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Luxury watch boom: Indian market likely to grow 11–12% annually; rising HNIs drive demand
Business

Luxury watch boom: Indian market likely to grow 11–12% annually; rising HNIs drive demand

India's luxury watch market is poised for significant growth, with an estimated 11-12% annual expansion. This surge is fueled by a growing affluent population and high-net-worth individuals, alongside increasing aspirations and urbanisation. Consumers are increasingly opting for premium and ultra-luxury brands, driving up average selling prices substantially over the past five years.

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10 months ago
Jitendra on working with Arshad Warsi
Entertainment

Jitendra on working with Arshad Warsi

Jitendra Kumar embraces a challenging, grey role in the crime thriller 'Bhagwat Chapter One: Raakshas,' aiming to surprise audiences beyond his established screen image. He also expresses excitement for upcoming theatrical release 'Mirzapur The Film,' believing the divide between OTT and big-screen opportunities is diminishing.

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10 months ago
First J&K player to represent India, Parvez Rasool retires from cricket
Sports

First J&K player to represent India, Parvez Rasool retires from cricket

Jammu & Kashmir's pioneering cricketer, Parvez Rasool, has announced his retirement from all formats after a distinguished 17-year career. The off-spinning all-rounder, who broke barriers by representing India and featuring in the IPL, expressed pride in his achievements and a desire to coach young cricketers. Rasool aims to contribute to Indian cricket's future.

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10 months ago
Artillery blast over closed I-5 at marine corps anniversary damages vehicles, sparks backlash amid JD Vance’s visit
World

Artillery blast over closed I-5 at marine corps anniversary damages vehicles, sparks backlash amid JD Vance’s visit

A live artillery round exploded prematurely over a closed section of Interstate 5 during a Marine Corps 250th anniversary event at Camp Pendleton, damaging police vehicles and prompting a safety review. The incident occurred during a high-profile ceremony attended by Vice President JD Vance, sparking political backlash over public safety risks and the decision to hold live-fire drills near civilian infrastructure.

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10 months ago
UAE faces rockfalls and road hazards after heavy rains in eastern region
World

UAE faces rockfalls and road hazards after heavy rains in eastern region

Heavy rains in the UAE’s eastern region, especially Masafi in Fujairah, triggered rockfalls, road hazards, and scenic waterfalls on Sunday. Authorities issued warnings for flash floods, landslides, and reduced visibility. More rain, strong winds, and high humidity are forecast in the coming days, prompting officials to urge residents and motorists to stay alert and follow safety advisories.

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10 months ago
Fourth plenum: China's ruling Communist Party maps its 5-year goals; what to expect from 4-day meet
Business

Fourth plenum: China's ruling Communist Party maps its 5-year goals; what to expect from 4-day meet

China's top leaders are convening for a crucial four-day plenum to finalize the 2026-2030 five-year plan. Amidst US trade tensions, the meeting will shape economic and tech policies, focusing on boosting domestic spending, addressing industrial overcapacity, and pursuing technological self-sufficiency, particularly in AI. The plan aims to balance growth with stability and legitimacy.

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10 months ago
Nepal Bids Farewell To Legendary Mountaineer Kancha Sherpa, Part of Hillary-Tenzing Ascent
World

Nepal Bids Farewell To Legendary Mountaineer Kancha Sherpa, Part of Hillary-Tenzing Ascent

Kathmandu: The last rites of Kancha Sherpa, the last living member of the 1953 Everest expedition, were performed with state honors. He breathed his last at the age of 92 at his private residence in Kathmandu. Sherpa was part of the expedition team led by Sir Edmund Hillary and Tenzing Norgay Sherpa. He spent his final days in his ancestral home in Namche Bazaar, the gateway to Everest. "Kancha Sherpa is a legendary climber. He is known all over the world. He was the only climber alive from the first ascent of Everest. He is our godfather for the entire mountain tourism industry, climbers and the mountain adventure community. He is a legendary figure who worked hard to make the climbing industry popular across the world and helped the tourism industry of Nepal to flourish," Phur Gyalje Sherpa, President of the Nepal Mountaineering Association (NMA), told ANI. Born in 1932 in Namche, Kancha Sherpa began his mountaineering journey at the age of 19 when he ran away from home to Darjeeling in search of work. There, he met Tenzing Norgay, who recognized him as the son of a fellow mountaineer from the 1952 Everest expedition from Tibet. Impressed by his dedication, Tenzing helped him join Sir Edmund Hillary's 1953 expedition as one of 103 Sherpas, earning five rupees a day. Kancha Sherpa continued to work on mountaineering expeditions until 1973, before retiring at the request of his wife. He later worked with trekking groups, guiding trekkers through the Himalayas without venturing to extreme altitudes. Although he did not reach the summit, Kancha played a crucial role in the success of the expedition. He climbed as far as the last camp, now known as the South Summit. "He gave his best during the first ascent of Mount Everest for both Tenzing Norgay Sherpa and Sir Edmund Hillary. Because of his support, they were able to make the summit; without him, it would not have been possible. That is how he became one of the most important figures in Nepal's mountaineering and tourism industry," Phur Gyalje Sherpa added. In a 2020 interview with Nepal's state news agency, Rastriya Samachar Samiti, Kancha reminisced about the expedition's early days. He said the team departed from Bhaktapur with 35 climbers and about 400 porters, who carried heavy loads on foot, in waves of 100 men per day. "There were no roads, no hotels, just trails and roasted corn to eat," he recalled. The group took 16 days to reach Namche Bazaar. From there, only the climbers and local Sherpas continued, supported by yaks, reaching Everest Base Camp in another six days. Among their gear, Kancha said, were 25 bags filled solely with cash for expedition expenses. One of the biggest challenges was building the path to Camp 1. At the Khumbu Icefall, the team encountered a massive crevasse with no way to cross. "We had no ladders. So we hiked back to Namche, cut ten pine trees, carried them up, and made a wooden bridge," Kancha had told the state news agency. He noted that at the time, Everest was not yet officially called Sagarmatha in Nepali, locals knew it as Chomolungma. After establishing Camp 4, Hillary and Tenzing pushed ahead. On May 29, 1953, around 1 p.m., a radio message confirmed their success. "We danced, hugged, and kissed. It was a moment of pure joy," Kancha recalled. For his efforts, he was paid eight Nepali rupees a day. (This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)

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10 months ago
EXCLUSIVE | India's Economy Strong, But 10x Trade Gap With China 'Not A Good Sign', Warns ASSOCHAM Chief Nirmal Minda
Business

EXCLUSIVE | India's Economy Strong, But 10x Trade Gap With China 'Not A Good Sign', Warns ASSOCHAM Chief Nirmal Minda

India’s growth potential does not quite reflect the strengths of the economy and needs more focus on localisation, enhancement of ease of doing business and greater spending on R&D innovation in the next Budget for an Atmanirbhar Bharat, says Nirmal Kumar Minda, Executive Chairman, Uno Minda Group, in an exclusive interview to ABP Live English after taking over as President of ASSOCHAM. Q: In these very testing times for India, as ASSOCHAM President, how do you look at the domestic and global scenario? Minda: The good times are that we have a young population and aspirations of 1.4 bn people. So the market is here, the demand is here. The GDP is 6.6 per cent now, but it should grow more. Our infrastructure development is good. Per capita income is increasing along with the GDP. In the auto sector, vehicle population is increasing and is at an all-time high. These are the good times, I would say. On the flip side, we have the tariff war, the rare earth issue with China’s sway and the increasing gap between India’s imports to China and vice versa. These are not very good signs. The biggest challenge is imports. The gap in imports between India and China has grown 10 times. This is also not good.  We have to improve the quality of our MSMEs. Improvement in cost competitiveness, quality and technology innovation is critical to boost exports. Our labour manpower costs are lower, so we can get an advantage. Then the trade deficit can be balanced.  Q: Is the reform agenda of the Government on track to tide over these issues? Minda: A lot of good things have happened. The GST rationalisation was a very good initiative by the Government. The reduction of income tax will increase money in the hands of the people,  The PLI scheme, FAME II scheme for the auto sector and now for the electronics, the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS). The Government is trying to support the industry and the ecosystem to a large extent to be self-independent. Q: Are these efforts enough for the high economic growth India is looking at?   Minda: India’s growth is at 6.6 per cent. The question is of the potential given the kind of opportunity we have, the aspirations we have. I think we can do much better. Look at the infrastructure – where we were 10 years back and where we are now. I would say that there is still much improvement left to be made in the urban and metropolitan areas. Look at the highways, the quality of the vehicle, the features and the comfort. Look at the houses. We have to work together – the government, public, and industry to find the scope to grow.  Q: What would you like in the upcoming 2026 Budget? Minda: Furthering the ease of doing business with the simplification of the system and processes in all sectors. Boosting the purchasing power of the people through more tax incentives, more infrastructure development in urban and rural areas, and enhancing digital transformation and MSME growth. Q: The investment cycle has not yet revived. What ails private spending? Minda: One of the reasons is the ease of doing business. Look at the auto sector, though. There is a lot of capital being put in – Hyundai, JSW is investing.  Everybody should follow that. If the auto sector can do it, then why can’t others? What is stopping them? There are challenges in the auto sector, too. We are making our own efforts to find solutions, not just looking at the Government.  Q: What are your recommendations for further reforms? Minda: We have to focus more on localisation, Atmanirbhar Bharat and on swadeshi. Start thinking about how we can start using things produced in India, as Prime Minister Narendra Modi has said. The ease of doing business still needs a lot of work.  As a country, we have to do a lot. The approvals at the different stages, the processes and systems have to be very simplified. Third, we have to spend more time and resources on R&D innovation, innovation, MSMEs.  We are telling the government that industry is also offering solutions to the Government. The Government is also very positive, and they are listening nowadays. They really want to improve and are asking us to give more feedback.   Q: How do you view the US-imposed tariff situation? Any fallout on the auto sector? Minda: I think the Governments on both sides are positive about finding solutions. It is not so easy for tariffs to make a dent in the auto sector because the development cycle takes up to two years, from inception to validation. So they can’t stop it.  It is not like textiles that they stop buying from India. The gestation time is long. By that time, I am confident that things will be resolved not only for the sector but for India as a whole.  Q: What’s your outlook on the auto and components sector? Minda: I would say we are far behind as an industry. China is producing 28 million cars. We are producing only 4 million, so almost seven times more than us. They are 40 per cent EVs – almost 10-11 million. We are hardly a few lakhs. So we are far behind. However, we have a lot of opportunities as long as our infrastructure, per capita and GDP continue to grow. The common man’s slogan is Roti, kapda, makaan aur vahan. Our public transport system is improving, but not enough to keep up with the population growth. So there is a lot of room for personal vehicles and other mobility to grow. The market is going to be good. The auto component sector is looking at double-digit growth in the range of 11-13 per cent in FY26. The industry is very promising with a focus on localisation, usage, import reduction and export increase. Exports have been growing 14-15 per cent CAGR annually, and we are cost-effective. People are investing in the auto component industry, and new players are coming in and building new capacities. Hence, there is a huge positive vibration in the auto sector, vehicles, as well as components.  Q: What is the way ahead on the rare earth issue facing the industry? Minda: Yes, there is a barrier, and we have to look at where all the possible localisations are and where the dependence is so that we are not banking on one country. There are alternative sources, Chile, Australia and New Zealand.  Indian industry start-ups are also looking at recycling and how we can use the scrap. People are looking at alternatives like magnet-free motors in the auto industry to cut rare earth uses. So there are many innovations on the way. The Government has also given us Rs 7700 crore as a subsidy to promote the localisation of rare earth. (Mukherjee is a contributing writer for ABP Live English. A business journalist for more than 15 years, she has written extensively on the economy, policy, and international relations in Indian newspapers and magazines)

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10 months ago
Sensex Lights Up This Diwali: Five Major Stocks Hit All-Time Highs
Business

Sensex Lights Up This Diwali: Five Major Stocks Hit All-Time Highs

Indian equity markets witnessed a bullish session on Monday, with five major BSE Sensex stocks hitting new all-time highs.  Public sector banking giant State Bank of India (SBI), private sector stalwart HDFC Bank, telecom provider Bharti Airtel, and the Bajaj twins: Bajaj Finance and Bajaj Finserv, led the surge in intra-day trading, reflecting investor optimism amid robust consumption trends, reported Business Standard. SBI and Bajaj Twins Surge SBI shares touched a record intra-day high of Rs 913.40, up 3 per cent, surpassing its previous peak of Rs 912.10 set on June 6, 2024.  Bajaj Finserv also recorded an all-time high of Rs 2,147.25, gaining 3 per cent, while Bajaj Finance climbed to Rs 1,086.25, up 1.5 per cent, exceeding its earlier high of Rs 2,134.45 touched on April 24, 2025. HDFC Bank and Airtel Join Rally HDFC Bank and Bharti Airtel each advanced 2 per cent, reaching Rs 1,020 and Rs 2,055.50, respectively, breaking their prior highs of Rs 1,018.15 and Rs 2,045.50 recorded in July. Analysts attribute these gains to strong earnings visibility and favourable market conditions. Bajaj Finance Bajaj Finance, one of India’s largest non-banking financial companies (NBFCs), offers loans across consumer durables, two-wheelers, housing, and SME/MSME segments.  With assets under management (AUM) of approximately Rs 4.41 trillion as of June 2025, the company remains the leading consumer durables lender in India. The recent rate rationalisation is seen as a structural positive for the consumption sector, potentially spurring demand across households. Analysts point out that household consumption is expected to remain robust, supported by the income-tax relief announced in the Union Budget 2025-26, combined with rate cuts lowering Equated Monthly Installments (EMIs) and a moderation in food inflation, which together enhance disposable incomes and urban consumption. Festive Demand Boosts Auto Sales The positive sentiment in consumption was also reflected in the automotive sector. Maruti Suzuki India reportedly estimated record-breaking Dhanteras sales of around 51,000 units over the two-day period, up from 41,500 units last year, aided by GST 2.0-driven price cuts.  Hyundai Motor India also registered around 14,000 deliveries, marking over 20 per cent year-on-year growth, highlighting continued enthusiasm in the passenger vehicle market.

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10 months ago
Global Cloud Outage Hits Amazon, Prime Video, Snapchat, Perplexity, & More
Technology

Global Cloud Outage Hits Amazon, Prime Video, Snapchat, Perplexity, & More

A major online outage on Monday caused several popular platforms to go down, leaving users frustrated and unable to access services. Amazon Web Services (AWS) seems to be at the heart of the problem, affecting Amazon.com, Prime Video, Alexa, Snapchat, Robinhood, Venmo, and Perplexity. Many people reported issues across different regions, showing how much digital services depend on cloud infrastructure.  AWS confirmed technical problems in its US-EAST-1 region and said it was working to fix the issues, but didn’t give a specific time for full recovery. Amazon Web Services Outage Hits Big Platforms The outage made it difficult for users to access well-known websites and apps. Amazon.com, Prime Video, and Alexa had trouble functioning, while financial services like Venmo and Robinhood also faced problems.  Perplexity’s CEO confirmed that their service went down because of AWS issues. According to AWS, “increased error rates and latencies” in its US-EAST-1 data center caused the disruptions.  Since AWS supports a huge number of online services, even one technical glitch can affect millions of users around the world at the same time. How The AWS Cloud Disruption Affected Users This outage highlights how much businesses and people rely on cloud services. Many users experienced login problems, delayed transactions, or complete downtime.  AWS teams worked quickly to restore services while users waited for things to return to normal. Outage tracker  Downdetector showed spikes in reports for Snapchat, Robinhood, Venmo, and other apps.  The incident shows the importance of backup plans and strong cloud management, especially for platforms that millions of people use every day.

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10 months ago
Gold Bond Investors Alert: Premature Redemption Opens, Five-Year Returns Exceed 150%
Business

Gold Bond Investors Alert: Premature Redemption Opens, Five-Year Returns Exceed 150%

The Reserve Bank of India (RBI) has announced the premature redemption date for the Sovereign Gold Bond (SGB) 2020–21 Series-VII, giving investors a chance to realise an impressive 153 per cent return over five years.  Investors can opt for early redemption from October 20, exactly five years after the bonds were issued. Redemption Price and Returns The redemption price has been fixed at Rs 12,792 per gram, calculated based on the average closing gold prices of 999 purity published by the India Bullion and Jewellers Association (IBJA) between October 15 and 17, 2025.  Launched on October 20, 2020, at Rs 5,051 per gram, the Series-VII bonds have provided a gain of Rs 7,741 per gram over five years, excluding the additional semi-annual interest of 2.5 per cent per year received during the investment period. Understanding the SGB Scheme The Sovereign Gold Bond Scheme enables investors to gain exposure to gold without physically holding it. Each bond carries an eight-year tenure, with an option for early redemption after five years. Beyond investment gains, investors benefit from tax incentives, as capital gains tax is exempted on redemption after maturity. The RBI has ensured a transparent process by determining the redemption value using the average closing price of gold for the three working days before the redemption date, as published by IBJA.  This approach guarantees fair valuation directly linked to prevailing market rates. How to Redeem Early Investors wishing to avail of early redemption must verify the issue date and series of their SGB holdings. Requests for redemption should be submitted through banks, post offices, or agents managing the SGB accounts, strictly adhering to the RBI-specified timeline.   This announcement underscores gold’s continued appeal as a stable and lucrative long-term investment. The combination of price appreciation and interest income has reinforced SGBs as an attractive option for investors seeking both security and significant returns.

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10 months ago
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