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Increased voting by women and a comparatively lower turnout of the Muslims for the Maharashtra assembly elections are likely to be the two major factors which can tilt the outcome of the crucial battle that will conclude on Saturday evening. These two trends have been commented upon repeatedly by several analysts while making a comparison with the Lok Sabha election’s voting pattern. As the turnout for this election has been the highest at more than 66% over the past three decades, both sides are claiming that it will benefit their candidates. For instance, deputy chief minister Devendra Fadnavis has suggested that the Laadki Bahin Yojana was one reason for the handsome response of women, who would support the Mahayuti nominees. The opposition Maha Vikas Aghadi (MVA) failed to gauge the potency of the scheme whereby eligible women receive Rs 1500 per month from the state. Both sides have promised to enhance the provision after watching the unprecedented welcome it has received. Similarly, the lack of enthusiasm of Muslim voters as compared with the Lok Sabha voting complexion has emerged as another important factor for the final outcome. At least a dozen Lok Sabha seats went to MVA owing to en bloc minority voting. In Dhule, while the other five assembly segments supported the Mahayuti, voting in the Malegaon assembly changed the picture and the seat went to MVA. In view of such aspects, the results are awaited eagerly.
As the term of the present Maharashtra assembly ends on 26 November, the political calculations to capture power will have to be finalised within just 48 hours once the results are out. This has heightened the suspense about the outcome of the election since the richest state of India will play a crucial role in shaping the national political future. A mandate in Maharashtra will strengthen the prospects of both the ruling Mahayuti and the opposition Maha Vikas Aghadi (MVA). The state saw a brief spell of President’s Rule in 2019 as none of the claimants was ready to form a government within the deadline. Making preparations to avert any such eventuality, Mahayuti and MVA planners have booked dozens of rooms in five star hotels in Mumbai for the possible winners. Moreover, chartered planes and helicopters have also been booked in readiness to ensure the availability of the future MLAs. Another precaution is to keep them under watch so that sides are not changed at the eleventh hour. But the Lok Sabha results changed the picture as MVA won 30 out of the 48 seats. The exit polls for the assembly election have predicted a keen race, making it imperative for both sides to count on each vote. Therefore, the 48 hours after the results will become the game changer.
Alliance politics, an eternal feature of the Tamil Nadu political scene, has turned sharper with the advent of actor Vijay on the electoral stage. All the parties save the ruling DMK are running helter-skelter in their bid to stitch up an alliance before the 2026 Assembly polls. DMK is content to wait out the drama with parties rejecting each other as potential allies since this helps the ruling party to stay ahead in poll percentages. The arithmetic is simple. If the votes split three ways as they did in the Lok Sabha polls, the DMK stands to gain the most, or sweep everything as it did with 39 of 39 seats. If the votes are going to split four ways after Vijay’s entry, the DMK will be laughing all the way to Raj Bhavan for the swearing-in ceremony. The AIADMK, a shrewd player of alliance politics in the time of J Jayalalithaa, has not only split on her demise but also stands isolated in the alliance race. They don’t want to join the BJP again after the stinging 2021 experiment. Vijay does not want to join the AIADMK though the party would very much want the youthful politico on his side. The BJP is keeping the door open for AIADMK provided those shunted out are part of a united package. The DMK is only keen to keep VCK and its current allies on board. The more divided the opposition is, the better for MK Stalin and family.
In the wake of escalating face-off between the Chennai-based Tractors and Farm Equipment (TAFE) and its American partner AGCO over the ownership rights of Massey Ferguson in India, a two-member bench of the Madras High Court has stepped in to direct the warring parties to “maintain status quo until the original applications are heard and disposed of by the learned single judge. “For avoidance of doubt, we hasten to add that the observations made herein are tentative and solely intended for the purpose of disposing of these appeals. We have not delved much into the various rival submissions. All rights and contentions are kept open,” the two-member bench said in its order on Monday. The relationship between TAFE, an Amalgamation group company, and AGCO Corporation of the U.S. hit a nasty bump in April last when the AGCO management terminated commercial agreements -– including the one on licensing the Massey Ferguson brand — with TAFE. The Chennai firm quickly got a stay on this from a commercial court. When AGCO subsequently confirmed the termination, TAFE filed a contempt petition in the Chennai commercial court. Separately, TAFE also moved the Madras High Court, asserting its ownership right to Massey Ferguson brand. TAFE had got a favourable interim order from the Madras High Court. TAFE had filed a civil suit before the Madras High Court against Massey Ferguson Corporation, a subsidiary of AGCO, claiming that the said trademarks are distinctive of TAFE in India and exclusively owned by it. It had sought the Madras High Court to declare that TAFE owns the Massey Ferguson brand/trademarks in India. With the HC bench asking both parties to maintain status quo, all eyes are on the upcoming proceeding before the single judge. It is “advantage TAFE” at the moment, however.
With only 12 days remaining for the BCCI Secretary Jay Shah to take charge as independent chairman of the International Cricket Council (ICC), clarity has not emerged as to who would perform the duties of the Secretary from December 1, 2024. First and foremost, election has not been called for the post, and this could be because the BCCI Constitution has adequate provisions for its Joint Secretary to perform the Secretary’s duties. The BCCI Constitution says: “The President shall, in the event of a vacancy or indisposition of an office bearer, delegate the functions to another office-bearer until the vacancy is duly filled up, or the indisposition ceases.” In this case the BCCI President Roger Binny has the right to assign duties to any other office-bearer. Shah who has been the Secretary from 2019 may be allowed a grace period to hand over the work to someone else. Next week is going to be hectic for the ICC to take a call on the format and venues of the ICC Champions Trophy 2025 (Feb-Mar) because the BCCI has conveyed to the ICC that India will not travel to Pakistan. The BCCI, nay Jay Shah, would like to see a finality to the Champions Trophy issue, in particular where India will play before he takes charge of the ICC. If the Champions Trophy has to take place, the Pakistan Cricket Board has to accept a hybrid model with one group (with India in it) playing league matches, most likely in Dubai and keeping the venue of the semi-finals and final, open. The PCB may not be in a position to lose the hosting rights and thereby with it a fee of around $ 70 million!
The ‘Satta Bazaar’ is betting down (dampened market sentiments) over Maha Vikas Aghadi (MVA) forming Maharashtra’s next government. A market player says, “Punters have never been wrong before. Dampened stock market spirits indicate the Mahayuti Alliance is unlikely to win notwithstanding sops galore unleashed by CM Eknath Shinde.” Differing with market pundits, BJP says, “Markets crashed after Foreign Portfolio Investors withdrew Rs 1.25 lakh crore in October (out of total Rs 71 lakh crore total stock investments in India) seeking better pastures after China announced stimulus. FPIs sold Rs 8700 crore stocks in April, Rs 25,600 crore in May then bought Rs 26,600 crore worth in June, Rs 32, 400 crore in July, Rs 7300 crore in August and Rs 57,700 crore in September before the big sell off in October. Already overleveraged NSE slumped, the subdued corporate sector quarterly results after much hype triggered a profit-booking mindset among investors.” Donald Trump’s ascendancy as the next U.S. president (previous tenure witnessed negative bias towards precious metals) bodes badly setting price corrections of gold and silver even as the U.S. dollar firms up, adding to Indian stock market woes. The BJP leader adds, “Maharashtra contributes around 14% to India’s GDP but even when MVA ruled for 2.5 years Modi-nomics ensured high buoyancy on Indian bourses despite stalling of bullet train project, Rs 14,000 crore cost escalation of Metro project.” The market punter, however, cites India’s financial capital Mumbai in Maharashtra that ensures most Indian business gravitates around the state while explaining the gloomy market mood over MVA’s likely win. November 23 will reveal the truth when the political bets are finally called out.
In a massive setback to AAP, Delhi’s transport minister and Jat leader Kailash Gahlot resigned from the party, citing “grave challenges” and “awkward” controversies in a letter to AAP convener Arvind Kejriwal months ahead of Delhi Assembly polls. He has joined the BJP. Gahlot’s exit is well timed in the sense that it comes days before Maharashtra goes to polls. AAP, an INDIA Bloc partner that has no stake in the state polls. But it must be said Gahlot’s exit was something that was in the works for some time now. It is believed that the seeds of discord between Gahlot and the AAP leadership were sown on August 15 over unfurling the national flag during the Delhi Govt’s I-Day celebrations. Delhi CM Arvind Kejriwal, who was in jail on charges linked to the alleged liquor policy scam, had wanted Education Minister Atishi to unfurl the flag. Delhi Lieutenant Governor VK Saxena however felt Gahlot was more suitable for the job as he held the Home Department. Meanwhile, Kejriwal indicated that Gahlot had quit as he was under pressure from the ED and IT. In his resignation letter, Gahlot pointed to how “Political ambitions have overtaken our commitment towards people, leaving many promises unfulfilled”. In an apparent swipe at Kejriwal, he referred to “many embarrassing and awkward controversies like the “Sheeshmahal” — a term used by the BJP to refer to the CM’s residence renovated during Kejriwal’s term costing the exchequer Rs 45 crore.
A major controversy has erupted in Tollywood as over 233 directors from films, TV and independent media have filed a defamation suit against Swarup Biswas, president of the Federation of Cine Technicians and Workers of Eastern India. The Rs 23-crore lawsuit follows Biswas’s contentious remarks alleging rampant sexual harassment in the film industry, with 60% of complaints purportedly against directors and producer-directors. The hearing will take place on January 10. Swarup, the younger brother of Aroop Biswas, Bengal’s Power and Housing Minister and a close aide of chief minister Mamata Banerjee, finds himself at the centre of an unprecedented protest by Tollywood’s creative community. This is, perhaps, the first time that Tollywood has publicly challenged the Federation. Directors and producers have also criticized what they call “red-tapism” and “arbitrary demands” imposed by the Federation, including its control over unit sizes, pay scales, working hours, and technician selection. At the Eastern India Motion Picture Association’s (EIMPA) recent AGM, Swarup Biswas proposed that producers deposit Rs 5 lakh each as security to ensure timely technician payments, citing Rs 50 lakh in pending dues. Producers have outright rejected the demand, questioning the Federation’s accountability and EIMPA’s silence on the matter. Veteran actor-director Aparna Sen has publicly questioned Swarup Biswas’s credentials, asking for proof of his contributions to the industry. Biswas holds an assistant director’s card, which is reportedly issued only to those involved in at least two films. Actor-politician Roopa Ganguly also criticized the Federation, accusing it of politicizing the industry and questioning why filmmakers often seek the CM’s intervention during crises.
If rising onion prices decided the election outcome in many states some decades ago, falling soybean prices could impact the outcome in around 70 assembly constituencies in Maharashtra. Hence, Prime Minister Narendra Modi as well as Congress president Mallikarjun Kharge, representing two ends of the political spectrum, are found promising farmers of much higher rates, but only after they are elected on 20 November. The sensitive constituencies are spread in Marathwada and Vidarbha regions, where cotton and soybean are the main cash crops. The current market rate of Rs 4000 per quintal is unacceptable to the growers though they have no choice but to sell the produce as it can’t be stored for long. The MSP is Rs 4800 but not enough stocks are lifted by the machinery. The ruling saffron alliance has been promising better tariffs. The government hiked the soybean import duty in a bid to jack up the prices but the hike was of only around Rs 400, still leaving a gap of the same amount. Sensing the distress and the government’s inability to make any major announcement, Congress leader Rahul Gandhi has promised Rs 6000 per quintal of the legume. To go a step further, Congress president Mallikarjun Kharge has pledged to pay Rs 7000. Shiv Sena leader Uddhav Thackeray has also joined the chorus. The two regions had by and large supported the opposition Maha Vikas Aghadi during the Lok Sabha election. Hence, Mahayuti leaders are wary of saying anything that can dampen their prospects.
Are the re-runs slowly becoming a revenue model both for producers and exhibitors who have been grappling to bring back the audiences to cinema halls? Diwali turned out to be decent but then again we are gone back to re-release of films. Shah Rukh Khan’s Veer Zara re-release has been appreciated. Rakesh Roshan plans a re-release of Karan Arjun with a huge number of screens after 30 years of its release. This again has Shah Rukh Khan and Salman Khan coming together for the first time on screen. SRK’s Kal Ho Naa Ho and Pardes too are re-releasing in cinemas. Those in the trade feel that re-release of Tumbbad, Rehna Hai Tere Dil Mein and Laila Majnu have given courage to producers to cash on re-runs. The re-runs have stirred both excitement and curiosity. Traditionally, re-releases were reserved for timeless classics, but now more recent films are being revived, prompting questions: Is this trend purely nostalgic, or is there a deeper strategy at play? According to Trade Analyst Saurabh Varma, the re-release phenomenon is benefiting the cinema industry in multiple ways. For producers, re-releasing films is a cost-effective option. The marketing and distribution expenses are far lower than for new releases. Re-releases tap into the large fan bases of iconic films, giving long-time fans a chance to relive their favourite stories on the big screen. Furthermore, these revivals provide a unique opportunity for younger viewers who may have missed these films during their initial release. The combination of nostalgia and iconic music resonates deeply with audiences.
There was a time when a contractor would give an arm and a leg to win a big government tender. Not anymore. According to ministry mandarins, many contractors who bagged major contracts are doing their utmost to get blacklisted to avoid executing the tenders, and escape severe penalties for failing to meet the project execution milestones. According to a highly placed PSU source, many of the contractors had bagged the contracts in 2020, when steel prices were in the range of Rs 37,000 per tonne. The contractors, as is the norm, would have factored in a 15-20% hike in steel prices. In reality steel prices doubled to Rs 72,500 in March 2022 before falling to around Rs 60,000 per tonne in April 2022 “There is no way the contractors can execute projects at these prices; it’s totally unviable. But given the stringent penalties for failing to meet tender conditions, the only hope for contractors to escape the penalties is to get blacklisted on some count or the other,’’ said a source. If a large number of contractors get blacklisted it will be a big setback for all public sector undertakings. With the government chalking up a CAPEX of Rs 7.5 lakh crore in 2022-23, it will be a lose-lose proposition for everybody. So, should public sector undertakings go in for re-tendering the contracts?
The Multi Commodity Exchange of India (MCX) has signed an MoU, to provide technical support for Bangladesh’s first commodity exchange. The Chittagong Stock Exchange has decided to launch Bangladesh’s first commodities exchange, on futures markets next year and roped in MCX to draw up the regulations and bye-laws, the settlement methods, besides providing tech and infrastructure support for the new exchange. MCX which is working on a five-year plan is scouting for talent to manage and work on the project. The new exchange is expected to provide competitive pricing and rationalise price manipulations in the commodities sector in that country. The exchange is also expected to provide farmers with greater liquidity. The exchange is expected to trade in gold, tea, agricultural produce, iron ore etc. MCX, India’s first listed exchange, is a commodity derivatives exchange that facilitates online trading of commodity derivatives transactions, thereby providing a platform for price discovery and risk management. The Exchange, which started operations in November 2003, operates under the regulatory framework of the Securities and Exchange Board of India (SEBI). MCX offers trading in commodity derivative contracts across varied segments including bullion, industrial metals, energy and agricultural commodities, as also on indices constituted from these contracts. It is India’s first Exchange to offer commodity options contracts, bullion index futures and base metals index futures contracts.
Sport Climbing is a form of rock climbing that relies on permanent anchors fixed to the rock for protection. Meet Franco Linhares – a retired microbiologist, Abhijit Burman – a robotic technician, Aniruddha Biswas – a senior scientist and Anushka Kalbag – an architect, all avid climbers with big dreams to host the Sport Climbing World Cup for the first time in India. It was a difficult proposition without financial resources. Luckily, the Tata Trusts agreed to chip in. It all began with Burman organising several international climbing events in India. He then frequented Europe to convince the International Federation for the Sports (IFSC) to allow India to host the Sport Climbing World Cup. Then in 2016, India got lucky. The 2016 World Cup held in Mumbai was one of the best ever. Burman was offered the 2017 World Cup as well. Parallely, IFSC, was making a pitch for inclusion of the sports in the Tokyo Games, and one of the key criteria was that sports needed to have a global appeal, and Tokyo saw Sport Climbing making its debut. Now the foursome is looking at an Olympics medal for India in 2032, and have launched the Basalt Project, to train Indian climbers. More power to the Gang of Four.
Ever since Uday Shankar, former chairman & CEO of Star India and President of Walt Disney Asia Pacific, joined Business Standard as non-executive director in February this year, rumour mills have been on an overdrive. Avid media watchers say, BS has been looking for a good investor to buy a majority stake. Shankar, a former TV journalist who redefined media business in the country, is not joining the board for its ornate position. They say, going by his past track record, he may play an active role in the running of the paper and chalking out its growth plans. Coincidentally, Shankar has entered into a new venture with his former employer James Murdoch. The venture will be focusing on technology and media opportunities, including digital media, in the emerging markets. “The fact that BS has been looking for an investor is no secret and hence it will not be a surprise if Uday Shankar buys a majority stake in the paper,’’ said an insider. The paper has been quietly witnessing a slew of changes. Veteran business journalist TN Ninan, who transformed the paper, after getting in Uday Kotak and company to buy stake from Ananda Bazaar Patrika, has stepped down as chairman and director after over three decades of association. The business daily’s CEO Shivendra Gupta has been appointed as MD & CEO.
TRENDS & VIEWS
Editor’s Note: Big Punch In Small Pack
It is the Third Anniversary of Short Post and as a news media startup launched during the Covid-19 pandemic it certainly feels better than good to find ourselves where we are today. Here, I must cite the unstinted support of our seasoned contributors, all senior editors in the country, who brought a great degree of maturity and sagacity to the Short Post newsroom. But for them, our tagline “Authentic Gossip”, an Oxymoron, would not have matured viably. Our user numbers may be small but our stories have created the desired impact among people who matter — decision makers and influencers. We offer a big punch in a small pack and Short Post with its 225-word stories has been punching above its weight category. Having posted close to 3,000 stories in the last 36 months, Short Post, I feel, is an idea whose time has come.
And this is vindicated by our two marquee advertisers – IDFC FIRST Bank and ICICI Lombard. Both believed in our story and have supported us from Day one. A big thank you to both.
If you look at the media landscape – print, TV and digital — it is a mixed bag. There are job losses as some outfits have closed down while a lucky few were bailed out by large corporate houses. Yes, there is a lot of action in the digital space. However, the entry of corporate houses has raised the question of independence of news media outfits. Sadly, there are just a handful of independent media outfits in the country that are highly respected for their neutrality. At Short Post, our credo is not to take sides, prejudge issues or be biased but, informing readers of behind-the-scenes happenings. In essence, Short Post strives to be a neutral editorial platform — neither anti-establishment nor pro-establishment.
As I said last year, disruptions in the media world are moving at a fast and furious pace. Technology is playing a very big role in how content is generated and consumed. But, we are neither alarmed nor perturbed as it is all a part of the evolution process. What gives us comfort is that AI is unable to create original gossipy content. And that is the news arena where we have achieved a distinction.