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United News of India
7 hours ago
- Politics
- United News of India
Nitish appreciates PM Modi for assistance to Bihar in development projects
Siwan, June 20 (UNI) Bihar Chief Minister Nitish Kumar on Friday appreciated Prime Minister Narendra Modi for the assistance being given to Bihar by the Centre for execution of development projects, which has helped the state to move on the fast track of growth at an accelerated pace. Kumar, addressing a public meeting here in the presence of Prime Minister Modi on the dais, said the Centre was giving all required assistance to Bihar for execution of various development projects, during the tenure of PM Modi. In sectors ranging from infrastructural facilities to tourism and agriculture, the required assistance was being given to Bihar by the Centre, at the initiative of the PM, he added. "In the 2024 Union Budget after the Lok Sabha elections, financial assistance was given to Bihar for flood control," the Chief Minister said, adding that constitution of the Makhana Board was proposed in the 2025 Union Budget to boost the agriculture sector in Mithila region of Bihar. Airports, Medical Colleges and Road projects were also given the green signal in the Union Budget to boost development and growth rate of Bihar, he added. Kumar appreciated the decision of Modi to go for a national level caste census along with a general census. It was a big decision having far reaching consequences, he noted. The Chief Minister said there was complete lawlessness during the RJD regime in Bihar till 2005, when his government was voted to power. The NDA comprising JD(U) and BJP got the opportunity to serve people of Bihar in 2005 and he was making sustained efforts, as head of the government, to ensure qualitative change in all sectors of the state, he added. "Bihar was the first state to give 50 percent reservation to women in Panchayati Raj and local bodies," Kumar said, adding that the condition of women in Bihar was pathetic during the RJD regime. It was pleasant to see that women were making progress in all sectors with rapid pace, he stated. UNI KKS RN
India Gazette
11 hours ago
- Business
- India Gazette
Valuation concerns return to Indian market, especially in Midcap stocks: Jefferies
New Delhi [India], June 20 (ANI): According to a report by Jefferies, the Indian stock market is once again facing concerns around high valuations, particularly in the midcap segment. The report pointed out that the recent market rally has pushed valuations to high levels, raising questions about sustainability and risks going forward. Jefferies stated, 'The rally in the market means valuations have become an issue again, particularly in the mid-cap space'.The report highlighted that the benchmark Nifty Index is now trading at 22.2 times its 12-month forward earnings after rising 14.1 per cent from its recent low on April 7. The midcap space has seen even sharper gains. The Nifty Mid-Cap 100 Index has surged by 23.7 per cent since April 7 and is now trading at a steep valuation of 27.1 times 12-month forward earnings. Due to such high valuations, many corporates are once again placing equity in the market to take advantage of the bullish sentiment. The report added that the equity supply has increased sharply, with companies raising around USD 7.2 billion in May and USD 6 billion so far in June. Jefferies noted that this wave of equity supply poses the main risk to the market. Before the market correction that began in late September last year, monthly equity supply was running at around USD 7 billion. The report also highlighted a shift in market focus since the Union Budget announcement on February 1. There has been a noticeable rotation from investment-led themes to consumption-led themes. This shift has been supported by a softer monetary policy environment, which has benefited consumer finance stocks. However, the report acknowledged that any upcoming investment cycle is likely to be slower and more prolonged, unlike the boom-bust cycle that occurred during FY03-FY17, which led to overcapacity, especially in the power sector. The report outlined that while the Indian markets are enjoying a strong rally, especially in the midcap space, rising valuations and heavy equity supply could pose risks. (ANI)
Economic Times
15 hours ago
- Business
- Economic Times
Jefferies' Chris Wood sounds alarm on India's $13 billion stock sale spree, rejigs portfolio
Chris Wood, the well-known India bull at Jefferies, is recognized in emerging market circles for his steadfast optimism. Chris Wood, the prominent India bull at Jefferies known in emerging market circles for his unwavering optimism, is flashing warning signals as a blistering rally has pushed valuations to uncomfortable levels and triggered a $13 billion selloff by promoters and other strategic investors cashing in on sky-high stock prices. The veteran strategist's cautionary tone comes as equity supply has surged to $7.2 billion last month and $6 billion so far in June, a pace that threatens to derail the market's impressive recovery from early April lows. "The rally in the market means that valuations have become an issue again, most particularly in the mid-cap space," Wood said in his latest Greed & Fear newsletter. "This is also why corporates are again placing equity to take advantage of such valuations." The numbers paint a stark picture of just how stretched Indian equities have become. The Nifty now trades at 22.2 times 12-month forward earnings after surging 14.1% from its April 7 low, while the Nifty Mid-Cap 100 Index commands an even steeper 27.1 times forward earnings following a 23.7% gain from the same period. Wood's warning carries particular weight given his reputation as one of the most bullish foreign voices on Indian markets. His shift to caution underscores the gravity of the current supply-demand imbalance. "It is this supply which poses the main risk to the market," he warned, noting that equity supply was running at around $7 billion monthly prior to the correction that began in late September last year. Also Read | Most expensive Nifty stock ever? Eternal at 455 PE dares you to doubt the hype The scale of the selloff has been staggering. Promoters, private equity, and venture capital investors have offloaded over Rs 40,000 crore worth of stakes in just two weeks of June, driven by daily large block and bulk deals that are set to surpass last month's Rs 43,000 crore selling total. Major transactions have dominated headlines: Vishal Mega Mart's promoter sold a 19.6% stake to mutual funds in a Rs 10,220 crore bulk deal, Bajaj Finserv's promoter offloaded approximately Rs 5,500 crore worth of shares, and Reliance Industries executed a Rs 9,580 crore stake sale in Asian Paints. Just two days ago, Hindustan Zinc's promoter Vedanta sold about 66.7 million shares—representing 1.6% equity—in a block deal valued at Rs 3,028 crore. Also Read | Promoter, PE & VC selling crosses Rs 40,000 crore in 2 weeks: Red flag for Nifty bulls? Despite the supply concerns, Wood remains constructive on certain themes. He noted that market focus has rotated toward consumption rather than investment since the February 1 Union Budget announcement, helped by a more dovish monetary policy stance from new RBI Governor Sanjay Malhotra compared to his predecessor Shaktikanta Das. "The Indian stock market has enjoyed a decent rally off the early April low, helped by evidence of a much more dovish RBI governor," Wood observed, pointing to consumer finance stocks that have rallied sharply. Bajaj Finance, for example, has surged 35% year-to-date. Wood maintains his bullish stance on real estate, keeping a 19% weighting in property developers in his India long-only portfolio despite the BSE Realty Index climbing 35% from its April 7 low. The sector remains 14% below its June 2024 peak, suggesting further upside potential.A recent report by Jefferies' India property analyst Abhinav Sinha forecasts pre-sales growth of the top seven covered developers to accelerate to 22% year-over-year in FY26 after slowing to 17% in FY25—a four-year low."Greed & Fear also believes that the property market, now in its 5th year of an upturn, has further to run," Wood said. Wood is making tactical adjustments to his India portfolio this week, removing investments in Larsen & Toubro, Thermax, and Godrej Properties while adding TVS Motor, Home First Finance, and Manappuram Finance with four percentage points each. He's also boosting existing positions in PB Fintech and Bharti Airtel by one percentage point each. The moves reflect a shift away from traditional investment themes toward more consumption-oriented plays, aligning with his view that the market focus has rotated from capex to consumer India's equity markets navigate this treacherous terrain of stretched valuations and relentless supply, Wood's warning serves as a sobering reminder that even the most bullish investors are taking notice of the mounting risks.
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Business Standard
3 days ago
- Business
- Business Standard
Govt not seeking donations for Indian Army, social media claims 'fake'
A social media post is falsely claiming that a bank account will receive public donations for the Indian Army's modernisation, the government's fact-check unit has said. Viral claim A widely circulated WhatsApp message and social media posts named the account as 'Indian Army Modernisation Fund' and gave bank account details for donations. PIB's fact-check clears the air The fact-check unit of the Press Information Bureau (PIB) on Tuesday denied the existence of any such government bank account. 'A message claims that the Central Government has opened a bank account for Army modernisation and is seeking donations. This claim is fake. No such account has been opened by the Government of India,' PIB said in its official post on X. PIB urged citizens to rely on official channels before forwarding such unverified information. What should citizens do? Avoid forwarding unverified messages. Always check facts with official sources like PIB or respective ministry websites. Do not transfer money to bank accounts shared via social media forwards, unless verified through government websites. Report suspicious posts on platforms like WhatsApp, Facebook, and X to prevent further spread. Defence funding India's defence modernisation is a structured and budget-driven process. Every year, the government allocates funds to the Ministry of Defence through the Union Budget. These funds cover the capital expenditure needed for modern equipment, technology upgrades, and infrastructure. The government has not created any separate donation account for army modernisation. Citizens are advised to stay alert and not fall for misinformation circulating on social platforms.
Time of India
3 days ago
- Business
- Time of India
Why India's AI future hinges on smarter data centres
Imagine building a skyscraper on sand. That's what India's AI ambitions could look like without rethinking data centres. As generative AI, 5G, and IoT explode, our digital economy's bedrock—data centres—is at a tipping of AI Data Centres in IndiaIndia's data centre market is sprinting at ~25% CAGR, fueled by AI's relentless demand for compute power. But here's the catch: while we generate 20% of global data, we hold just 3% of data centre capacity. The government's push for data localisation under the Digital Personal Data Protection Act (DPDPA) has further accelerated the establishment of local data centres, drawing significant investments from global giants like AWS, Microsoft, and Google, as well as domestic players such as Reliance Jio and Yotta Infrastructure. Recently, during the Union Budget presentation, Finance Minister Nirmala Sitharaman allocated INR 20 billion ($230 million) for the IndiaAI mission, which will be used to build AI and data centre infrastructure, including GPUs, data centres, and connectivity solutions. AI isn't just code—it's hardware. Next-generation data centres need GPU clusters, liquid cooling, optical fibre cables, connectivity solutions, and renewable energy to handle workloads that are ten times denser than traditional setups. Projects like Yotta NM1 in Navi Mumbai and CtrlS Hyderabad exemplify the shift toward AI-optimised facilities, equipped with GPU clusters, advanced cooling, and renewable energy integration. The Infrastructure Gap: A Strategic Imperative Despite this momentum, India's AI data centre infrastructure faces significant challenges: Real estate and Connectivity challenges India's major metro markets like Mumbai, Chennai, Bengaluru, and Hyderabad dominate data centre capacity but face high land costs and limited availability of suitable sites. While metros benefit from robust fibre networks, many regions beyond metropolitan areas still suffer from limited fibre availability and high latency, impeding AI workloads that require ultra-low latency and high bandwidth. Network Latency and Location Strategy AI applications require ultra-low latency to function effectively, which means data centres must be located close to end users in major metropolitan areas. However, high population density and limited land availability complicate site selection. Addressing network latency requires not only proximity but also optimised connectivity infrastructure, including carrier-neutral facilities and high-speed interconnections within and between data centres. Infrastructure Modernisation and AI-Readiness Many existing data centres in APAC were designed before the AI era and are not equipped to handle the unique demands of AI workloads. This creates a gap that new developments and upgrades must fill by incorporating AI-ready features such as higher floor loading capacity, advanced cooling systems, and enhanced network capabilities. Made in India solutions - India's data centre revolution demands locally engineered solutions to overcome unique challenges like connectivity gaps in tier 2 and 3 cities, unreliable power infrastructure, complex land acquisition hurdles, and the need for energy-efficient architectures tailored to extreme climatic conditions. This requires data centre solutions like driving demand for home-grown solutions that cater to hyper-scalable fibre backhaul, edge computing integration, etc. Charting the path forward The fundamental changes AI is bringing to data centres are truly remarkable. India's vision to become a global AI powerhouse hinges on bridging the digital infrastructure gap, requiring advanced connectivity solutions to build this infrastructure. As AI continues to take centre stage, data centres built on agile and future-proof optical fibre foundations will evolve to provide immense compute power. This transformation will enable them to meet the industry's demands, including: Agile, high-bandwidth connectivity for AI - AI workloads demand massive, low-latency data transfer within the data centre and between data centres (DCI). Legacy copper struggles with scale and distance. The industry requires high-speed, low-latency optical solutions. Pre-terminated systems ensure rapid, error-free deployment, which is crucial for scaling AI scalability and future-proofing - India's data explosion requires infrastructure that can scale exponentially. Density is key to managing space and cost. High-fibre-count optical solutions offer unparalleled fibre density for scalable inter-facility links. Pre-terminated Systems are inherently designed for easy upgrades and massive bandwidth headroom, protecting latency and high reliability - AI and real-time analytics demand near-instantaneous data movement. Innovative optical solutions compliant with international standards such as ANSI/TIA-942, TIA-568, ISO 11801 guarantee engineered reliability and signal integrity, minimising latency jitter and failure risk. India's AI future depends on a holistic approach to digital infrastructure—one that integrates advanced optical connectivity, power-efficient cooling, and scalable physical digital infrastructure. India's AI race isn't just about algorithms; it's about reinventing infrastructure that's future-proof, sustainable, and inclusive. The question isn't if we'll bridge the gap—it's how fast.
