Month: January 2021

Delhi lifts 7-day mandatory institutional quarantine for UK fliers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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On Saturday (January 30), the Delhi government lifted the seven-day mandatory institutional quarantine for passengers arriving from the United Kingdom (UK) who test negative for COVID-19 at the Indira Gandhi International (IGI) Airport.

An order by the Delhi Disaster Management Authority (DDMA) stated that “considering low positivity rate of UK returnees”, passengers arriving from the UK will not be sent to mandatory institutional quarantine if they test negative for coronavirus. However, all passengers will have to undergo home quarantine, as mandated by the health ministry.

Delhi govt has lifted the 7-day mandatory institutional quarantine for UK returnees who test negative for #COVID19 at the IGI airport.

All passengers will have to undergo Home Quarantine as mandated by health ministry pic.twitter.com/766biOI0c3

— CNBC-TV18 (@CNBCTV18Live) January 30, 2021

The government had tightened the COVID-19 protocol on January 8, by ordering mandatory institutional quarantine, even for those who tested negative for the disease.

In a tweet, Delhi chief minister Arvind Kejriwal had stated: “All those arriving from UK, who test positive will be isolated in an isolation facility. Negative ones will be taken to a quarantine facility for 7 days followed by 7 days home quarantine (sic).”

To protect Delhiites from exposure to virus from UK, Del govt takes imp decisions.

All those arriving from UK, who test positive will be isolated in an isolation facility. Negative ones will be taken to a quarantine facility for 7 days followed by 7 days home quarantine pic.twitter.com/hYDsaOn8q1

— Arvind Kejriwal (@ArvindKejriwal) January 8, 2021

The government’s decision then was taken amid concerns about a mutant fast-spreading strain of the coronavirus that emerged in Britain. Those who tested positive were then moved to special wards set up at a government-run hospital in Delhi and their samples were further tested for the nature of the strain.

Earlier, on December 23, 2020, the Centre had suspended services between India and the UK over the new and more contagious strain of the coronavirus. The Delhi chief minister had even urged the Centre to extend the flight-ban till January 31.

SOPs released by the government for UK returnees mandate them to go for self-paid COVID-19 tests on arrival. That apart, they must also carry a COVID-19 negative report from a test done 72 hours prior to the journey.

Even Maharashtra had declared seven-days institutional quarantine and seven-days home isolation for UK returnees. So far, 93 people have tested positive in Delhi for the mutant UK strain of coronavirus. In India, the total infections for the UK strain stands at 166.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dish TV posts Q3 net profit at Rs 86.41 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Direct-to-home arm Dish TV India on Friday reported a consolidated net profit of Rs 86.41 crore for the third quarter ended in December 2020. The company had reported a net loss of Rs 66.77 crore in the October-December quarter a year ago, Dish TV said in a BSE filing.

Its revenue from the operation was down 6 percent to Rs 815.67 crore during the quarter under review as against Rs 867.80 crore of the corresponding quarter. Commenting on the results Dish TV India Group Chief Executive Officer Anil Dua said: The effect of the pandemic is carrying on. While some uptick was expected during the festival period, it was offset by a muted consumer sentiment. Our focus on the cost front and on driving operational efficiencies however continued unabated thus leading to higher operating margins and better net profitability.

Its subscription revenue was Rs 744.9 crore, down 6.67 percent as against Rs 798.2 crore of the third quarter in financial year 2019-20. Revenue from Additional marketing, promotional fee and bandwidth charges’ was down 19.96 percent to Rs 42.9 crore as against Rs 53.6 crore.

While its advertisement income was Rs 9.6 crore in the third quarter of the financial year 2020-21. Dish TV total expenses were at Rs 723.94 crore as against Rs 846.35 crore in the corresponding quarter of the previous fiscal, down 14.46 percent.

Meanwhile, in a separate filing, Dish TV informed its board in a meeting held on Friday approved the divestment of the entire equity investment in Dish TV Lanka (Private) Ltd, a subsidiary of the company. ”The transaction shall be completed post fulfillment of the conditions of the Share Sale Agreement and requisite regulatory approvals. Subject to applicable laws and necessary adjustments, the consideration shall be approx 25 million Sri Lankan rupees,” it said.

Revenue from Dish TV Lanka is Rs 4.91 crore, constituting 0.14 percent of the total revenue of the company. Without disclosing any further details, the company said the agreement is yet to be executed.

Over the consideration from the sale, Dish TV said: ”The consideration shall be approx 25 million Sri Lankan rupees.” Shares of DishTV India on Thursday settled at Rs 12.23 apiece on the BSE, down 0.08 percent from the previous close.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Union Bank Q3 standalone net profit drops 37% to Rs 727 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State-run Union Bank of India on Friday reported a 37 percent drop in its standalone net profit at Rs 727 crore in the third quarter of the current fiscal. The bank amalgamated Andhra Bank and Corporation Bank with itself from April 1, 2020. Accordingly, financials as of December 2019 and March 2020 pertains to amalgamated entity, the lender said in its investor presentation.

The post-amalgamated standalone profit of the bank stood at Rs 1,159 crore in the December quarter of the previous fiscal the presentation showed. The pre-amalgamated standalone profit of the lender in Q3 of FY20 stood at Rs 574.58 crore, according to the filing on exchanges.

As per the BSE filing, the bank’s consolidated net profit stood at Rs 719.4 crore as against Rs 554.36 crore in the year ago period. The lender, however, said the December 2019 quarter figures are related to its standalone and consolidated financial for pre-amalgamation period, hence not comparable with post-amalgamation financials for the quarter ended December 31, 2020.

This has been a very good quarter for our bank. The total provision we are holding for the possible COVID impact on our assets is about Rs 3,500 crore. With this, we should be able to take care of probable hit on the asset quality for the quarter. Our balance sheet is quite strong now, the lender’s managing director and CEO Rajkiran Rai G told reporters.

He said the net profit of the amalgamated entity is higher in Q3 FY20 as Corporation Bank had written back a substantial amount of Rs 1,500 crore, recovered from Essar Steel, as profit. Net interest income (NII) grew 4.85 percent to Rs 6,590 crore from Rs 6,285 crore in the year-ago period.

Net interest margins stood at 2.94 percent from 3.15 percent. The bank’s one-time restructuring book for COVID-19 related stress stood at Rs 16,725 crore. Out of that, it has completed restructuring worth Rs 3,272 crore up to December 31 and expects Rs 13,454 crore of restructuring in the next six months.

For MSMEs, the total expected recast is Rs 2,878 crore, of which Rs 1,406 crore is already done. In case of personal loans, expected restructuring is Rs 3,250 crore, of which Rs 1,866 is already restructured. For corporates, expected recast is Rs 10,598 crore which is expected to be done up to June, Rai said. Gross non-performing assets (NPA) declined to 13.49 percent from 15.51 percent. Net NPA eased to 3.27 percent from 6.48 percent.

The provision coverage ratio improved to 86 percent from 73.91 percent in the same quarter of the previous fiscal. Basis the Supreme Court’s September 3 interim order, the bank has not classified any domestic borrower account as NPA, which was not declared as NPA till August 31, 2020. If it would have classified the said borrower accounts as NPA, the gross and net NPA ratio would have been 15.28 percent and 5.02 percent, respectively, the lender said.

Recoveries during the quarter stood at Rs 1,554 crore and upgradation at Rs 756 crore. Rai said the bank expects recoveries worth Rs 4,000-5,000 crore during the fourth quarter.

It’s capital adequacy ratio (CRAR) improved to 12.98 percent and CET1 ratio improved to 9.22per cent. Domestic advances grew 1 per cent to Rs 6,35,225 crore and deposits rose 2.58 per cent to Rs 8,82,423 crore. The bank expects a credit growth of 4-6 percent in the current fiscal.

Rai said the bank is looking to sell its stake in its joint venture – India First Life Insurance, where it holds 30 percent. He, however, did not disclose the amount of stake the lender is looking to sell in the life insurance company. The deal is expected to be completed by March-end, he said.

On amalgamation, Rai said the IT integration of all branches of erstwhile Andhra and Corporation Bank branches has been completed. Our synergy realisation (due to amalgamation) is around Rs 800 crore till now. We expect another Rs 500 crore of synergy benefits by this year-end. For a three-year period, we expect synergy of about Rs 3,600 crore, he said.

The bank’s scrip ended at Rs 31.05 apiece, up 5.25 percent on BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IndusInd Bank Q3 net slips 37% as provisions for bad loans soar

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Private sector lender IndusInd Bank on Friday reported a 37 percent decline in its December quarter net profit at Rs 830 crore on provisions for sour loans and a negligible loan growth. The city-based bank had reported a post-tax net of Rs 1,309 crore in the year-ago period.

For the quarter under review, its core net interest income grew by 11 percent to Rs 3,406 crore on the back of loan book being stable and a 0.03 percent narrowing of the net interest margin (NIM) to 4.12 percent. The other income came down 8 percent to Rs 1,646 crore, which resulted in an only 4 percent increase in the overall income to Rs 5,052 crore.

Even as the income generation faced setbacks, it saw an additional pile-up of potentially sour assets for which it had to set aside money as provisions which in turn ate into the profits. The bank said the gross non-performing assets ratio would have come at 2.93 percent if not for the Supreme Court standstill order on not recognizing NPAs, as against 2.18 percent in the year-ago period and 2.21 percent in September.

The overall provisions rose to Rs 1,853 crore that included Rs 1,100 crore of COVID-related provisions, as against Rs 1,043 crore in the year-ago period, the bank’s managing director and chief executive Sumant Kathpalia said. The bank decided to provide 100 percent of the requirements for unsecured assets, while in the secured ones, it was lower, Kathpalia said.

Over Rs 537 crore of advances on credit cards or nearly 10 percent of the overall portfolio were slippages, he said, adding that much of the cards where slippages have been observed are old customers. He said nearly 2.30 percent of the total assets will have to be restructured by the bank, and it has already approved 0.60 percent and received requests for 1.20 percent.

The restructuring includes two large corporate accounts, one each retail and housing space, he said. Within its mainstay of vehicle finance, only buses and three-wheeler loans are seeing some difficulties but the same will be overcome after restructuring the assets once the movement in the economy begins, he said.

The bank’s exposure to the troubled markets of Assam and West Bengal from a microloans perspective is very low, and the overall collection efficiencies are also rising in the segment to over 90 percent now. Share of retail loans stood at 58 percent as of December, and the same will be maintained between 55-62 percent range in the forthcoming period, he said.

The bank expects a capital infusion of over Rs 2,000 crore from the promoter by February 18 and will not need additional infusion for at least six more months, he said. Any capital will be needed for loan growth purposes or if any inorganic growth opportunity crops up, he said.

The bank scrip closed 5.44 percent up at Rs 846.25 apiece on the BSE on Friday, as against a correction of 1.26 percent on the benchmark.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tech Mahindra Q3 net profit grows 14% on margin expansion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IT services exporter Tech Mahindra on Friday reported a 14.3 percent jump in its December quarter net profit at Rs 1,309.8 crore driven largely by improving profit margins while the revenues remained stable. The Mahindra Group company had registered a net profit at Rs 1,145.9 crore in the year-ago period and Rs 1,064 crore in the preceding September quarter.

Its overall revenues came at Rs 9,647 crore as against Rs 9,654 crore in the year-ago period and Rs 9,371 crore in the September quarter. It was profit margins, that expanded by 1.70 percent to at the operating level to 15.9 percent, which helped the bottomline. Chief financial officer Manoj Bhat told reporters that a bulk of the expansion on the margins front is attributable to higher offshoring and also to higher utilisation, which touched an all-time high of 87 percent.

The company also reported a massive reduction in its overall headcount at 1.21 lakh, down by over 9,000 people when compared with the year-ago period and over 2,500 if compared with three months ago period. Its chief executive and managing director C P Gurnani said a bulk of the impact came in the business process outsourcing segment, where automation has resulted in lower requirements for talent even as revenues grow.

The company will be giving out salary hikes for the fiscal in a staggered way and the lowest rung of the employees eligible for the increment will start receiving their offers by end of March, Gurnani said. Gurnani said the company will be hiring engineering graduates and also hundreds of business administration post-graduates in the near term.

It closed the quarter with a net total contract value of USD 455 million on new deals, and sees the 5G telecom networks rollout as a big opportunity, Gurnani said. Without giving a guidance for the future, Gurnani said the future quarters for the company will be more robust and Bhat said the company will be able to keep the margins in the targeted level of over 15 percent in FY22.

Gurnani said the company has set up four different task forces within to take care of the future requirements, which include one for the workforce, a grouping for transformation and one for engaging with customers in the absence of physical meetings, Gurnani said. The company scrip closed 2.13 percent down at Rs 961.65 a piece on the BSE on Friday, as against 1.26 percent correction on the benchmark.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Focus on supportive measures towards the renewables as well as strengthening of transmission & distribution expected in Budget 2021

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The outlook on the renewable energy (RE) remains stable, given the continued strong policy support from the government of India, supportive regulatory framework and improving tariff competitiveness for renewables both in wind and solar energy segment.

The sector is expected to remain a key driver of capacity addition in the power sector, with a dominant share of 65-70 percent over the next five years. The overall incremental capacity addition in RE segment is estimated at about 70 GW which will further require aggregate investment outlay of about Rs 3.5-4 lakh crore over the next four and half year period till March 2025.

In this context, further supportive policy measures from the government are expected in order to ensure availability of long tenure financing avenues for such projects. So far, the renewables sector has already witnessed aggregate project awards of 78 GW under the tariff-based competitive bidding route across wind, solar and hybrid projects. Within this, the solar power segment has occupied a dominant share of 79 percent in the bid-out projects, followed by wind and hybrid share at 16 percent and 5 percent respectively.

Given that wind and solar power projects are likely to be concentrated in a few resource-rich regions and the fact that such projects have relatively lower gestation period (18-24 month), the inter-state & intra- state transmission network must be augmented in a timely manner.

Thus, ICRA expects the budget to accelerate the execution of such transmission network strengthening projects (both at intra-state and inter-state level) through higher budgetary allocation and faster approval from central/state nodal agencies, as well as regulatory bodies.

While there is a policy thrust under ‘Atmanirbhar Bharat’ to encourage domestic manufacturing of solar cells and modules, the clarity w.r.t. tariff (such as basic customs duty) and non-tariff concessions (like production linked incentive scheme as announced earlier) are still awaited.

Even as the RE sector witnesses growth, the distribution segment (which is predominantly state-owned) continues to lag behind and remains the weakest link in the value chain of power sector.

While significant reforms are proposed in the sector including draft amendments in Electricity Act/Tariff Policy as well as w.r.t. the privatisation of discoms to bring about a sustainable improvement in discom finances, their pace of implementation by state governments and proactive focus by the utilities to ensure the operational improvements (w.r.t. tariff, cost and efficiency levels) remain critical areas to monitor.

In this context, a higher budgetary allocation is likely towards strengthening of distribution infrastructure so as to enable the discoms to improve their operational efficiencies (i.e. to ensure the distribution loss levels in line with regulatory targets).

Coming to the energy demand, the all India electricity demand is expected to grow 6.0–7.0 percent in FY2022 as against an estimated decline of 2.0– 2.5 percent in FY2021. The growth will be driven by a favourable base effect and likely recovery in demand from the commercial and industrial (C&I) segments.

As a result, the all-India thermal PLF though remaining subdued is likely to improve to 57.0- 58.0 percent in FY2022 from the estimated level of 53.0- 54.0 percent in FY2021.

Given the subdued thermal PLF levels, lack of visibility in signing of new power purchase agreements (PPAs) for thermal IPPs and modest tariffs in the short-term power market, the outlook on the thermal power segment continues to remain negative.

Nonetheless, the credit profile of the Central power generation utilities is supported by the presence of long-term PPAs under the cost-plus tariff structure, and strengths arising out of sovereign parentage.

In thermal segment, the policy measures are thus required to revive stranded gas-based projects as they can be used to meet peak power demand; and as a balancing power source in light of the rising share of intermittent renewable generation expected in the overall energy mix.

Girishkumar Kadam is vice president & sector head – corporate ratings, ICRA Limited.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Three-day global meet ‘Kerala Looks Ahead’ to begin on Feb 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Chief Minister Pinarayi Vijayan will inaugurate on February 1 a three-day virtual global conclave that seeks to lay down the roadmap for Kerala’s long-term development by factoring in perspectives from top economists, industry leaders, administrators and planners amid a changed world order due to COVID-19. Industry stalwarts Ratan Tata, Kumar Mangalam Birla, Azim Premji and Anand Mahindra and Nobel laureate Amartya Sen are among the speakers to address various sessions of the meet titled ’Kerala Looks Ahead'(KLA).

Nobel laureate-economist Professor Joseph Stiglitz and Soumya Swaminathan, Chief Scientist with World Health Organisation (WHO), will address the inaugural session on February 1, an official statement said here. Hosted by the Kerala State Planning Board, the conference and consultation will look at suggestions and the best practices to achieve a paradigm shift in the states progress, by building on historic achievements in welfare and invigorating growth and development through a long-term economic vision and infusion of technology into key sectors.

The brochure and schedule of the event were released by Planning Board Vice-Chairperson V K Ramachandran and Member Secretary Venu V IAS at a press conference here on Saturday. ”Kerala is poised for a major transformation and as decided by the Chief Minister we are looking at specific areas where technology and science can play a pivotal part. The conference will help us learn from the best practices from the national and international levels,” Ramachandran said.

”At a time when we are making efforts to shape tomorrow’s Kerala, this conference will help key sectors that need deeper insights to fast track the transformation of the state into a knowledge economy,” Venu said. Nine themes of deliberations, to be covered by different sessions, are primary sector (agriculture, fisheries and animal resources development), modern industrial possibilities, higher education (including international academic collaboration), skill development, tourism, information technology, e-governance, local governments, and federalism and development financing.

”It is important that a conference of this dimension is taking place when Kerala is set to initiate its 14th Five Year Plan (2022-27). The insights and suggestions emerging from the meet could become valuable inputs for the plan,” Ramachandran said. A special session on Industry would be held on the final day, ahead of the valedictory session.

The Special Industry session on February 3 would also be attended by Kiran Mazumdar-Shaw, Executive Chairperson of Biocon Limited, Kris Gopalakrishnan, Chairperson of Axilor Ventures, M A Yusuff Ali, Chairperson of Lulu Group, Ravi Pillai, Managing Director of RP Group and Azad Moopen, Chairperson and Managing Director of Aster Medcity. Experts who would speak in different sessions include Trilochan Mohapatra, Director General of Indian Council of Agricultural Research; Modadugu Vijay Gupta, Former Assistant Director-General, World Fish Centre; Patrick Heller, Prof of Sociology, Watson Institute, Brown University; Ju-Ho Lee, Former Minister of Science, Technology and Education, Republic of Korea and S D Shibulal, Co-founder of Infosys.

Thematic sessions on Software, Hardware, Agriculture and Animal Husbandry were held last week, setting the context for wider discussions and drawing conclusions at the meet, the statement added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SpiceJet to launch 20 new domestic flights

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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SpiceJet on Saturday said it will start 20 new domestic flights, including 16 services that will be connecting Jaipur to various cities of the country. The remaining four flights would be on the Kolkata-Pakyong route and Delhi-Dehradun route, said the airline’s press release.

All 20 new flights would be started in February, it stated. Jaipur would be connected through 16 new flights to various cities such as Dehradun and Surat, it said.

Shilpa Bhatia, Chief Commercial Officer, SpiceJet said, ”There can’t be a better time to launch multiple flights to connect this picturesque and historical city with other major cities owing to the perfect weather conditions for travel and tourism.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Expelled AIADMK leader VK Sasikala will be discharged on Sunday: Hospital

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Expelled AIADMK leader VK Sasikala will be discharged on Sunday from a hospital here, where she was undergoing treatment for COVID, an official bulletin said. ”Sasikala Natarajan has completed 10 days of treatment today. She has been asymptomatic and maintaining saturation without oxygen since 3 days. As per protocol, she can be discharged from the Hospital,” Bangalore Medical College & Research Institute said in an official bulletin.

”The team of doctors attending to her have taken the decision that she is fit for discharge and she will be discharged tomorrow.. with advice of home quarantine,” it said. Sasikala was set free on Wednesday by authorities after she completed four years imprisonment in a jail here in a case of disproportionate assets.

Being treated for COVID-19, the 66-year-old close aide of former Tamil Nadu Chief Minister late J Jayalalithaa, had remained in the hospital.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Myntra changes logo after complaint calls signage offensive to women

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Fashion e-tailer Myntra is changing its logo following a complaint by a Mumbai-based activist who alleged that the brand’s signage was offensive towards women. Sources close to the company confirmed the development and said Myntra is changing the logo across its website, app and packaging material.

Myntra did not respond to queries. The complaint had been lodged last month with the cyber cell in Mumbai. ”A complainant (woman) had approached the cybercrime police station in the matter. We called a meeting with Myntra following the complaint, they (Myntra) came and agreed to change the logo. They have sent an email as well on the same,” DCP Rashmi Karandikar of Mumbai Police’s Cyber Crime Department said.

In a tweet, Avesta Foundation said: ”Congratulations to our founder. She did it what apparently seemed impossible. Thank you everyone for your support. We’re overwhelmed by the response. Kudos to @myntra for addressing the concerns and respecting the sentiments of millions of women”.

However, the matter has drawn a mixed response from netizens. While some welcomed the company’s decision to change the logo, many said such demands seemed whimsical. Myntra is one of the largest fashion retailers in the country. During its ’End of Reason Sale’ last month, it sold 11 million items while catering to more than 5 million orders.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow