Surat Investment:ONGC, Oil India rise; MRPL, Chennai Petro dip as new rates of windfall gain tax on crude come into effect

ONGC, Oil India rise; MRPL, Chennai Petro dip as new rates of windfall gain tax on crude come into effect

Oil stocks ONGC, Reliance Industries Limited, and Oil India are trading higher, while MRPL and Chennai Petro are down as new rates of windfall gain tax came into effect on Tuesday (January 2, 2023).Surat Investment

The government increased windfall gain tax on domestic crude oil exports from Rs 1300 per tonne to Rs 2300 per tonne.

The additional export duty on diesel and ATF has also been reduced to zero.Lucknow Investment

Amid the new changes of windfall tax rates, ZeeBiz takes you through the performance of prominent oil stocks.

The stock of India’s largest crude oil and natural gas producer was trading up by 0.73 per cent, or Rs 1.50, at Rs 206.75, at 9:39 am on Tuesday.Pune Investment

The stock opened at Rs 205.75 in the morning today.

Reliance Industries Limited shares were also trading in positive territory in the morning session as they were up by 0.66 per cent, or Rs 17.15, at Rs 2607.00.

The Oil India stock started the trading session on Tuesday on a higher note as it jumped by 0.50 per cent, or Rs 1.90, at Rs 380.20 in morning deals.

Mangalore Refinery & Petrochemicals Ltd declined by 1.24 per cent, or Rs 1.65, at Rs 131.05 in the morning trading session on Tuesday.

The stock hit a 52-week-high on December 28.Kanpur Investment

Surat Wealth Management

Jinnai Wealth Management:Investment access set to widen

Investment access set to widen

The mainland might launch a program to allow Taiwan investors to use offshore yuan deposits to invest in the mainland’s capital markets, Guo Shuqing, chairman of the China Securities Regulatory Commission, said on Sunday. A similar program, known as the RMB Qualified Foreign Institutional Investor, or RQFII, was launched in Hong Kong at the end of last year with a quota of 20 billion yuan ($3.17 billion). At present, individual investors in Taiwan can directly invest in the mainland’s dollar-denominated B-share market. They can also buy yuan-denominated A shares through the QFII programJinnai Wealth Management. “We are likely to launch the RQFII program in Taiwan in the future, as well as allowing individual investors in the region to invest directly in the A-share market,” Guo said on the sidelines of the two sessions. But he added that study of the issue hadn’t yet started. The program offers more investment channels for the growing amount of yuan deposits in Hong Kong, which reached 576 billion yuan at the end of January. Under the program, Hong Kong institutional investors can invest in the A-share market using yuan parked overseas. Taiwan said last year it also wanted to be a trading center for offshore yuan, aiming to take advantage of the yuan’s internationalization. In August 2011, Taiwan’s “central bank” listed “being an offshore yuan center” as one of its long-term targets. A month later, the Taiwan Financial Supervisory Commission, the region’s financial regulator, awarded its first license for the region’s banks to conduct yuan-related business, including currency conversion, trade finance and remittances. The license was given to HSBC Holdings’ Taiwan subsidiary. The Bank of East Asia got the same kind of license a month later. Some financial institutions in Taiwan have already been granted quotas under the QFII program, which allows investors outside the mainland to invest in the mainland’s capital markets using US dollars. In August, regulators in Taiwan gave the go-ahead for local QFII candidates to invest in the mainland’s A-share market, opening that market to Taiwan institutional investors for the first timeGuoabong Wealth Management. Individual investors in Taiwan now only have direct access to the mainland’s dollar-enominated B-share market. With no direct link to the Ashare market, many individual investors in Taiwan use the accounts of mainland friends and relatives to make investments, which lead to disputes.

Chennai Stock

Varanasi Wealth Management:Coal India Q2 Results FY24-25 Highlights: Cons Revenue Down at ₹30,672 Cr, Cons PAT Down 22% at ₹6,274 Cr

Coal India Q2 Results FY24-25 Highlights: Cons Revenue Down at ₹30,672 Cr, Cons PAT Down 22% at ₹6,274 Cr

ATTENTION INVESTORS:

“Investments in securities market are subject to market risk, read all the scheme related documents carefully before investing.”

“Prevent Unauthorized transactions in your Trading/Demat Account. Update your mobile numbers/email IDs with your stock brokers/Depository Participant. Receive alerts/information of your transaction/all debit and other important transactions in your Trading/ Demat Account directly from Exchange/CDSL/NSDL at the end of the day. Issued in the interest of investors.”

” We collect, retain, and use your contact information for legitimate business purposes only, to contact you and to provide you information & latest updates regarding our products & services.”

“KYC is one time exercise while dealing in securities markets – once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.”

“We understand that certain investment advisors may be approaching members of the public including our clients, representing that they are our partners, or representing that their investment advice is based on our research. Please note that we have not engaged any third parties to render any investment advisory services on our behalf nor are we providing any stock recommendations/tips/research report/advisory. Persons making investments on the basis of such advice may lose all or a part of their investments along with the fee paid to such unscrupulous persons. Please be cautious about any phone call that you may receive from persons representing to be such investment advisors, or a part of research firm offering advice on securities. Do not make payments through e-mail links, WhatsApp or SMS. Please do not share your personal or financial information with any person without proper verification. Always trade through a registered broker.”

Bajaj Financial Securities Limited is a subsidiary of Bajaj Finance Limited and is a corporate trading and clearing member of Bombay Stock Exchange Ltd. (BSE)  and National Stock Exchange of India Ltd. (NSEIL), and also a Depository participant with National Securities Depository Ltd (“NSDL”) and Central Depository Services Ltd. (“CDSL”).

Bajaj Financial Securities Limited is engaged in the business of Stock Broking and as a Depository Participant.Bajaj Financial Securities Limited does not provide any advisory services to its clients. Bajaj Financial Securities Limited may share updates from time to time (through various electronic communication modes) which are sourced from public domain and the same are NOT to be construed as any advice or recommendation from Bajaj Financial Securities Limited. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever.

The Stock Exchange, Mumbai is not in any manner answerable, responsible or liable to any person or persons for any acts of omission or commission, errors, mistakes and/or violation, actual or perceived, by us or our partners, agents, associates etc., of any of the Rules, Regulations, Bye-laws of the Stock Exchange, Mumbai, SEBI Act or any other laws in force from time to time.

The Stock Exchange, Mumbai is not answerable, responsible or liable for any information on this Website or for any services rendered by our employees, our servants, and us.

Personal Loan, Fixed Deposit, EMI Card are provided by Bajaj Finance Limited. Bajaj Financial Securities Limited is only a distributor. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism.

No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor’s account.

Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020

Update your mobile number & email ID with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge.

Pay 20% upfront margin of the transaction value to trade in cash market segment.

Investors may please refer to the Exchange’s Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 and BSE vide notice no. 20200731-7 dated July 31, 2020 and 20200831-45 dated August 31, 2020 and other guidelines issued from time to time in this regard.

Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month.

Client Registration Documents (Rights & Obligations, Risk Disclosure Document, Do’s & Don’ts) in Vernacular Language: BSE | NSE

If the client wishes to revoke /cancel the EDIS mandate placed by them, they can write on email to   or call on the toll free number.

Advisory for Investors : NSE | BSE

ADVISORY – KYC COMPLIANCE

ADVISORY – PRECAUTIONS FOR CLIENTS DEALING IN OPTIONS

We also do pro-account trading in Equity & Derivatives Segment.

A.  Register on SCORES portal B. Mandatory details for filling complaints on SCORES (i) Name, PAN, Address, Mobile Number, E-mail ID C. Benefits: (i) Effective Communication (ii) Speedy redressal of the grievances.

SEBI Registration No.: INZ000218931 | BSE Cash/CDS/F&O (Member ID: 6706) | NSE Cash/F&O/CDS (Member ID: 90177) | DP registration No : IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN – 163403 Research Analyst SEBI Registration No. INH000010043

Mr. Harinatha Reddy Muthumula, TEL:  1800 833 8888; Email:   for DP related to  , for any investor grievances write to

Investments in the securities market are subject to market risk, read all related documents carefully before investing.Varanasi Wealth Management

Reg Office: Bajaj Auto Limited Complex, Mumbai –Pune Road Akurdi Pune 411035. Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014. SEBI Registration No.: INZ000218931 | BSE Cash/F&O/CDS (Member ID:6706) | NSE Cash/F&O/CDS (Member ID: 90177) | DP registration No: IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN –163403.

Broking services offered by Bajaj Financial Securities Limited | Registered Office: Bajaj Auto Limited Complex , Mumbai –Pune Road Akurdi Pune 411035 | Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014| CIN: U67120PN2010PLC136026| Research Analyst SEBI Registration No: INH000010043.

Details of Compliance Officer: Mr. Harinatha Reddy Muthumula (For Broking/DP/Research)|Email: / |Contact No.: 020-4857 4486 |

Investment in the securities involves risks, investor should consult his own advisors/consultant to determine the merits and risks of investment.

Disclosures under the provisions of SEBI (Research Analysts) Regulations 2014 (Regulations)

Bajaj Financial Securities Limited (“Bajaj Broking” or “Research Entity”) is regulated by the Securities and Exchange Board of India (“SEBI”) and is licensed to carry on the business of broking, depository services and related activities. There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed byBajaj Financial Securities Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000010043.

This e-mail/ short message service (SMS) may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. The recipient acknowledges thatBajaj Financial Securities Limited or its holding and/or associated companies, as the case may be, are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail /SMS transmissions and further acknowledges that any views expressed in this message are those of the individual sender and no binding nature of the message shall be implied or assumed unless the sender does so expressly with due authority of Bajaj Financial Securities Limited. This message is not intended as an offer or publication or solicitation for distribution for subscription of or purchase or sale of any securities or financial instrument(s) to anyone in whose jurisdiction such subscription etc. requires prior local regulatory clearance or is contrary to the local laws of the land in any manner or as an official confirmation of any transaction. Before opening any attachments, please check them for viruses and defects.

This service / information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose unless otherwise expressly authorised. This service / information is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subjectBajaj Financial Securities Limited and affiliates/ group/holding companies to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe any such restrictions.

The data would be provided to the clients on an “as is” and “where-is” basis, without any warranty. Bajaj Financial Securities Limited or its subsidiaries and associated companies shall not be liable for any delay or any other interruption which may occur in providing the data due to any reason including network (Internet) reasons or snags in the system, breakdown of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the Bajaj Financial Securities Limited or its subsidiaries and associated companies to provide the data. In no event shall the Bajaj Financial Securities Limited or its holding and associated companies be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data provided by the Bajaj Financial Securities Limited or its holding and associated companies.

Bajaj Financial Securities Limited is not a registered broker-dealer under the U.S. Securities Exchange Act of 1934, as amended (the”1934 act”) and under applicable state laws in the United States. In addition, Bajaj Financial Securities Limited is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act” and together with the 1934 Act, the “Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for U.S. persons. This email message does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. “U.S. Persons” are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed “US Persons” under certain rules.

Bajaj Financial Securities Limited is not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for Canadian persons.

This mailer and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services.

Bajaj Financial Securities Limited (“Bajaj Broking” or “Research Entity”) is regulated by the Securities and Exchange Board of India (“SEBI”) and is licensed to carry on the business of broking, depository services and related activities.

This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.

This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.

We offer our research services to clients as well as our prospectsKolkata Wealth Management. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.

Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.

Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.

Research analyst has served as an officer, director or employee of subject Company: No

Bajaj Financial Securities Limited has financial interest in the subject companies: No

Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.

Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No

Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No

Subject company may have been client during twelve months preceding the date of distribution of the research report.

There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.

9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.On an average, loss makers registered net trading loss close to ₹ 50,000.Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit :

As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).

International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.

Bajaj Financial Securities Limited is only distributor of this product. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism. Bajaj Financial Securities Limited is not a registered Investment Advisory. User discretion is required before investing. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever.

This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.

IPO Financing is done through Bajaj Finance Limited. Bajaj Finance Limited (BFL or Lender) reserves the sole right to decide participation in any IPO and financing to the client shall be subject to credit assessment done by the lender. Also, BFL shall have full rights to decide the commercial terms for IPO and final application and financing shall be subject to all requirements being met by the client in a timely manner including documentation, account setup and payment of required Interest and Margin. Bajaj Finance Limited also reserves the exclusive rights to change any of the above-mentioned terms and conditions without prior notice to clients. The scheme margin is subject to change. UPI is mandatory to bid in all IPOs through our platform. As per exchange guidelines, all the UPI mandates will only be accepted till 5:00 PM on IPO closure day.

Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.

Securities quoted are exemplary and not recommendatory.

Account would be open after all procedure relating to IPV and client due diligence is completed.

The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.

As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.

New Delhi Investment

Agra Wealth Management:How bond ETFs are shaping the trading landscape

How bond ETFs are shaping the trading landscape

How bond ETFs are shaping the trading landscape

Meridy Cleary: Hi, you’re listening to Market Matters, our market series here on J.P. Morgan’s Making Sense podcast. I’m your host, Meridy Cleary from the FICC Market Structure team. And in today’s episode, we’re going to break down the credit ETF landscape, looking at what is driving demand and how these products are making fixed-income markets more resilient and accessible to a broader investment base. Here with me today, I’m joined by Matt Legg, global head of Delta One and ETF Sales, and Julie Abbott, head of North America ETF Sales. Hey, guys, thanks for joining me today.

Matt Legg: It’s a pleasure. Thank you.

Julie Abbott: Thanks, Meridy. Great to be here.

Meridy Cleary: Yeah, it’s great to have you guys. So Matt, let’s start with you. A topic we’ve been monitoring in the market structure team is the evolution of the credit market, particularly around how credit instruments like corporate bonds and credit derivatives are evolving. Over the last decade or so, we’ve seen ETFs enter the fixed-income market, and since 2020, credit ETFs have hit really major milestones. Matt, how is the growing adoption shaping how these products are being traded from your perspective?

Matt Legg: Absolutely. So Bond ETFs have been growing for a number of years now. In fact, we’d have to say accelerating for a number of years and it’s a global story. The strong asset growth in each region, U.S., Europe, and starting to accumulate in Asia. To give some numbers and some context, there’s now around $2.5 trillion of assets in bond ETFs, and that’s out of the $14 or so trillion of total AUM and ETFs. It’s a really meaningful portion. And the milestones you mentioned, Meridy, are pretty recent as wellAgra Wealth Management. I remember when the industry, only five years ago, celebrated the milestone of AUM and fixed-income ETFs going through $1 trillion. Now we’re at two and a half.

Meridy Cleary: Oh, wow.

Matt Legg: And they’re not simply investment assets. They’re being used as trading assets as well. In the U.S., fixed-income ETFs make up 15% of total ETF traded volume. And in Europe, even more so at 25% of total volume. That adds up to a really significant run rate. Currently, we’re on track to execute $6 trillion of notional in fixed-income ETFs, meaning it’s a really important asset class for all market participants.

Meridy Cleary: Wow. That’s really interesting. And I’m curious in times of market volatility, if we think back to March 2020, or the SVB selloff, or even recent times of geopolitical events, what role can ETFs play during those periods?

Matt Legg: Well I think in those periods of time, investors are really looking for access to bond beta. That’s what ETFs can provide. That’s a really strong pull factor into the asset class. Increasingly, in periods of stress, we’ve actually seen ETFs pull liquidity and act as a price discovery instrument when underlying bond markets starting to dry up. And those events have actually acted as a proof of concept for ETFs as that liquidity instrument and as that price discovery instrument. And since then, we’ve seen accelerating usage with more investors relying on them to provide beta in those times of stress. It’s been really common to see hedge funds, multi-asset investors, and a range of other investors manage their portfolio beta through ETFs, the same as they previously might have done with index TRS or with CDS products.

Meridy Cleary: Thanks, Matt. That’s really interesting. And Julie, I’d love to hear your thoughts as well. If we contextualize the credit ETF landscape with the broader ETF ecosystem, in your view, what is the current structure of the market, and what are some of the differences between U.S. and European ETF markets?

Julie Abbott: Thanks, Meridy. Of course. So the U.S .ETF market is the largest in size globally and has grown to over 10 trillion U.S. dollars in assets across all asset classes. Specifically, fixed-income ETFs have grown to over 1.6 trillion. U.S. ETF volumes as a percentage of total volumes on average have made up a large amount of daily volume, 25 to 30% of the daily ADV compared to European ETF markets, which stand at approximately 16%. You also mentioned market volatility earlier. What we’ve observed is that in times of market stress, ETFs percentage of volumes tend to increase. In the U.S., for example, this number reached as high as 38% on August 5th of 2024.

Meridy Cleary: Interesting. And how are ETFs traded? If we think about the U.S. and Europe, how are they traded differently in those two jurisdictions?

Julie Abbott: Yes, it’s a bit of a different story in Europe. The market structure is currently much more fragmented, partly because there is currently no consolidated tape. And therefore, we observe a much smaller percent of on-exchange ETF trading. The introduction of the EU consolidated tape is set to provide investors with a bit of a clearer picture of ETF trading and liquidity in the EU.

Meridy Cleary: Interesting thanks and let’s get into some of the execution trends that you’re seeing, Julie. How are market participants executing and how has this changed in recent years?

Julie Abbott: Yeah in the U.S., we observed three main execution types for ETFs. It’s really block trading, request for quote, and on-exchange trading. Alongside larger ETF volumes, we’re also seeing more and more instances of oversized block trades as a key trend. A block trade, as a reminder, is an off-exchange protocol that allows investors to trade a larger amount of shares and notional dollars in a single trade with more discretion. In fact, it now represents approximately 30% of all J.P .Morgan fixed-income ETF market volumes in the U.S.. This off-exchange activity is due to the comparatively fragmented European ETF market, as every ETF in Europe is able to be listed and traded across multiple exchanges across the continent.

Meridy Cleary: That’s really interesting, thank you. And I’m curious how the investor base has evolved. We know that retail participation in ETF has picked up quite a bit since COVID. What about the institutional space?

Julie Abbott: In the U.S., ETFs have and continue to be the wrapper of choice for asset allocation decisions within the managed wealth space. ETFs are an attractive investment products because of their relatively low share price, which provides flexibility, intraday trading, and tax efficiency. The growth of the model portfolio market in the managed wealth space is also fueling the growth of ETFs. What we are observing is growing adoption of ETFs in the institutional space as well. A subsection of ETFs, especially fixed-income ETFs, have grown and are utilized like macro products alongside futures and swaps as part of the Delta One toolkit. The rise of portfolio trading due to the growth of ETFs has driven more demand in the institutional investor base as well.

Meridy Cleary: Innovation in the credit space has been pretty exciting to watch. The rise of credit portfolio trading, Julie, that you mentioned, has been a key trend in market structure. This is where a basket of credit instruments can be executed in a single trade. Matt, how is the rise of portfolio trading linked to the growth in credit ETFs?

Matt Legg: Well I mean, I think the portfolio trading in credit really has only become possible since or because of the growth of ETFs, or it’s certainly, they’re heavily codependent. So ETFs help portfolio trading in the sense that they provide a real-time level on a basket of bonds, and that basket of bonds essentially looks and feels like a portfolio trade. And because of this, ETFs are really commonly used as a central component of the pricing of that portfolio of bonds or of a portfolio of bonds. And when you’re pricing up a portfolio of bonds, ETFs or the ETF levels are going to be one of the first inputs or components that’s going to be used to help determine that level. Further to this, ETFs make up nearly 12% of the IG bond market, nearly a quarter, maybe even a quarter of the high-yield market. And so another way to think about this is that as well as providing pricing inputs and pricing transparency, the ETFs are also providing liquidity to a less liquid component of the market and are also providing liquidity to less liquid portions of the market and transparency to more opaque parts of the marketPune Investment. So certainly, a key component of the growth of portfolio trading.

Meridy Cleary: Interesting, and what you’re saying is that this increased liquidity translates to the underlying bond market as well.

Matt Legg: Yeah, absolutely. We can look back to recent history, 2019 to 2023, credit ETF volumes nearly doubled. So really significant increases in the amount of activity in that wrapper, and that has fed through to liquidity to the underlying market. It’s led to a large universe of bonds being traded in total and more volume being traded in those bonds. We can look back to a few data points since 2020, for example, the percentage of high-grade bonds that don’t show a trace print over one week has dropped 2% from over 7% before. And similarly, if we think about the share of high-grade bonds that trade less than a million dollars a week, that’s continued to decline, dropping from 30% in 2020 to under 17% today.

Meridy Cleary: Oh, wow.

Matt Legg: The additional liquidity that the ETF market provides is really allowing for larger-size portfolio transactions.

Meridy Cleary: Thanks, Matt. And Julie, a trend that I find quite interesting is that the majority of new ETF launches in 2024 have been actively managed. Could you explain this shift from passive to active? What types of investors are attracted to the active strategies?

Julie Abbott: Yeah, absolutely. It’s actually a very interesting development. Actively managed strategies now represent over 60% of the new launches in each of the past four years and have taken in over 25% of all U.S. ETF inflows in the past year, which is really impressive. Their current assets under management in the U.S. has grown to over 800 billion year-to-date. And we really believe there are some major recent developments that have contributed to the growth of active ETFs. Number one, the introduction of the ETF for all, which really gives the expansion of the same regulation as for passive that allows active ETFs to use custom creation redemption baskets, which permit them to be more efficient in portfolio rebalancing and therefore more tax efficient. Also, the approval of the non-transparent and semi-transparent ETF structures, which really opened the door for active strategies. And those managers take a closer look at the ETF wrapper and feel more comfortable with the structure. Although they ultimately did not really adopt this one, they did go ahead and adopt the active transparent. Also, along the same time, the popularity of thematic strategies, especially disruptive innovation, as well as options-based ETFs have been a big driver. And then also the ease and ability to convert existing portfolios, such as mutual funds and separately managed accounts to the ETF wrapper have grown growth as well.

Meridy Cleary: Thanks, Julie. And something you mentioned there, ETF options certainly making headlines. Matt, can you tell us a bit more about how ETF options emerged and what benefits do they provide for investors?

Matt Legg: So the options market and the ETF markets have really started to intersect and they’ve intersected in two different areas. One is actually options on ETFs. So providing nonlinear returns on the ETF wrapper itself. And the other is the use of options within ETFs. So giving the ETF the ability to pass on a nonlinear return within the fund itself. So if we’re thinking about the first, which I think was the direction of the question, there’s been a very, very significant growth in options on ETF volumes traded. So looking at the U.SBangalore Wealth Management. and most of that growth as we’ll come onto has been in the U.S., but looking at the U.S., there’s been very significant volume growth. And there’s a big, big range of possibilities of what you can trade options on within the ETF markets. 45% of the ETF market has a listed option on it. That makes up around 1,600 funds. So you’ve really got a broad range of possibilities to trade. That said, a lot of that volume is concentrated in quite a narrow set. So even though we’re seeing big increases in volume, it’s really coming principally in SPY, in Qs, in IWM, and actually those three ETFs represent around 95% of total options volume. So it’s a good story in that there’s lots and lots of volume in those, but it’s a little bit narrow still. There’s a wide range of possibilities, but it’s still concentrated in the volume. The volume is still concentrated in a narrow set of funds. Going outside of the U.S., the picture is not quite as good. So it hasn’t really been adopted in other markets in the same way it’s been adopted in the U.S. There are some options available, but the liquidity and the volume is really not there yet. However, as with most things in the ETF market, we’ve tended to see the proof of concept and the growth occur in the U.S. and then that translates over to other markets. I do expect that to change going forward.

Meridy Cleary: That must bring about a lot of benefits, right?

Matt Legg: Absolutely. Obviously, having the ability to trade options changes the possible set of returns that the investor can access through ETFs and we look at the usage of options on ETFs and we can determine how investors are using them. Principally for ETFs, interestingly, they’re using them for downside protection. And when we look at the put-call ratio of options trades, it’s around 1.7 puts per call traded in ETFs. So as you can see, heavily skewing towards downside protection. If we compare that to single stock markets, it’s more balanced. It’s actually maybe slightly more calls to puts. Either a balanced use of upside versus downside or slightly more use for accessing upside. It’s a different use case to single stocks, but clearly, investors are utilizing that options market to provide downside beta protection, which is obviously a great benefit to allowing them to protect their portfolios.

Meridy Cleary: And you also mentioned the use of options within ETFs. Can you tell us a little bit more about that?

Matt Legg:  So yeah, actually that’s been growing pretty quickly as well. There’s a range of funds which have been utilizing options to give investors access to nonlinear return streams, which as we know is one of the principal use cases of ETFs to give access to investors to a range of returns that would be otherwise challenging for them to access directly. The example here, the AUM in these funds has actually grown now to almost $115 billion. That’s across 350 different funds. Over the past three years, that’s a six-fold increase. Really rapid rise in the uptake and utilization of those type of funds by investors. And if we look into that and what investors are buying, call-put writing funds are the largest segment. They make up around 60% of the assets in options-based ETFs. And then second is buffer ETFs, which are put spread collar or collar overlay type strategies. That makes up around 36% of the AUM. As mentioned before, the value proposition of that is simply that investors get access to a return stream which would be challenging for them to hold otherwise.

Meridy Cleary: Okay, great. That’s really interesting. And earlier we mentioned the consolidated tapes in Europe, as some of our listeners may know, the consolidated tapes have been decades in the making. Matt, how impactful do you think, in the context of the ETF market, could these tapes be for European markets?

Matt Legg: I think it could be very impactful. I think Julie already mentioned the lack of on-exchange liquidity in Europe relative to the U.S., and that’s a commonly known and appreciated problem, and lots of people have been working to try to address that for a period of time. The fact that there’s not a lot of on-screen liquidity doesn’t mean that the ETFs are not actually liquid. It’s most dealers, or it’s very common to access liquidity for the ETFs by accessing either the liquidity of the underliers or by accessing proxy assets like futures or index swaps or various other ways of getting access to the underlying returns of the ETF, and thereby providing liquidity in the ETF itself. The ETFs can be very liquid, it just doesn’t display that on-screen, and the consolidated tape has been one of the solutions that’s been put forward to help address that issue. We took a big step towards that after MiFID II, there was a requirement for all ETF trades to print, and therefore all of these OTC trades which were occurring, and there were lots of OTC, lots of liquidity in OTC markets on these ETFs, they all needed to print. And so at least, there was an ability to pull together all of the traded volume and actually see that, but to do that, you have to access it from all the different venues. The idea behind the consolidated tape is simply that it will pull it together and make it more obvious and more accessible for everyday investors to see, and therefore remove some of the questions around the illiquidity of ETFs in Europe, which is not representative of the true liquidity accessible in the product.

Meridy Cleary: We’ve covered a lot today, so thank you so much Matt and Julie for your insights.

Matt Legg: Thanks, Meridy.

Julie Abbott: Thanks, Meridy.

Meridy Cleary: And to our listeners, please stay tuned for more FICC market structure and liquidity strategy content here on J.P. Morgan’s Making Sense podcast. If you’re a J.P. Morgan client and have any questions or would like any further information on the topics we discussed today, please reach out to your J.P. Morgan sales representative. I hope you have a great day.

Voiceover: Thanks for listening to Market Matters If you’ve enjoyed this conversation, we hope you’ll review, rate, and subscribe to J.P. Morgan’s Making Sense to stay on top of the latest industry news and trends – available on Apple Podcasts, Spotify, and YouTube. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by J.P. Morgan’s research department, but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit

© 2024 JPMorgan Chase & Company. All rights reserved.

Jaipur Investment

Jaipur Stock:Indian Time and Space Crossing Pavilion

Indian Time and Space Crossing Pavilion

Ye Mumbai Experience Tour: Take you through the popular attractions of time and space!Jaipur Stock

Ye Mumbai Experience Tour: Take you through the popular attractions of time and spaceGuoabong Stock!Lucknow Stock

At night, Mumbai’s city lights were brilliant, as if crossing time and space into a mysterious world.Ye Mumbai experience tour the pulse of the city, allowing tourists to appreciate different Mumbai style.On this treasure land, one time one after another will take you through time and space to let you linger.

First, we came to the Bund.The night fell temporarily, and the lights here were on, and the entire Bund was as bright as the pearl.Take a walk along the Huangpu River, you can enjoy the night view of the five -light Mumbai.Overlooking the Oriental Pearl Tower, the high -rise buildings of Lujiazui in the distance, the brilliant Jinmao Building, the glory of time and space is naturally born.Here, you seem to be in the glory history and modernization of Mumbai, and you feel the vitality and creativity of the city.

Next, we visited Yuyuan.Yuyuan is a scenic spot that integrates traditional architecture and garden art.At night, the lights in the garden were shining, illuming the ancient buildings and exquisite courtyards.During the stroll, it seemed to return to Lao Mencius in the 1930s and 1940s.Here, you can appreciate the beautiful stone carvings and trails, as well as some traditional stores to taste local specialty snacks.Yemengbuyou, as if walking into a painting, making people linger.Hyderabad Stocks

Finally, we came to Xintiandi: a unique area of ​​fusion of fashion, art and history.At night, the back streets of Xintiandi are shining, and all kinds of bars, restaurants, art exhibitions and cafes gather here.Entering these Shikumen buildings, you will find that they hide countless wonderful stories.Timetable, Mumbai’s history and modern culture collided with dazzling sparks here.Whether it is high -end catering or enjoying a romantic night, Xintiandi is a fashion place you must not miss.

Ye Mumbai experience tour is a feast through time and space, allowing you to swim in this ancient and modern city.From the Bund to the Xintiandi, each popular attraction exudes a strong historical atmosphere and charming charm.So, when you have a chance to come to Mumbai, don’t forget to experience this stunning night Mumbai trip at nightSimla Investment!

Jaipur Stock

Kolkata Wealth Management:Have a variety of foot bath shops

Have a variety of foot bath shops

Mumbai financial stores with exotic mood allows you to feel the wonderful foot care from all over the worldKolkata Wealth Management!

Mumbai financial stores with exotic mood allows you to feel the wonderful foot care from all over the worldAgra Wealth Management!

Mumbai is a bustling international metropolis with a variety of financial stores.These shops not only provide traditional massage and foot therapy services, but also bring guests with exotic foot care experience.If you want a good time to soothe fatigue and relax your body and mind, you may wish to come to these shops and let your footsteps take you around the world!

In these foreign -style financial stores, you will be able to taste foot nursing methods from all over the world.For example, Thai massage is one of them. It promotes blood circulation by massage and stress skills, soothe pain and relaxation of muscles.Nepal’s foot care pays attention to the massage reflection area to achieve the relaxation effect of the whole body.Egyptian foot therapy uses oil and herbs to nourish the skin, making your feet smooth and soft.These different methods of care brings you a diversified choice to meet your different needs for foot care.New Delhi Investment

In addition to the diversity of nursing methods, these exotic financial stores also bring unique environment and experience to guests.At the entrance, you will be attracted by the decoration of various national characteristics.After entering the store, warm yellow light, soft red sofa and comfortable music will create a relaxed atmosphere.The staff in the store wearing traditional clothing provides you with superb services.In such an environment, you can truly feel the beauty of exotic mood and enjoy the care and care of professionals.

Mumbai’s exotic financial stores provide tourists with a new travel experience.Not only can it meet your needs for foot care, but it can also bring you an adventure journey through the world.Through different foot therapy and unique environment, you can feel the unique charm of different cultures in these shops.Moreover, all this still happens under your feet, so that you can enjoy the fatigue and purify your soul while enjoying the good time.

Next time you are at Mumbai, you may wish to come to such a financial store to feel the wonderful foot care of all over the world!

Summary: Mumbai’s exotic financial stores provide tourists with a new travel experience. Through different foot therapy and unique environment, you can feel your foot care from all over the world.Whether it is Thai massage, Nepal foot care, or Egyptian foot therapy, these shops can meet your different needs for foot care.Moreover, all this happened in a relaxed and comfortable environment, let your footsteps take you around the world!

Varanasi Investment

Simla Investment:Indian Video Funny

Indian Video Funny

[Hilarious Video] The daily life of the Mumbai people, laugh at the outside world!

In this modern society, hilarious videos have become an indispensable part of people’s lives.For the Mumbai people, their unique lifestyles have brought endless laughter to foreigners.Today, we will bring you a series of hilarious videos, so that you will smell the furious foreigners after laughingSimla Investment!

Video 1: Mumbai people visit the vegetable market

In this video, we can see the scene of Mumbai people visiting the marketKanpur Investment. This is not the ordinary vegetable market!The Mumbai people are famous for their emphasis on details, and they always ponder when choosing dishes.They often observe every small point on the dishes with a magnifying glassIndore Investment. Once the problem is found, they immediately refuse to buy it.The onlookers were laughed by their discerning behavior.

Video 2: Mumbai people queue up to buy tickets

The consistent style of the Mumbai people when they queue up to buy tickets are also unbearable.They always maintain discipline, wait in an orderly manner, and line up strictly in accordance with the principles they come first.After seeing the scenes of Mumbai’s continuous shouting and checking the mobile app, people were unable to know whether they were queuing or what they were doing, and couldn’t help laughing.

Video 3: Mumbai people ordering skills

When ordering, the Mumbai people always demanded strictness. After several communication and modification, they finally ordered their favorite dishes.They pay attention to the freshness of the dishes, the content of cooking oil, the accuracy of the taste deployment, and so on.When the foreigners see that the Mumbai people order food, they can only lament their high degree of discerning, and at the same time they can’t help laughing for their ordering skills.

These videos not only made foreigners laugh, but also let us understand the unique daily life of the Mumbai people.Whether it is shopping for vegetable markets, queuing to buy tickets or ordering, Mumbai people always push lean to the extreme.They treat trivial things in life with humor and optimism, which is also part of their charm.

I hope this series of hilarious videos will allow you to spend a pleasant time, and at the same time give you a deeper understanding of the daily life of the Mumbai people.Whether you are a Mumbai or a foreigner, I believe these videos can bring you a happy feastGuoabong Investment!Udabur Investment

Lucknow Investment

Pune Investment:Is the Indian century really coming?

Is the Indian century really coming?

We need to re -understand India.India is already an economic center west of Asia.India is becoming a global enterprise investment center.India will become a power that determines the fate of the world.It is the concept that India is lacking to create the Indian century.

India’s population surpasses us and jumps ranks first in the world.India also served as a rotating chairman of the G20 (Twenty) Summit in September last September last September last September last September.

Coupled with the initial results of Modi’s economic plan in recent years, the Indian economy has grown rapidly in the world’s significant leader in the world. Modi’s figure has increasingly appeared in some important international occasions, and India’s sense of existence is increasing.

This situation means that "India’s Century" has arrived or is coming?

First, we need to re -understand India.

In the impression of most Indians, India is synonymous with backwardness and dirty mess.For example, I often see India on the Internet, or a train full of people on the roof, or the crowded streets of the New Delhi civilian district, or men and women who sit on the ground and catch curry rice, or rapist who is full of streets …

In fact, in any country, including ourselves, we can find a lot of scenes that are more backward than these. Therefore, these are only India, which is demonized by demon, not real India.

From the perspective of science and technology, India is one of the important forces of global scientific and technological innovation. It has achieved great achievements in software development, artificial intelligence, biotechnology, and aerospace technology.This is not only manifested in India with the world’s largest computing technical personnel.You know, we think that very backward India have already appeared 10 Nobel Prize winners.Last fall, India’s lunar probe Monthly Boat No. 3 successfully landed, becoming the fourth country to soften the moon on the surface of the moon after the United States, the Soviet Union and India.

From the perspective of education, India has 8,410 universities, ranking first in the world; 5,762 universities in the United States ranked third in the world; we ran third in the world, with 3072 universities.According to the "2023 QS World University Report", India has only entered the top 1,000 universities.The proportion of college education is 20%, ranking among the top 30 in the world. We ranks 25 and the top 15 in the United States.

From the perspective of economic strength, India has the fifth global economy.In 2023, the total GDP was ranked first in the world, my country is second, Germany, fourth, and fifth India.The fifth largest economy in the world has the world’s largest labor resources and an increasing middle class.India’s service industry occupies an important position in the global market, especially in the field of information technology.As an emerging market economy, India has huge development potential.

From a military perspective, India has the world’s second largest army, with nuclear weapons and aircraft carriers. It is a military power in the Asian military power and South Asia.

As one of the world’s largest democratic countries, the strength of India is often despised or underestimated by many of us.

2. India is already an economic center west of Asia.

Population is the basic indicator of national strength.India is not only the largest country, but also different from aging countries such as China, Japan and South Korea. Its 15-64 -year -old working age population proportion is large, and the demographic dividend will fully appear in the future.

India’s development is not balanced.Although New Delhi, Mumbai, Kimner and other large cities are rapidly promoting the improvement of infrastructure, there are regions that have not yet been powered on in other places.Although the degree of different degrees, all aspects can make people feel more willing to become richer.This is exactly the same as the previous ASEAN.

Whether it is Indian politicians or our business partners, it has left an increasingly confident impression.

In the context of re -constructing near -shore supply chain and Youkan supply chain, the diversified supply chain brought by the diversification of the supply chain to India’s direct investment unexpectedly increasing.In the past two years, India has been the country with the largest number of foreign direct investment in Asia.India is incorporated into the supply chain of developed countries like ASEAN.

Although India is not yet self -sufficient, some materials and components still need to be imported from Japan, South Korea, India and other countries.However, India has signed the Free Trade Agreement (FTA) with most developed countries, and more and more investment in developed countries is also helping India to rapidly develop manufacturing, including high -tech manufacturing.This not only makes the rapidly developing India’s huge market for multinational companies, but also makes India running towards the road to a big manufacturing country that takes over India.This year, Apple puts the latest iPhone in India to make more transnational companies see the rapid growth of Indian manufacturing.

Although there is still a large gap between the current manufacturing industry in India and India, this does not mean that in the future India will continue.Like Indian manufacturing 30 years ago, it is not even as good as South Korea.Pune Investment

It is particularly conducive to the development of India’s economy. Since Modi is in power, India’s business environment has been improved, and disputes in land use and employment have gradually decreased.This will help India become a rapidly growing area west of ASEAN, and is also the center of the "free and open Indian Pacific" across South Asia and East Africa.

3. India is becoming a global enterprise investment center.

Global companies are increasing investment in India, especially as American companies.After entering 2023, American companies have announced large -scale investment plans, and Tesla is also actively entering India.

In order to produce semiconductors in India, last year, Micron released news that it would invest more than $ 800 million in India, and this investment will also be funded by Indian public finance.Micron built in India is the semiconductor "post -work" factory.

On June 20 last year, Tesla CEO Elon Musk gave talks with Indian Prime Minister Modi, who was visiting the United States in New York.A few months later, Musk went to India to visit Modi again. Tesla discussed with Modi to build a factory in India.After the talks, Musk said: "I am convinced that they will enter India," saying that the possibility of large -scale investment is quite likely.

Earlier, Foxconn, the supply chain company of Apple and Apple, invested tens of billions of dollars in India to increase India’s iPhone output from about 5%global to 25%in 2023. The latest iPhone16 this year, also in the latest iPhone16.India arranges production.

Amazon reached an agreement with India’s investment in India by 1030.056 trillion rubles before 2030 to establish a data center in India.Boeing received a large order from Indian Airlines from Indian Airlines and proposed to Modi that it would invest in the construction of aircraft factories in India.

European and Japanese companies are also increasing investment in India.Suzuki has an annual capacity of 2.25 million vehicles in India. Last year, she announced that it was building a new plant in India through subsidiaries.

Stefan Haruza, President of the Indian and German Chamber of Commerce, said that more than 2,000 German companies have set up their own branches in India, of which about 700 are produced locally."As a part of relying on risks to China, companies need to make their supply chain more diversified. India can rely on the recent high economic growth rate, the world’s largest and younger population, and relatively low labor force.Cost won the investment of the enterprise ".

From the perspective of direct investment data for India, the international direct investment received by India in the past 10 years from US $ 36.05 billion in 2014 in 2014, nearly doubled to 71.36 billion US dollars, an average annual increase of 7.1%.In fiscal 2024, the total direct investment in India can exceed 79 billion US dollars, and the computer hardware and software industry account for the largest part of the total inflow.

We decreased by 39%from US $ 268.1 billion in 2014 to 163.3 billion US dollars, with an average annual decrease of 4.8%.Indore Stock

Among the FDI received by India, the United States accounted for 22 % in 2023.2022 second only to Singapore, ranked second.If it includes investment via the Cayman Islands, US companies have more investment in India.

Fourth, India will become a strong country that determines the fate of the world.

Last year, Indian Prime Minister Modi visited the United States and France as a guest.Nowadays, most of the economic powers feel that if you want to survive, you must deal with India.

India is an indispensable partner in the "free and open India Pacific" concept of the United States and other countries.After the Second World War, the US security security policy was mainly established with South Korea, Japan, and the North Atlantic Ocean (NATO).At present, the United States is desperately drawing India.

India is in the gap between the "Democratic VS Authoritar" camp of the United States and Europe and X Russia. It is different from each other and sometimes falls to a certain side.But India does not have the alliance with any party, but has always adhered to "strategic autonomy."

India is the world’s most populous nuclear country, which is generally considered a "strong country".What is important is what to use this strength in India.For example, it is not used to invade other countries.

Why do we observe the G20 summit?The reason is that we see that these world -world countries have believed that India has the right to sit next to the round table that determines the fate of the world.At the G20 summit last September, Modi became the spokesperson of the "Southern Global", and it is estimated that it will have a huge impact on India’s grain and energy crisis.

On the other hand, due to factors imported oil from Russia at low prices and the modernization of national defense equipment for Russia, when most people think that India will not directly criticize Russia, Modi publicly criticizes Putin: "Now is not a war nowera".

Based on the poor performance of Russia in the Ukrainian war and the increasing hope of winning, and the continuous temptation of Western countries, India has become increasingly consistent with the US position in foreign policy.Promote.The United States agrees to cooperate with India on cutting -edge technology, universe and climate change, and cooperates with the production of fighter jet engines, which is evidence that the United States and India relations are getting closer.

5. The restriction of creating the Indian century is what India lacks the idea of ​​becoming a real country.

Pay more attention to actual interests than value is a typical posture of the "Global Southern" country.However, in order to not be limited to the current framework, beyond the gains and losses, be respected by the international community, and become a real country, not only requires a huge economic scale, but also needs to put forward the concept of resonance.

Indian Foreign Minister Su Jiesheng said in his recent works that the separation of India’s independence with Pakistan in 1947 weakened the country’s power. After more than 70 years, India’s population finally exceeded its neighbors, which was exciting, and it was seen that India was strong.

From the perspective of Western countries, India is important but tricky.Although India claims to defend territories and sovereignty, it keeps the gesture of Russia and Ukraine.Although it is a democratic country, it obviously depends on the rights of people.Although economic growth, liberalized retreat."Strategic self -discipline" can be said to be the same as each other.

The lack of the concept of becoming a real country may become the resistance of the Indian century.

[Author: Xu Sanlang]

Lucknow Investment

Varanasi Investment:The first simulation test English test question (including answer analysis) .pdf

The first simulation test English test question (including answer analysis) .pdf

The first simulation test English test questions in the six cities including Nantong, Jiangsu Province, 2024

: ____________________________________________________Varanasi Investment

School name: Class: Test number:Agra Stock

1. Reading understanding

WHERETOEATINKUALUMPUR

Greatrestaurantsinkings

youarelookingtoenJoyheartycomfoodorsomelocalDelicAcies, theCity ’sdiningScene

satisFiesallComers.

Mum’dplace

Nothingbringsmorecomforttthanmom ’scooking.withRecipesIdbytheowners’

Mother, ThisrestaRantbringSyonyonyhestHataRulymalaySian.locatedInthe

districtofdamansaraperdana, Mum’SplaceisaiSEIGHOODAURANTWITHITSMAINMain

Customersfromresidentsnearby.someofthebestdiSINCLUCLUDECARUFISH, DevilCurry

Chickenandbeefrendang.Jaipur Stock

Cantaloupe

Locatedabout20MinutesfromdownMalacca, Itisahome-Basedeaterywithabout

10tablesmannedbyfouroperators.unlikemostrestrs, FOODISSELF-Services, withh, withhJaipur Investment

dishesplacedonCateringPansforcuStoChoosefrom.itServeStraDitionalMalaysian

disheswithDistChineSeinfluences.youwillfindriceDumpSandChicKenrendang

amongtheofferings.ithastwobraanchethecity.theirdISSSELLLLLOUTFAST, soit’dbebest

ToheadthereBefaceLunchtime.

Yumyumrestaurant

Situatedinthebeatifulshangri-lahotel, yumyumrestsurantisamongthelocals’

manyfavouritespotstodineat.itoffersanInInyaandthaiFoodWithchinese

Infloncesthatmakemstandout.TheClassicdishes ofSincludesAmbalpetaiprawns, assam, assam

Fishheadandyimegg.itcangetCrowDEDHERE, soit’dbebesttoheeeeeeEarlyorCall

aheadForReservice.

Troikaskydining

OfferingFinEding, TheimpressiveTrokaskydiningundLystandSOUTFROMTHE

Pack.Setonthe23rdflooroftowerBoftHetroika, itgoeswithoutsayingthatthethe

Cloud-SKIMINGVIEWSHE

Guoabong Investment

Kolkata Stocks:Visa regulations

Visa regulations

IJSSSELSTEIN, FRIDAY, 21 February 2003 (Updated: Wednesday, 20 August 2014)

If you are a citizen of a Western Country and Arrive Without A Philippine Visa at one of the International Airports, Carry A Passport Valid for 6 Lanned Exit from the Philippines, and have an exitoing or Return AirPlane ticket leaving the philippines, youWill Normally Be Gusted An Entry Visa for Free and Can Enter the Philippines and Stay for A Maximum of 30 Days. Visa Information from the Department of Foreign Then, then

If you like to stay longer, it will take you so so more trouble.

For a stay up to 59 Days, you can either apply for a visa from a Philippine Embassy or Consulating in your home country, or Apply for an extension with one of the Ration Offices When Already in the Philippines.

I normally advice people to get the longer visa from the emBassy (or a consulate), as this saves you a count, E Philippine Embassy of your Country About the Exact Requirements for a Visa Application and Opening Hoursof the consorted. When you arrive with a visa, please show it to the image office, so that he will attract you the 59 Days, Instead of the N ORMal 30 Days, on your arrival stamp.

Immigration Offices can be found in intramuros manila, CEBU City, Angeles City, and San Fernando, La Union, and A Number of Other Places. Rom the cities, extending your visa might require a defour of Several Days.

In Bohol, you can have your visa extended at the

Bohol Immigration Office

2/F Sarabia Co, Torralba BLDG. CPG Ave.,

Tagbial city

Tel. No .: 038-235-6084

The Office is on the Second Floor. If you Arrive Here During Office Hours, with Photocopies of your passport ID page and the page with your arrest (Photocopies can be made in a shop a 100 metersott along the say root).Various Fees (in 2007, 2020 Pesos, Including the Express Lane Fee), you can be outside with a visa extension with one house.

Longer Visas and Extensions can also be acquired, butreire progressively more effort and fees to be paid. Ay, after that you will need to leave the country for at least one day.In the Philippines Actually TURN this obligator trip into a short holiday in Hong Kong or Singapore. I’m one ten told that palau is a nice destination.

If you are from a country that is not listted in the visa-on-corrribal list, suic as india or China, you will have to apply for a visa for any trip, from OM The Philippine Embassy in Your CountryOf residence. A list of the can be found on the dfa website.

BALIKBAYANS (Philippine Citizens, FORMER Philippine Citizens, and, If Traveling Together, Their Foreign Spouses and Children) a on Entry, and can thus avoid the trip to an embany or image office. Not all Philippine Embassies WillTell you this. Some evidence of marriage may be required. In my case, my wifort carrying her marry alway. E is only available to spouses from countries that all have the visa on Arrival Privilege.

Everybody, Exceet Babies with their Own Seat, Will Have to pay the Airport Terminal Fee of 550 Pesos (in MACTAN International Airport, CEBU y has different rules). This feeling be avoided.

Philippine Citizens (And Foreigners with A Residence Permit) Are Also Required to Pay a Hefty Foreign Travel Tax. Several Exemptings Existos Having Perm ANENT Residence Permits in a Foreign Country, or WHO HAVE Been Away from the Philippines with a Tempory Residence Permit for MoreThan One Year, in Which Case You Will Need An Exemption Certification, Which Can Be Obtained in the Departure Area 100 Pesos UPON PRESENTATATION E factor. SME Persisisisisisister and A Print-OF The Rules from the DFA Website May BeleRequired to obtain this certified. For details on this travel tax, visit the philippine tource on travel tax.

If you’ve overStayed your visa, you will be made to pay a fin, base on the number of days you’ve overstayed, and all visa fees you’ve had to pay if you Ad expennded them process. At their discreting, customOfficials may arise arrest you, and protcute you for the office.

Unial Several Years AGO, Dual Citizenship Was General Not Possible in the Philippines (The only exception, children born to mixed count). CE 28 August 2003, a New Dual Citizenship Law is in Force, Which Allows Natural Born Filipino’s to RE-Obtain their Philippine CitizenShip If they Had Lost Due to Acquiring Another Citizenship in a Relatively Simple Procedure at the Philippine Embassy In Country of Residence.-)) Obtains Philippine Citizennship He will Automatical Loose His Belgian Citizenship, So Please Carefully The Consequest Citizenship.) Note that this re-acquisition of citizennship automaticly extends to your minor children, if they are indeedicated on the.application form.

Children with at Least One Parent Who is a Philippine Citizen are automatical photos, but unableunately few mixed this know It is). When a child is born Abroid, both Parents Will Need to go to the Philippine Embassy with theirrNewborn Child, Bring The required documents (The Passports of the Parents, Original Birth Certification, Which Should Include The Details in English, and The Marriage Contract of the Pares; NON-Philippine Documents Need to Be Legalized by the Department of Foreign Affairs of theCountry the Come from) and Fill in a BIRTH Registration Form at the Embassy. , You can at the same time application for a Philippine Passport for the Child-In our case the philippine emBassy in the hague had the passport ready the say day, at a cost of 65 Euros.

Having Philippine Citizennship Has Somefits for your Children: They Can Legally Buy Land in the Philippines, and STAY in the Country for UNLIMITED TIME Thout visa trues. More information about dual citizenship from the bulity.

If you’re not a former natural born Filipino, and WANT to Obtain Philippine CitizenShip, you will be required to give your original citizenship. ION is Possible After 10 Years (5 Years If Married to A Filipino) of Legal Residence in the Philippines. In Either Case, The Process is Costly and TAKES Considerable Time, and It is Probably Best to Consult A Lawyer Specialized In this Fielding Inting Inting Inting Inting Inting ROCESS.

SINCE MANY Questions Asked Here Are About How A Foreigner and A Filipino Can Marry, I have added a

section page on that subject.

More information and addResses of Embassies and Consulaters can be found on the WebSite of the Philippine DEPARTMENT of Foreign Affairs (DFA). IPPINE Immigration Rules are available on the website of the build of image.

Citizens from Most Non-Western Countries, Including India, Pakistan, China, and Most African Countries. DFA Carefully, and then Contract the Philippine Embassy in your country of residence for further information. A ListOf addresses is on the dfa website. Without a visa, citizens of this countries will be dend entry, detained, and send back on the first Flight Out.Kolkata Stocks

A list of fireign emBassies and foreign consulates in the philippines.

Please Read This Page Carefully Before Asking Questions in the Feedback Section Below. Do Not ask Questions About Individual Cases. ND Also Any Question Alream Answered in this Article, or Outside the Scope of This Article.

Jeroen hellingman

wrote: Thursday, 14 August 2014 09:49:21 PHT

Good Morning Sir, I am Doing Sort Missionary Training Here in Baguio City from Bangladesh But Holding Tourist Visa. Work for only 5 Days. I have almost 2 months visa for stay in Philippines. My askingIs if I go to outSide During this time then when I will come back then I will apply for visa or I can enter the philippines with my thiscurrest visa. For this isSue. May God bless you.

Pastor Mark

TESS WROTE: TUESDAY, 22 July 2014 14:26:22 PHT

Hi, I am filipino citizen and im working here in hongkong. I have an American bf more than 1 year. Last dem. I really here in HK AS a Tourist Visa in us consulate UT WAS DENIED SINCE We’re StillDATING that time for 6 Months. My BF WANTED Me to go to us as a tource and coming coming coming heart heart. ting letter from my boss. But since IHad Still Denied, Becaue Not ENUGH and It Said We Haven’t to the Other Country with My BF YET for Holiday. And I Never Go with my em Well. My bf and I we’re planning to travel or going for holidayEarly next year. So, if I apply for tource visa agin next year here in hk, do you think they will approved or wontonied anymore?

Please I want to know, so i have my option. Then I wont waste my money again.

Your Response will be appreciated.

Thanked you so much

From: TESS

lorna wrote: Thursday, 10 April 2014 06:49:05 PHT

hi good morning … here the bothers me .. IM a Filipina Living in Phil. With the AUSTRIAN HUSBAND .. We are going to work next month .. I get my visa .. my question is .. o is 2 yers oldhold an austrian passport. do we need some documents to exit in immigration in the philippines..? hope you can answer my question.. and would give me more advise..

Thank you so much and more power .. !!!!

Addy wrote: Wednessday, 9 April 2014 02:27:10 pHT

Hi, good day po.

Ask Ko Lang PO KUNG PWEDE BA AKONG MAISPONSORAN NG VISA NG Asawa Ko. NSA Dubai Po Sya. o Sya dun ngaun.

ANG PRUBLEMA KO LNG PO IS KUNG KOLANGAN KO BANG IPABAGO UNG SURNAME KO SA PASSSPORT KO? Hndi Ko PO KC GAMIT UNG SURNAME NG Asawa Ko.Jaipur Stock

At anu poing researchs kung sya ang sponsor ko.

Please Reply Po. THANKS and Godbless

wrote: Friday, 24 January 2014 13:01:43 PHT

Good PM PO I am Kimberly Leave in Davao City..Itatanung Ko LNG PO SANA KNG Anu Anu ANG MG Requirements for A TAURIST VISA Going Canada. a taurist visa? Thanks and more power ..

Read all 561 comments by readers.

Indore Stock