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Mutual funds, which continue to benefit from India's increasing financialisation of savings, appear to have stepped in to fill the financing void created by circumspect banks that have slowed fund flows to non-bank lenders following regulatory scrutiny on such exposure. Their support to non-banking financial companies (NBFCs) climbed 47% in October, albeit on a much smaller base. That compares with a growth of 6% in bank lending to NBFCs, although on a much larger base, but nevertheless reflecting the impact of regulatory caution on bank exposure to this segment. To be sure, banks remain the biggest financing source for NBFCs, but the share of alternative market-driven instruments in the total funding pie will increase. «While banks will remain the dominant funding source for NBFCs, the bond market will gain market share over the near to medium term,» said Malvika Bhotika, director at Crisil Ratings. «We believe the bond market will become more attractive over the next few quarters given the expectation of a repo rate cut.»

Swiggy Instamart, which reported 75% year-on-year gross sales growth in the September quarter, saw its average order value (AOV) of Rs 499 come in lower than some of its competitors. Even though the company has indicated its AOV is on an upward path — it rose 7.8% on-year and 2.5% sequentially — sector analysts emphasised that it is crucial for Swiggy Instamart to push this metric to maintain revenue momentum as well as improve profitability. Market leader Blinkit reported AOV of Rs 660 for the July-September period. The AOV of rivals Zepto and BB Now are understood to be around Rs 500.

Swiss billionaire is commissioning the construction of the world's longest gigayacht which is named as Ulyssia and which will surpass the Titanic in size at an impressive 1,050 feet, reported The US Sun. According to The US Sun, this luxury vessel is designed to accommodate 133 apartments which will be including 10 penthouses and 22 guest suites with living spaces ranging from 1,184 to over 10,258 square feet. At the same time, each apartment will be featuring some high-end amenities akin to a five-star hotel while including open-plan kitchens and large windows for stunning views. Also Read: China's new invention in space arena: Here's what the country plans to do to colonize the moon

Brian Thompson's killing outside The Hilton Midtown Manhattan hotel in New York on Wednesday has posed tough questions against security and safety in one of the most posh localities not only in the US but also in the world. This comes at a time when the US and New York are gearing up to celebrate Christmas 2024, as per a report. New York City police officials said that it was a premeditated, pre-planned, targeted attack. Thompson was fatally shot on Wednesday morning outside the hotel in what appeared to be a targeted attack by a gunman lying in wait. Thompson was rushed to a nearby hospital, where he was pronounced dead. Police said the gunman remains at large, Reuters reported. Police tape blocked off the area on 54th Street outside the Hilton on Wednesday morning, where blue plastic gloves were strewn about and plastic cups appeared to mark the location of bullet casings.

Indian Navy a unique operational capability, but also lift the defence manufacturing ecosystem, with a breakthrough moment expected for the 'Make in India' initiative within the next five years, Navy chief Admiral Dinesh K Tripathi said. In an interview with ET on the occasion of Navy Day, which was celebrated in Odisha for the first time on Wednesday with an operational demonstration, he said indigenous nuclear attack submarines (SSNs) will add a significant new capability, with the first of the new boats expected to join service by 2036. Adm Tripathi said the plan for the project (estimated to cost ₹35,000 crore for the first two boats) is likely to be in line with the construction of India's nuclear missile submarines (SSBNs) in which the Navy had the lead on design and took assistance of the defence industry in manufacturing.

USIN Foundation, a think tank, and The Synodical Board of Social Services of The Church of North India (CNI) among others. While USIN was issued FCRA licence early this month, CNI's application was approved a few months earlier, said officials aware of the matter. US India Strategic Partnership Forum-backed USIN Foundation has Ajay Banga, president, World Bank, and Indra Nooyi, former chairman, Pepsico, as its founding members. The FCRA licence has been granted for five years to each of the NGOs. USIN Foundation has been granted licences for economic activities whereas CNI can carry out activities under six different heads such as religious, cultural, economic, educational and social, added officials. An email query sent to USIN Foundation and CNI Trust remained unanswered till press time.

Shohei Ohtani, where is the fancy Porsche you hinted at giving your manager Dave Roberts if the Los Angeles Dodgers won the World Series? Well, the Dodgers won the World Series against the New York Yankees more than a month ago, so what gives? Visiting Tokyo on Wednesday and speaking to mostly Japanese reporters, Roberts was reminded that Ohtani gave teammate Joe Kelly a new Porsche when Kelly agreed to hand over his No 17 to the Japanese superstar after he joined the Dodgers from the Angels.

United Healthcare CEO Brian Thompson was shot dead outside a New York City hotel on Wednesday morning, something that has sent shockwaves across the city, and put the entire region's administration on high alert. There is reportedly an ongoing manhunt, with a widespread search for those responsible for this shootout that took away the life of a leading businessman heading one of the most prominent healthcare organizations in the city, according to a Yahoo News report.

Anurag Mehrotra, ex-managing director and president at Ford India, is set to join JSW MG Motor India as its MD, replacing Rajiv Chaba, CEO Emeritus, who is superannuating on 31 March 2025, said people aware of the movement. Mehrotra who till recently was serving as vice president, international business, and strategy at Tata Motors Commercial Vehicle, is likely to join JSW MG early next month. ET had reported in its 26 November edition that MG JSW has been on a look out for a senior resource who can replace Chaba.

inflation, and huge expectations to deliver. Will Shaktikanta Das, the longest serving RBI governor, continue to wage the arduous battle? While Das may well get an extension (perhaps for a year), no one would have asked the question even a few months ago.

Reliance Jio Infocomm and Bharti Airtel are once again at odds over waiving the licence fee for direct-to-home (DTH) operators, with the former advocating for retaining the fee and the latter calling for its eventual phase-out. Both companies presented their views to the Telecom Regulatory Authority of India (TRAI) during its consultation on the 'Framework for Service Authorisations for the Provision of Broadcasting Services under the Telecommunications Act, 2023'. Airtel has called for the complete removal of the licence fee, arguing for parity between DTH and other TV distribution platforms, which are exempt from such charges.

certificates of deposit (CD) to finance demand for credit, as mobilising traditional deposits remains a challenge. Funds raised by issuing these typically short-term financial instruments grew 57% till November 15 this fiscal year to more than ₹6 lakh crore, compared with around ₹3.9 lakh crore a year earlier, according to Reserve Bank of India data. Outstanding CDs at the end of November 15 totalled ₹4.89 lakh crore. In the first 15 days of November, banks issued CDs worth ₹46,552 crore. «This increase is to meet banks' funding requirements to manage the gap between the credit offtake and deposit growth,» said Saurabh Bhalerao, associate director-BFSI research at CARE Ratings.

Supreme Court on Wednesday reserved its judgment on a bail plea by former Trinamool minister Partha Chatterjee in a money laundering case filed by Enforcement Directorate in an alleged cash-for-jobs scam. A bench of justices Surya Kant and Ujjal Bhuyan observed that Chatterjee cannot claim parity with co-accused since they were not ministers. «On the face of it, you are a corrupt person. What message do you want us to send to society? That corrupt persons can get bail like this?,» justice Kant verbally told the counsel for the former education minister. The bench also found no force in the contention raised by Chatterjee's counsel that former ministers in other money laundering cases have been granted bail by the top court.

As Rohit Sharma’s men get ready for the pink ball Test starting on Friday, ET Sport goes back in time to relive 5 key moments at the Adelaide oval.

Salesforce shares climbed about 11% to a record high on Wednesday after the customer relationship management software maker topped quarterly sales estimates and provided an upbeat forecast for its newly launched AI-integrated products. The company is banking on Agentforce to reenergize its growth as tech firms tap into rising demand for AI agents that can autonomously complete tasks. «We came away more confident about CRM's initial success driving its Agentforce AI agent builder platform across the enterprise space,» said Angelo Zino, senior equity analyst at CFRA Research, adding that it would drive upside by the second half of next year and in 2026.

Mutual Fund (MF) debt exposure to NBFCs, which includes their subscriptions to Commercial Papers (CPs) and corporate debt has hovered over Rs 2 lakh crore for more than six months. Their outstanding debt exposure touched Rs 2.33 lakh crore in October 2024, a year on year (y-o-y) increase of 47.1 percent. Though the break-up of iexposure to CPs and bonds Is not available, experts say that NBFCs have seen a higher growth in resources raised through bonds than CPs. NBFCs reduced issuances due to concerns on the sustainability of high growth in their loan portfolio, according to Care Edge Ratings. In comparison, bank lending to NBFCs, which has been a major source of funding for NBFCs rose 6.4% y-o-y growth which has reduced to nearly a third when compared to the growth rate reported in October 2023. Bank lending to the sector has remained in the range of Rs 14-15 lakh crore since November 2023 when the Reserve Bank raised risk weights on bank lending to NBFCs.

Rob Dixon, who has already served as an equerry to Prince William since the year 2020 eventually announced his departure from the role in an emotional LinkedIn post while stating it was ‘time to move on’, reported People. According to People, in his message, Rob Dixon expressed his gratitude for the ‘incredible opportunity’ to serve while highlighting how the role allowed him to grow and contribute alongside a talented team. He also reflected on significant events during his tenure which included the funerals of Prince Philip and Queen Elizabeth II, the Platinum Jubilee celebrations and King Charles III’s coronation. Also Read: This property in the US is the most expensive; here is its whopping cost, is it worth that much? Finding a buyer may be difficult

Indian Beverage Association (IBA), which counts Coca-Cola, Dabur, PepsiCo, Reliance Consumer Products and RedBull as members, said it is “concerned” over a likely further increase in the goods and services tax (GST) rate on aerated drinks. “We have zero-sugar products taxed at 40% today. We have made representations at all levels to the government, including to the GST Council, but taxation remains a bottleneck at all levels,” C.K. Jaipuria, chairperson of the IBA, said at a National Beverage Conclave on Wednesday. According to media reports earlier this week, a group of ministers (GoM) has recommended increasing GST rates on carbonated beverages, cigarettes and tobacco to 35%. As of now, all carbonated drinks are taxed at 28% and an added compensation cess of 12%, which takes the overall tax on the category to 40%.

Assam Chief Minister Himanta Biswa Sarma announced that a Cabinet expansion would take place on December 7 next. Assam cabinet meeting on Wednesday approved the unveiling of projects worth Rs One lakh crore project Another decision taken by the Cabinet is to convert the four-lane stretch of road leading to Lokapriya Gopinath Bordoloi International Airport to a six-lane one. An additional amount for Rs.116 crore for the six-lane road has been allocated from the state budget. The estimated cost for the project will be Rs.474 crore. The Cabinet decided to institute a separate literary award after noted litterateur Dr Homen Borgohain for those who are getting government pension. A one-time assistance for Rs.50,000 will be given to those who are already receiving any other pension. It was decided that the monthly literary pension will be given to individuals except government employees.

Molly Parker as a doctor navigating life and work after a significant brain injury.

Laurentian Bank of Canada is in talks with asset managers including private credit firms to fund around US$1 billion of assets for its equipment finance provider, Northpoint Commercial Finance, according to people with knowledge of the matter.