Top headlines: Sinha is Opposition president nominee, Agnipath creates jobs

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Top headlines at this hour: Former union minister is the joint opposition’s candidate in India’s presidential election. An analysis of post-service recruitment under the Agnipath scheme, Chris Wood Jefferies’s take on Indian stock markets and more.

is Opposition consensus candidate for presidential election

Yashwant Sinha, a former minister in the Atal Bihari Vajpayee-led NDA government, was on Tuesday named the Opposition’s presidential candidate in election next month. “In the forthcoming Presidential elections, we have decided to elect a common candidate and stop the Modi government from doing further damage. At a subsequent meeting held today we have chosen as a common candidate. We appeal to all political parties to vote for Yashwant Sinha,” said Jairam Ramesh, Congress’s communication chief. Read more…

Saving money to skilling soldiers: Agnipath’s bold battle plan for military

Frustrated job-seekers are rioting in the streets over the government’s announcement of the Agnipath Yojana. This “transformative” measure, imposed by the government without warning, is intended to change the recruitment pattern of soldiers from the current long-service, 15-year contract that culminates in a lifelong pension; to a mainly short-service contract that will see soldiers serving for four years, after which most go home without a pension. Read more…

Will buy Indian stocks if Nifty drops to around 14,000 levels: Chris Wood

Markets have found it tough to cling on to higher ground. CHRISTOPHER WOOD, global head of equity strategy at Jefferies advises that investors should look to sell stocks on a rally in the short-term. What will see the markets rally is a sudden end to the Russia – Ukraine conflict as it will ease supply pressure across commodities, he tells Puneet Wadhwa in an interview. Read more…

Skincare start-up eyes $3 bn valuation in 2023 IPO: Report

Sequoia Capital-backed Indian skincare startup is in talks to raise at least $300 million in a planned IPO next year and is seeking a valuation of around $3 billion, three people with direct knowledge of the company’s plans told Reuters. Founded in 2016, has become popular in India with its range of “toxin-free” products such as face washes, shampoos and hair oils. It competes with Unilever’s India unit, Hindustan Unilever, and Procter & Gamble Co in the booming personal care industry. Read more…

Non-banks not allowed to load credit lines on prepaid wallets, cards: RBI

In a move that could impact a number of fintech players, the Reserve Bank of India (RBI) has asked non-bank prepaid payment instruments (PPIs) issuers to not load their PPI instruments through credit lines. In a circular addressed to the non-bank PPI issuers, the RBI said, “The PPI- master direction does not permit loading of PPIs from credit lines. Such practice, if followed, should be stopped immediately. Any non-compliance in this regard may attract penal action under provisions contained in the Payment and Settlement Systems Act, 2007”. Read more…

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