Top Stories | Mastercard Global CEO bets on India’s fintech boom, India hikes MSP on 6 rabi crops, Hyundai IPO subscribed 42%, and more
Meanwhile, the Indian government has raised the minimum support price for wheat, mustard, and four other crops. In business news, Hyundai Motor India’s IPO is gaining traction, with 42% booked so far. Meanwhile, the Nifty 50 closed below 25,000 amid a sell-off in the IT and auto sectors.
On the geopolitical front, the India-Canada diplomatic tensions have drawn responses from the US and UK regarding the Nijjar investigation. External Affairs Minister Jaishankar accused Pakistan of fostering “three evils” at the SCO Summit.
The BSE CEO is pushing for a fivefold increase in foreign participation in futures and options, and the Group of Ministers is discussing the merger of the compensation cess into existing taxes. Lastly, Mumbai police are investigating a minor linked to recent flight bomb hoaxes. Stay tuned for more updates.
Nifty 50 closes below 25,000 amid heavy sell-off in IT, auto sectors
The Nifty 50 finished lower and closed below the 25,000 level on Wednesday, as the heavy selling pressure in the information technology and auto sectors outweighed the gains in Reliance Industries and HDFC Bank. The Nifty closed down 98 points at 24,971. The Sensex fell 353 points to 81,501.
The midcap index also declined, slipping 141 points to 59,452, while the Nifty Bank fell 105 points to 51,801.
Mastercard Global CEO says the world is following India’s example on tokenisation
Michael Miebach, Global CEO of Mastercard, on Wednesday (October 16), stressed the role of tokenisation in finance. During the inauguration of Mastercard’s largest global facility in Pune, he stated, “The world is following India’s example on tokenisation.”
Miebach noted that India stands out as “the first pretty much completely tokenised market in the world”, with over 240 million tokens in circulation.
Mastercard global CEO wants to make the most of India’s fintech boom
Mastercard is placing a significant bet on India’s fintech boom by opening its largest global facility in Pune, underscoring the country’s role in powering the company’s global solutions. CNBC-TV18’s Shereen Bhan spoke with Mastercard’s Global CEO, Michael Miebach, who expressed optimism about India’s opportunities, particularly in the fintech space.
Miebach, in this exclusive interview, highlighted the country’s strong startup ecosystem and the potential to further democratise credit access. He emphasised Mastercard’s role in providing payment and data solutions, while also focusing on cybersecurity in an increasingly digitised economy.
India-Canada diplomatic row: US and UK voice their opinions in Nijjar killing probe
As the war of words escalated between India and Canada in the probe of the killing Khalistani separatist Hardeep Singh Nijjar, the US and UK have also voiced their opinions. The situation has hit the ties between the two countries with each side expelling envoys of the other and charging allegations.
The Canadian government alleged that Indian government agents carried out covert operations in the country. India has strongly rejected attempts by Canadian authorities to link Indian agents with criminal gangs in Canada.
BSE CEO wants to increase foreign traders in F&O by five fold
As the derivatives market evolves, BSE Managing Director and CEO Sundararaman Ramamurthy told CNBC-TV18 in an exclusive interview underscored BSE’s strategy of focusing on long-term market development rather than short-term market share battles with competitors.
The focus is on deepening and broadening the market, not merely on market share. Success for us is increasing participation, both in terms of brokers and FPIs, he said.
India hikes MSP on wheat, mustard and four other crops
In a big boost to farmers ahead of Diwali, the Union Cabinet on Wednesday (October 16) approved the minimum support price (MSP) for six rabi crops.
The MSP for wheat increased by ₹150 per quintal, from ₹2,275 to ₹2,425. The MSP for mustard is increased by ₹300 to ₹5,950, and chana by ₹210 to ₹5,650, the sources said.
Hyundai Motor India IPO Day 2: Issue booked 42% so far, check subscription status and other key details
The initial public offering (IPO) of Hyundai Motor India was subscribed 42% at the close of bidding on Wednesday, which was Day 2 of the three-day issue, according to data available on NSE.
Investors have so far placed bids for 4,17,21,442 shares against the 9,97,69,810 shares put on offer for the ₹27,870 crore IPO.
The Hyundai Motor India IPO was subscribed 38% by retail individual investors, who bid for 1,89,02,821 shares against the 4,94,95,705 shares on offer.
Jaishankar accuses Pakistan of fostering ‘three evils’ at SCO Summit in Islamabad
At the 23rd Meeting of the SCO Council of Heads of Government, External Affairs Minister S Jaishankar made a pointed critique of Pakistan, accusing it of fostering ‘three evils’— terrorism, separatism, and extremism. His remarks come at a time when India faces heightened diplomatic tensions with Pakistan, following recent incidents of terrorism across the border.
Addressing the gathering—including Pakistan’s Prime Minister—Jaishankar stressed the critical importance of peace and stability for regional progress, warning that these will remain unattainable if terrorism and cross-border extremism continue.
GoM on compensation cess discusses its merger into taxes
The GST Council’s nominated Group of Ministers (GoM) on compensation cess discussed the proposal to merge the compensation cess into GST on Wednesday.
According to sources, the GoM, which met under the chairmanship of Union Minister of State for Finance Pankaj Chaudhary, deliberated on states’ suggestions for transitioning the cess into taxes, ensuring that no new goods are added to the list of luxury, sin, and demerit goods currently attracting a cess under the GST regime.
Flight Bomb Hoaxes | Mumbai police question minor over threats to airlines
Mumbai police on Wednesday said they are questioning a minor for allegedly sending hoax bomb threat messages to IndiGo and Air India on October 14.
Both airlines received these threats via X (formerly Twitter) concerning three international flights. IndiGo received threats for its flights from Mumbai to Jeddah and Mumbai to Muscat, while Air India received a threat for its flight from Mumbai to New York.
Omar Abdullah sworn in as J&K’s CM, leads first elected govt since Article 370 revocation
Omar Abdullah sworn in as chief minister: Omar Abdullah was sworn in as the chief minister of Jammu and Kashmir on Wednesday, marking the return of an elected government to the region for the first time since the abrogation of Article 370 in 2019. This is Abdullah’s second term as chief minister, continuing the Abdullah family’s political legacy. He succeeded in taking charge in a politically significant period for the region, now a Union Territory.
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