One of my market gurus recently told me, &ldquo;There are two things that you don&rsquo;t fight &mdash; you don&rsquo;t fight liquidity and you don&rsquo;t, in general, fight central banks.

Jamal Mecklai: What was that bearded man thinking?

Business Standard

The turbulence in global markets over the past few years feels like it&rsquo;s been more intense than ever before. Confirming this visceral sense, medium-term market volatility (measured by the five-year average of the volatility index, or VIX) is at an all-time high (of 25.96).

Jamal Mecklai: There's more global turbulence to come

Writing columns is a funny business. Sometimes it just pours out smoothly, with no effort, and it&rsquo;s as if you never did a thing. Other times, it&rsquo;s a real pain as you struggle to come up with ideas that may be meaningful and then you struggle to communicate them as well as you can.

Jamal Mecklai: Nandan Nilekani ki jai

Banks and large corporate treasuries routinely use movements in interest rates and forward premiums (which are really interest rates in themselves) to capture arbitrage-type gains for both their trading and hedging books. While these are not strictly arbitrage gains (like those obtained by, say, selling non-deliverable forwards and buying onshore, or between the over-the-counter and futures markets), they are quite easily visible and, often, appear there for the taking.

Jamal Mecklai: Getting more out of the FX market

There were a lot of glittering assets at the Fashion Week that just finished &mdash; which, amongst other things, turned my mind to those other glittering assets that India has in such abundance.

Jamal Mecklai: Those glittering assets

The sharp collapse in the rupee in late 2011 created a sea of red ink on corporate balance sheets. Despite this trauma &ndash; and similar ones suffered with gruesome regularity over the years &ndash; companies continue to access external commercial borrowing (ECB) aggressively.

Jamal Mecklai: The conundrum of FX borrowings

It is ironic that just as several countries in West Asia are embracing some form of political self-determination, democracy is having a hard time in most countries where it has been the defining political process for decades.

Jamal Mecklai: A brave new world?

Ever since the RBI pulled down the gates on long USD positions by banks on December 15, and more particularly after the year turned, the rupee has been acting strangely. Not content with simply strengthening when the dollar is weak, it has been putting on a kick even when the dollar is strong &mdash; behaving quite anomalously, I thought.

Jamal Mecklai: The anomalous strength of the rupee

Days after Zakir Hussain was laid to rest at a San Francisco cemetery, the family of the tabla maestro shared a moving post on his official Instagram account on Sunday.
It marks the first post on the social media page of Hussain since his death at a San Francisco hospital early last week due to complications arising from idiopathic pulmonary fibrosis, a lung disease. He was 73.
The undated black-and-white picture shows the hands of Hussain, his wife Antonia Minnecola, daughters Anisa Qureshi and Isabella Qureshi held tightly together.
"Always together in love," read the caption of the post, tagging the four members of Hussain's kin.
One of the world's most accomplished percussionists, Hussain was laid to rest at the Fernwood cemetery in San Francisco on Thursday.
Hundreds of his admirers gathered at his funeral to pay their last respects. Sivamani and several other musicians played drums a little distance away to pay him a tribute.
The celebrated musician, one of India's most ...

Zakir Hussain, Zakir

Fundraising via IPOs in India hit another landmark as economic growth, favourable market conditions and improvements in the regulatory framework helped companies raise a record Rs 1.6 lakh crore in 2024, while the pipeline for the next year holds out bigger promise.
This exceptional year not only reflected the confidence of issuers but also highlighted investors' eagerness to seize listing-day gains or back companies with strong long-term growth potential.
The year was marked by Hyundai Motor India's historic IPO, the largest in the country's history, which raised Rs 27,870 crore.
Companies of varying market capitalisations -- large, mid, and small -- tapped into the IPO route in 2024, with the average issue size rising significantly from Rs 867 crore in 2023 to over Rs 1,700 crore in 2024.
The exceptional vibrancy of the IPO market was evident, with December alone seeing at least 15 launches.
"Rising retail participation, strong domestic inflows and active participation by FPIs (

ipo market listing share market

India and Sweden can deepen their collaboration in innovation and green technology with a focus on addressing global climate challenges through sustainable industrial practices and renewable energy solutions, Swedish officials said.
Officials of the Embassy of Sweden and Business Sweden, during an interaction with PTI, emphasised the shared potential for innovation and large-scale implementation of sustainable practices.
"Sweden is a leader in green technologies while India has unparalleled capacity for large-scale implementation of the same. Together we can explore technologies like green hydrogen, carbon capture and circular economy practices," said Christian Kamill, Deputy Head of Mission, Embassy of Sweden.
He highlighted areas like green hydrogen, carbon capture and circular economy practices as promising avenues for collaboration.
Kamill also pointed to Sweden's strides in renewable energy and transport electrification, noting that over 50 per cent of Sweden's energy already 

Climate change, global warming

The captain has not been in his best touch, particularly while batting at No. 6, raising doubts about his future in Test cricket.

Rohit Sharma

After two weeks of buying, FPIs turned net sellers in Indian equities this week, with a net withdrawal of Rs 976 crore amid a strengthening US dollar and steady rise in US 10-year bond yields, impacting investor sentiment.
Foreign Portfolio Investors (FPIs) began the week on a positive note, investing Rs 3,126 crore in equities during the first two trading sessions (December 16-20).
However, the trend reversed in the latter half of the week, with FPIs offloading equities worth over Rs 4,102 crore in the subsequent three sessions. This resulted in an overall net outflow of Rs 976 crore during the week, data from National Securities Depository Limited showed.
Despite this short-term reversal, the broader December trend remains positive. FPIs have infused Rs 21,789 crore into Indian equities so far this month, reflecting continued confidence in India's economic growth potential and its resilient markets.
FPIs adopted a cautious approach due to the US Fed meeting and uncertainty about 

Foreign portfolio investor exodus: Financial sector bears the brunt, FPI

GST Council addresses disaster levy, clarifies tax exemptions, and revises ITC norms, while deferring insurance premium GST cut and key rate rationalisation decisions

GST council meeting

Bihar's Deputy Chief Minister Samrat Chaudhary said another meeting of the GoM is scheduled for January before the proposal is reintroduced to the GST Council

Amid controversy over Home Minister Amit Shah's remarks on Ambedkar, Kejriwal launches Dr Ambedkar Samman Scholarship, pledging support for Dalit students pursuing studies abroad

Kejriwal, Arvind Kejriwal

The accumulated losses of state public sector enterprises (PSEs) rose from Rs 3,953.70 crore in 2020-21 to Rs 4,778.70 crore in 2022-23, while the profit earned by 13 SPSEs stood at Rs 20.21 crore as on September 30, 2023, according to a report by the Comptroller and Auditor General (CAG) on finances tabled in the Assembly on Saturday.
The net worth of nine out of these 14 PSEs has been completely eroded by losses and their worth was (-) Rs 1,932 crore against an equity investment of Rs 2,085.59 crore, while three PSEs have outstanding government loans amounting Rs 3,132 crore, the report said.
Himachal Pradesh State Electricity Board topped the list of loss making enterprises with accumulated losses of Rs 1,809.61 crore, followed by Himachal Pradesh Road Corporation at Rs 1707.12 crore, HP Power Corporation at Rs 552 crore, Himachal Pradesh Power Transmission Corporation at Rs 395.91 crore, HP Financial Corporation at Rs 180.97 crore, State Forest Corporation at Rs 113.04 crore, HPM

The Centre may overshoot the Rs 56,260 crore target for dividend receipts from central public-sector enterprises (CPSEs) set for FY25 and is likely to end up getting around Rs 65,000 crore this financial year, according to a senior government officia

IIM Calcutta is likely to announce CAT 2024 results soon. The Institute has already released the final answer key and the objection window was opened on December 5, 2024

IIM Calcutta concludes summer placements with 100% placements, 570 offers

IIM Calcutta, IIM C,

Sri Lanka has announced that they will lift the vehicles import ban which was put in place in 2020 to ease the pressure on foreign exchange reserves due to the COVID-19 pandemic.
By the gazette issued on Wednesday the importation of public transport vehicles have been allowed for the first time since early 2020.
The Ministry of Finance said the policy to ban vehicle imports was implemented with the intention of easing the pressure on foreign exchange reserves due to the COVID-19 pandemic and the economic downturn of 2022.
President Anura Kumara Dissanayake addressing Parliament on Wednesday said the importing cars for private use will be allowed from February 2025.
However, the decision is subject to rules so as to protect the island nation's effort to build foreign reserves.
All importers must sell their imports within three months, if not a three per cent fee would be charged.
These conditions have been imposed with the intention of safeguarding foreign exchange reserves of the

Sr Lanka, Sri lanka flag

cyber security courses

The Samajwadi Party's Sambhal MP Ziaur Rehman Barq was booked by the Uttar Pradesh Police on Thursday for alleged theft of electricity at his residence in the Deepa Sarai neighbourhood here.
The parliamentarian was booked under Section 135 of the Electricity Act, 2003, (theft of power or unauthorised use of electricity).
"On checking the meter of the consumer received from the electrical testing laboratory, it is clear that electricity theft has been done by bypassing the meter and using electricity illegally," stated the FIR lodged on a complaint by a power department official.
The department inspected the Sambhal MP's residence on Thursday morning amid heavy security.
Barq is among those booked by the police in connection with the November 24 violence that led to the death of four locals in a clash with security personnel during a court-ordered survey of the Mughal-era Shahi Jama Masjid in the city's Kot Garvi area.
He has filed a writ petition in the Allahabad High Court, seeki

electricity

The Andhra Pradesh High Court has upheld the right of a lesbian couple to live together, affirming their freedom to choose partners.
A bench comprising Justices R Raghunandan Rao and K Maheswara Rao was hearing a habeas corpus petition filed by Kavitha (name changed), one of the women, alleging that her partner Lalitha (name changed) was detained by her father against her will and kept her at his residence in Narsipatnam.
The Court on Tuesday further directed the parents of Lalitha not to interfere with the relationship of the couple, asserting that their daughter is a major and can make her own decisions.
The couple has been "living together" for the past one year in Vijayawada.
Based on a missing complaint by Kavitha earlier, police traced Laitha at her father's home, and rescued her. After that, she was kept at a welfare home for 15 days though she pleaded to the police that she is a major and wants to live with her partner.
Lalitha also lodged a complaint against her father in

LGBTQ

The Banning of Unregulated Lending Activities Bill calls for the CBI to handle probes in cases spanning multiple states or UTs

The Centre, in collaboration with states, has proposed to classify unregulated lending as a cognizable and non-bailable offence, with penalties including imprisonment of up to 10 years. The finance ministry has invited feedback by February 13 from st

The latest Economic Survey said, India has to find the right balance between importing goods from China and importing capital (FDI) from China

How policymakers are split over attracting Chinese investment into India

The official further noted that this year's Budget consultations are particularly significant due to the political outcomes of recent state elections

Nirmala Sitharaman, Nirmala

Congress calls FIR against Rahul Gandhi over Parliament scuffle a 'badge of honour', alleging BJP's vendetta and diversionary tactics to counter his protest against Amit Shah's Ambedkar remarks

Rahul Gandhi, Rahul, congress leader

The Opposition Congress has doubled down on its demand for Home Minister Amit Shah's resignation, citing his comments on B R Ambedkar

Rahul Gandhi, Rahul, Congress leader, Priyanka Gandhi, Priyanka

Jamal Mecklai

Jamal Mecklai

Page 4 - Jamal Mecklai

Jamal Mecklai: What was that bearded man thinking?

Jamal Mecklai: There's more global turbulence to come

Jamal Mecklai: Nandan Nilekani ki jai

Jamal Mecklai: Getting more out of the FX market

Jamal Mecklai: Those glittering assets

Jamal Mecklai: The conundrum of FX borrowings

Jamal Mecklai: A brave new world?

Jamal Mecklai: The anomalous strength of the rupee

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Zakir Hussain's family shares first Instagram post after his death

IPO boom: Record Rs 1.6 trn raised in 2024; bigger gains expected in 2025

India, Sweden can strengthen ties in climate solutions: Swedish officials

IND vs AUS: Injury scare for Rohit Sharma ahead of Boxing Day Test

FPIs pull out Rs 976 crore from Indian equities amid rising dollar

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55th GST Council takes key decisions, defers rate cuts on insurance premium

GST Council defers decision to reduce tax on health, life insurance

Kejriwal launches Dr Ambedkar scholarship amid row over Amit Shah's remarks

FPIs pull out Rs 976 crore from Indian equities amid rising dollar

Losses of Himachal's 30 PSEs rose from Rs 3,953 cr to Rs 4,778 cr: CAG