Oraicity - Taaza khabre daily(Orai City): January 2020

Friday, January 31, 2020

एफएटीएफ की ग्रे लिस्ट में बना रहेगा पाक! आतंक पर नहीं की ठोस कार्रवाई

एफएटीएफ की पेरिस में 16 से 21 फरवरी को कामकाजी समूह की बैठक होनी है। वह पाकिस्तान के 27 बिंदु वाले एक्शन प्लान के कार्यान्वयन का आकलन करेंगे।

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बजट 2020: एक जमाने में वसूला जाता था इतना ज्यादा टैक्स

बीते 50 सालों में भारत में इनकम टैक्स रेट में भारी कटौती हुई है। साल 1971 में जहां कर 93.5 फीसदी था, वहीं अब यह 42.7 फीसदी पर आ गया है।

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"Thank You For Sacrifice": Parents To Air India For Plane Dash To China

Parents of students who were brought to India from China, after the coronavirus outbreak, in a special flight have thanked the state-run carrier Air India. A specially-prepped Air India Boeing 747...

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US Declares Health Emergency, Bans Travelers From China Amid Coronavirus

The US said Friday it was declaring a public health emergency and temporarily banning the entry of foreign nationals who had traveled to China over the past two weeks to contain the spread of a deadly...

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Bank Strike News: Bank Employee Unions Call Strike On January 31, February 1

Bank Strike Today: UFBU is a confederation of nine bank unions that includes All India Bank Employees' Association (AIBEA), All India Bank Officers' Confederation (AIBOC), National Confederation of...

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Donald Trump Set For Midweek Acquittal After Witnesses Blocked

The US Senate is expected to vote Wednesday on whether to remove President Donald Trump, media reported, with his acquittal all but assured in the Republican-held chamber.

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Can India spend its way out of a slump? All eyes on Budget

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The CEA tries to fight an outdated bogeyman

New Delhi: The Economic Survey revives an old tall tale about Microsoft. A helicopter flying over Seattle loses all communication and navigation facilities. As its pilot struggles to find her bearings, she suddenly spots a tall building and quickly writes out a question in as large letters as she can squeeze in on as large a piece of paper she can lay her hands on: "Where am I?" People in the building see her plight and immediately write out a reply: "You are in a helicopter." The pilot then finds her way to a spot where she can land. Her lone passenger asks her how she managed to figure out her coordinates from that cryptic answer. She replies that she figured out she must be above the Microsoft Tower, because the answer she got, like all Microsoft technical support and documentation, was technically correct and completely useless. The survey is a bit like that.Microsoft has come a long way since then and even become the world’s most valued company. The survey does not hold out a happy story as in the case of either the pilot or Microsoft. It fights bogeymen: socialism, public ownership, cronyism, state intervention in functional markets, opposition to improving ease of doing business. 73825095 These ghosts have been exorcised long ago, at least in theory. The survey discovers, with dazzling originality, that India’s banking is stunted, relative to the size of its GDP, and that non-banking finance companies can be fragile. But the solution to the asset liability mismatch inherent in bank or NBFC credit to infrastructure, a market for corporate bonds, is conspicuously absent in the Survey.The survey is eloquent about exports, but silent on the contradiction between efficiency that exports call for and the increasing doses of protection the government has been ladling out to industry — of course, not the 'connected firms' the Survey disparages in a separate section — to bloat their inefficiency. The survey champions the invisible hand of the market, but is loath to let the market determine if India should go in for labour-intensive assembly or capital-intensive lines of exports. It recommends joining global value chains.The survey does have a strong point: a good exposition of econometrics put to real world use. For example, it firmly disproves the notion that India’s free trade agreements have hurt us more than helped us. In the process, it demolishes an argument to keep out of RCEP, the China-led trade group India chose not to join. The survey is delightful grist to the argumentative Indian's mill, and not much of a policy guide beyond first-principles free-marketism. Since governments stopped using Economic Surveys as a guide to policy some time back, this probably does little harm.

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Eco Survey: Thalinomics in times of rising prices: Veg, non-veg thalis more affordable

New Delhi: The affordability of a vegetarian thali improved by 29% between 2006-07 and 2019-20 and that of a non-vegetarian thali by 18% over the 13-year period, according to the survey.The survey has used the thali – a plate of food – as an example of something that people encounter every day in an attempt to make economics relate to the common person.Jharkhand topped the list of states with the most affordable thalis in both categories in April-October 2019. Two vegetarian thalis for a household of five in Jharkhand required about 25% of a worker’s daily wage, according to the survey.The survey analysed data from the Consumer Price Index for industrial workers for about 80 centres in 25 states/ Union Territories from April 2006 to October 2019 to arrive at the cost of a thali as part of ‘Thalinomics.’ Using the annual earnings of an average industrial worker, the survey calculated that a vegetarian household saved Rs 10,887 on an average per year, assuming five individuals had two thalis a day, while households eating non-vegetarian thalis saved Rs 11,878 a year.“Both across India and the four regions – North, South, East and West – we find that the absolute prices of a vegetarian thali have decreased since 2015-16 though it increased during 2019,” it said. “This is owing to significant moderation in the prices of vegetables and dal from 2015-16 when compared to the previous trend of increasing prices.” 73826050 According to the survey, many reform measures were introduced since 2014-15 to enhance productivity of the agricultural sector as well as efficiency and effectiveness of agricultural markets for better and more transparent price discovery.Food inflation based on Consumer Food Price Index declined to a low of 0.1% in 2018-19 against 1.8% in 2017-18, 4.2% in 2016-17 and 4.9% in 2015-16. However, the government revised the inflation projection from 3.5-3.7% in the second half of 2019-20 to 4.7-5.1%.“Though everyone knows food inflation has fallen in the last few years, the Survey has put it in the context of overall household savings, which is relevant as it is a significant amount for a low-income family,” said Bidisha Ganguly, chief economist at Confederation of Indian Industry.After 2015-16, there was an average gain of around Rs 3 per vegetarian thali at the all-India level (Rs 0.1 in 2016-17, Rs 2.8 in 2017-18, Rs 4.6 in 2018-19 and Rs 4.4 in 2019-20), resulting in an average yearly gain, in nominal terms, to about Rs 10,887. The gain is, on average, 6.5% of an individual worker’s yearly wages. For a non-vegetarian thali, the gain was Rs 1.8 in 2016-17, Rs 2.4 in 2017-18, Rs 4.5 in 2018-19 and Rs 4.2 in 2019-20, resulting in an average yearly gain of about Rs 11,787.

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Banking on ESOPs: Just do it and get paid for it

KOLKATA: The Economic Survey has proposed skin in the game for employees of public sector banks through a stock option plan.Public sector bank employees are paid fixed salaries, which, according to the survey, does not encourage risk-taking and innovation. Although PSBs control 70% of India’s banking market, they lag considerably in performance metrics when compared to their peers.“Employees can constitute one of the blocks of new owners of PSBs through ESOPs that is conditioned on employee performance,” the survey said. “Ownership by motivated, capable employees across all levels in the organisation could give such employees tangible financial rewards for value enhancement, align their incentives with what is beneficial to the PSB, and create a mindset of enterprise ownership for employees.”The proposal comes when the Indian Banks’ Association and bank unions have been negotiating wage increases. The payslip component for PSB employees is revised every five years.Bank unions agreed only recently to a performance-linked incentive scheme for their members, to be paid over and above the fixed component, in banks that report a minimum 5% growth in operating profit. The incentive scheme is likely to be implemented from FY21.An ESOP, on the other hand, will reward only good performers. The survey said that a portion of the government stake can be transferred to employees exhibiting good performance.

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Economic Survey 2020: PSBs need a techtonic shift

MUMBAI: State-run banks hobbled by soaring bad loans and poor performance can look forward to have a new life with the help of fintechs to fight back and use tools like GPS to conduct better due diligence on borrowers to play a meaningful role in India’s march towards a $5-trillion economy, the Economic Survey said.With data and analytics taking the centre stage in almost all industries, state-run banks can pool all their data into one entity like in the case of GST Network, to improve their analytical capabilities that could provide them an edge over their private peers, it said. Data sciences, machine learning and artificial intelligence could help the banks, which have more than 70% market share, to make a difference to the economy, it said.“PSBs have many important ingredients in place to cater to this new demand,” said the survey. “They have local market insights and relationships based on operating histories spanning many decades. Their geographic footprint is vast. PSBs, however, need significant investments in capabilities to exploit the coming datarich environment in India. Analytics based on market data are quite capable of providing accurate predictions of corporate distress.” 73825376 PSBs have been dragged down by bad loans over the past few years and they compare poorly with their private sector peers in terms of returns to investors. Because of this, their market valuations are also lower leading to losses to the government and wasting of taxpayer money.Public banks accounted for 85% of bank frauds, while their gross non-performing assets exceeded Rs 7.4 lakh crore in FY19; an amount which exceeds government’s entire infrastructure expenditure in the fiscal. Similarly, just by plugging PSBs’ loan losses, which came at Rs 66,000 crore in FY19, the government “could nearly double the nation’s budgetary allocation for education,” it said.73825465 Estimates show that every rupee of taxpayer money invested in PSBs in 2019 lost its value by 23 paise, while for the private sector it created value.While banks are getting merged to create bigger ones, the collaboration on data could be a game changer.“PSBs will be able to enhance efficiency by fulfilling their role of delegated monitors if all the PSBs can pool their data into one entity,” it said. “Private information held by their corporate borrowers leads to contracting problems, because it is costly to assess solvency of a borrower or to monitor her actions after lending has taken place.”The survey proposes that these banks stick GPS devices on pledged assets to track the location of assets.

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ब्रेग्जिट : ईयू से आजाद हुआ ब्रिटेन, बेहतर होंगे भारत से रिश्ते, उद्योग जगत ने किया स्वागत

शुक्रवार देर रात ब्रिटेन आधिकारिक रूप से यूरोपीय संघ (ईयू) से आजाद हो गया है। ब्रिटेन में भारतीय कंपनियों तथा भारत में विस्तार की इच्छुक ब्रिटिश कंपनियों के लिए यह ब्रेग्जिट स्वागत योग्य होगा।

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Xiaomi Mi TV 4X 55 '2020 Edition' Review

Part of the Mi TV 4X range, the new 55-inch '2020 Edition' model is priced at Rs. 34,999 and has a 4K HDR LED screen.

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Indian-Origin Arvind Krishna Named IBM CEO, Replaces Ginni Rometty

Indian-origin technology executive Arvind Krishna has been elected Chief Executive Officer of American IT giant IBM after a "world-class succession process", succeeding Virginia Rometty, who described...

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Can India spend its way out of a slump? All eyes on Budget

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The clincher in this year's Economic Survey

If you always predict an economic rebound you will sometimes be right. After false predictions for five quarters, which saw GDP growth slide steadily down to 4.5%, the Economic Survey has predicted a big rebound to an annual 6-6.5% in 2020-21. Much will depend on the world economy, which slowed almost everywhere in 2019 and has been hit further by a virus outbreak in China that threatens to disrupt supply chains. If the world economy recovers, so will India’s. If not, the remedies prescribed by the survey, many of which are commendable, may not do the trick.Last year’s survey emphasised the need for major reforms in the police-judicial system and education. The government did not act immediately on that good advice. It remains to be seen whether it will accept this survey’s advice to reduce government intervention in grain markets, drug price controls, trade curbs under the Essential Commodities Act (ECA), and debt waivers. Political populism has long trumped economic sense on these issues.Wealth CreationAs former European Union president Jean-Claude Juncker once said, “We all know what is to be done. What we don’t know is how to get re-elected after doing it.” Maybe the crash in economic growth might galvanise the government into radical action as opposed to the usual incrementalism.Quoting the Thirukkural profusely, hoping this will better convince the Swadeshi Jagran Manch and Bharatiya Mazdoor Sangh than quoting Milton Friedman or Friedrich Hayek, the survey waxes lyrical about an economy focusing on wealth creation, driven by dashing new entrepreneurs in a pro-business atmosphere accompanied by a revival of the government-business trust that broke down earlier this millennium. It hails the invisible hand of the market that Sangh affiliates cannot see, perhaps because it is invisible. Competitive markets are needed to ensure a level playing field that aids the best entrepreneurs rather than the best-connected ones, the survey says, arguing a 10% rise in new firms in a district raises GDP by 1.8%.The document also points to the data that the equity index of politically connected companies significantly outperformed the overall stock market by 7% a year before the CAG’s report on the spectrum sale scam in 2011. After that, politically connected companies underperformed the overall market by 7.5% per year, suggesting a big decline in cronyism. Some old cronies are, in fact, now biting the dust. Transparency International’s Corruption Perceptions Index shows India improving greatly on this front since 2011.Reforms PushOn the survey’s stress on reforms, it should be pointed out that the easiest reform today may be huge cuts in the food buffer stock. Stocking increases the grain price by 40% above procurement cost; so, high stocks are wasteful and costly while becoming politically irrelevant since grain accounts for a decreasing share of food spending.The Essential Commodities Act distorts prices, discourages investment in warehouses and foils a modern commodity market. The survey shows that ECA raids have no impact on prices and have a very low conviction rate. And also that full debt waiver beneficiaries consume, save and invest less and are less productive than partial waiver beneficiaries. They disrupt the credit culture and so unwittingly reduce the credit flow to farmers.The survey wants to repeal or amend the Factories Act, Essential Commodities Act, Food Corporation of India Act, Sick Textile Undertakings Act, Land Acquisition Act (2013) and Recovery of Debts (DRT) Act. That is a brave agenda but will face stiff political hurdles.The same goes for labour reforms. The survey notes that economic growth has been much faster in states that have opted for flexible labour policies (Gujarat, Rajasthan, Punjab) than inflexible states (West Bengal, Kerala, Jharkhand, Bihar and Assam).Private sector companies must get entry into all sectors, ending preferences or monopolies for public sector enterprises. The survey examines the performance of closed sectors with those open for private investment, and finds the latter grow much faster. Examples are minor ports versus major ports, private road transport versus government-owned railway transport, steel and cement versus government-dominated coal. 73824541 Assemble in IndiaThe survey makes a brave but not entirely convincing attempt to prove that official GDP growth data are accurate and not inflated, as claimed by critics like former chief economic adviser Arvind Subramanian. The government’s own chief statistician, Pradeep Srivastava, recently penned a newspaper column saying that his consumer surveys were unreliable because people lied to surveyors.Nomiracle economy has been able to sustain 7% growth without buoyant exports. Indian exports have hardly grown at all since 2013. The survey advocates integration of India into global value chains, so that “Assemble in India” becomes a key part of Make in India. It estimates that this approach can create 40 million jobs by 2025 and 80 million by 2030. However, rising import tariffs, price controls, tax disputes and constantly changing rules make India an unattractive final assembly point. The latest World Development Report says that the logistical turnaround cost in India is thrice that of China’s and double Bangladesh’s.The survey implicitly makes a good case for India joining the China-led Regional Comprehensive Economic Partnership (RCEP) that the government recently opted out of. It rebuts claims that existing free trade agreements (FTAs) have been bad for India. After accounting for all confounding factors in FTAs, it finds that India’s manufactured exports increased 13.4% while manufactured imports rose 12.7%. Total merchandise exports rose 10.9% against 8.6% for imports, a net gain in both cases.Privatisation is a powerful instrument to increase productivity and yield funds for fresh investment in essential infrastructure. The survey examines 11 public sector companies that were privatised, comparing their performance with that of their peers in the same industries. Remarkably, the net worth of the privatised companies rose by Rs 2,290 crore, almost double the Rs 1,250 crore registered by their peers. Clearly privatisation works, and that may be one reason for the government decision to push forward boldly on this front.The survey stresses the need for financial sector recapitalisation and reform to step up credit needed by a burgeoning economy. It detects high levels of risk in shadow banks. Its research shows that Indian banks are small compared to peers in other countries, and suggests huge increase in bank size. This may mean further mergers of public sector banks.

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Industry leaders, peers raise a toast to good news

PUNE: It was at a friend’s beach party — Vishal Misra and Arvind Krishna were trying to (unsuccessfully it turned out) retrieve a kite belonging to Misra’s son that was stuck on a treetop.Misra, professor in the department of computer science at the University of Columbia, remembers this incident with the newly appointed IBM CEO vividly. Misra had first met Krishna when trying to decide between a stint in academia and a career at IBM. “We’ve known each other socially for 20 years,” Misra told ET. “What I remember from our encounter back in 2001— when I was trying to decide between Columbia and IBM — was that he sincerely wished me luck and did not badmouth Columbia or life in academia,” Misra, who recalls Krishna as a warm, friendly guy, said.Krishna, who takes over from Virginia (Ginni) Rometty on April 6, is currently Senior Vice President for Cloud and Cognitive Software at IBM, which includes IBM Research, IBM Cloud, and IBM’s Security and Cognitive Applications businesses.The 57-year-old electrical engineering alumnus of the Indian Institute of Technology - Kanpur was born in Dehradun to Major General Vijay Krishna and Arti Krishna, who worked for the welfare of Army widows. Like most army kids, Krishna — a PhD in electrical and computer engineering from the University of Illinois Urbana-Champaign — went to more than one school — primary education at Mount St. Mary’s School in Delhi to Stanes Higher Secondary School in Coonoor in Tamil Nadu.“Unlike many fresh PhD’s who are technically smart but lack business and industry acumen, he showed his deep understanding of industry trends. That has been Arvind’s distinguishing talent — to combine deep technical understanding with an encyclopaediac knowledge of industry and competition,” said Inder Gopal, professor at the Indian Institute of Science, Bengaluru, who hired Krishna into IBM Research.Gopal recalls that Krishna —who is married to Sonia Jain and has two children — came highly recommended by his PhD advisor Bruce Hajek. “Everything he does has a well-articulated technical or business basis. I may not always have agreed, but I respected his judgement and he was usually right,” Gopal, who quit IBM but later rejoined as Krishna’s boss, said.Krishna was always meticulous and focused, said Sunil Singhal, his first cousin — also an IIT-Kanpur alumnus and who runs an environment focused business in Delhi.“His father was in the Corps of Signals and continued to be involved with engineering institutes after his retirement. So, Arvind has got some of that in his genes,” Singhal said, adding his hard work was paying off.IIT-Bhilai director Rajat Moona, who was Krishna’s batchmate, told ET that he was creative and organised. “We never thought that we will be so close to the top of the world's best hardware and software industry. Proud of him and feel fortunate to know him,” Moona said.Persistent Systems Chairman Anand Deshpande, who has known him for two decades, said Krishna understands technology very well. “He’s very sharp and focused and in our meetings was always clear about what he wanted. IBM will do well to have him there,” Deshpande said.Another batchmate, Nagendra Nath Sinha, who is currently Secretary, Department of Border Management, summed it up best in a tweet congratulating the three-decade-old IBM veteran. ‘Congratulations @ArvindKrishna on being named CEO of IBM. It is another feather in your cap. We are proud to have been your batchmates at IIT Kanpur.’

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दिल्ली विधानसभा चुनावः दिल्ली की जनता को कभी रास नहीं आया नेताओं का गठबंधन

नेताओं का दल बदल हो या फिर इनकी पार्टियों के बीच गठबंधन, दिल्ली वालों को कभी ये सियासत के रूप रास नहीं आए।

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Amid Slowdown, Nirmala Sitharaman To Reveal Her Second Budget Today

Finance Minister Nirmala Sitharaman will announce her second Union Budget today. As India's first full-time woman Finance Minister rises to reveal her answer to the frail economy, all eyes will be on...

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Coronavirus Kills 259 In China, Around 12,000 People Infected

The death toll from China's new coronavirus outbreak has risen to 259 and the tally of confirmed infections has surged to nearly 12,000, the government said on Saturday.

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दिल्ली चुनावः प्रवेश की पत्नी ने संभाली प्रचार की कमान, कांग्रेस की महिला ब्रिगेड भी मैदान में

चुनाव आयोग ने प्रचार से दूर किया तो भाजपा सांसद प्रवेश वर्मा अपने निवास स्थान पर जहां मुंह पर पट्टी बांधकर बैठ गए, तो वहीं पत्नी स्वाति सिंह ने चुनाव प्रचार अभियान की कमान संभाल ली।

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दिल्ली विधानसभा चुनावः सुशील गुप्ता ने कहा, प्रधानमंत्री को दिल्ली का मुख्यमंत्री थोड़े बनना है

आप के चुनावी रणनीतिकार व सांसद सुशील गुप्ता ने अमर उजाला के साथ पार्टी की चुनावी रणनीति पर खुलकर बातचीत की।

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"No Issue Bigger Than National Security": Union Minister Amit Shah

Union minister Amit Shah on Friday asserted that there was "no issue bigger than national security" and slammed the opposition parties, saying while the BJP was committed to this aim, the Congress and...

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Thursday, January 30, 2020

Abidali Neemuchwala quits as Wipro CEO, cites family commitment

BENGALURU: Wipro said its CEO Abidali Neemuchwala has resigned due to family commitments but that he would stay on until a successor was appointed.The company said it's board has initiated a search to find its next leader."We thank Abid for his leadership and contributions to Wipro. Over the last four years, Abid helped build a strong execution mindset, drove key acquisitions and scaled our digital business globally," chairman Rishad Premji said in a statement.Neemuchwala joined Wipro from TCS in April 2015 as Group President and COO. He was elevated to CEO in February 2016.

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India may ease its grip on insurance

The Centre is likely to drop the clause that mandates control of insurance companies by Indian promoters as it seeks to enhance foreign direct investment (FDI) limit in the industry to 74% from 49%, said people with knowledge of the matter.The government has held several meetings with the insurance regulator, insurers and consultants on higher FDI in the sector. Many global insurers, such as Metlife and Generali, have not raised their stakes in Indian operations due to the clause that was introduced in 2015.“The government will amend the relevant provision while dropping control and ownership clause of the Insurance Act through the Finance Bill,” said an official at the Insurance Regulatory and Development Authority of India (Irdai).73788679 Cabinet Note in the Work“It has decided to prepare a cabinet note proposing higher FDI of 74%,” the official said.The FDI increase is being evaluated very carefully, said a source close to the development. “The complexity of ‘Indian owned and controlled’ is involved, and the government is looking to address this issue,” he said. Regulations on royalties, dividends, ring-fencing of balance sheets and board composition are also likely to be reviewed, said another person who had attended the meetings.It’s been proposed that overseas investors start at 49% and raise their stake to 74% over time. However, foreign insurers have suggested that the limit be set at 74% from the outset.The government raised the FDI ceiling in insurance to 49% from 26% in March 2015. This prompted foreign promoters to increase their stakes in joint ventures besides paving the way for initial public offerings. Among the listed life insurers are HDFC Life, SBI Life and ICICI Prudential. Listed general insurers include ICICI Lombard, GIC Re and New India Assurance. India has 24 life insurance companies and 34 general insurance companies.Before the 2015 change, the Insurance Act did not require domestic ownership and control. It was therefore possible for offshore strategic partners to have substantial control, including over reserved matters or veto rights on operational and financial policy decisions.The government increased the FDI limit in insurance intermediaries to 100% in September, a move aimed at opening up the large-scale professional advisory space to investment.

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Indian control clause for insurance may go

Tata-PepsiCo joint venture to be revised

New Delhi: Tata Global Beverages and PepsiCo have decided to revise the terms of their joint venture agreement a decade after they formed NourishCo Beverages to accommodate the two partners’ individual business expansion plans and tweaks in their strategies, two senior officials directly aware of the developments said.The key triggers for the revision include the Tata firm’s move to become a larger player in the food and beverages space that could include it stepping into PepsiCo’s turf and the fact that PepsiCo is no longer in the bottling business after selling its bottling operations to the Ravi Jaipuria group, they said.“The objective is to redraw boundaries of the joint venture; since PepsiCo has an extensive portfolio in snacks, the concern is that the JV should not step on to PepsiCo’s turf with forthcoming launches,” one of the officials said.Both Tata Global Beverages and Pepsi-Co confirmed the revision in the JV agreement for NourishCo, formed to sell products in the non-carbonated readyto-drink hydration space, and said it was a “regular business exercise”.“This does not affect the current business of the JV, which primarily includes marketing and distribution of branded products Tata Gluco Plus, Tata Water Plus and Himalayan Natural Mineral Water, within the liquid beverage category,” both the firms said in their email reverts to ET.In May last year, Tata Group had announced consolidation of all its consumer products business with all branded food businesses of Tata Chemicals that included packaged spices, pulses and salt being merged into Tata Global Beverages in an all-stock deal.After the acquisition, the company was to be renamed Tata Consumer Products.Its plan to expand the food and beverages business that currently includes tea, coffee and water risks making its relationship with PepsiCo tenuous, said the officials cited earlier.Tata Consumer Products is expected to leverage synergies in the combined entity within marketing, sales and distribution, and compete directly with Britannia, ITC, Nestle and PepsiCo in foods business.Another official said this could be beginning of scaling down of the joint venture, with PepsiCo having franchised its entire bottling business to RJ Corp earlier last year. “The revision the terms of the JV will also have to consider the association with RJ Corp-owned Varun Beverages which now does bottling, sales and distribution for PepsiCo,” the official said.Tata Consumer Products’ businesses had combined turnover of Rs 9,099 crore for the year ended March 2019 with reach to more than 200 million households. Bringing key brands under a single umbrella would provide value creation for all shareholders through greater scale and synergies, the group had said while announcing the merger. While brands such as Tetley Tea, Eight O’Clock Coffee, Tata Tea Premium, Agni, Spice Mix, and Starbucks India’s franchise were under Tata Global, Tata Sampann pulses and spices and Tata Salt were under Tata Chemicals.

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Wipro CEO Abidali Neemuchwala steps down

NZvIND: विराट ने दिए हैं बदलाव के संकेत, चौथे टी-20 में कुछ ऐसी हो सकती है प्लेइंग XI

न्यूजीलैंड के खिलाफ चौथे टी-20 मैच में विराट कर सकते हैं टीम में बदलाव, कुछ ऐसी हो सकती है प्लेइंग XI

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प्रीति जिंटा का जन्मदिन और जामिया फायरिंग पर बॉलीवुड स्टार्स में आक्रोश, पांच खबरें

पढ़िये मनोरंजन जगत की बड़ी खबरें।

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Bank Strike News: Bank Employee Unions Call Strike On January 31, February 1

UFBU is a confederation of nine bank unions that includes All India Bank Employees' Association (AIBEA), All India Bank Officers' Confederation (AIBOC), National Confederation of Bank Employees,...

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Realme X Series, Realme Pro Series to Get Android 11 Update, CMO Confirms

The confusion began because Realme India CEO Madhav Sheth said in his #AskMadhav episode that Realme phones will receive at least one major Android update. Realme India CMO Francis Wang notes that...

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Xiaomi Mi TV 4X 55 '2020 Edition' Review

Part of the Mi TV 4X range, the new 55-inch '2020 Edition' model is priced at Rs. 34,999 and has a 4K HDR LED screen.

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Private trains have 20 cos interested in running them

NEW DELHI: About 20 companies in infrastructure and transportation sectors, including Bombardier India, Adani Ports, France’s Alstom, Spain’s Talgo, Macquarie group, Tata Realty, among others, have evinced interest in operating private passenger trains in India, officials aware of the development said.Bids for the operating 150 private trains on hundred routes will open in the next two to three months and contracts are likely to be awarded in the next fiscal.The Indian Railways has proposed to operate 150 private trains on 100 routes in the first phase of the plan to allow private companies into the passenger train segment, a first of its kind development.Government think-tank Niti Aayog has estimated an investment opportunity of Rs 22,500 crore in the segment. The 2019-20 budget had pegged the national transporter’s requirement of infrastructure investment at Rs 50 lakh crore over 12 years, necessitating the involvement of private players in the sector.73787835 In two meetings held on December 31 last year and January 20, companies across sectors were present to discuss the modalities of the project.NIIF, Hyundai Rotem Company, CAF India, Hitachi India, Medha Servo, Thoth Infrastructure, CRRC ZELC, BEML, Siemens, IRCTC, Bharat Forge, Gatx, Gateway Rail Freight, KEC International, Essel Group and RK Associates were among the other players present at the stakeholders meet.“Companies present at the meeting raised concerns around proper risk allocation in the contract,” an official close to the development told ET. “At the end of the day, this is a contract, and people need to be sure that in case one party reneges on it, what would be the mechanism going forward,” the official said.The official quoted above said a railway regulator, which will look into pricing of tickets in these trains, among other issues, will bring in some comfort for private players.Earlier this week, the Railway Board Chairman VK Yadav said it will take at least two years for private trains to be operational on ground. While a pilot has already been conducted, with IRCTC having started operation of two trains over the last six months, the Indian Railways is still working on finalising a request for qualification (RfQ) document for these tenders. A draft RFQ document prepared by Niti Aayog proposed grant of concession to private players for running 150 passenger trains on 100 paths bundled into 10-12 clusters with a 35-year concession period.The Indian Railways currently faces huge supply side constraints and is unable to meet the demand in the passenger segment. Projects like the dedicated freight corridors and multi-tracking, which essentially means laying additional track on a particular route, will ease congestion and enhance its network. It would also mean more business for the private sector.Currently, the railways runs around 13,000 passenger trains on its network, but around 20,000 trains are required to meet the demand, Yadav said. The Indian Railways is expecting a jump of around 60-70% after upgradation of its network.

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Private trains have 20 companies interested in running them

ईयू से आज होगी ब्रिटेन की विदाई, मतदान के वक्त नम दिखी आंखें

यूरोपीय संघ (ईयू) से ब्रिटेन की विदाई को यूरोपीय सांसदों की मंजूरी के बाद अब 31 जनवरी शुक्रवार को ब्रिटेन औपचारिक रूप से ईयू से बाहर हो जाएगा।

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दिल्ली विधानसभा चुनावः अमित शाह बने भाजपा का चेहरा, लगाई पूरी ताकत

भाजपा की अंदरूनी राजनीति की दृष्टि से दिल्ली विधानसभा चुनाव अहम है।

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पीईटी बोतलों में पेय पदार्थों की बिक्री पर प्रतिबंध वाली याचिका पर रिपोर्ट दे सीपीसीबी: एनजीटी

नेशनल ग्रीन ट्रिब्यूनल (एनजीटी) ने गुरुवार को केंद्रीय प्रदूषण नियंत्रण बोर्ड (सीपीसीबी) को पीईटी-बोतलों पर रिपोर्ट जमा करने के निर्देश दिए। एनजीटी ने यह आदेश 16 साल के याचिकाकर्ता आदित्य दुबे की याचिका पर दिया।

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सीएए और एनआरसी को लेकर संसद परिसर में आज धरना देगी कांग्रेस

बजट सत्र की शुरुआत से पहले कांग्रेस के सांसद संशोधित नागरिकता कानून (सीएए) एवं एनआरसी के विरोध में प्रदर्शन कर रहे लोगों के प्रति एकजुटता प्रकट करते हुए शुक्रवार को संसद परिसर में महात्मा गांधी की प्रतिमा के सामने धरना देंगे।

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Delhi Polls Between PM Modi Who Eliminated Terrorists And ...: Amit Shah

The Delhi polls are a contest between Prime Minister Narendra Modi who eliminated terrorists through surgical strikes inside Pakistan and those supporting the Shaheen Bagh protests, Union Home...

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संसद का बजट सत्र आज से, सरकार और विपक्ष के बीच सदन में खींचतान की जमीन तैयार

Budget Session Live Update, uproar, Parliament, uproar in house, between government and opposition, central government,

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निर्भया केस: वकील ने कहा- भगवान नहीं राष्ट्रपति या सुप्रीम कोर्ट के जज, क्या मुकेश को होगी फांसी?

निर्भया के दोषी एक फरवरी को तय की गई फांसी की सजा से बचने के लिए रोजाना नए दांव चल रहे हैं।

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जामिया की कुलपति का दावा, पुलिस के सामने मारी गोली, शिक्षक संघ ने बुलाई बैठक

जामिया मिल्लिया इस्लामिया कुलपति प्रो. नजमा अख्तर का कहना है कि पुलिस के सामने यह सब हुआ, लेकिन उन्होंने नहीं रोका।

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शिवसेना की अमित शाह को सलाह, शरजील इमाम जैसे कीड़ों तो तत्काल खत्म करें

दिल्ली के शाहीन बाग में नागरिकता कानून (सीएए) को लेकर शुरू धरने का विरोध करते हुए शिवसेना ने मोदी सरकार का समर्थन किया है।

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जम्मू-कश्मीरः पहाड़ी भाषियों को तोहफा, नौकरी व दाखिले में चार फीसदी आरक्षण

केंद्र शासित प्रदेश जम्मू-कश्मीर में रहने वाले पहाड़ी भाषी लोगों को उप राज्यपाल प्रशासन ने बड़ी राहत दी है।

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212 Dead In China Amid Virus Outbreak: Government

The number of confirmed deaths from China's coronavirus outbreak has risen to 212 after worst-hit Hubei province reported 42 new fatalities on Friday.

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Wednesday, January 29, 2020

"Diplomatic Victory" As No EU Parliament Vote On Citizenship Act: Sources

The European Parliament has decided to defer voting on a resolution against the Citizenship Amendment Act on Thursday, sources in the Union government have said, terming it as a "diplomatic victory"...

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Kobe Bryant's Wife Says Family Is "Completely Devastated"

Vanessa Bryant spoke out for the first time since her husband Kobe Bryant and daughter Gianna were killed in a helicopter crash, saying the family is "completely devastated" by the tragedy that also...

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Government's Homeopathy Prescription For Coronavirus Triggers Criticism

Hundreds across the country are under watch amid a health scare over the SARS-like coronavirus, which broke out in China last month and spread to other parts of the world. Amid rising deaths in China...

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Dr Kafeel Khan Arrested By UP Police Over A Month After Speech In Aligarh

Dr Kafeel Khan, the Uttar Pradesh doctor who was jailed after the death of over 60 children at a government hospital in 2017, was arrested in Mumbai on Wednesday by Uttar Pradesh Police. He is accused...

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"Will Always Love You": EU Lawmakers' Emotional Farewell After Brexit Nod

Britain's departure from the European Union was set in law Wednesday, amid emotional scenes, as the bloc's parliament voted to ratify the divorce papers.

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Religare fraud: ED to reach out to foreign countries to identify proceeds of crime parked abroad

NEW DELHI: The Enforcement Directorate (ED) is in the process of approaching foreign jurisdictions, to get details of more people and entities that may have involved in laundering money linked to the alleged Religare fraud.In its charge sheet that accused former Religare promoters Malvinder and Shivinder Singh of money laundering, the agency said it is in the “process of issuing letters rogatory (LRs) to foreign jurisdictions”.The agency also told a local court that of the total Rs 2,036.69 crore of estimated proceeds of crime, investigation over Rs 300 crores has been completed. “Investigation in respect of identification of remaining proceeds of crime and accused that are involved in money laundering is in progress,” it said in the charge sheet, which ET has seen.The matter came up for resumed hearing on Wednesday when copies of the charge sheet were supplied to the accused.On account of the ongoing legal battle between Malvinder and Shivinder Singh, a copy of the charge sheet could not be supplied to RHC Holding, a company privately owned by the brothers which is also an accused in the charge sheet. This is because there was no legal representative to appear for RHC Holding.Special public prosecutor for the ED, Nitesh Rana, told the court that the brothers, along with co-accused Sunil Godhwani and others, are “involved in process of acquisition, layering, possession, concealment, use and projection of proceeds of crime generated out of criminal activities”.Singh brothers and Godhwani had denied any wrongdoing.Elaborating on the alleged role of the two brothers, the charge sheet said, “Malvinder and Shivinder Mohan Singh incorporated and used multiple conduit companies for the purpose of siphoning off public funds from Religare Finvest Limited (RFL) by way of sanctioning and disbursal of loans under corporate loan book (CLB)”.It said the conduit companies were associated with the Singh brothers. This is “clearly established on the basis that the directors of the said companies have accepted that they were relatives or associates of the promoters (Singh brothers). And that properties owned by the conduit companies were being utilised for the benefit of the promoters as also the fact that some of these companies were purchased by the promoters in 2017-18,” the charge sheet said.It alleged that the funds “siphoned off” by the brothers and Godhwani through “sanctioning, evergreening, layering of CLB loans were ultimately utilised for repaying existing liabilities” of the company of Singh brothers “or the acquisition of properties for the benefit of Malvinder and Shivinder Mohan Singh”.The agency said it may file a supplementary charge sheet if its investigation in India as well as abroad ascertains involvement of more individuals involved in laundering and parking of proceeds of crime.Underlining the role of RHC Holding, the agency said the company acquired Rs 150 crore of proceeds of crime and “utilised the said amount in repayment of its existing liability towards RFL by projecting it as untainted”. It added: “RHC group entities have not only been used as conduit companies but in some cases are the ultimate beneficiary of the proceeds of crime.”Elaborating on the alleged modus operandi, the agency said proceeds of crime “through a complex maze of interconnected transactions” have been layered and “integrated in the main stream economy for evergreening of old loans”. The proceeds were also used for other purposes and for the acquisition of property, it claimed.ET was the first to report on January 22 that the Economic Offences Wing of the Delhi Police, in its separate charge sheet, had alleged that the Singh brothers had “diverted public money from group entity Religare Finvest to shell companies and used it to square off their personal liabilities”.Executives at Religare Finvest, the group’s lending arm, had approved unsecured loans worth hundreds of crores to the shell companies within two hours of getting the proposals, even when these companies themselves had not sought the loans, the EOW said. The Singh brothers had joined the board of Religare Finvest in 2016 with the intention of diverting money to these 19 shell companies, the EOW alleged.

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DHFL siphoned off Rs 13K cr through 1 lakh fake borrowers: ED

MUMBAI: The Enforcement Directorate (ED) has told a dedicated court dealing with money laundering offences that Rs 12,773 crore was allegedly siphoned off over the past decade from DHFL through about one lakh fictitious borrowers which were created to route the money into about 80 shell companies.The agency, probing arrested promoter of the embattled home financier Kapil Wadhawan, told a Prevention of Money laundering Act (PMLA) court that the Wadhawans had allegedly used a part of these funds to pay the late drug lord Iqbal Memon, alias Iqbal Mirchi.The agency arrested Kapil Wadhawan on Monday. His brother, Dheeraj, is out on bail.“Wadhawan, through five shell companies, purchased three properties at Worli from Iqbal Mirchi. The value of these properties, as per book accounts, was shown Rs 111 crore, but a payment of more than Rs 150 crore was made in Dubai through the hawala channel. The loans were given to these shell companies by DHFL in a circuitous manner, and a part of this loan was used to make payments to Mirchi,” said an officer privy to the probe details. “An amount of Rs 12,773 crore (yes)was actually siphoned off through fraudulent loans to 100,000 fictitious customers, using 79 paper companies.”The ED is probing a property deal comprising the purchase of three dilapidated buildings in Worli, which were illegally acquired by Mirchi and subsequently sold to Sunblink Real Estate, an alleged front company of the Wadhawans. The ED has relied on the statement of Heena Cheda, partner at Hariyani & Co, to claim that the Wadhawans paid Rs 199.50 crore to Mirchi for the purchase of these properties.The agency believes the money is actually Mirchi’s proceeds of crime.ED told the court that DHFL had given Rs 1,500 crore in loans to Faith Realtors, Marvel Township, Able Realty, Poseidon Realty, and Random Realtors around 2010-2011. These loans were outstanding in the books of DHFL until July 2019, with total outstanding of Rs 2,186 crore.“Investigation has revealed that there are no documents available with the office of DHFL with regard to these loans. At the time of sanctioning these loans, no collateral was taken/given. These companies appear to be shell companies as deposed by their respective directors. These persons also deposed that the beneficiary owners of these companies were the Wadhawan brothers,” said the agency’s earlier remand application.The court remanded Kapil Wadhawan to ED's custody until Friday.

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NZ vs IND: विराट-रोहित और विलियमसन ने बनाए कई कीर्तिमान, मैच में बने सात बड़े रिकार्ड्स

भारत और न्यूजीलैंड एक बीच खेले गए तीसरे टी-20 मैच में रोहित-विराट और विलियमसन ने बनाए कई रिकार्ड्स

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Bengaluru Has World's Worst Traffic, 4 Indian Cities In Top 10: Report

India has topped the TomTom Traffic Index 2019 with 4 of its cities amongst the 10 most congested cities globally.

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"Find An Acceptable Two-State Solution": India Urges Israel, Palestine

India on Wednesday reaffirmed its call for a two-state solution to the Israeli-Palestinian conflict and asked both sides to resolve all issues through direct negotiations.

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All I Want Is To Express Solidarity With Rohith Vemula: Kunal Kamra

Stand-up comedian Kunal Kamra, banned by three airlines from flying for allegedly heckling TV journalist Arnab Goswami aboard a flight, on Wednesday said he just wanted to express solidarity with PhD...

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China shutdowns hit Indian electronics companies

KOLKATA: Smartphone and consumer electronics companies in India said they were staring at production cuts and possible delays in launch of new products due to the coronavirus outbreak in China that has disrupted component supplies. The scale of the impact would depend on how long the disruption continues.China accounts for 75% of total value of components used in TVs and almost 85% in case of smartphones. All critical components like mobile displays, open cell TV panels, printed circuit boards, capacitors, memory and LED chips are imported from China. Air conditioner compressors and washing machine motors are also among sourced from that country.Chinese vendors have hiked component prices by 2-3% due to supply shortages triggered by factory shutdowns, and this could rise further unless the situation improves in the next few days.‘Not prepared for extended holiday’The hike in component prices, in turn, could result in an increase in product prices in India.The coronavirus has been blamed for more than 130 deaths so far, with nearly 6,000 confirmed cases as of Tuesday. The virus has rapidly spread across China and to 16 other countries. Media reports said industrial activity in China has come to a standstill, and may be impacted further.“Factories in India were prepared for the usual Chinese New Year shutdown. But several cities there have extended the holiday, and companies have asked workers not to report for work for the next few days. This will likely have an impact on manufacturing in India since the extended holiday was not factored in,” said a senior executive at a leading smartphone brand, who requested anonymity.Vacation extendedThe New Year holiday was scheduled to end on January 31, but authorities in several Chinese cities have extended the vacation till February 9, and this could get prolonged further. Hong Kong, the main gateway to China for freight and business, too has suspended cross-border travel for now. “Production will be badly hit. There will be at least 15-20 days’ delay in supply of components. We have closed our purchase office there. New product launches will be delayed. If this continues, there will be chaos since no company holds stock in large quantities due to fluctuating input prices and subdued domestic demand,” said Avneet Singh Marwah, CEO of Super Plastronics, the company that sells Kodak and Thomson brand televisions in India.BPL India chief operating officer Manmohan Ganesh said several Chinese component makers had hiked prices by 2-3%. “This could go up further if the shortage continues, and then brands will be forced to hike prices,” he said. Two industry executives said Chinese smartphone brands may face problems in software R&D work and component supplies, which would hit India production. A spokesperson for Xiaomi said India operations weren’t affected right now since the company had planned for the shutdown during New Year.73753018 Alternative suppliersApple CEO Tim Cook said during an earnings call on Wednesday that the company is working on a mitigation plan to make up for any production loss in China, and is tapping alternative suppliers. Consumer Electronics & Appliances Manufacturers Association president Kamal Nandi, however, said it would be difficult to quickly develop alternative supply sources for components. Nandi, also the business head at Godrej Appliances, said the industry operates with 20-30 days of raw material inventory.Sunil Vachani, chairman at homegrown contract manufacturer Dixon Technologies, said shortages and production disruptions were likely if Chinese factories didn’t open after the extended holidays.

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Bidder JSW Steel a related party, can’t be given immunity: ED to NCLAT

MUMBAI: The ED has told the appellate bankruptcy court that JSW Steel will not get immunity from the criminal charges being faced by Bhushan Power & Steel if it acquires the latter, because both are related parties.The agency also said that a Section under the Insolvency and Bankruptcy Code, which gives protection to the acquirer from prior offences committed by a bankrupt company, will not apply in this case since the provision was added to the law after lenders cleared JSW’s proposal to acquire Bhushan Power. This provision under Section 32A, it told the court, cannot be applied retrospectively.JSW, which is seeking immunity from charges before going ahead with the deal, declined comment.Bhushan Power’s former promoters are facing charges of financial irregularities and money laundering. In an affidavit filed in the National Company Law Appellate Tribunal, the ED said JSW and Bhushan Power are related parties through a joint venture.JV founded in 2008The ED is looking into whether one party had helped the other in the alleged offences. JSW Steel, which has offered to pay over Rs 19,000 crore to acquire Bhushan Power, had sought to be excluded from regulatory and criminal probes against the target company under the watch of its erstwhile management. It has also sought exemption from attachment of the target company’s assets.Last October, the ED had attached a factory of Bhushan Power in Odisha’s Sambalpur. Subsequently, the attachment was released by the NCLT. The agency has challenged the order in the appellate body.In its affidavit filed on January 17, the ED said the relation between the two companies needs to be probed further. It said JSW Steel and Bhushan Power are shareholders, with stakes of 24.09% and 49%, respectively, in a venture called Rohne Coal Company. The agency said it wants to look at all the arrangements entered into between the two shareholders. Citing filings before the Ministry of Corporate Affairs, the affidavit said the joint venture company, founded in 2008, is “still in operation”.On the application of Section 32A of IBC, included through an amendment in December 2019 to provide immunity to the corporate debtor and its assets from an offence committed prior to the commencement of the insolvency process, the ED said there is no provision that gives retrospective effect to the section.Ministry of Corporate Affairs sources is of the view that they cannot give a clean chit to anyone. In the ministry’s affidavit, it is likely to explain the intent of the provision.“Section 32A is clearly worded, if investigation agencies have reasons to believe based on material facts, the protection will not be available. The MCA will merely explain intent of the provisions. We cannot give a clean chit to anyone,” said a senior official. In its affidavit, the ED said the Section was introduced with effect from December 28, 2019, while JSW’s resolution plan for Bhushan Power was approved on September 5, 2019.“The liability of corporate debtor shall not cease for the impugned offences under PMLA as the resolution plan… is not resulting in change in management or control of the corporate debtor to a person who was not a related party of the corporate debtor, for the reason that JSW Steel is a ‘related party’ of the corporate debtor, being an associate company which has formed a joint venture with the accused-corporate debtor,” said the affidavit.

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New scheme in the works to push discoms clear dues of over Rs 83k cr

New Delhi: The Union government is working on a scheme to push state distribution utilities to pay more than Rs 83,500 crore they owe to power producers within six months, power and renewable energy minister RK Singh told ET.“We are working on a schedule for repayment of legacy dues of distribution companies to power plants. We will give six months time (from the launch of the scheme) to discoms to make the payments. We will offer incentives for on-time payments and penalise states if the discoms do not comply,” he said.He said the incentives and penalties are being worked out by the power ministry and the scheme will be announced soon.According to data available on the power ministry’s Praapti Portal, as of September 2019, the outstanding payments of distribution companies to power plants totalled Rs 83,588 crore. Of this, the overdue outstanding amount is Rs 69,139 crore. Rajasthan, UP, Jammu & Kashmir, Tamil Nadu, Telangana, Goa and Karnataka are the big defaulters.Andhra Pradesh discoms have paid Rs 1,900 crore of the Rs 2,500 crore they owed to power generators. In his meeting with state government officials on Tuesday, Singh directed distribution companies to clear payments for the months of October, November and December, too.The power ministry had earlier directed discoms to open letters of credit in favour of power purchases to stop creation of further discom dues. With the new scheme, the ministry proposes to liquidate the accumulated dues.73753169 Singh on Monday said the Centre’s Ujwal Discom Assurance Yojna (Uday) was not a failure as it reduced average commercial losses of distribution companies. A new scheme for the revival of utilities may be announced in the Union Budget this Saturday, he said.ET had earlier reported that the government was considering a grant of more than Rs 1.1 lakh crore to state power distribution companies under a new bailout scheme that would mandate discoms with high losses to either privatise operations or appoint distribution franchisees and invest in upgradation of infrastructure.The government expects to spur about Rs 3 lakh crore of investments in the distribution sector through the latest discom restructuring scheme that it claims to be different from three previous initiatives. “The scheme is reform and result-oriented, where the distribution companies will invest first and get money only when they perform,” a senior government official had said.

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रॉकेट हमलों के जवाब में इस्राइली वायु सेना ने हमास के ठिकानों पर की एयर स्ट्राइक

फलस्तीन की ओर से एक रॉकेट हमला होने और कुछ विस्फोटक लदे गुब्बारे भेजने के जवाब में इस्राइल की वायुसेना ने गाजा पट्टी में हमास ठिकानों पर एयर स्ट्राइक की है।

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जेएनयू विवादः हाईकोर्ट ने पूछा, जब कक्षाएं नहीं हुईं तो ऑनलाइन परीक्षाएं लेने का क्या उद्देश्य

जेएनयू प्रशासन से पूछा कि जब लंबे समय से कक्षाएं नहीं लगीं तो घर से ऑनलाइन परीक्षा लेने का क्या उद्देश्य है।

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कॉमेडियन कुणाल कामरा के समर्थन में राहुल गांधी और तापसी पन्नू ने मनचले को सिखाया सबक, पांच खबरें

पढ़िये मनोरंजन जगत की बड़ी खबरें।

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सुप्रीम कोर्ट ने खारिज किया उत्तरी दिल्ली में हाउसिंग कांप्लेक्स बनाने से रोकने वाला एनजीटी का आदेश

सुप्रीम कोर्ट ने एनजीटी के उस आदेश को खारिज कर दिया, जिसमें दिल्ली विश्वविद्यालय के उत्तरी कैंपस के करीब एक हाउसिंग कांप्लेक्स के निर्माण पर रोक लगाते हुए यथास्थिति बनाए रखने को कहा गया था।

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On The First Night Of "Mumbai 24 Hours", A Reality Check

The much-awaited experiment of keeping Mumbai open round the clock kicked in on January 26 midnight. The policy "Mumbai 24 hours" aims to ensure that commercial establishments, including shops,...

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Saraswati Puja Is Celebrated On Basant Panchami. Know About The Holy Festival

Saraswati Puja 2020: Basant Panchami or Vasant Panchami marks the beginning of the spring season. Basant means spring and Panchami means "the fifth day", so Vasant Panchami literally means the fifth...

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कोरोनावायरस का कहर: चीन में 169 मरे, भारत समेत चार देशों से चीन की उड़ानें रद्द, टोयटा का प्लांट बंद

चीन के वुहान में फैले कोरोनावायरस ने बुधवार को 37 और लोगों को मौत की नींद सुला दिया। अब तक कुल 169 लोगों की मौत हो चुकी है। वहीं चीन समेत दुनियाभर में इस रोग से पीड़ित कुल मरीजों की संख्या 6 हजार के पार पहुंच गई है।

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दिल्ली विधानसभा चुनावः आचार संहिता तोड़ने में आप और भड़काऊ भाषण देने में भाजपा आगे

दिल्ली के चुनावी रण में राजनीतिक पार्टियों की नियम तोड़ सियासत का खेल जारी है।

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Donald Trump To Visit Sabarmati In February: Vijay Rupani

US President Donald Trump will visit the Sabarmati Riverfront in Gujarat during his India trip in February, the state Chief Minister Vijay Rupani said on Wednesday.

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Tuesday, January 28, 2020

Four People Put Under Observation For Coronavirus In Bengaluru

The Karnataka Family Health and Welfare Department has put four people under observation for the coronavirus infection, an official said on Tuesday.

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Nirbhaya Convict Akshay Singh Files New Challenge Against Death Sentence

One of the four convicts in the 2012 Delhi gang rape case to be hanged on Saturday has challenged his execution using the last legal resort in the Supreme Court known as the curative petition. Akshay...

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Mukesh Ambani's Reliance Industries To Use Plastic In Road Construction

India, which uses about 14 million tonnes of plastic annually, lacks an organised system for management of plastic waste, leading to widespread littering. New Delhi is the world's most polluted...

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Kobe Bryant's Body Among Helicopter Crash Victims Identified By Officials

Medical examiners identified the body of NBA legend Kobe Bryant after recovering the remains of all nine people who died in a helicopter crash near Los Angeles, officials said Tuesday.

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Donald Trump could be writing India a $10-bn cheque next month

NEW DELHI: India and the US are likely to finalise a mega trade deal pegged above $10 billion (more than Rs 71,000 crore) next month when United States Trade Representative (USTR) Robert Lighthizer visits New Delhi.The deal, whose legal vetting is underway, will be signed during US President Donald Trump’s visit to India, and is a precursor to a free trade agreement between the two nations, officials in the know of the plans said.Lighthizer and commerce and industry minister Piyush Goyal are likely to meet in the second week of February to finalise the terms of the deal. Trump is expected to be in India during February 24-25, his first visit here as head of state. 73719143 There were meetings on the planned deal in Davos during the World Economic Forum. A six-member team from the US administration was in Delhi over the weekend, meeting Goyal and the relevant line ministries to discuss the contours of the proposed pact.Goyal had met Lighthizer in the US last year.‘Medical Devices Issue Resolved’“It is a fairly large deal,” said an official aware of the details. The issue of medical devices, which was a key obstacle in the trade talks between the two countries, is resolved, the official added.India and the US have been entangled in a series of trade spats across various sectors. The deal could touch upon Washington’s demand of doing away with duty on American information and communication technology goods along with market access for its dairy products and duty cuts on Harley-Davidson motorcycles. The US is also keen to sell more almonds to India. New Delhi, on the other hand, had sought market access to its fruits including grapes.“We expect the full deal to be signed this time and the longer-term idea is an FTA,” the official added.India also wants restoration of benefits under the Generalized System of Preferences (GSP).Under the GSP, certain products can enter the American market duty-free if the beneficiary developing country meets the eligibility criteria established by US Congress. The benefits to India were withdrawn from June 5, 2019, after the US dairy and medical devices industries alleged that Indian trade barriers affected their exports.In 2018, India exported goods worth $6.3 billion (as per USTR figures) to the US under the GSP, accounting for around 12.1% of India’s total export to the US.The average duty concession accruing on account of GSP was almost $240 million in 2018. “We want GSP as it spreads across sectors, from textiles to agriculture, and we want access for our goods in the American market,” the official said.Goyal had earlier told ET that any imported product which had got animal feed into the food chain was a redline for India if it was not properly marketed as a non-vegetarian, because of the religious sensitivities around it. Opening up access to certain agricultural products where India is self-sufficient and wants to protect the farming community is another such issue, the minister had said.“There are always certain issues where one takes extra precautions and ensures that it doesn’t affect the Indian ecosystem, but usually in a trade deal, there are no complete no-nos. One can always work around and find sustainable solutions which can be acceptable to all parties,” he had said.Lighthizer is coming first to close the deal and he will come again with Trump to announce it, officials said.The two sides have been engaged in talks to iron out the differences which began in 2018, when the US levied global additional tariffs of 25% and 10% on the import of steel and aluminium products, respectively. India responded by levying retaliatory tariffs on 28 products originating or exported from the US with effect from June 16, 2019, for which Washington dragged it to the World Trade Organization.India’s exports to the US in the April-November period of fiscal 2020 totalled $35.6 billion, compared with imports of $25.1 billion. In the whole of fiscal 2018-19, exports were $52.4 billion and imports, $35.5 billion.

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The trick that's helping Ola retain drivers

BENGALURU: Drivers on ride-hailing platform Ola have spiked 7-10% in seven metro cities, after the homegrown aggregator rolled out revised standardised commissions to keep drivers active during peak hours, two people directly in the know of the matter told ET.The new payout structure, with an average take rate of 20% for the company, gives drivers a more predictable and transparent view of earnings as well as charges on tolls, taxes, commissions and parking. ET first reported Ola’s revamped incentive structure on January 6. An Ola spokesperson confirmed the new commissions structure.Retaining drivers has been a tough task for both Ola and rival Uber as falling incentives have led to lower earnings. The revamped payout is Ola’s strongest push in two years to keep drivers on its side, they said. “It also strategically comes at a time when Uber has moved its focus towards profitable growth globally, giving Ola the leeway to strengthen its presence in its home market,” an investor in the company said. Uber has not visibly changed its incentives, drivers told ET. “Ola’s earnings structure for partners is designed to maximise revenue and encourage highest quality of service and availability on the platform, in a sustainable fashion...,” the Ola spokesperson said.Both Ola and Uber continue to fight for customer wallets but keeping the supply of drivers consistent has been their biggest issue. “At a time when car ownership is falling, consumers are willing to pay more for predictable supply during peak hours,” a person closely tracking the mobility space said. “The key to this business is keeping active driver supply with incentives under check,” he added.An Ola driver dashboard of a trip in Bengaluru that ET accessed showed that the company charged a commission of about 20% on the fare, 5% in taxes, as well as a consumer service fee of 5.5% for its in-app entertainment Ola Play. Rides to the airport have an additional parking charge which is deducted from earnings, while Ola reimburses toll charges. 73718827 “Over the last three months, a lot of bottoms-up research and demand-supply mapping work has been done to frame these structures in a way that, on average, Ola keeps its take rate at 20-22%. Drivers, too, see value in being active on the platform at the right time,” the second person quoted earlier who is familiar with the developments said.The revised structure is not expected to hurt its path towards profitability, he added. “Balancing growth with profitability is where the power of platform comes into play,” the Ola investor quoted earlier in the story said. Ola has other models to make money for riders, including its membership program Ola Select, in-ride entertainment Ola Play and financial services. It also has a strong presence in the corporate segment and high margin businesses like outstation and self-drive.Ola’s decision to rejig its incentives structure comes at a time when rival Uber has sold its loss-making food delivery unit in India to Zomato and is expected to ramp up focus on its core ride-hailing business.“We constantly ensure sustainable earnings opportunities for our driver-partners... These fares are dynamic, as is our business model,” an Uber spokesperson said.

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Alcohol firms urge Andhra Pradesh government to clear Rs 765-crore dues

MUMBAI: An association of liquor and beer suppliers has urged the Andhra Pradesh government to clear at least half their dues, pending since September last year, saying uncertainty in payments will lead to a liquidity crisis.The state government has taken over the liquor retail business. Andhra Pradesh accounts for nearly 8-10% of the overall spirits and beer consumption in India. The suppliers are seeking immediate release of Rs 765 crore by the state.The Association of Liquor and Beer Suppliers — which represents companies such as United Spirits, Pernod Ricard, United Breweries and AB InBev — said the state excise department’s sales receipts were Rs 7,081 crore over the past four months and it was holding back 15% of the total proceeds from suppliers. The trade body called it “appalling and unjust”. ET has a copy of the letter.73718048 The Andhra Pradesh finance ministry and excise department did not respond to ET’s queries.The liquor industry in the state works on a revenue model, purely on credit terms, towards stocks and duties and the excise department makes payments on the stock’s value and advance duties only after the entire stock is sold.“Holding the payments for September-December is cascading to a huge deficit in availability of working capital to re-invest in further supplies,” says the letter sent to the principal secretary of the state’s finance ministry and to the Andhra Pradesh State Beverage Corporation.“Keeping in view the above delays, we humbly request you to release immediately 50% of the amount of Rs 1,533 crore (Rs 765 crore), which can at least meet the demand after the Sankranthi festival,” it said.Late last year, the state introduced a new bar policy which includes cancellation of existing bar licences, issuance of new permits from January 2020 and reduction in the number of bars by 40%.This has already resulted in a sharp decline in alcoholic beverage volumes in the state — for the October-December quarter, spirits volumes were down 32% year-on-year, while beer volumes were down 63%. January numbers are similar too — spirits volumes are down 40%, while beer volumes have declined 56% over the past three weeks, according to state excise department data.This comes at a time when companies have been witnessing slower growth sequentially every quarter because of increased taxes and curbs on liquor in a few states.United Breweries, which controls nearly half the beer market with brands such as Kingfisher, had said that unless there was a dramatic turnaround in the economy overall, 2020 would continue to be challenging for the industry.“There will be a base effect. We will hopefully see growth in Q1 (January-March) this year since the base effect of Q1 of 2019 was depressed due to elections. But that gets negated by the fact that Andhra Pradesh, which was a large market, will be significantly reduced because of government policies,” UB’s managing director Shekhar Ramamurthy told ET earlier this month.

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Branded agarbatti companies rework models amid slump

BENGALURU: Marigold and red hibiscus, offered at Mumbai's Siddhivinayak temple, are being dried, crushed and mixed with agarbatti masala. At the Kashi Vishwanath temple in Varanasi, floral waste — dhatura and lotus — is getting converted to perfume. It is no different at the Puri Jagannath temple, as diversified conglomerate ITC attempts to make temples ‘go green’ and bring innovation into the incense stick segment.At stake is a market that breached $1 billion (Rs 7,278 crore) in the previous calendar year.Yet, the segment grew by just 4% last year, from a 14% expansion rate in 2018, indicating that austerity has even knocked on the doors of products for religious use and suggesting perhaps that the sector could use a bit of divine intervention.73717755 Agarbattis, typically used in ritual prayer, are among the oldest and one of the highest selling fast moving consumer goods in the country. Both Hindu as well as Muslim households light agarbattis during prayer.It is this supposedly recession-proof market that companies such as ITC, Cycle Pure Agarbathies — the largest player in the segment — and Moksh Agarbatti Company are eyeing. “We have focused on superior fragrance appeal and launched differentiated fragrances,” said Ravi Rayavaram, chief executive, Agarbatti and Matches business at ITC.ITC’s incense stick brand Mangaldeep has increased its reach among households and gained volume share, he added, without disclosing specific numbers.Cycle Pure Agarbathies and Moksh Agarbatti Company, too, are expanding their portfolio beyond devotion or popular variants such as sandal and jasmine.Agarbatti companies recently introduced fragrances such as apple and pineapple, neem-based mosquito repellants and no-smoke ones for asthmatic patients that also act as air purifiers.These special agarbattis retail at 50 paise to Rs 4 a stick, as companies go premium to earn higher margins. “Religion and faith have immense significance in India. People have not stopped praying because of an economic slump. Large players have sustained the pain and survived,” said Anand Kumar Ashiya, CEO of Moksh Agarbatti Co.Agarbatti makers used to clock growth rates of 15-25% pre-demonetisation and GST, but price tags have reduced by 8-10% since then, impacting value growth, experts said.So, what really led to the tepid growth in sales last year?Unbranded products and cheaper imports, marketers said.In August, the government restricted the import of agarbattis, reclassifying the segment from ‘free’ to ‘restricted’, significantly impacting the domestic industry. Cycle Pure Agarbathies said floods and a muted Diwali season also proved to be dampeners last year.“The coming monsoon is critical, and the market will positively recover in 2020,” said Arjun Ranga, managing director of N. Ranga Rao & Sons, which owns the Cycle brand and manufactures 12 billion incense sticks a year.Currently, the branded incense stick sector has close to 600 players, although more than half of the market is in the hands of small, unorganised firms.

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Infosys sets up team to scale platform unit

BENGALURU: Infosys has set up a multi-disciplinary internal team to help scale up its platforms business, as the Bengaluru-headquartered IT services company looks to tap the growing demand for products from clients.The platforms could be proprietary software used to host educational content or process mortgages. IT companies are betting on a platform play to help offset margin contraction caused by the increasing commoditisation of their core business. Software companies need to make one-off investments in building the platform, but the returns could be exponential if a slew of customers adopt it. “We have a platform council which looks at how to scale these platforms faster. It is a cross-functional group of people,” Salil Parekh, CEO of Infosys, told ET in a recent interview. “We have a clear view that we want to scale our platforms. If we see the client view is that they want to use platforms, we will continue to build them out,” he said.The council comprises 14 senior executives from its marketing, delivery and service teams to leverage both existing platforms and create new ones, Parekh said. “This is an internal construct to accelerate it because when you build a platform you do need multiple disciplines to work together,” he pointed out. Infosys’ larger rival, Tata Consultancy Services, has seen multi-billion dollar deals from its insurance platform and has built others for pharma and retail.Infosys bought mortgage platform Stater last year and has its own insurance platform, McCamish. It is also looking at growing its skilling platform WingSpan and a blockchainbased platform to settle trades. Parekh, however, said building and scaling platforms will not be a quick process. “It takes a lot of time and it also takes multiple attempts. What I think is more likely is that we will work on five to 10 platform concepts, and in three, five, seven years, one or two of them will be quite successful,” Parekh said. Infosys does not break down standalone revenue from platforms.There are two types of platform strategies, analysts said. One, in which the IT firm owns the entire intellectual property (IP) and the other, where the it helps the client build the platform and contributes intellectual property or a component of the platform.“It appears that Infosys is increasing its investment in IP so it can better participate in both strategies. The total ownership strategy is the most risky of the two, and takes considerably more investment,” said Peter Bendor-Samuel, CEO of IT advisory firm Everest Research.

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132 Dead In China Due To Coronavirus, Nearly 6,000 Confirmed Infections

The deadly coronavirus continues to wreak havoc in China with 25 new fatalities reported from central Hubei province taking the death toll to 132 and the confirmed infection cases to nearly 6,000.

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Third Convict In Nirbhaya Case Files Curative Petition In Supreme Court

A curative petition was filed on Tuesday by Akshay, one of the convicts in the Nirbhaya gang-rape case in the Supreme Court, said Tihar Jail officials.

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Samsung Galaxy A51 Set to Launch in India: All You Need to Know

Samsung Galaxy A51 is all set to launch in India today, the latest model in the company's Galaxy A-series that was launched alongside the Galaxy A71 last month.

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131 Dead In China Due To Coronavirus, 840 New Cases: Official

The number of confirmed deaths from China's viral outbreak has risen to 131, with authorities in central Hubei province on Wednesday reporting 25 new fatalities and 840 new cases.

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Apple postpones launch of online store in India

KOLKATA: Apple has deferred plans to start company-owned online store in India from the January-March quarter to August-September wanting more time to complete the back-end work and to roll it around a high sales period to coincide with the launch of new iPhones before the festive season, two senior industry executives said.Apple CEO Tim Cook is going to make his second India visit around June-July to take stock of the India business, including manufacturing expansion, exports from the country and roll out of both company-owned online and brick-and mortar Apple stores, they said. Cook is also likely to meet Prime Minister Narendra Modi. Cook’s maiden India visit was in 2016.“Since over 30% of iPhone sales in India is generated from e-commerce sites like Flipkart and Amazon, the company wants to time the India launch around launch of new iPhones,” one of the executive said.He said while it was earlier targeting this quarter considering Apple may launch a new iPhone model, but back-end work like logistics and supply chain are still not sorted to meet global standards.Apple’s distribution centre near Mumbai operated by global logistic partner DB Schenker will act as the hub for the company’s online store. The brick-and-mortar Apple Store will, however, come up next year since it takes over 10-12 months to set up such a store. Apple will set up its first Apple Store in Mumbai followed by another one in Delhi-NCR, the executives said. Meanwhile, Apple headquarters in Cupertino is finalising plans for Cook’s visit to India. He is likely to announce the physical Apple Stores and online store, review other plans, and meet the prime minister and senior government ministers.Apple India did not respond to an email sent on Monday.73717720 Market researcher Counterpoint Research associate director Tarun Pathak said since the price discrepancy between online and offline is not as high for Apple unlike other smartphone brands, it can leverage the company online store.“However, volumes may not be strong since Indian consumers still prefer to buy an iPhone either from a store or when there is huge discount in online marketplaces. The online store can fulfil the demand if there is a demand for a particular colour or memory variant,” said Pathak.India last August allowed single brand foreign companies to sell directly through webstores in the country after which Apple started freezing its plans.Apple turned around its India business in 2019 after it reported a drop in iPhone sales in 2018. As per Counterpoint, Apple shipped 1.9 million units of iPhone to India last year, up from 1.8 million units in 2018. It was one of the fastest-growing brands in the October-December quarter of last year driven by multiple price cuts on iPhone XR due to local manufacturing in India.The company also had the fastest rollout of new iPhones in India last year. Apple started its second manufacturing line in India through contract manufacturer Foxconn and exports from the country. It has around 2% share of the overall Indian smartphone market.

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दिल्ली विधानसभा चुनावः आज शाह और नड्डा की रैलियां, केजरीवाल करेंगे रोड शो

दिल्ली के मुख्यमंत्री अरविंद केजरीवाल आज चार जगहों पर रोड शो करने वाले हैं।

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दिल्ली विधानसभा चुनावः सभरवाल का दावा, मजबूती से प्रचार नहीं कर रहा लेकिन केजरीवाल को हरा दूंगा

रोमेश सभरवाल नई दिल्ली विधानसभा क्षेत्र से कांग्रेस प्रत्याशी हैं।

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कोरोनावायरस का कहर: रूस की चीन से सटी सीमाएं सील, जिनपिंग बोले- हम ‘राक्षस’ से लड़ रहे

कोरोनावायरस की दहशत दुनिया के अन्य देशों में तेजी से फैल रही है। रूस ने चीन से लगती सीमाएं सील कर दी हैं तो ब्रिटेन, जापान, अमेरिका समेत दर्जनों देशों ने चीन से अपने नागरिकों को एयरलिफ्ट कराना शुरू कर दिया है अथवा वापस बुलाने की तैयारी कर रहे हैं।

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निर्भया के चार दरिंदों में से एक की याचिका पर सुप्रीम कोर्ट आज सुनाएगा फैसला

सुप्रीम कोर्ट ने निर्भया मामले में मौत की सजा पाए चार दरिंदों में से एक मुकेश कुमार सिंह की याचिका पर मंगलवार को सुनवाई पूरी कर फैसला सुरक्षित रख लिया।

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दिल्ली विधानसभा चुनावः अंतिम सप्ताह, घर-घर दस्तक देंगे शाह-नड्डा

दिल्ली विधानसभा चुनाव प्रचार के अंतिम सप्ताह में भाजपा अपना सब कुछ दांव पर लगा देगी।

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पहाड़ों में फिर भारी बर्फबारीः सैकड़ों सड़कें बंद, लाहौल में गिरा हिमखंड

पहाड़ एक बार फिर बर्फ से लकदक हो गए हैं।

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राम मंदिर ट्रस्ट का एलान एक सप्ताह में, जल्द मिलेगी कैबिनेट की मंजूरी

केंद्र सरकार एक सप्ताह के भीतर राम मंदिर ट्रस्ट का एलान कर सकती है। अधिकारियों ने मंगलवार को बताया, सुप्रीम कोर्ट के निर्देशानुसार गृहमंत्रालय ने राम मंदिर निर्माण को लेकर ट्रस्ट बनाने के लिए एक आधारभूत ढांचा तैयार कर लिया है।

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पीओके में आतंकी शिविर फिर सक्रिय, सेना करारा जवाब देने को तैयार : लेफ्टिनेंट जनरल सैनी

भारतीय सेना के उप प्रमुख का कार्यभार संभालते हुए लेफ्टिनेंट जनरल एसके सैनी ने मंगलवार को दावा किया कि पीओके में आतंकी शिविर फिर सक्रिय हो गए हैं।

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Uddhav Thackeray Praises Devendra Fadnavis For State Development

Maharashtra Chief Minister Uddhav Thackeray on Tuesday praised his predecessor Devendra Fadnavis and Union minister Nitin Gadkari, both BJP leaders, for initiatives taken by them for development of...

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Monday, January 27, 2020

"No Shaheen Bagh Protesters, Mosques On State Land": BJP MP's Promise

Protesters on a sit-in against the controversial Citizenship Amendment Act (CAA) at Delhi's Shaheen Bagh will be cleared in an hour and all mosques built on government land will be removed in a month...

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Avast Reportedly Collected and Sold Users' Web Browsing Data

An investigation on Monday claimed that the popular Avast antivirus -- installed on nearly 435 million Windows, Mac and mobile devices globally -- harvested users' data via browser plugins and then...

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Sensex Rises More Than 50 Points, Nifty Above 12,150 Amid Broad-Based Gains

In the overnight trade, US stocks had suffered their worst day in over three months amidst worries about the economic impact of containing the deadly coronavirus. The Dow Jones fell 453 points or...

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Ranji Trophy: Bengal vs Delhi Match Gets Special Visitor In Steve Waugh

Former Australia skipper Steve Waugh dropped in during the first session of Bengal vs Delhi Ranji Trophy game on Day 1 and was seen clicking photos of the iconic Eden Gardens.

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India's first underwater metro nears completion after costs double

By Pradipta MukherjeeKolkata Metro Rail Corp. expects to complete its East-West project, which runs partly under the city’s iconic Hooghly river, by March 2022 after a delay of several years doubled costs.The authority is awaiting a final installment of Rs 20 crore ($2.8 million) over the next two years from the Indian Railway Board, said Manas Sarkar, managing director at KMRC. A soft loan of Rs 41.6 billion from Japan International Cooperation Agency helps fund 48.5% of the project.India’s oldest metro, which started in 1984 with a North-South service, was due to expand by 2014 but faced problems including squatters on the planned route. These issues have contributed to the total project cost rising to about Rs 86 billion for some 17 kilometers from Rs 49 billion for 14 km.“About 40% of total transport demand will be tackled by these two metro services,” Sarkar said in an interview at his office in Kolkata. “It will be a relief for environmental pollution and the city should be much more decongested.”The new line is expected to carry about 9,00,000 people daily, — roughly 20% of the city’s population — and will take less than a minute to cross a 520-meter underwater tunnel. Depending on the time of day, it takes some 20 minutes to use the ferry and anywhere upward of an hour to cross the Howrah bridge.KMRC will repay the JICA loan over 30 years after an initial six-year moratorium. The interest rate is between 1.2% to 1.6%. The East-West metro project is 74% owned by India’s Railway Ministry and 26% by the nation’s Ministry of Housing and Urban Affairs.“We don’t anticipate any further cost escalation now,” Sarkar said.

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IndiGo shares gains 2% post Q3 results; should you buy?

Shares of InterGlobe Aviation (IndiGo) gained over 2 per cent in Tuesday’s early trade after the company on Monday posted a 168 per cent rise in consolidated net profit at Rs 496 crore for the quarter ended December 31. The bottom line of the aviation player got a boost on the back of increasing load factor and higher operating income.In Q3 FY19, it had posted a net profit of Rs 185 crore. During the September quarter of current fiscal (Q2 FY20), the budget airline had reported its highest ever quarterly loss of Rs 1,066 crore.HDFC Securities maintained a ‘Buy’ call on InterGlobe Aviation with a target price of Rs 1,750.“IndiGo’s Q3FY20 results were ahead of expectations. We reiterate our Buy on Indigo as the carrier will benefit from improving industry dynamics in the medium term. Air India has once again been put up for divestment by the GoI, crude prices remain benign which will allow for better cost management. Efficiency gains from the Neo fleet will further benefit, valuations at current levels are undemanding and any resolution of the ongoing dispute amongst the two promoters will lead to a re-rating of the stock,” HDFC Securities said.The low-cost carrier clocked revenue from operations of Rs 9,932 crore for the quarter, marking an increase of 25.5 per cent against a 19.3 per cent increase in capacity compared to the same period last year. Total income grew to Rs 10,330 crore during Q3FY20 as against Rs 8,229 crore in Q3FY19.The scrip traded 2.13 per cent up at Rs 1,524.60 at around 9.45 am, while the benchmark BSE Sensex was up 126 points, or 0.31 per cent, at 41,281 at around the same time.

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"Don't Hold Back": Dia Mirza Breaks Down At Jaipur Literature Festival

Actor Dia Mirza broke down during a discussion on climate change at the Jaipur Literature Festival on Monday.

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''States That Passed Anti-CAA Resolution Ruled By 1 Party'': Ajit Pawar

Deputy Chief Minister of Maharashtra, Ajit Pawar, said that resolutions against the Citizenship (Amendment) Act have been passed in States like Kerala, Punjab, Rajasthan and West Bengal as they are...

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3 Indian-Americans Among 8 Sentenced In US Call Center Fraud Scheme

Three Indian-Americans are among eight people sentenced by a US court for their roles in a sophisticated India-based call center fraud scheme that defrauded thousands of Americans, resulting in over...

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US PE firm Vista unfair to us: Accelya minority shareholders

Mumbai: Accelya Solutions’ minority shareholders, including SBI Mutual Fund, VLS Finance and Alpha Alternatives Advisors, have complained to market regulator Sebi, alleging unfair treatment by US private equity firm Vista Capital Partners in the buyout of the Indian company.Minority investors claimed the open offer price announced by Vista Capital Partners for buying out Accelya is at a significant discount to the fair value of the company, and that the valuation methodology used by the valuers is wrong.Vista Capital officials could not be reached for their comment.Vista Capital Partners, a US-based investment firm focused on enterprise software, data and technology-enabled businesses, acquired 100 per cent of Accelya Topco in November last year from Warburg Pincus. Accelya Topco, in turn, holds 74.66 per cent stake in India listed Accelya Solutions (ASIL).SBI Mutual Fund and VLS Finance held 2.08 per cent and 1.75 per cent, respectively, in the company as on December 31, 2019. Shares of Accelya Solutions ended at Rs 1,050.35 on Monday.On January 9, Vista Equity Partners filed the offer to acquire 25.34 per cent shares of ASIL from public shareholders at Rs 956.09 per share. The letter by minority shareholders said that the open offer price is at a significant discount to the fair valuation of the company, and unjust to minority owners.“In February 2017, Warburg Pincus had made an open offer to minority shareholders at Rs 1,250 per share. Since then the revenue/EBITDA and PAT of the company have increased by 28 per cent. Also, the company would benefit from the corporate tax cut announced in September 2019. Despite the above, the open offer price in current open offer has been reduced by 25 per cent compared to February 2017,” said a letter jointly signed by SBI Mutual Fund, VLS Finance and Alpha Alternatives Advisors.Minority shareholders requested Sebi to appoint an independent valuer. For stocks not frequently traded, the valuation of shares must be done by independent merchant bankers other than the manager of the open offer, they said.

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