Latest news with #PLI
The Journal
2 days ago
- Business
- The Journal
Where was the winning EuroMillions ticket sold? That's a closely guarded secret (for now)
THE LOCATION OF the retailer where the winning EuroMillions ticket was sold is being kept a closely guarded secret for now, the National Lottery has said. The recording breaking jackpot of €250 million — far surpassing the previous record of €175 million in 2019 — was won last night by an Irish ticket holder. The winning numbers are 13, 22, 23, 44, 49, with Lucky Stars 3 and 5, and the ticket was sold in a retail shop and not online. 'We've a lot of processes in place in the National Lottery and we're really going through our due diligence at the moment,' Lotto spokesperson Darragh O'Dwyer told The Journal . 'There's only a select few that do know the exact location [where the ticket was sold], and we will be releasing that to the public over the coming days.' Although that might narrow it down, the true identity of the winner or winners may never be known: Advertisement 'There's no obligation for any winner to go public. 'In the National Lottery, we take that absolutely seriously, that whatever a winner decides to do, whether they decide to go public or remain private, we'll absolutely respect that decision.' The Journal / YouTube O'Dwyer added that the claims team were 'well-versed' in handling big wins like this, but that due to the fine print of its government licence, the Lottery can't provide further advice to the winner in areas such as financial planning, legal counsel, or mental health support. As their first action, the holder of the winning ticket is advised to sign their ticket, then contact the National Lottery's claims team by phone or email to confirm their big win. Premier Lotteries Ireland (PLI), the operator of Ireland's National Lottery, is owned by French gambling company Française des Jeux (FDJ). It was purchased from its three main shareholders — Ontario Teachers' Pension Plan from Canada, An Post and An Post Pension Fund — in 2023 . PLI made a loss of more than €7 million in 2023 due to restructuring costs. From sales worth close to €830 million , €478.8 million was distributed in prizes, and just shy of €230 million to good causes . Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Time of India
2 days ago
- Business
- Time of India
Israel-Iran tensions spark oil price worry for India: CEA
Chief Economic Adviser V Anantha Nageswaran has warned that the ongoing Israel-Iran conflict could pose risks to India's energy security due to rising crude oil prices. Despite global geopolitical uncertainty, he said India's economy remains resilient—supported by effective diplomacy, strong growth, and initiatives like the PLI scheme. Show more Show less
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Business Standard
2 days ago
- Business
- Business Standard
India's 6.5% GDP growth in FY25 'creditable' amid global headwinds: CEA
Chief Economic Adviser V Anantha Nageswaran on Wednesday said India has managed to maintain a healthy growth rate despite global economic and political volatility, calling it a 'creditable achievement'. Speaking to news agency ANI in Thiruvananthapuram, Nageswaran said, 'The global context has become uncertain and complex. Economic and political conditions have turned unfavourable for growth. Given these situations, the Indian economy has maintained a good growth rate in 2024-25 at 6.5 per cent.' For 2025-26, the government projects GDP growth in the range of 6.3–6.8 per cent. Growth gap with developed nations widens Nageswaran noted that the gap between India's growth rate and that of developed economies is now significantly wider than it was during the 2003-08 high-growth phase, when India expanded at 8-9 per cent. 'To achieve 6.5 per cent on a steady basis in this environment is a creditable achievement. India is poised to maintain that track record,' he said. He attributed the performance to continuity in policy. 'The current government came out with important policy measures in the last two Budgets. If we are able to move faster and convey a sense of dynamism, then chances are high that we can even improve on our growth rate in the coming years,' Nageswaran said. PLI scheme driving self-reliance and exports Highlighting the production-linked incentive (PLI) scheme, Nageswaran described it as a key driver of self-reliance and manufacturing competitiveness. 'The PLI scheme has done well. It has improved our sense of aatmnirbharta (self-reliance) in many sectors. From nothing to today, we are exporting between $10 billion and $15 billion worth of mobile phones,' he said. He added that domestic capacity had been built in several renewable energy-related product areas. 'This scheme focused minds on what we need to have a forceful manufacturing process in the world.' Geopolitical risks remain a concern Nageswaran cautioned about the potential economic impact of geopolitical tensions, particularly in West Asia. 'The current conflict between Israel and Iran may not be too good for us. In the last week, crude oil prices have risen to about $73–74 per barrel. This raises essential risks for India,' he said. However, he pointed to the Indian economy's past resilience. 'In 2022, when the Russia–Ukraine war started, crude oil prices went above $100 per barrel. Yet the Indian economy was able to sustain a 7 per cent growth rate.' Tariffs not a major threat to exports, says CEA On the outlook for trade, Nageswaran said changes in tariffs should not automatically be seen as detrimental to Indian exports. 'Ultimately, it also matters what tariff rates India's competing countries get. It is premature to say that tariffs will make our exports difficult for now,' he said. RBI maintains 6.5 per cent GDP growth forecast for FY26 The Reserve Bank of India also maintained its GDP growth forecast for FY26 at 6.5 per cent at its last monetary policy meet. The central bank cited continued strength in investment activity, healthier balance sheets across sectors, robust government capital spending, and a favourable outlook for agriculture as key drivers of growth.
Mint
2 days ago
- Automotive
- Mint
Eicher, Maruti to TVS Motor: Auto stocks jump up to 2% on reports India may turn to Australia for rare-earth magnets
Auto stocks, including Eicher Motors, TVS Motor Company, and Maruti Suzuki, jumped up to 2% in Wednesday's trade, even as frontline indices remained range-bound. The strength in auto shares followed reports that India is looking to Australia as an alternative source for rare-earth magnets, aiming to reduce its dependence on China, which has imposed restrictions on these critical materials used in automobiles, defence, semiconductors, and other industrial products. Shares of Eicher Motors, TVS Motor Company, and Maruti Suzuki India rose by up to 2% intraday. Other constituents from Nifty Auto index such as MRF, Mahindra & Mahindra, and Bosch also rebounded from their intraday lows and were trading in the green. Sources told CNBC-TV18 that India is considering ramping up imports of rare-earth materials from Australia while also boosting domestic production under the National Critical Minerals Mission. Initiatives may include scaling up output, promoting recycling through circular economy models, and exploring support for mining beyond the existing Production Linked Incentive (PLI) scheme. From June onward, all mining operations will also be required to test their waste material for traces of critical minerals, the report stated citing the above sources. In April, China imposed restrictions on the export of seven key rare earth elements: samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium. These elements are essential in producing magnets like neodymium iron boron (NdFeB) and samarium-cobalt (SmCo), which are used in various applications, including EVs. While Washington had anticipated a rollback of these April controls following a 90-day tariff reprieve agreement in mid-May, U.S. officials indicated after trade talks in London last week that Beijing may soon ease rare earth export limits. China remains the dominant force in the global critical minerals supply chain, accounting for roughly 60% of rare earth production and nearly 90% of processing. Since Beijing imposed these restrictions, India has been actively responding through diplomatic channels—including discussions led by the Indian embassy—and by diversifying supply chains. These efforts include sourcing from countries like Australia, increasing local production through Indian Rare Earths Ltd., and fostering innovation in the private sector. Earlier, Commerce and Industry Minister Piyush Goyal had called China's rare earth export restrictions a global "wake-up call," highlighting the risks of over-reliance on a single supplier. Despite India being heavily dependent on China for rare-earth magnets—currently importing nearly 80% of its requirement—the impact on auto stocks has remained limited. This is due to over 95% of vehicles sold in India are still powered by internal combustion engines (ICE). Rare-earth metals are primarily used in hybrid passenger vehicles and electric two-wheelers. However, EV adoption in India is still at a nascent stage, with penetration at just 7% for two-wheelers and 3% for passenger vehicles, according to Nuvama Institutional Equities. Although electric vehicle (EV) sales have grown at a strong compound annual growth rate (CAGR) of 25% between FY23 and FY25, this growth comes off a low base. Therefore, even if sales slowdown, the overall impact on the Indian auto sector is expected to be limited. Most EVs use Permanent Magnet Synchronous Motors (PMSMs), which rely on rare-earth magnets to maintain a stable magnetic field—especially under high temperatures. The use of PMSMs is significantly higher in EVs compared to hybrid or ICE vehicles. According to the report, the average rare-earth magnet usage per vehicle is about 0.8 kg for electric vehicles, 0.5 kg for hybrid vehicles, and only 0.1 kg for ICE vehicles. Thus, the impact of Chinese export restrictions will be highest on electric passenger vehicles, followed by hybrid passenger vehicles, and then electric two-wheelers. Conventional ICE vehicles will face minimal impact. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Business Standard
3 days ago
- Business
- Business Standard
Stock Market LIVE: GIFT Nifty hints at weak open; Asia mixed; US Fed decision, Israel-Iran war eyed
Sensex Today | Stock Market LIVE on Wednesday, June 18, 2025: Around 7:30 AM, GIFT Nifty futures were trading 38 points lower at 24,831, indicating a negative start for the bourses. 7:43 AM Stock Market LIVE Updates: Japanese team to visit India to aid battery industry with technology Stock Market LIVE Updates: A Japanese delegation comprising senior government officials and industry representatives will visit India in the first week of July to help the country with its 30 gigawatt hour (GWh) advanced chemistry cell (ACC) battery production by providing technology support, a senior Japan embassy official said here. This comes against the backdrop of three beneficiary firms — Reliance New Energy, Ola Cell Technologies, and Rajesh Exports — facing initial hurdles in meeting timelines for setting up 30 GWh capacity under the production-linked incentive (PLI) ACC scheme. While Ola Cell Technologies installed 1.4 GWh capacity against 20 GWh, the other two have not made any progress. READ MORE 7:39 AM Stock Market LIVE Updates: ONGC set to foray into imported liquefied natural gas business by Q4FY26 Stock Market LIVE Updates: State-run Oil and Natural Gas Corporation (ONGC) is all set to foray into the imported liquefied natural gas (LNG) business by the fourth quarter of 2025-26 (Q4FY26), sourcing gas from Henry Hub or West Asia on spot deals to cater to the city gas distribution (CGD) sector, a senior ONGC official said. Henry Hub is a natural gas pipeline hub located in Erath, Louisiana. The company is planning to source 3 million tonnes per annum (mtpa) of LNG by FY27, with the option to go for long-term, low-priced sourcing deals, said Arunangshu Sarkar, director of strategy and corporate affairs at ONGC. Through this, the company will come in direct competition with players like GAIL (India) and Petronet LNG. ONGC already has a 12.5 per cent stake in Petronet along with partners like Bharat Petroleum Corporation Ltd (BPCL), GAIL (India), and Indian Oil Corporation Ltd (IOCL), who too hold the same amount of stake each. 7:37 AM Stock Market LIVE Updates: Zee Entertainment gains depend on advertising revenue recovery, fund usage Stock Market LIVE Updates: The board of directors of Zee Entertainment Enterprises (Zee) approved the issuance of up to 169.5 million fully convertible warrants to promoter entities- Altilis Technologies and Sunbright Mauritius. These are convertible within 18 months of allotment at ₹132/warrant (2.6 per cent premium to the Sebi floor price). While 25 per cent of the warrant price is to be paid up front, the balance 75 per cent is to be paid on conversion. This issue is subject to shareholders' approval on July 10. On full conversion, the warrants will increase equity by 17 per cent and thus dilute earnings per share or EPS, if fund deployment doesn't yield satisfactory returns. READ MORE 7:36 AM Stock Market LIVE Updates: Mumbai-based True North on Tuesday exited Zydus Wellness by divesting its entire 7.27 per cent stake in the company while PPFAS Mutual Fund acquired the shares for Rs 879 crore through an open market transaction. Private equity firm True North, through its affiliate Threpsi Care LLP, offloaded 46.27 lakh shares or 7.27 per cent stake in Zydus Wellness, as per the block deal on the National Stock Exchange (NSE). The shares were sold at an average price of Rs 1,900 apiece, taking the transaction value to Rs 879.15 crore. Meanwhile, Parag Parikh Financial Advisory Services (PPFAS) mutual fund purchased the shares. READ MORE 7:30 AM Stock Market LIVE Updates: Fed officials caught between inflation worries, slowdown fears amid tariffs Stock Market LIVE Updates: The US economy is mostly in good shape but that isn't saving Federal Reserve chair Jerome Powell from a spell of angst. As the Fed considers its next moves during a two-day meeting this week, most economic data looks solid: Inflation has been steadily fading, while the unemployment rate is still a historically low 4.2 per cent. Yet President Donald Trump's widespread tariffs may push inflation higher in the coming months, while also possibly slowing growth. With the outlook uncertain, Fed policymakers are expected to keep their key interest rate unchanged on Wednesday at about 4.4 per cent. Officials will also release a set of quarterly economic projections that are expected to show inflation will accelerate later this year, while unemployment my also tick up a bit. READ MORE 7:26 AM Stock Market LIVE Updates: Weak JLR guidance, domestic sales worries weigh on Tata Motors stock Stock Market LIVE Updates: Tata Motors' stock has declined 8.4 per cent over the past four trading sessions, weighed down by multiple demand-related headwinds impacting its UK subsidiary, Jaguar Land Rover (JLR). In response to these challenges, the company has revised its FY26 margin guidance downward, prompting several brokerages to downgrade the stock. JLR has lowered its FY26 earnings before interest and taxes or Ebit margin guidance from 10 per cent to a range of 5–7 per cent. This revision reflects a mix of macro and industry-specific pressures, including the evolving US tariff regime, the ongoing transition to electric vehicles, and a sluggish demand outlook in China. READ MORE 7:21 AM Stock Market LIVE Updates: US FDA to fast-track drug reviews for firms backing national priorities Stock Market LIVE Updates: US regulators will begin offering faster reviews to new medicines that administration officials deem as promoting the health interests of Americans, under a new initiative announced Tuesday. Food and Drug Administration Commissioner Marty Makary said the agency will aim to review select drugs in one to two months. FDA's long-standing accelerated approval program generally issues decisions in six months for drugs that treat life-threatening diseases. Regular drug reviews take about 10 months. Since arriving at the FDA in April, Makary has repeatedly told FDA staff they need to challenge assumptions and rethink procedures. In a medical journal commentary published last week, Makary suggested the agency could conduct rapid or instant reviews," pointing to the truncated process used to authorize the first Covid-19 vaccines under Operation Warp Speed. READ MORE 7:18 AM Stock Market LIVE Updates: FMCG companies in wait-and-watch mode as global crude oil prices climb Stock Market LIVE Updates: Fast-moving consumer goods (FMCG) companies expect some impact from the rise in crude oil prices but say it is still too early to determine whether it will affect overall demand. While packaging and freight costs could rise, companies are still in wait-and-watch mode before increasing prices of finished items ranging from biscuits to soaps, where derivatives of crude oil are used. Freight and packaging typically account for up to 20 per cent of FMCG companies' costs. Consumer goods companies also hedge their raw material positions for a period of three to six months, depending on the commodity. READ MORE 7:11 AM Stock Market LIVE Updates: Israeli strikes damage Iran's main nuclear site at Natanz, says IAEA Stock Market LIVE Updates: Israeli strikes have damaged underground uranium enrichment facilities at Iran's key nuclear fuel production site, the International Atomic Energy Agency (IAEA) confirmed on Monday, citing high-resolution satellite imagery taken after the attacks on Friday. "Based on continued analysis of high resolution satellite imagery collected after Friday's attacks, the IAEA has identified additional elements that indicate direct impacts on the underground enrichment halls at Natanz. No change to report at Esfahan and Fordow," the United Nations nuclear watchdog posted on X. The Natanz facility, located in central Iran, houses approximately 15,000 centrifuges used to separate uranium isotopes, according to Bloomberg. The site is built underground and protected by multiple layers of steel and reinforced concrete. READ MORE 7:10 AM Stock Market LIVE Updates: Draft Income tax Bill, 2025: LLPs likely to retain LTCG benefits Stock Market LIVE Updates: The government is likely to fix a key omission in the draft Income Tax (I-T) Bill, 2025, which could have widened the scope of alternate minimum tax (AMT) for non-corporate taxpayers such as partnership firms and limited liability partnerships (LLPs) that were earning only long-term capital gains (LTCG), according to a senior official. The proposed legislation had removed a reference to Chapter VI-A deductions, which serves as a key qualifier for when AMT applies to non-corporate entities. Without this reference, the draft Bill appeared to imply that such entities would be liable to pay AMT. READ MORE 7:08 AM Stock Market LIVE Updates: Sebi bans Sanjiv Bhasin, 11 others for stock manipulation, fraudulent gains Stock Market LIVE Updates: Sebi on Tuesday barred Sanjiv Bhasin, a former director at IIFL Securities, and 11 others from the securities markets for indulging in share manipulation in a case pertaining to providing stock recommendations on media channels and other social media platforms. Additionally, Sebi directed them to disgorge ill-gotten gains of Rs 11.37 crore. In its 149-page interim order, Sebi noted that Bhasin was a well-known media guest expert with a huge following on social media. While associated with IIFL as a director or consultant, Bhasin provided stock recommendations through media channels, Telegram, and IIFL platforms. READ MORE 7:07 AM Stock Market LIVE Updates: 93% of richest Indians' wealth linked to listed firms: 360 ONE report Stock Market LIVE Updates: Around 2,000 richest Indians hold ₹100 trillion wealth, 93 per cent of which is derived from the value of their stakes in listed companies, according to the 360 ONE Wealth Creators report. The remaining 7 per cent of the wealth is held in unlisted companies. As the analysis is based only on shareholding data that is publicly available, the report may not have captured the complete unlisted universe and the wealth held under trusts and through private entities. In addition, nearly 60 per cent of the overall wealth tracked by the report belongs to individuals from the top 50 business houses. Reliance Industries and Adani Enterprises alone control 12 per cent of the ₹100 trillion wealth. READ MORE 7:06 AM Stock Market LIVE Updates: Sebi board likely to discuss regulatory reforms at Wednesday meeting Stock Market LIVE Updates: Markets watchdog Sebi's board is likely to discuss a series of regulatory reforms during its upcoming meeting on Wednesday. Several of these proposals have already been floated for public consultation, indicating a broader push towards refining the regulatory landscape. This would mark the second board meeting under the chairmanship of Tuhin Kanta Pandey, who assumed office on March 1. READ MORE 7:05 AM Stock Market LIVE Updates: Block deal window: Sebi unlikely to revise rules despite elusive deals Stock Market LIVE Updates: The Securities and Exchange Board of India (Sebi) is unlikely to revise the rules governing the special block deal window, despite the ongoing challenges in deal execution, according to officials and industry insiders. Currently, exchanges operate two 15-minute block deal windows — one from 8:45 am to 9:00 am, and another from 2:05 pm to 2:20 pm — on all trading days. Orders can be placed in these windows only if the sale price is within 1 per cent above or below the previous day's closing price. This narrow price band makes deal execution particularly challenging. Investment bankers have been lobbying with Sebi to widen the price band to 3 per cent to facilitate more deals through this window. However, the market regulator is expected to maintain the status quo. READ MORE 7:04 AM Stock Market LIVE Updates: Global trade uncertainty, high capital costs may further hit FDI flows Stock Market LIVE Updates: Data released last week showed that India's retail inflation rate declined to 2.8 per cent in May, the lowest in 75 months. Significant moderation in previous months enabled the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) to reduce the policy repo rate by 50 basis points on June 6, as against the expectation of a 25 basis point cut. Along with front-loading the rate cut, the MPC noted that monetary policy is left with very limited space to support growth. Some private-sector economists have argued that the inflation rate in the current year will be significantly lower than the RBI's projection of 3.7 per cent, potentially creating space for further rate cuts.
