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None2 AI Stocks to Buy in December and Hold for 20 YearsIPO boom: Record Rs 1.6 lakh crore raised in 2024; new year to see greater heights PTI Updated: December 22nd, 2024, 16:13 IST in Business 0 Pic- IANS Share on Facebook Share on Twitter Share on WhatsApp Share on Linkedin New Delhi: Fundraising via IPOs in India hit another landmark as economic growth, favourable market conditions and improvements in the regulatory framework helped companies raise a record Rs 1.6 lakh crore in 2024, while the pipeline for the next year holds out bigger promise. This exceptional year not only reflected the confidence of issuers but also highlighted investors’ eagerness to seize listing-day gains or back companies with strong long-term growth potential. Also Read OSPCB holds public hearing on environment clearance for NINL’s proposed expansion project 24 hours ago GST Council postpones decision to cut tax on health, life insurance 1 day ago The year was marked by Hyundai Motor India’s historic IPO, the largest in the country’s history, which raised Rs 27,870 crore. Companies of varying market capitalisations — large, mid, and small — tapped into the IPO route in 2024, with the average issue size rising significantly from Rs 867 crore in 2023 to over Rs 1,700 crore in 2024. The exceptional vibrancy of the IPO market was evident, with December alone seeing at least 15 launches. “Rising retail participation, strong domestic inflows and active participation by FPIs (even though they have been net sellers in the secondary market), private capex increase and the government’s strategic focus on infrastructure and key sectors have collectively laid a strong foundation for the fundraising momentum in India,” V Prashant Rao, Director & Head – ECM, Investment Banking at Anand Rathi Advisors, said. Fundraising momentum is expected to accelerate further in the New Year, potentially surpassing 2024’s record figures, market analysts said. “Based on the 75 IPO documents, which are at various stages of approval/ marketing and the deal pipelines, we expect issuance activity in 2025 to cross Rs 2.5 lakh crore,” Munish Aggarwal, Managing Director and Head of Equity Capital Markets at Equirus, said. The IPO pipeline for the next year is set to feature major offerings, including HDB Financial Services’ proposed Rs 12,500 crore issue, LG Electronics India’s Rs 15,000 crore public float, and Hexaware Technologies’ Rs 9,950 crore offering. According to data available with the exchanges, 90 maiden public issues were launched in 2024, collectively raising Rs 1.6 lakh crore. This includes eight IPOs scheduled to conclude December 23-24. Besides, the Rs 500-crore IPO of Unimech Aerospace and Manufacturing is slated to open December 23. Additionally, Vodafone Idea raised Rs 18,000 crore through a follow-on public offer (FPO). About Rs 1.6 lakh crore raised in 2024 far exceeded Rs 49,436 crore garnered by 57 firms through IPOs in 2023. By comparison, 2021 saw 63 companies raising Rs 1.2 lakh crore, marking the best IPO year in two decades, driven by abundant liquidity, increased retail investor participation, and sustained euphoria in the primary market. The resurgence in activity also extended to the SME segment, where a record 238 small and medium enterprises raised Rs 8,700 crore, nearly doubling the Rs 4,686 crore raised in 2023, according to the data provided by primedatabase.com. This growth reflects increasing interest in SME public offerings, although it comes with heightened risks for retail investors. In response, Sebi decided to introduce stricter regulatory frameworks, including profitability requirements, a cap on the offer-for-sale (OFS) component and a “draw of lots” system for non-institutional investors (NIIs) to safeguard smaller investors. Experts attributed this year’s robust IPO activity to a stable economic environment, policy continuity at the central government level, and broad-based economic growth. “Stable economic environment, policy continuity at the central government level combined with broad-based growth have encouraged companies and investors to raise funds. Foreign portfolio investors have also been big buyers, especially in the larger IPOs,” said Pranjal Srivastava, Partner-Investment Banking at Centrum Capital. Several factors, including private equity exits, sponsor-driven sales, and shifts in corporate funding strategies, have also driven the IPO activity. “The resurgence of manufacturing and increased private capital expenditure are key contributors as companies look to fund expansion and modernisation. Many businesses are also focusing on diversifying their funding sources by shifting from debt-heavy models to equity, ensuring stronger balance sheets and reduced leverage,” said Neha Agrawal, MD & Head, Equity Capital Markets at JM Financial Institutional Securities. Among the year’s largest main-board IPOs, Hyundai Motor India led the pack, raising Rs 27,870 crore, followed by Swiggy (Rs 11,327 crore), NTPC Green Energy (Rs 10,000 crore), Bajaj Housing Finance (Rs 6,560 crore), and Ola Electric Mobility (Rs 6,145 crore). In contrast, Vibhor Steel Tubes launched the smallest IPO, raising just Rs 72 crore, indicating the diversity of companies accessing the capital markets. For companies, going public provides crucial funds for expansion, working capital, and debt repayment while enhancing visibility and attracting new business opportunities. IPOs also serve as an exit strategy for long-term investors. Interestingly, the IPO subscription ratios have been exceptionally high this year. Vibhor Steel Tubes saw an impressive subscription of 320 times, while other offerings like KRN Heat Exchanger and Refrigeration, Manba Finance, and Gala Precision Engineering were each subscribed over 200 times. Additionally, IPOs of companies like One Mobikwik Systems, Unicommerce eSolutions, Diffusion Engineers, BLS E-Services, and Exicom Tele-Systems were subscribed more than 100 times. This strong demand translated into substantial listing gains, with over 60 companies delivering positive returns on their debut day. Vibhor Steel Tubes, BLS E-Services, Bajaj Housing Finance and KRN Heat Exchanger delivered more than 100 per cent gain, reflecting robust investor demand. Meanwhile, India’s equity markets also saw record-breaking performances, with the NSE Nifty 50 reaching an all-time high of 26,216 points September 27 and the BSE Sensex peaking at 85,836 points September 26, supported by the country’s robust economic growth outlook. PTI Tags: Business Economy Investment IPO Stock market Share Tweet Send Share Suggest A Correction Enter your email to get our daily news in your inbox. Leave this field empty if you're human:

The phenomenal and exceptional rise of Donald Trump is comparable to US exceptionalism itself as his chequered presence and Trumpism of the last ten years can match any Hollywood blockbuster. Exceptionalism is caused by a number of factors. American exceptionalism, with primacy of economics over politics, is both a product of its history and geography. Trump’s rise and consolidation reflects a sea change in the political landscape of a nation that had Life Magazine describe in 1941 the 20th century as “an American century”. This psyche allowed a rank outsider with impressive economic success to occupy the position of the President of the US in 2016 and in 2024. Those who thought 2016 to be a freak event had to concede that Trumpism is a reflection of his support among a majority of voters. In the post Second World War period, the hegemony of the US based order supported by the containment theory was possible due to the decline of the great European powers in general and the exit of Germany in particular. The Soviet led bloc was never a match or a threat to American domination. Richard Nixon confidently declared that the US president was irrelevant for internal governance as the dominant social, economic and racial issues had been resolved perfectly well. Dahl’s theory of polyarchy and Lipset’s attribution that politics has become dull restricting it to decide ‘a nickel here and a nickel there’ aptly summarized this perception. So did the debate on End of Ideology and Marcuse’s One-Dimensional Man. But this equilibrium was shattered in the 1990s with the inauguration of the Clinton presidency in 1993. In an upset election, Bill Clinton defeated the incumbent, George H. W. Bush. Ross Perot, the third candidate polled 19 per cent of the popular vote upsetting Bush’s apple cart and also propelling the little-known Democrat Governor of Arkansas, Clinton to the White House. The Clinton Administration’s initiation of NAFTA, an economic union in North America which included Mexico as well, contained grave implications for USA’s internal economic arrangements and concerns for blue-collar workers, the mainstay in a formidable democratic coalition since the New Deal. Perot opposed both NAFTA and the move of shifting the manufacturing base of the US to China. The collapse of communism saw the emergence of a unipolar world. Liberal triumphalism accompanied by extending democracy by force resulted in pushing the North Atlantic Treaty Organisation to the borders of the post-Soviet Russian federation. George W. Bush refined the concept after 9/11 by fabricating falsehood in Iraq and elsewhere. He resurrected the Dulles doctrine that one who is not with the US is against it. Advertisement President Barack Obama continued with the major planks of both Clinton and Bush Jr. administrations with no indication of a significant policy shift even after the 2008 financial crash. Sandel blames the Clinton years for deregulation of the financial industry and for doing “little to address growing inequality and the influence of money on politics”. Obama “showed that progressive politics can speak a language of moral and spiritual purpose” but that wasn’t reflected in his presidency. He also appointed the economic advisers who supported financial deregulation during Clinton’s presidency. He bailed out banks without making them accountable and offered little help for ordinary citizens who lost their homes. “All these fuelled popular protest across the political spectrum. On the left, it prompted the Occupy Movement and the candidacy of Bernie Sanders. And on the right, it prompted the Tea Party Movement and the election of Trump”. Cynicism has replaced the approval of inequality due to hard work, innovation and puritan ethics, and the corporatism of the US economy has raised suspicions of an unaccountable deep state machine operating against the majority convincing the latter of minority tyranny. This scenario was further complicated with the spectacular rise of China and its admission to the WTO in 2001. In 2016, Brexit followed by Trump’s surprise victory defeating Hillary Clinton challenged the aforesaid aggressive policy that was pursued vigorously for a quarter century. Hillary’s over-emphasis on identity politics moved the Democratic Party away from the coalition that made it a mainstream majoritarian party after having dismantled the Daley machine in its stormy Chicago Convention held in 1968. The social security and solidarity which was part of the New Deal was pushed to the background. In 2016, the Democratic party found solace in the fact that Trump, like other Republicans Nixon and George W. Bush, had secured victory by electoral college votes and not by popular votes. But that was shattered in 2024. Biden’s victory in 2019 and Trump’s antics after losing the presidency including the 6 January episode in 2020 convinced the Democratic leadership that Trump’s challenge was over and that it has regained its popular support. Trump’s four years at best were an aberration. But the euphoria was short lived as Trump despite fighting his legal battles continued to maintain his presence on the political scene, and clinched the nomination for 2024 presidency. He regained his importance with a formidable presence after effortlessly trouncing all the other Republican aspirants in the primaries. He demonstrated, in a political career of only a decade, that a rank outsider can occupy the pivotal position fighting all odds. Bravery and tenacity are valued attributes in a system that combines the position of a head of the state and that of the government. Biden as president ignored the economic issues that were affecting the overwhelming majority of his supporters. The wages of an American worker remained stagnant while that of his counterpart in China increased four-fold. An average American also perceives that there is no centre of power in Washington with an ability to deal with galloping inflation. While maintaining tariffs imposed by Trump on China there was no visible effect either on revamping manufacturing or on the expected consequent increase in the number of bluecollar workers. Trump reiterated the issues that he raised in his first term, namely revitalizing the manufacturing base of the US, along with the insecurity, isolation and alienation of the working class who lacked a college degree. He rejected the domination of an Ivy League meritocratic urban-based privileged elite that C. Wright Mills theorised in his notion of the power elite in the 1950s, as it has brought in a new caste system with its contempt for a vast under-class in American politics. As a result of all these factors Trump dislodged the Democrats in many predominantly Democratic states and also in the seven swing states to emerge as a leader of reconciliation committed to restoring American pride. (The writers, respectively, are retired Professors of Political Science of the University of Delhi and the Jesus and Mary College) AdvertisementBenzinga examined the prospects for many investors’ favorite stocks over the last week — here’s a look at some of our top stories. The U.S. stock market continued its upward momentum, with the S&P 500 and Nasdaq marking their third consecutive week of gains, rising 0.96% and 3.34%, respectively, while the Dow edged down 0.6%. Technology and consumer discretionary sectors drove the rally, supported by strong performances from mega-cap tech names like Apple Inc. AAPL , Amazon.com Inc. AMZN , and Meta Platforms Inc. META . November’s labor market data showed a notable rebound, with nonfarm payrolls increasing by 227,000, surpassing expectations and significantly outpacing October’s revised 36,000 figure. Meanwhile, consumer sentiment, as measured by the University of Michigan, improved to a seven-month high, despite heightened inflation concerns influencing some consumers to expedite purchases of durable goods. Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week’s most bullish and bearish posts that are worth another look. The Bulls “ ‘Big Short' Trader Danny Moses Gives Up On Shorting Tesla, Says It Is ‘Very Difficult To Short A Name That Is Not Trading On Fundamentals’ ,” by Anan Ashraf , explains that Danny Moses , known from “The Big Short,” stopped shorting Tesla Inc. TSLA , citing its stock's reliance on narrative-driven promises like autonomous driving rather than financial fundamentals. “ Crypto Analyst Foresees Potential 212%-260% Upswing In Dogecoin's Value ,” by Aniket Verma , highlights an analyst’s bullish projection for Dogecoin DOGE/USD , predicting a surge to $1.30-$1.50 as a key macro target, which would reflect a 212%-260% increase, citing historical patterns and market momentum. “ GameStop Rockets As Roaring Kitty Returns To X: What Does His Tweet Signal Ahead Of Q3 Earnings? ,” by Chris Katje , reports a surge in GameStop Corp. GME stock following Roaring Kitty’s ( Keith Gill ) return to X (formerly Twitter), sparking investor speculation with cryptic posts tied to meme stock momentum ahead of the company's earnings. For additional bullish calls of the past week, check out the following: Michael Saylor Says Bitcoin Could Boost Microsoft’s Valuation By Nearly $5 Trillion And Add $584 To The Stock By 2034 Andrew Left’s Citron Research Says Nvidia-Backed Nebius Is The Next ‘AI Wall Street Darling’ — Stock Moves Up 14% JPMorgan Bets On Natural Gas For 2025: Upgrades ConocoPhillips, Lowers 3 Energy Stocks The Bears “ Trump’s Tariff Plan Risks Economic Pain For North America, Goldman Sachs Warns ,” by Piero Cingari , notes Goldman Sachs’ warning that Donald Trump's proposed 25% tariffs on Canadian and Mexican imports could shrink Canada's GDP by 4%, Mexico's by 3.5%, and the U.S.'s by 0.4%, hitting firms like General Motors Co. GM and spiking inflation. “ Biden Targets China With New Chip Restrictions, Nvidia Slides ,” by Anusuya Lahiri , reports on the U.S. imposing stricter export controls on 140 Chinese semiconductor firms, including memory chip tools, impacting NVIDIA Corp. NVDA , Lam Research Corp. LRCX , and Applied Materials Inc. AMAT , as part of a national security strategy. “ Peter Schiff Challenges Jim Cramer’s Bullish Bitcoin Take, Says Such Statements Are Made At Market Tops ,” by Aniket Verma , highlights Peter Schiff’s critique of Jim Cramer’s enthusiastic support for Bitcoin BTC/USD after it surpassed $100,000, calling such remarks indicative of a market peak, while Cramer defended Bitcoin as a portfolio hedge akin to gold. For more bearish takes, be sure to see these posts: Shift4 Payments Stock Drops After CEO Jared Isaacman’s NASA Nomination: What’s Going On? How A Potential Fallout Between Elon Musk And Trump Could Impact Tesla And SpaceX: Cathie Wood Weighs In Sony-Honda EV Dream Collides With Trump-Backed Policy Shift Reality Ahead Of 2026 US Launch Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter . Image created using artificial intelligence via Midjourney. This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Arts Fort Worth looks to future beyond community arts center closure in DecemberThe fifth season of ABC's "Shark Tank" was particularly long — 29 episodes deep. Episode 25 premiered on April 18, 2014, to 6.77 million viewers, according to ratings measured by Nielsen. The first of the week's four pitches was for Ilumi, a smart lightbulb company. Watching the segment is an exercise in how much has changed over a decade, if just how much the price of smart lightbulbs has dropped since the episode was shot. Ilumi's bulbs were close to $100 each, though the company was positioned more as a maker of lighting systems than a singular bulb company, aiming for the high-end market. Ultimately, the ilumi founders would make a deal with Mark Cuban after fielding offers from multiple sharks. This is a case where loyal viewers may be aware that the deal formally closed, as it was the subject of a "Shark Tank Update" segment two seasons later. However, there have been some twists and turns since then. The company still exists, but one of the two co-founders left. Both the name and the mission have changed. By all appearances, the Ilumi name looks like it's on life support, but the rebranded company, Meshtek, seems like it's still going strong after a pivot to specialized Bluetooth technology and other internet-of-things device manufacturers. Swapnil Bora and Corey Egan entered the tank seeking $250,000 for 15% of ilumi, their Bluetooth-connected smart lightbulb business. They demonstrated the smart lightbulb features that we have all become familiar with, from color options to custom routines, before describing how they met while pursuing their MBAs. During that time, they started working on ilumi, and, in the process, won the University of Texas at Dallas's Business Idea Competition, netting a $5,000 prize that they invested back into their business. After explaining that they hadn't hit the market yet, the price point of the bulbs was revealed: $289 for a three-pack of bulbs, with Bora claiming that the bulbs each last up to 20 years and Egan saying that they're aiming for more of a high-end market where the price wasn't an issue and their product was viewed more as a lighting system than a brand of lightbulbs. Barbara Corcoran opted out first, thinking people would not want to control their lights with smartphones or tablets and that the price was too high. Lori Greiner followed, feeling that there were too many competitors to invest without finalized patents. Robert Herjavec, though, offered $350,000 for 35 percent, while Mark Cuban undercut him at 25 percent, and Kevin O'Leary went for 15 percent of licensing deals. Cuban briefly pulled out when Egan wanted to hear the other Sharks' offers, but after Egan asked for a "24 second shot clock" reprieve, they made a deal. Usually, with Mark Cuban deals, the best source to use to determine if the deal closed after the post-shooting due diligence process is the listing of his "Shark Tank" investments on his official website , but Ilumi isn't listed on that page. However, we know that the deal closed because ilumi got an official Shark Tank Update segment during season seven in the episode that opened with the pitch for SmartPlate . In that segment, Cuban joined Swapnil Bora and Corey Egan at the January 2016 Consumer Electronics Show in Las Vegas , where they explained that since the production of their "Shark Tank" episode, ilumi had gone from pre-revenue to $2 million in sales with a pretty extensive network of retail partners. "This isn't a lightbulb company," explained Cuban during the recap segment. "This is a Bluetooth mesh networking company that will be able to control any type of device without having to use the internet." As 2016 rolled on, ilumi seemed intent on following through on what Cuban said in their update, focusing in press releases on their MeshTek branding. Eventually, in 2019, the company was renamed MeshTek Labs, marking its move into the larger "internet of things" market while leveraging its expertise in Bluetooth mesh networking. It's under that name that it's on Cuban's investment list, solving that mystery. When Bora was named Meshtek CEO in 2019, Cuban even lent a quote to the press release, saying MeshTek would "revolutionize how devices are controlled with edge computing and how connectivity will impact daily business activities." MeshTek is still alive and well as a Bluetooth mesh networking company specializing in "internet of things" devices, but the ilumi brand looks like it's more or less dead. As of this writing, there is nothing currently available to order from the ilumi website ; though the website still touts that ilumi products are now available in Best Buy, there are no relevant hits for a search for ilumi on BestBuy.com . Ilumi's official blog has also not been updated since September 2017 despite being updated on a regular basis up to that point. You can still get an ilumi lightbulb at Amazon for $49.99 , but that appears to be long-unsold stock and user reviews are mixed. On the other hand, MeshTek Labs appears to be doing fine. The most recent MeshTek press release in the Gale General OneFile news database (previously InfoTrac) is from November 2023 , and the official company blog is still up-to-date, albeit with less frequent posts than the ilumi blog had in its heyday. Going by the website and most recent press releases, it looks like the company turned into exactly what Mark Cuban predicted, with Meshtek now collaborating with companies that license its Bluetooth mesh technology. As far as the ilumi/MeshTek founders go, their LinkedIn pages indicate that one has left the company. Swapnil Bora is still the CEO of MeshTek, but he assumed that role because cofounder Corey Egan left that post in June 2018, eventually joining Meta in May 2020. Egan's still listed as a co-founder and a member of the board of directors, but he's exited entrepreneurship, working for Meta as a product manager. So far as Meshtek is concerned, if the company blog is any indication, then the company is continuing to make deals with other companies to push Bluetooth mesh networking forward for internet-of-things devices as an alternative to Wi-Fi. The most recent MeshTek press release, from November 2023 , dovetails with this, announcing a partnership with decorative lighting company Minleon USA to bring MeshTek's technology to Christmas lights and the like. "MeshTek's and Minleon's collaboration is leading to a rapid increase of transformative lighting installations that were once cost-prohibitive and complex," said Mark Cuban in the release. " The ability to control and manage hundreds and thousands of devices within millions of sqft area using Bluetooth is a milestone unsurpassed in an everchanging Technological World. The patented, long-range Bluetooth mesh is the brilliance behind the solution and the future of outdoor device connectivity."

From guns to gadgets: Smartphones putting Maoists in Chhattisgarh on defensive

When Katja Vogt considers a Jaguar, she pictures a British-made car purring confidently along the Italian coastline — a vision of familiarity that conveys "that dreaming, longing feeling we all love." She's not sure what to think about Jaguar now after the 89-year-old company announced a radical rebranding that featured loud colors and androgynous people — but no cars. Jaguar, the company says, will now be JaGUar. It will produce only electric vehicles beginning in 2026. Bad attention is good attention, Jaguar execs would appear to believe. The car brand has prompted mockery online for posting a glitzy ad without a single car in it. Say goodbye to British racing green, Cotswold Blue and black. Its colors are henceforth electric pink, red and yellow, according to a video that sparked backlash online. Its mission statement: "Create exuberance. Live vivid. Delete ordinary. Break moulds." "Intrigued?" @Jaguar posted on social media. "Weird and unsettled" is more like it, Vogt wrote on Instagram. "Especially now, with the world feeling so dystopian," the Cyprus-based brand designer wrote, "a heritage brand like Jaguar should be conveying feelings of safety, stability, and maybe a hint of rebellion — the kind that shakes things up in a good way, not in a way that unsettles." Jaguar was one of several iconic companies that announced significant rebrandings in recent weeks, upending a series of commercial — and cultural — landmarks by which many modern human beings sort one another, carve out identities and recognize the world around them. Campbell's, the 155-year-old American icon that artist Andy Warhol immortalized in pop culture decades ago, is ready for a new, soupless name. Comcast's corporate reorganization means there will soon be two television networks with "NBC" in their name — CNBC and MSNBC — that will no longer have any corporate connection to NBC News, a U.S. legacy news outlet. CNBC One could even argue the United States itself is rebranding with the election of former President Donald Trump and Republican majorities in the House and Senate. Unlike Trump's first election in 2016, he won the popular vote in what many called a national referendum on American identity. Are we, then, the sum total of our consumer decisions — what we buy, where we travel and whom we elect? Certainly, it's a question for those privileged enough to be able to afford such choices. Volumes of research in the art and science of branding — from "brandr," an old Norse word for burning symbols into the hides of livestock — say those factors do contribute to the modern sense of identity. So rebranding, especially of heritage names, can be a deeply felt affront to consumers. "It can feel like the brand is turning its back on everything that it stood for — and therefore it feels like it's turning its back on us, the people who subscribe to that idea or ideology," said Ali Marmaduke, strategy director with the Amsterdam-based Brand Potential. He said cultural tension — polarization — is surging over politics, wars in Russia and the Mideast, the environment, public health and more, creating what Marmaduke said is known as a "polycrisis": the idea that there are several massive crises converging that feel scary and complex. Campbell's soups "People are understandably freaked out by that," he said. "So we are looking for something that will help us navigate this changing, threatening world that we face." Trump's "Make America Great Again" qualifies. So did President Joe Biden's "Build Back Better" slogan. Campbell's soup itself — "Mmm Mmm Good" — isn't going anywhere, CEO Mark Clouse said. The company's new name, Campbell's Co., will reflect "the full breadth of our portfolio," which includes brands like Prego pasta sauce and Goldfish crackers. None of the recent activity around heritage brands sparked a backlash as ferocious as Jaguar's. The company stood as a pillar of tradition-loving British identity since World War II. The famous "leaper" cat Jaguar logo is pictured in 2019 at the Auto show in Paris, France. Jaguar said its approach to the rebrand was rooted in the philosophy of its founder, Sir William Lyons, to "copy nothing." What it's calling "the new Jaguar" will overhaul everything from the font of its name to the positioning of it's famous "leaper" cat. "Exuberant modernism" will "define all aspects of the new Jaguar world," according to the news release. The approach is thought to be aimed at selling fewer cars at a six-figure price point to a more diverse customer base. The reaction ranged from bewilderment to hostility. Memes sprouted up likening the video to the Teletubbies, a Benetton ad and — perhaps predictably — a bow to "woke" culture as the blowback intersected with politics. Get the latest local business news delivered FREE to your inbox weekly.

India is 48 per cent short in terms of broadband penetration today, even after 25 years of terrestrial mobile services. If we continue to behave the way we are (blocking the entry of new players), we will remain in this state for another 25 years and Viksit Bharat can go out of the window,” says Debashish Bhattacharya, Senior Deputy Director General, Broadband India Forum (BIF). “What they want is that existing operators pay for this spectrum through the nose, invest a lot of Capex but the new operator should be given a red carpet, free spectrum to start competing. This kind of a demand should not have come from them,” says Ravi Gandhi, a regulatory executive with Reliance Jio. The race to provide satellite broadband connectivity in India is leading to some fiery exchanges. Gandhi and Bhattacharya were but two of the voices heard during the Telecom Regulator of India’s (TRAI) Open House Discussion in November. The heated discussions were over the spectrum allocation for satellite-based communication (satcom) services. There are a whole set of other discussions too on satcom starting from cost, pricing, spectrum allocation to even voices asking about whether it is really viable. On the need for satcom, Lt Gen AK Bhatt (retd), Director General, Indian Space Association (ISpA), says, “It can overcome the digital divide in difficult geographies where the cost of putting fibre is too high. Satellites are like fibre in space. In urban areas, it is useful for backhaul services, for additional capacities.” Satcom technology connects various points on Earth using the satellites orbiting in space, because of which it is able to reach remote hinterlands of the world. Watch out for trade wars, nationalism and sachet SIPs Leaderspeak on the business outlook for 2025 Year-end: Why is it a trigger for job moves? Corporates look to tread the India Way Nvidia: The lynchpin of the AI revolution Feelings run high on the issues of spectrum allocation because of the enormous investments that have gone in. A 2023 KPMG report stated that satcom had reached a valuation of $2.23 billion and was predicted to reach $20 billion by 2028. Even legacy telcos like Bharti Airtel Ltd referred to the “lakhs of crores of rupees” of investment made by them over the past three decades. It is this investment that has made the legacy players push for auction of spectrum, citing concerns of an uneven playing field and undue advantage to new players like Elon Musk’s Starlink or Amazon’s Kuiper. Meanwhile, those against the idea of auction point out that world over spectrum is authorised by the administrative method. For now, the government appears to be leaning in favour of allocating spectrum. Yet, it is worth asking whether the technology deserves all the fanfare. Even Sateliot, one of Spain’s first satellite operators to offer IoT, has been working since 2018 and is hoping to go commercial only in 2025. In the US, companies like AT&T state that satellites can complement the existing terrestrial services but not work in isolation. As it explained in an investor call, “For a customer to only use satellite-based service, one needs enough satellites in space that are engineered with that amount of radio frequency. Also, the antenna array of those satellites needs to be large and strong enough to ensure the level of service a customer expects. The cost per bit is also very high currently to make it operationally viable.” Hence, AT&T plans to offer satellite as a complementary to fiber/wireless service. AT&T has so far launched five commercial satellites called BlueBirds. Back in India, Forrester Research has stuck its neck out and said that satcom may be dead by the time it arrives in 2025, stating that while many companies are warming up to the idea of satcom, they will be hard pressed to compete in terms of pricing. “Considering the 5G coverage in India is widespread, the space we have for satellite coverage to grow is very limited... In Kenya, when Starlink launched, it struggled to get any customers. In one or two years, they got around 4,500 customers. In India, customers are equally pricey. It’s very difficult for something like this to grow,” explains Ashutosh Sharma, Vice President and Research Director at Forrester. However, Pranav Roach, President of Hughes Network Systems India Ltd, disagreed with this prediction stating that even in the US satellite still accounts for 20-25 per cent of the network utilisation. “From a consumer point of view, availability increases tremendously. So there will be a significant uptake for satcom. But it will coexist with other technologies. Technical feasibility and cost is a function of the options available and what you need to do in an emergency. Right now, we’re still waiting for rules from TRAI for spectrum allocation. Once that comes out, we can determine the cost and prices,” Roach said. Similarly, Sateliot noted that satcom as an affordable solution could prove to be a game-changer for India. Mariona Pazos Rovira, Sateliot’s Regulatory Affairs Department said that India ranks among Sateliot’s top five countries in signed orders. However, in terms of challenges, Rovira admitted that the satellite industry in India is somewhat difficult to enter due to the lack of a framework beneficial for foreign satellite operators. “However, this is currently evolving, and I feel it will continue to improve over the next year,” she added. Nonetheless, she said the company hoped to work in India as a commercial service by 2025 or 2026. Despite the discussions around satellite’s potential, Mahesh Uppal, Director of Com First (India), stressed the need for India to make satcom a reality. “India’s fibre coverage is impressive but far from adequate. We need, but do not have, fibre reaching most homes. This is a huge and expensive undertaking. Satcom can provide easier access, if not comparable bandwidth. It’s yet to match terrestrial players’ economics. However there are important advances in the technology, which makes Satcom more promising. However, in the medium term, it is critical that sactom’s advantages are harnessed so that unconnected people and regions do not have to wait endlessly to benefit from the power of broadband internet technologies,” he said. Comments

Some moments in a nation's history are remembered for centuries. December 27, 2007, stands as a deeply tragic day in our national history, marked by the martyrdom of Mohtarma Benazir Bhutto in a brutal act of terrorism. This date has become a symbol of sacrifice for the country and its people. When Shaheed Mohtarma Benazir Bhutto decided to return to her homeland after eight years in exile, her friends and relatives strongly urged her not to, warning of the dangerous situation and threats to her life. Several foreign governments shared intelligence reports with her, and Pakistan's intelligence agencies also conveyed that her return was fraught with peril. Party leaders and those in her close circle advised her against returning to Pakistan until the very last moment. Shaheed Bibi was fully aware of the risks and was convinced that certain forces were determined to eliminate her. Yet, she remained resolute in her decision. Before returning, she wrote her last will and testament, specifying her final resting place within the grounds of Shaheed Bhutto's mausoleum. To those urging her to reconsider, she had a single, unwavering response: Pakistan's security was at stake. "If I do not return at this critical juncture," she would say, "history will remember us as cowards. I cannot abandon my country and my people in their time of need." She often reiterated her belief: "We are a people of reasoning, of ideas and emotions. We know how to live, and we know how to die." Very few individuals in history have embraced death with such courage and conviction. When Shaheed Mohtarma Benazir Bhutto returned to Pakistan on October 18, 2007, the entire nation seemed to converge at Karachi airport to welcome her. A sea of people gathered in support of her vision for a peaceful democratic revolution, echoing her belief that Pakistan's survival lay in democracy. The overwhelming support unsettled the forces opposed to Pakistan and its people. On the same day, these hostile forces struck their first blow against Shaheed Bibi through a brutal terrorist attack on Shahra-e-Faisal near Karsaz, Karachi. Although she survived the devastating bomb blasts, more than 200 of her supporters sacrificed their lives for the cause of Pakistan's survival and the restoration of democracy. The Karsaz tragedy made it evident that Shaheed Bibi's life was under constant threat from those opposing her mission. On October 19, during a press conference at Bilawal House in Karachi, she was asked if she would continue her campaign despite the threats. Her resolute reply was: "Those forces want me to abandon my campaign and leave. They do not want true democracy to be restored in the country. But if democracy is not restored, the dangers to Pakistan will only increase. I will stay with my people." Upon her return to Pakistan, Shaheed Mohtarma Benazir Bhutto brought with her a manuscript she had written, later published under the title Reconciliation. In one poignant passage, she wrote: "I had endured the torment of my father's arrest, imprisonment, and murder and knew that such wounds of the soul never truly heal. I was willing to do anything to spare my children the pain I had suffered from my father's death, but this was the one thing I could not do." In her book Reconciliation, Shaheed Mohtarma Benazir Bhutto explains why she returned to her homeland despite being fully aware of the threats to her life. She wrote, "Pakistan is in danger of Talibanization as well as balkanization." She further described the perilous state of the nation at that time, saying, "Pakistan is a bundle of dry fuel, which can catch fire very quickly." Recognizing the grave dangers posed by the growing power of extremist and separatist groups, Shaheed Bibi sacrificed her life to save Pakistan. Throughout her career, she bravely engaged in politics during some of the most critical and dangerous periods in the country's history, enduring immense personal suffering for the sake of her people. Shaheed Mohtarma Benazir Bhutto stands as a singular leader who fought against two military dictatorships-those of General Zia-ul-Haq and General Pervez Musharraf. By restoring democracy, she countered the threats posed by extremist and separatist forces that endangered the nation's security. Under authoritarian regimes, Pakistan faced significant challenges: the country was divided during the dictatorships of General Ayub Khan and General Yahya Khan, while the regimes of Zia-ul-Haq and Pervez Musharraf embroiled Pakistan in global power struggles. These wars crushed democratic and federalist forces, allowing extremist and separatist movements to gain strength. On April 10, 1986, when Shaheed Bibi first returned to Pakistan, and again on October 18, 2007, the country's security was in jeopardy. In 2007, religious and sectarian extremist forces dominated politics through terrorism, and the government's writ had eroded in regions like Swat and the tribal areas, where even the Pakistani flag could not be raised. Despite these risks, Shaheed Bibi returned to her homeland, risking her life to confront these challenges head-on. If she had not returned during those critical times, the situation in Pakistan today might have been unimaginable. The democracy we see in Pakistan now, the weakening of extremist, fascist, and separatist forces, and the strengthening of federal democratic ideals-symbolized by milestones like the 18th and 26th Constitutional Amendments-are all testaments to Shaheed Bibi's unwavering commitment and ultimate sacrifice. Minister for Information, Transport and Mass Transit, Government of Sindh COMMENTS Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our

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