Morning Brief: Trump To Meet PM Modi Next Week; India Inc's Q1 Dividend Hits Five-Year High; India Overtakes China To Become Largest MSCI EM Market

Dear Reader, here's your morning brief with the latest updates and key insights.

Trump Says He Will Meet PM Modi Next Week

US Republican presidential candidate and former president Donald Trump has announced that he will meet with Prime Minister Narendra Modi next week. The announcement was made during a campaign event in Michigan, where Trump discussed US-India trade relations. Details about the meeting's location were not provided.

The meeting was not previously reported and will take place during Modi’s visit to the US from September 21 to 23. During the visit, Modi will take part in the Quad Summit and address the United Nations General Assembly in New York.

Despite calling India a "very big abuser" at the event, Trump called Modi "fantastic". Trump and Modi previously shared a strong personal rapport during Trump's presidency, highlighted by events like the 'Howdy Modi' and 'Namaste Trump'.

Vedanta Pushes India Inc’s Q1 Dividend To 5-Year High

Vedanta’s massive dividends in Q1 pushed India Inc’s total payouts to a five-year high, despite the number of dividend-paying companies dropping to the lowest since Q1FY20. Vedanta and Hindustan Zinc together contributed a third of India Inc’s Rs 43,000 crore total dividend in Q1FY25. A total of 176 companies announced dividends, the fewest since April-June 2019. Vedanta’s promoters, needing to clear debt, issued Rs 7,821 crore in dividends, while Hindustan Zinc paid nearly Rs 8,028 crore.

Analysts suggest companies often issue high dividends when promoters need funds, although they frame it as rewarding shareholders. Vedanta had also announced plans to raise Rs 8,500 crore through equity or debt.

India Becomes Largest MSCI EM Market, Overtaking China

India has overtaken China to become the largest market in the MSCI Emerging Markets Index as of the end of August. This shift happened because China’s market share has decreased slightly since early 2021, allowing India to rise to sixth place globally, just behind France. As per international brokerage firm Morgan Stanley, India is expected to continue gaining market share due to strong market performance, new stock listings, and improved liquidity. Earlier this month, India surpassed China in the MSCI Emerging Markets Investable Market Index, and it is close to becoming the top market in the broader MSCI Emerging Markets index as well. Morgan Stanley remains positive on India’s market, while maintaining a cautious stance on China.

Other Developments

India Beats China To Wins Asian Champions Trophy In Hockey

India secured their fifth Asian Champions Trophy title in hockey with a 1-0 win against hosts China on Tuesday. Jugraj Singh scored the decisive field goal in the 51st minute after a hard-fought match where India struggled to penetrate the Chinese defence. Despite coming into the final as favourites following a 3-0 victory over China in the group stage, India faced stiff resistance from a determined Chinese team, which was competing in only its second international tournament final. Earlier, Pakistan defeated Korea 5-2 to claim third place. The final was a closely contested affair, with China’s strong defense and counter-attacks keeping the match tight.

Israel Delivers Explosive Message To Hezbollah Via Pagers

Reports claim that Israel's Mossad planted explosives in 5,000 Taiwan-made pagers ordered by Hezbollah five months before Tuesday's explosions. The blasts, which occurred in Beirut and other regions, resulted in nine deaths, including a child, and injured 2,800 people, including Iran’s ambassador to Lebanon. Hezbollah confirmed that the pagers were used by its members and blamed Israel for the attacks, promising retaliation. The explosions occurred amid ongoing conflict between Israel and Hezbollah, with exchanges of fire continuing on the Israel-Lebanon border. The UN has expressed deep concern over the escalating violence in this volatile context.

SC Halts 'Bulldozer Action' Without Approval Until Oct 1

The Supreme Court has paused all demolition actions by state governments until October 1, requiring prior approval to curb the "misuse" of bulldozers as punitive tools. The Court expressed concerns about the practice. However, the Court allowed demolitions for encroachments on public land without notice, even if they involve religious structures. This interim order comes in response to reports of ongoing demolitions in various states despite the Court’s previous disapproval. Senior advocate C U Singh highlighted incidents of targeted demolitions in Rajasthan, while the Solicitor General countered claims of bias.

Meta Ups Parental Oversight For Teen Instagram Accounts

Meta is introducing stricter privacy and parental controls for Instagram users under 18 to address concerns about social media's negative impact. Teen accounts will be private by default, with restricted messaging, tagging, and sensitive content settings. Users under 16 can only change settings with parental consent, while parents gain tools to monitor their children's app usage. Meta, along with TikTok and YouTube, is facing numerous lawsuits over social media's addictive effects on young users.

From The States

Karnataka BJP Truce Falters As Jarkiholi Criticises Vijayendra

Senior BJP leader Ramesh Jarkiholi has renewed criticism of Karnataka BJP President B Y Vijayendra, just days after a supposed truce among party factions. Jarkiholi accused Vijayendra, the son of former Chief Minister B S Yediyurappa, of contributing to the party's "corrupt" image and called for leadership changes. Discontent has persisted since Vijayendra’s appointment in November. Tensions resurfaced when a delegation led by Yatnal and Jarkiholi met the Governor to demand a probe into a corruption scandal, revealing the recent RSS-BJP meeting's failure to resolve internal issues.

J&K Kicks Off First Assembly Polls In A Decade Today

Voting will take place today (18 September) for 24 constituencies in J&K's first assembly election in a decade. Authorities are on high alert to ensure a smooth process and high turnout, with a 48-hour silent period having ended campaign activity. The phase covers 16 constituencies in south Kashmir and eight in Jammu division, with over 23 lakh voters casting their ballots. The 219 candidates include notable figures such as Mohammad Yousuf Tarigami seeking a fifth term, Ghulam Ahmad Mir aiming for a third, and Iltija Mufti, daughter of PDP chief Mehbooba Mufti, running in Srigufwara-Bijbehara.

Didi Appoints Troubleshooter As Kolkata Police Chief

A 1998-batch IPS officer, Manoj Kumar Verma, has been appointed Kolkata Police Commissioner, replacing Vineet Goyal. This move came shortly after Chief Minister Mamata Banerjee met with protesting junior doctors. Verma has a long history of handling law and order crises, having been a trusted officer for both the Left Front and the Trinamool Congress governments. Verma served as the Superintendent of Police in undivided Midnapore in 2009, during the peak of the Maoist insurgency under the Buddhadeb Bhattacharjee government. After the Trinamool Congress came to power in 2011, Verma was placed on "compulsory waiting" for nearly two years.

Stay tuned—there’s much more to come as the day progresses!