MC Insider: Turning West, unlocking value, rejigging cabinet, and more

While the world is drumming up the outperformance of Indian equity markets over the past few months and comparisons with geographic phenomenon are becoming rampant, phone lines at one foreign-backed wealth management firm are ringing with only one request -- "buy US equities". The wealth management firm has been surprised by the request given that generally investors tend to chase outperformance in the market. It appears some ultra and high net worth investors believe in the possible reversal in fortunes of the US market, especially its technology stocks, very soon. Or, maybe they are just really inspired by Nathan Rothschild's quote about buying stocks when there is blood on the Street.

The buzz is getting louder in the market about the credit card arm of a lender which is looking to sell stake, induct a partner, and unlock value. With the niche segment growing at a healthy pace and the company expecting to be in the black by the end of the fiscal, let’s wait and see the fate of this proposed deal.

With the auspicious Pitru Paksha (16 day lunar period in Hindu calendar) period ending, rumours of a possible cabinet reshuffle after Dussehra are back in the corridors of power. Several ministers (including former ones) and their crew are extra curious about the date of a rejig. In view of the 2024 Lok Sabha elections, the performance of all ministries will come under the lens. Needless to say, the PMO (prime minister's office) will have the last word on this.

Employees of an airline who are still residing in former colonies in two major cities are allegedly being arm-twisted to move out by the new owners and the authorities. According to some employees, their water supply was disconnected and in some cases salaries have been withheld and some have been transferred out of their home base. A recent high court order had given relief from dispossession to some employees till October 28 but added that after October 28 action may be taken against them if they fail to vacate the premises. We now hear the employees are planning to approach the apex court in the matter.

Contrary to popular belief, legacy automakers which have been traditionally making ICE (internal combustion engine) vehicles have been lobbying the government intensely to extend battery standards by three years. Established EV (electric vehicle) startups on the contrary are pushing hard to get it implemented within a year. An official from a startup told Moneycontrol that the MoRTH (ministry of road transport and highways) had to relent and go for one year extension (instead of three) because ICE makers made repeated pleas.

Several scientists in apex research institutes across the country expressed displeasure over the government phasing out awards for them. A little bird told Moneycontrol that government officials recently met to usher in uniformity in awards at the national level just like sports awards. “Science awards have very less prize money associated with it; time is ripe to honour contributions in research just like Khel Ratna Awards," quipped an official.

A network group recently appointed a chief executive to not only to fix its creative gaps but also to retain the confidence of a few key clients. An insider tells us this chief, in his previous stints, has worked on some of the big ad campaigns of these key clients. The chatter is that while the company is adding new creative power, projects are slowly slipping away from them. Looks like they found a captain of the ship who will navigate the business to the right shore.