Morning Brief: India's Biggest-Ever IPO Cleared; Foxconn Plans $1 Billion Investment In India For Smartphone Displays; US Endorses Yunus As He Leaves Minorities At Mercy Of Islamists

Dear Reader, here’s a rundown of the most important headlines this morning.

India's Biggest Ever IPO Gets SEBI Nod

Hyundai Motor India's initial public offering (IPO) is progressing, as the market regulator, SEBI, has approved the company's plans for a $3 billion launch. This IPO is expected to take place in October and could become the largest in India's history, surpassing the $2.7 billion IPO by LIC in 2022. The Indian branch of Hyundai filed its draft prospectus in June, aiming for a valuation between $18 billion and $20 billion. Currently, Hyundai is the second-largest carmaker in India, following Maruti Suzuki, which has seen its share price increase by 20.25 percent over the past year, with a market cap of about $48 billion.

Foxconn Plans $1 Billion Investment In India For Smartphone Displays

Foxconn is considering a $1 billion investment to set up an assembly unit for smartphone display modules in India, according to the Economic Times. This facility would be the first of its kind in the country to cater specifically to Apple for iPhones, allowing other contract manufacturers like Pegatron and Tata Electronics to use locally sourced components instead of importing them from China. This strategic move is expected to enhance India’s value addition in electronic assembly and manufacturing. China accounts for 60-65 per cent of display module imports across various segments, with specific segments seeing that figure rise to around 90 per cent. Additionally, Foxconn plans to assemble Google Pixel phones in India, further expanding its presence in the country.

US Endorses Yunus As He Leaves Minorities At The Mercy Of Islamists

As he arrived in the US to attend the UN General Assembly, Bangladesh's interim leader, Mohammed Yunus, faced protests for his government's failure to protect the Hindu minority from Islamist attacks following the ouster of Sheikh Hasina's democratically elected government. During his meeting with US President Joe Biden, the two affirmed a "close partnership," with Biden emphasising US support for his government, a partnership the White House describes as founded on shared democratic values.

Demonstrators rallied against Yunus, accusing his government of negligence toward minority rights, raising concerns that US endorsement overlooks the deteriorating situation for Hindus in Bangladesh. Protesters chanted slogans demanding Yunus's resignation and expressed support for ousted PM Sheikh Hasina.

Other Developments

PM Modi To Hold Rally In Haryana's Sonipat 

Prime Minister Narendra Modi is set to address a poll rally today in Sonipat, Haryana, as the BJP aims to counter perceptions of a struggling campaign amid rebellions and resignations following the release of candidate list. Senior party leaders acknowledge that "the stakes are really high," emphasising the importance of retaining control in Haryana to mitigate challenges in other states. A loss in Haryana would add to the party's recent setbacks, following defeats in Punjab, Himachal Pradesh, and Delhi, as well as a disappointing performance in Uttar Pradesh during the Lok Sabha polls. The BJP is keen to solidify its position and regain momentum ahead of the elections.

EY Under Scrutiny For Lack Of Permit Following Employee's Death

The Ernst & Young (EY) office in Pune, which employed audit executive Anna Sebastian Perayil, has been operating since 2007 without a state permit regulating work hours, a senior government official told Reuters. Perayil's mother attributed her daughter's death to an excessive workload in a letter to EY India's chairman, prompting a central government investigation. Shailendra Pol, Maharashtra's additional labour commissioner, noted that the office lacks mandatory registration under the Shops and Establishments Act, which limits adult working hours to nine per day and 48 per week.

Swiggy IPO Approved, Expected In November

Swiggy has received approval from the Securities and Exchange Board of India to launch its IPO, as reported by the Business Standard. The food delivery platform, valued at $9.3 billion in August 2023 and backed by investors such as Prosus, SoftBank, and Accel, plans to raise approximately Rs 11,000 crore, including a fresh issue of Rs 5,000 crore. This IPO is anticipated to launch in November, making Swiggy the second food delivery company to list on the stock exchanges after Zomato, which has seen significant share price growth since its 2021 IPO. The food delivery sector in India has expanded rapidly since the pandemic, indicating strong market potential.

From The States

Voting Begins In Second Phase Of J&K Elections

Voting has begun for the second phase of the J&K elections, with 239 candidates competing across 26 constituencies. This marks the first Assembly poll since J&K's reorganisation, with 15 constituencies in Central Kashmir and 11 in the Jammu division going to the polls. National Conference leader Omar Abdullah is contesting two seats, while J&K Congress chief Tariq Hameed Karra is also in the race. Additionally, Apni Party leader Altaf Bukhari is vying for the Channapora seat in Srinagar, and BJP state president Ravinder Raina is seeking re-election from Nowshera in Jammu.

Odisha To Test Ghee Used At Jagannath Temple

Following allegations of adulterated ghee at Tirupati, authorities in Odisha’s Puri have decided to test the ghee used at the Jagannath Temple. Puri collector has stated there were no complaints yet, but the quality check is to prevent any concerns. The administration will work with Odisha State Milk Producers' Federation to establish a standard for the ghee used in the shrine’s prasad. Food safety officials are also inspecting current stock to ensure only standardised ghee is used in the temple’s mahaprasad, a key offering prepared for thousands of devotees daily.

SC Slams NRI Quota In Punjab Colleges As 'Fraud'

The Supreme Court dismissed the Punjab's appeal regarding the NRI quota in MBBS admissions, calling the system a "fraud." Punjab had expanded the NRI quota to include relatives of NRIs, which the High Court rejected due to potential misuse. The Supreme Court criticized the move as a "money-spinning tactic" that harms deserving students. The bench emphasized the need to stop the misuse of NRI quotas in education. Punjab's medical and dental colleges have around 185 seats reserved under the NRI quota.

BJP’s Balancing Act With SC Sub-Categorisation In Haryana

As the Haryana Assembly election campaign nears its end, the Dalit vote has become a key factor in determining the outcome. The BJP is seeking support from both dominant and non-dominant Scheduled Castes (SCs). Of the 17 reserved seats, nine tickets were given to Deprived Scheduled Castes (DSC) candidates, while Other Scheduled Castes (OSC) received eight. Haryana is the only state where the Supreme Court’s ruling on sub-categorisation of SCs was implemented just before the elections, classifying 36 castes under the DSC category for reservation purposes.

On The Ground

As Haryana heads into an assembly election, Swarajya's Ankit Saxena was on the ground in rural Hisar to take a closer look at the Centre's Ayushmann Bharat scheme, which now covers all seniors aged 70 and above. Read his report here.

Stay tuned for more such in-depth stories from the ground.

Last week, Swarajya quietly marked its 10th anniversary. It wasn’t a grand celebration, but rather to look at where we are and what lies ahead. In these 3,650+ days, we’ve worked tirelessly to bring you stories, ideas, and analyses that matter. We’ve tried our best to never miss a beat, and now the journey continues. But as we step into the next decade, the challenges are only growing, and we need your support to meet them.