stands at 1.61, implying very high volatility. The stock is trading above its 5-day, 10-day, 20-day, 50-day, 100-day and 200-day moving averages, according to Trendlyne data.

Dhanlaxmi Bank zooms 12% on robust quarterly update

 

Dhanlaxmi Bank soared stock over 12 percent in afternoon trade on October 3 after the lender posted a robust quarterly update, sparking hopes of strong earnings performances in the September quarter.

Total deposits for the lender rose 8.2 percent in July-September to Rs 13,789 crore, up from Rs 12,748 crore in the same quarter of the previous fiscal.

Gross advances also grew 13.2 percent to Rs 10,312 crore as against Rs 9,109 in the corresponding quarter of the base fiscal.

The update triggered hopes of healthy earnings in the September quarter, which prompted investors to lap up shares of Dhanlaxmi Bank.

At 12.54 pm, Dhanlaxmi Bank was trading 11.5 percent higher at Rs 32.50 on the National Stock Exchange.

The uptick in the stock price was also accompanied by strong volumes, as one crore shares had changed hands by early afternoon, significantly higher than the one-week daily traded average of 22 lakh shares.

The stock has also been a multibagger, delivering nearly 170 percent returns in the past year as it rode on the bullish wave seen across the PSU bank sector.

Regardless, the lender was caught in a controversy in September when independent director Sridhar Kalyanasundaram stepped down from his position. He cited concerns regarding the unethical conduct of the bank's operations and internal factionalism among the board members, among other issues.

Kalyanasundaram also pointed out that the bank's board had received numerous complaints, both anonymous and signed but had consistently chosen to dismiss them as "the habit in this bank over time".

Consumer Court Fines Flipkart Rs 20,000 for Canceling Customer’s Order

In a significant judgment, a consumer court in Berhampur, Odisha, has imposed a fine of Rs 20,000 on the leading e-commerce company, Flipkart, for canceling a customer's order and directed the penalty amount to be given to the aggrieved customer.

After a long legal battle, Gandhi Behera emerged victorious against Flipkart, bringing him relie after a year of struggling for justice. Flipkart has promptly handed him a cheque for Rs 20,000, as per reports.

According to the complaint, Gandhi spotted a pair of shoes on Flipkart's platform while browsing. Originally priced at Rs 4,999, the shoes were available at a discounted price of Rs 975. Without any hesitation, Gandhi placed an order for the shoes online and eagerly awaited their delivery.

However, his excitement turned into disappointment when he discovered that Flipkart had canceled his order the following day. A dejected Gandhi attempted to contact the company's helpline and express his grievances but was met with rejection. Nobody was willing to hear his complaints regarding the cancellation of his order.

Havmg grown frustrated with his attempts to resolve the matter, Gandhi approached the National Consumer helpline, which advised him to file a complaint with the local consumer court. Following this advice, Gandhi approached the Ganjam District Consumer Court and lodged a complaint against Flipkart. In his complaint, he accused Flipkart of promoting fake offers to entice customers, canceling orders without customers' consent, and causmg mental distress. After a thorough evaluation of the case, the district court acknowledged and defended Gandhi's rights as a customer, imposmg a penalty of Rs 20,000 on Flipkart. In compliance with the court's orders, Flipkart promptly presented Gandhi with a cheque for Rs 20,000, according to repotts.

An Amitabh Bachchan advert has landed Flipkart in big trouble with mobile phone retailers

 Synopsis

Smartphone retailers have accused Flipkart of misleading buyers with an advertisement featuring Amitabh Bachchan, claiming that online platforms offer better deals. In the advertisement, Bachchan says that the mobile deals offered by Flipkart will not be available at retail stores. The All India Mobile Retailers Association has written to leading smartphone brands, asking them to clarify that these statements are not accurate.

 

Smartphone retailers have called out an advertisement by Flipkart featuring Amitabh Bachchan which they allege misleads buyers into believing online platforms offer better deals this festive season. In a Hindi advertisement by the online retailer, aired to promote its upcoming festive sales, the film star could be heard saying that the kind of mobile deals Flipkart is offering will not be available at retail stores.

Reacting to the advertisement, the All India Mobile Retailers Association (AIMRA), which represents 150,000 mobile retailers, has written to leading smartphone brands to highlight the issue and also ask the brand heads to “issue either a joint or individual statement in prominent news media outlets, publicly clarifying that these statements are not accurate.”

“Our purpose in addressing you is to express our deep concern and disappointment regarding the recent wave of derogatory advertisements that have been proliferating across various online platforms, social media, and print media. These advertisements have been influencing the buying behaviour of customers through false and misleading statements, such as the one promoted by Flipkart with the endorsement of the mega star, Mr. Amitabh Bachchan, stating, ‘yeh Dukan per nahin milne wala’ (This will not be found in stores),” AIMRA said in its letter to smartphone brands. ET has reviewed copies of the letter.

Flipkart, meanwhile, has made the ad private on YouTube. Emails to the company did not elicit a response till press time.

Commercial LPG prices increased by Rs 209 per cylinder, while ATF prices increased by 5%.

Indian Oil Corporation Limited, a state-owned oil and gas firm, has raised the price of commercial Liquefied Petroleum Gas (LPG). The price has risen by Rs 209 per cylinder. The revised rates will go into effect on October 1. The price of home LPG has remained unchanged.

On October 1, the retail price of 19 Kg commercial LPG cylinders in Delhi would be Rs 1731.50 per cylinder.

LPG is widely utilised as a vehicle fuel, cooking gas, for heating and refrigeration, and even in some high-end industrial operations.

The price of jet fuel, also known as aviation turbine fuel (ATF), was raised by 5%, marking the fourth consecutive monthly rise since July, in keeping with the firming witnessed in worldwide benchmarks.

In August of this year, the Union Cabinet ordered a cut in liquefied petroleum gas (LPG) rates for all 330 million consumers in the country.

"All home LPG cylinder users would receive a Rs 200 subsidy each cylinder." Also, consumers under the PM Ujwala programme would receive this subsidy in addition to the existing subsidy," stated Union Information and Broadcasting Minister Anurag Thakur during a Cabinet briefing on August 29.

The extra subsidy on LPG cylinders was implemented immediately as a Raksha Bandhan and Onam present, according to the minister. As a result, the subsidy for Ujjwala recipients is now Rs 400 per LPG cylinder.

The government also authorised 7.5 million new Ujjwala connections, bringing the total number of Pradhan Mantri Ujjwala connections to 7.5 million.

On September 29, IOCL was again in the headlines for sanctioning two joint ventures with private sector firms to establish compressed biogas (CBG) facilities.