Category: business

Why India’s largest oil producer has lower mcap than Zomato

**Why India’s Largest Oil Producer Has a Lower Market Cap Than Zomato**
*By Dwaipayan Roy | Oct 12, 2025, 06:21 PM*

India’s biggest oil and gas producer, Oil and Natural Gas Corporation (ONGC), is currently perceived as undervalued by the market. Despite boasting a market capitalization of around ₹3.1 lakh crore, ONGC trails behind companies like food delivery giant Zomato in terms of market value.

### Understanding the Market Discrepancy

One of the main reasons for this disparity is that over one-third of ONGC’s market capitalization comes from its stakes in subsidiaries and minority investments, which the market has not fully factored in.

### Market Cap Growth Comparison

Looking back over the last 13 years, ONGC’s market capitalization has grown by only about 26%. This growth is modest compared to other major Indian companies. For example:

– **Reliance Industries**: Its valuation surged from ₹2.43 lakh crore in July 2012 to ₹18.7 lakh crore today.
– **Tata Consultancy Services (TCS)**: Grew from ₹2.42 lakh crore in 2012 to ₹10.95 lakh crore now.

### ONGC’s Diverse Portfolio

ONGC holds significant stakes in various subsidiaries and minority investments, including:

– **Mangalore Refinery and Petrochemicals Limited (MRPL)**: 71.63% stake valued at over ₹18,000 crore.
– **Hindustan Petroleum Corporation Ltd (HPCL)**: 54.9% stake worth approximately ₹52,770 crore.

Alongside these, ONGC also has minority stakes in:

– **Indian Oil Corporation**: 14.20% stake valued at around ₹31,000 crore.
– **GAIL (India) Ltd**: 5% stake worth about ₹5,900 crore.

The total value of ONGC’s stakes in subsidiaries and minority investments exceeds ₹1.07 lakh crore, which is more than a third of its current market capitalization.

### The Minister’s Take on PSU Valuations

Oil Minister Hardeep Singh Puri recently expressed concern about the undervaluation of state-owned oil public sector undertakings (PSUs). He highlighted a “perception bias” among investors that undervalues these profitable and economically significant entities.

The Minister underscored the robust performance of oil marketing companies, noting that Indian Oil, Bharat Petroleum, and Hindustan Petroleum together generated a combined profit of ₹2.5 lakh crore over the past six years.

### Conclusion

While ONGC remains India’s largest oil and gas producer with a strong asset base and profitable subsidiaries, the market continues to undervalue its true worth. This disparity underscores investor perception challenges faced by public sector enterprises compared to fast-growing private sector companies like Zomato.
https://www.newsbytesapp.com/news/business/ongc-s-market-cap-growth-lags-behind-peers/story

Why Qualcomm is facing an antitrust probe in China

**Why Qualcomm is Facing an Antitrust Probe in China**
*By Dwaipayan Roy | Oct 12, 2025, 06:21 PM*

**The Story**
China’s State Administration for Market Regulation (SAMR) has launched an antitrust investigation into US-based semiconductor giant Qualcomm. This probe follows Qualcomm’s admission that it failed to notify Chinese authorities about its acquisition of Israeli connected-vehicle technology provider Autotalks, a deal completed in June 2025. This occurred despite SAMR’s explicit order that the transaction required regulatory approval.

**Regulatory Oversight**
In March 2024, SAMR informed Qualcomm that its acquisition of Autotalks needed approval from the Chinese market regulator. However, later that same month, Qualcomm notified SAMR that it would not be taking any further action to seek the necessary approval.

Despite this, Qualcomm proceeded with the acquisition in June 2025 without informing Chinese authorities. This disregard for regulatory requirements triggered SAMR’s antitrust investigation into possible violations of China’s anti-monopoly law related to the transaction.

**Qualcomm’s Market Position in China**
Qualcomm plays a significant role in China’s smartphone market, supplying chips to major manufacturers such as Xiaomi, OPPO, Vivo, and OnePlus. The company’s market capitalization currently stands at approximately $165.72 billion.

Although the ongoing antitrust probe has led to a drop in Qualcomm’s share prices, the company remains a dominant player in the global semiconductor industry. Qualcomm maintains a diverse client base across various sectors, reinforcing its importance in the technology ecosystem.

—

*Stay tuned for more updates on this developing story.*
https://www.newsbytesapp.com/news/business/qualcomm-faces-antitrust-probe-in-china-over-israeli-firm-acquisition/story

D7―6巨（12日）　DeNA逆転サヨナラ勝ち

“`html

DeNA、巨人に逆転サヨナラ勝ち　12日 D7－6巨

2025/10/12 18:53 （2025/10/12 18:54 更新）

DeNAが劇的な逆転サヨナラ勝ちを収めた。

試合は5－6と巨人リードの延長十一回、2死無走者の場面から展開が動いた。DeNAは安打と二盗で攻め、林が同点打を放つ。さらに一、三塁のチャンスで蝦名が左前に打ち返し、勝ち越しに成功した。

巨人も十一回に佐々木の安打でリードを奪ったが、DeNAの粘り強い攻撃の前に及ばなかった。2イニング目の田中の活躍も見どころだった。

※この記事は有料会員限定です。

“`
https://www.nishinippon.co.jp/item/1410544/

Why India’s electric truck makers are struggling to go local

**Why India’s Electric Truck Makers Are Struggling to Go Local**
*By Dwaipayan Roy | Oct 12, 2025, 05:21 PM*

—

India’s electric truck industry is facing significant challenges in meeting the government’s localization demands. Despite efforts by leading manufacturers like Tata Motors and Ashok Leyland to produce local components and promote green logistics, they have struggled to pass the required localization tests. This slowdown is further compounded by the low market demand for electric trucks.

### Government Localization Push

The Indian government has been actively pushing e-truck manufacturers to comply with an ambitious localization plan. Recent consultations between the Union Heavy Industries Ministry and key industry players—including Tata Motors, Ashok Leyland, Volvo Eicher Commercial Vehicles, and Murugappa Group’s IPLTech—highlight the government’s focus on this initiative.

Under the *phased manufacturing program* (PMP), introduced in July as part of the ₹10,900 crore PM E-Drive scheme, manufacturers face strict deadlines for localizing components that are currently imported, mainly from China.

### What Is the Phased Manufacturing Program?

The PMP mandates that specific e-truck components—such as HVAC systems, electric compressors for brakes, charging inlets for standard EV chargers, battery management systems, vehicle control units, and traction motors—must be progressively manufactured domestically. The initial cut-off date for importing most of these parts was September 1, 2025.

### Policy Adjustments Amid Supply Challenges

Due to disruptions in the supply of rare earth magnets from China, the government has recently relaxed its rules. It now permits manufacturers to import traction motors that incorporate these magnets from Chinese suppliers. Additionally, the PM E-Drive scheme for e-trucks and e-buses has been extended by two years to FY28, reflecting underutilization of allocated funds for these vehicle segments.

### Testing Delays and Localization Bottlenecks

Despite the government’s push, no e-truck model has successfully passed the localization test over two months since the guidelines came into effect. This delay indicates a slow transition toward using locally sourced parts. Authorities have urged manufacturers to accelerate the localization process to clearly demonstrate which components in e-trucks and e-buses are made in India.

### Growth in Local Production

Encouragingly, several Indian auto component makers have begun ramping up local production of critical parts. Companies like Sona Comstar and Toyota Kirloskar Auto Parts Ltd are now manufacturing traction motors and trans-axles domestically. These efforts align with the government’s ₹25,938 crore production-linked incentive (PLI) scheme for automobiles and auto parts, which requires at least 50% of spare parts and raw materials to be sourced within India.

### Market Hurdles and Cost Concerns

E-truck manufacturers cite uncertainty in market demand as a key reason for the slow adoption of local components. However, the government notes that sectors such as ports, steel, and cement are keen to adopt green logistics solutions, indicating potential for growth.

Another significant challenge is the cost. Transitioning from diesel trucks to electric models is expensive for businesses, as electric trucks currently cost between 20% and 50% more than their diesel counterparts. This price gap poses a hurdle for faster adoption across industries.

—

India’s electric truck sector stands at a critical juncture where government policies, manufacturing capabilities, and market realities must align to accelerate localization and promote sustainable transportation.
https://www.newsbytesapp.com/news/auto/india-s-electric-truck-makers-are-facing-these-issues/story

千葉Jは開幕4連勝　バスケBリーグ1部

スポーツ：千葉Jは開幕4連勝 バスケBリーグ1部

（2025/10/12 18:12 更新）

バスケットボールのりそなBリーグ1部（B1）は12日、千葉県船橋市のららアリーナ東京ベイなどで試合が行われました。

千葉ジェッツは仙台89ersを80―67で破り、開幕4連勝を達成しました。

また、北海道ファイティングイーグルスは広島ドラゴンフライズに98―97で勝利し、3勝1敗の成績となっています。

※この記事は有料会員限定です。

https://www.nishinippon.co.jp/item/1410525/

Don’t need China for most rare earth needs, says Taiwan

**Taiwan Says It Doesn’t Need China for Most Rare Earth Materials**

*By Dwaipayan Roy | October 12, 2025, 5:19 PM*

Taiwan’s economy ministry is currently evaluating the impact of China’s recent expansion of rare earth export restrictions on its critical semiconductor industry. According to the ministry, the majority of Taiwan’s rare earth materials are sourced from Europe, the United States, and Japan. However, officials are still assessing how the latest Chinese restrictions may affect supply chains and production costs in this sector.

**China Tightens Rare Earth Export Controls**

China has recently expanded its control over rare earth exports by adding five new elements to the restricted list. The country has also increased scrutiny specifically targeting chip manufacturers and users. This move comes ahead of high-stakes talks between US President Donald Trump and Chinese President Xi Jinping, intensifying concerns over supply chain stability.

The Taiwanese economy ministry emphasized that “the impact on the operation of the semiconductor industry still requires further stocktaking and assessment,” highlighting the need to carefully analyze potential disruptions.

**Impact on Taiwan’s Semiconductor Industry**

Taiwan is home to the world’s largest contract chipmaker, TSMC, which produces a majority of the advanced chips used in artificial intelligence applications globally. Any disruption in rare earth supply chains or increased costs resulting from China’s new restrictions could have significant repercussions for Taiwan’s semiconductor sector and the broader technology industry.

**China’s Defense of Export Restrictions**

Earlier today, China defended its export curbs on rare earth elements and related equipment. The Chinese government stated that the restrictions are motivated by concerns over the military applications of these metals amid what it described as “frequent military conflict.” This rationale reflects Beijing’s strategic considerations tied to national security.

As Taiwan continues to monitor the situation, industry stakeholders are closely watching the developments, given the critical role rare earth materials play in semiconductor manufacturing and advanced technology production.
https://www.newsbytesapp.com/news/world/taiwan-assesses-impact-of-china-s-rare-earth-export-curbs/story

日本勢は金谷拓実の4位が最高　ベイカレントゴルフ最終日

2025/10/12 18:35 (2025/10/12 18:36 更新)

【有料会員限定記事】

西日本新聞meとは？

ベイカレント・クラシック・レクサス最終日（12日・神奈川県横浜CC＝7315ヤード、パー71）。日本で新規開催の米男子ツアー大会で、東京五輪金メダルのザンダー・シャウフェレ（米国）が64で回り、通算19。

この記事は有料会員限定です。残り189文字。

7日間無料トライアル、1日37円で読み放題。年払いならもっとお得です。

https://www.nishinippon.co.jp/item/1410536/

拘束された間「人間扱いされず」　ガザ支援船団の邦人女性

国際拘束された間「人間扱いされず」 ガザ支援船団の邦人女性

2025/10/12 15:46 (2025/10/12 15:48 更新) [有料会員限定記事]

【イスタンブール共同】パレスチナ自治区ガザに船団で支援物資を届けようとしてイスラエル軍に拘束されたオランダ在住の会社員、安村美香子さん（62）＝大津市出身＝が12日までに電話取材に応じました。

安村さんは、10月1日に拘束され、その間「人間扱いされなかった」と語っています。

詳細な内容は有料会員限定の記事となっており、残りの文は購読者向けです。

7日間無料トライアルもあり、1日37円で読み放題。年払いプランならさらにお得です。

https://www.nishinippon.co.jp/item/1410474/

万博会場解体、跡地再開発へ　エンタメ空間、カジノも

くらし
万博会場解体、跡地再開発へ エンタメ空間、カジノも
2025/10/12 16:01（2025/10/12 16:03 更新）
[有料会員限定記事]

—

大阪市の人工島・夢洲にある大阪・関西万博会場は、閉幕後にほとんどの建築物が解体され、更地に戻される見込みです。

大阪府と大阪市は、この跡地に新たなエンターテインメント空間を整備する方針を打ち出しています。計画案の中には、サーキットやウォーターパークの設置も含まれており、多様なレジャー施設が検討されています。

また、カジノの誘致も視野に入れており、再開発によって地域の活性化を図る意向です。

—

※この記事は有料会員限定です。
無料トライアルもご利用いただけます。
https://www.nishinippon.co.jp/item/1410475/

The art of crypto

Crypto was once like an unruly teenager: misunderstood, uninvited, and not allowed near the family savings. But Pakistani authorities have now decided that they cannot beat the blockchain; they might as well try to regulate it. Hence the Virtual Assets Ordinance and the proposed Virtual Assets Bill.

Pakistan has pivoted hard, mirroring what’s happening globally, especially in the EU, where the Markets in Crypto-Assets Regulation (MiCA) is now standard.

### The Early Wild West of Crypto

In the unregulated days of crypto, ICOs were the gold rush. Entrepreneurs waved shiny white papers in the air like some magic spell, promising financial freedom and decentralisation. What they delivered was often closer to a group text scam. The lack of regulation meant that scammers could moonwalk around securities laws with nothing but a white paper and a dream.

That’s why some countries began taking things more seriously. MiCA was the EU’s answer to crypto: sure, decentralise all you want, but please fill out these forms.

### Pakistan Joins the Regulatory Renaissance

Pakistan is now joining this regulatory renaissance—but with some local flair. The 2025 Ordinance gave birth to the Pakistan Virtual Assets Regulatory Authority (PVARA), tasked with keeping the crypto circus from catching fire. Think of PVARA as the chaperone at the school dance, making sure nobody spikes the punch (or launders money).

Regulators are taking a hard look at what tokens actually are, as opposed to what they say they are and what they do. MiCA has its categories—asset-referenced tokens, e-money tokens, utility tokens, security-ish ones. Pakistan is leaning into the same “don’t trust the brochure” approach.

The State Bank of Pakistan (SBP) and the Securities and Exchange Commission have now joined the Pakistan Crypto Council, a group essentially hashing out token taxonomies.

### From Ban to Embrace

Remember when Pakistan banned crypto in 2018? The SBP has hinted that the advisory may soon be shredded. They are now toying with the idea of linking crypto to foreign exchange laws. Your Bitcoin might one day officially be worth something in Pakistan.

### Remaining Challenges

There are still issues. For instance, white papers—the crypto version of the “trust me, bro” sales pitch—remain unregulated in Pakistan. MiCA requires that if you’re going to promise the moon, your white paper better explain how you plan to build the rocket. Unfortunately, Pakistan has yet to impose such regulations.

Investor protection? Maybe next.

On the bright side, anti-money laundering (AML) and counter-terrorism financing (CTF) controls are front and centre in the ordinance. This includes provisions from the Anti-Money Laundering Act (AMLA) 2010. PVARA gets to play financial watchdog, audit snoop, and compliance enforcer all at once.

That’s good, because nothing kills an empty fintech dream faster than a FATF blacklist.

### Opening Doors for International Players

International players are now being invited to get licenses and set up shop in Pakistan. However, the ordinance is temporary. So yes, there’s a framework—but no formal act of parliament yet.

### The Philosophical Dilemma of Regulation and Decentralisation

Then there’s the real philosophical dilemma: can a heavily centralised regulatory regime handle the wild world of decentralisation?

Pakistan seems to be opting for a state-led innovation model. This is like trying to dance to a remix of techno and the national anthem at the same time.

National Bitcoin reserves and allocating 2,000 megawatts to blockchain and AI infrastructure are bold moves. But they also risk turning crypto into a VIP club for banks and government projects—potentially leaving smaller, community-driven projects stuck in the parking lot arguing with the bouncer.

### What Pakistan Needs Going Forward

To avoid that fate, the law will need to be smart and nimble. Token types should be clearly defined, disclosure standards must be firm, and investor protections real. Sandbox programmes and tiered regulations could help level the playing field.

If Pakistan pulls this off—if it can balance oversight with openness and formality with flexibility—it could emerge not just as a participant in the global digital asset race, but as an actual contender.

If it clings too hard to control or fails to pass actual legislation, it risks becoming just another cautionary tale in the crypto museum of almost-but-not-quite.
https://www.thenews.com.pk/tns/detail/1350032-the-art-of-crypto

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