Month: February 2023

National Action Plan for Snakebite Venom (NAPSE) is in the works; how big is the problem?

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

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Snakebites continue to be a huge problem in India causing nearly 60,000 deaths annually. With this in mind, the Union Ministry of Health and Family Welfare’s National Centre for Disease Control (NCDC) is working on an action plan to prevent deaths from snakebites.

The National Action Plan for Snakebite Venom (NAPSE) was discussed at a meeting called by the NCDC which was attended by officials from various ministries, central zoo authorities, Indian Council Medical Research (ICMR), WHO-India, Haffkine Institute for Training, Research and Testing, Central Drugs Standard Control Organization (CDSCO) as well as vaccine manufacturers.

“To prevent the deaths due to snakebite, a national consultation on developing on National Action Plan for Prevention and Control of snakebite Envenoming India was held under the chairmanship of DGHS,” wrote the NCDC, reported Mint.

Snake bites in India

India is home to over 300 species of snakes. While a vast majority of them are non-venomous, over 40 out of 300 are only mildly venomous, and 60 are venomous species of snakes in the country. However, 90 percent of all snakebites in India are caused by the ‘Big Four’ incredibly venomous snakes — Russell’s viper, the Common krait, the Indian cobra, and the Indian saw-scaled viper – according to the WHO.

Also Read: IMD says deficient rainfall recorded across India in February

Apart from these four, there are plenty of other snakes in the country like the King Cobra and the Malabar Pit Viper that causes deaths. Despite this, India produces only one type of anti-venom – polyvalent antivenom or ASV – to deal with all snakebites.

The mortality rate of snakebites is made worse by the fact that a large portion of snakebites and envenomations occur in rural regions where patients often choose alternative treatments, which lead to death and disabilities. With snakebites not being a notified disease, any and all mortality data comes through public hospitals.

The only representative data on the caseload of snakebites in India is the Registrar General of India – 1 Million Death study and another study on mortality in Bihar. Even within this limited data, the number of envenomations highlights that snakebites remain the most neglected tropical disease in India.

According to data from the ICMR, there are over an estimated million snakebites in India, with 200,000 people being significantly disabled as a result of snakebites. India alone counts for more than half of all snakebite deaths in the world.

What can be done?

The best way to prevent snake bites is to improve education in population groups living in high-risk areas, reduce over-encroachment of natural snake habitats, along with improving and increasing anti-venom production in the country. An effective intervention will require all of the above methods to be used in conjunction to prevent snakebites in the first place but also save more lives in the case of envenomations.

Also Read: Explained: 50 lakh people in India, Pakistan at risk of flooding from glacial lakes due to climate crisis

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

SC directs Z+ security for Mukesh Ambani, family pan India and abroad, cost to be borne by Ambanis

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

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The Supreme Court on Tuesday issued directions to provide highest level Z+ security cover to businessman Mukesh Ambani and his family members throughout India and abroad.

A bench comprising Justice Krishna Murari and Justice Ahsanuddin Amanullah noted that when Mukesh Ambani and his family are within India and traveling abroad, Maharashtra government and the Ministry of Home Affairs (MHA) are to ensure their security.

The entire cost of providing highest level Z+ security cover within territory of India or abroad shall be borne by them, court said.

Senior Counsel Mukul Rohatgi who appeared on behalf of Ambanis informed the court that Z+ security for the family was provided due to continuous threat perceptions accessed by Mumbai police and the MHA and he also submitted that the family is at continued risk of being targeted.

The apex court order came on a miscellaneous petition filed by Bikash Saha who had challenged the verdict of Tripura High Court which had asked for a status report from MHA regarding threat perceptions related to Mukesh Ambani. Saha had questioned security for Ambani’s in Tripura HC.

Also read: Mukesh Ambani-led conglomerate to stream IPL for free after paying $2.7 billion

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

Nuvama initiates coverage on Five-Star Business Finance, projects 31% potential upside

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

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Wealth management services provider Nuvama Institutional Equities expects a 31 percent jump in the share price of non-banking financial service company Five-Star Business Finance Ltd. on the back of its strong asset growth rate and a projected over 3.6 times expansion in its book value by the fiscal year 2025.

The brokerage in a report dated February 27, 2023, said that it has started coverage of Five-Star Business Finance with a ‘Buy’ rating and a target price of Rs 710 for the next 12 months.

Five Star shares rose by more than 2.2 percent to hit a high of Rs 540.15 per share on BSE in intraday trade on Tuesday following the report.

Attributing to a Crisil report, Nuvama stated that Five-Star Business Finance’s market opportunity in secured, small loans to unbanked small entrepreneurs is huge at Rs 22 trillion against its low market share of 2.7 percent.

Nuvama expects Five Star warrants to trade at a premium to the sector given the company’s strong growth outlook, superior asset quality, and
proven execution.

Small-ticket loans, branch expansion, strong underwriting, and collections are the key success factors, according to the report.

Five-Star Business Finance is a non-deposit-taking NBFC registered with the Reserve Bank of India.

The shares of the company were listed on the BSE and the National Stock Exchange on November 21, 2022, after an IPO. The company’s promoters and investors raised Rs 1,588.5 crore through the offer-for-sale route. The stock has gained over 10 percent since its listing.

Shares of Five-Star Business Finance ended 0.93 percent higher at Rs 535.95 on Tuesday.

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

Muthoot Capital Services Board approves raising Rs 50 crore via NCDs

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

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Muthoot Capital Services Ltd. is planning to raise Rs 50 crore by way of issuance of non-convertible debentures (NCDs) on a private placement basis. The company’s board of directors at its meeting held on Tuesday approved the fundraising plan.

On February 23, the Kerala-based non-banking financial company (NBFC) informed the bourses that its board meeting will take place on February 28 in Kochi to consider fundraising through NCDs on a private placement basis.

In September 2022, French investment firm BNP Paribas picked up a 1.5 percent stake in Muthoot Capital through the open market. BNP Paribas Arbitrage purchased the stake in the Indian company at Rs 196 per share.

Prior to that, domestic venture capital firm Elevation Capital sold a 2.2 percent stake in Muthoot Capital through bulk deals.

Muthoot Capital Services Ltd., promoted by the Muthoot Pappachan Group, is a leading non-banking financial company. The company’s portfolio includes retail finance products such as two-wheeler loans, used car loans, and investment products in the form of fixed deposits.

The company offers fund- and non-fund-based financial services to retail, corporate, and institutional customers through the wide network of branches of Muthoot FinCorp Ltd.

Shares of Muthoot Capital Services ended 2.59 percent lower at Rs 263.70 on Tuesday.

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

Indiabulls Real Estate shares end lower after latest management rejig

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

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Indiabulls Real Estate Ltd.’s (IBREL) shares declined more than 6 percent on Tuesday following a top leadership change after Mehul Johnson resigned as Managing Director with effect from February 27 due to personal reasons and existing commitments.

Sachin Chittaranjan Shah, who is the President of the company, was appointed as Additional Director and designated as Executive Director for a period of five years in place of Johnson.

The real estate major also announced the appointment of three independent directors – Shyamm Mariwala, Javed Tapia, and Tarana Lalwani  – for a period of three years.

The recent appointments indicate that more control of the company is in the hands of the Embassy Group with which the company’s merger is in the final stage of the National Company Law Tribunal (NCLT) review.

The next hearing on the merger before the NCLT Chandigarh bench is scheduled on March 1.

According to the investor presentation by the company, the proposed scheme for the amalgamation of NAM Estates and Embassy One Commercial Property Developments into IBREL is underway. NCLT Bengaluru has concluded the hearing on the merger scheme.

Embassy Group in March 2020 entered into a deal to merge its select residential and commercial projects with IBREL through a cashless scheme of merger. Embassy Group will become the promoter of the merged entity.

Indiabulls Real Estate’s net debt as of December 31, 2022, was nil and it had a cash surplus of Rs 580 crore as against a cash surplus of Rs 136 crore in the September quarter.

Shares of Indiabulls Real Estate Ltd. ended 5.50 percent lower at Rs 57.55 on Tuesday.

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

Tanla Platforms launches phishing protection solution at Mobile World Congress in Barcelona

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

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Hyderabad-based IT solutions company Tanla Platforms Ltd. on Monday unveiled its phishing protection solution Wisely ATP at the Mobile World Congress 2023 in Barcelona, Spain.

Wisely ATP is an end-to-end solution to combat the global challenge of SMS phishing. The single platform brings all critical stakeholders in the digital communications ecosystem together to protect the end users.

Phishing has become a global challenge. With 60 percent of the global population or 4.7 billion internet users spending about seven hours online daily, the digital crime rate is also alarmingly increasing.

According to the Global Anti Scam Alliance (GASA), online scams are now the most common type of crime, amounting to a loss of nearly $55 billion per year globally.

Earlier this month Tanla Platforms announced the launch of its anti-phishing technology solution at the World Mobile Congress 2023.

Shares of Tanla Platforms Ltd. ended 0.68 percent lower at Rs 672 on Tuesday.

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

3i Infotech signs Rs 16.5 crore Oracle DWBI managed services deal with SBI General Insurance

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

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Information technology (IT) solutions provider 3i Infotech Ltd. on Tuesday said that it has bagged a Rs 16.5 crore Oracle Data Warehouse and Business Intelligence (DWBI) Managed Services deal from SBI General Insurance.

The contract is spread over a period of three years.

As a part of the contract, 3i Infotech will offer 24/7 application and production support, data migration and integration, ETL (extract, transform, and load) operations, DWBI service management, ad hoc reports and dashboards, data reconciliation, data democratisation and data remediation using the end-to-end Oracle stack.

In addition, 3i Infotech will perform activities such as user management, knowledge management, security, audit, and compliance services for data warehouse and business intelligence solutions using the Oracle application.

3i Infotech with its expertise in Oracle has proposed more than 30 resources to perform the activities.

The IT solutions provider has been chosen by SBI General Insurance for its over a decade of experience in providing value-driven offerings with a combination of automation tools and a better understanding of business KPIs.

In December 2022, 3i Infotech Ltd. bagged a contract from Eureka Forbes Ltd. for digital infrastructure managed services.

Prior to that, Mumbai-based 3i Infotech had announced that a consortium of three Indian partners that include the company along with Forensics Intelligence Surveillance and Security Technologies Pvt. Ltd. and Yellow Inc. was awarded the Wi-Fi Monetisation Project by RailTel Corporation of India Ltd.

Shares of 3i Infotech ended 2 percent lower at Rs 32.05 on Tuesday.

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

Indian national fatally shot by Australian police in Sydney

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

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A 32-year-old Indian national was shot dead by the Australian police on Tuesday after he allegedly stabbed a cleaner at a railway station in Sydney and threatened law enforcement officers, media reports said.

Mohamed Rahmathullah Syed Ahmed, who hails from Tamil Nadu, was identified by the Consulate General of India in Sydney, as the man who was fatally shot by the police.

Ahmed allegedly attacked a 28-year-old cleaner at the Auburn train station in Sydney on Tuesday before arriving at Auburn police station, Sydney Morning Herald newspaper quoted police officials as saying.

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Two police officers were leaving the police station, when they were confronted by Ahmed, who tried to attack them, the report said.

A police officer fired three shots, two of which hit Ahmed in the chest. A probationary constable also used her Taser on him, it said.

Ahmed was immediately treated at the scene by paramedics and was rushed to a local hospital. But he was pronounced dead, the report said.

Police officers are investigating whether mental health played a part in Ahmed stabbing the cleaner and threatening the police officers, it said.

Ahmed had five previous interactions with the police, all of which were non-criminal and COVID-19 related, the report said.

He was living in Australia on a bridging visa.

“The incident is extremely disturbing and unfortunate. We have formally taken up the matter with the Department of Foreign Affairs and Trade, New South Wales Office as well as state police authorities,” the Consulate said.

At a press conference on Tuesday, New South Wales Police Assistant Commissioner Stuart Smith said the officers had just seconds to respond and were left with no choice but to shoot Ahmed.

Also read: Indian origin judge Shama Mesiwala named US district court’s associate justice

“I fully support these officers. It’s traumatic. It’s a significant incident at one of our police stations,” he said.

“There just isn’t an impending time. It is immediate. He launches through the glass doors at the officers; they had very little time to react,” he said.

Smith said the counter-terrorism unit would be brought in to help in the investigation, the report added.

Meanwhile, police have spoken to the cleaner, who was admitted to local hospital here and is said to be in a stable condition.

Smith said he suffered a puncture wound to his left forearm before the attacker continued to “slash” him in a frenzied attack after he fell to the ground.

The two men were not known to each other, the report said, quoting police officials.

“We’re working through him and his family in getting his version and it will be part of the critical incident,” he said.

The Consulate General of India said Ahmed was identified as a suspect in the stabbing incident at Auburn Railway Station, and it was providing all possible assistance to the police.

“We ask for a complete report on the circumstances of the shooting of an Indian national,” the consulate added.

Also read: Japan approves record defense budget of $50 billion to counter China

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

India exchange members’ body ANMI seeks Holi date change

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

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The Association of National Exchanges Members of India (ANMI) has written to the Indian government, exchanges, and depositories, seeking to shift the Holi holiday to March 8 instead of March 7.

Currently, exchanges in India have listed the Holi holiday as of March 7, while the festival wil be celebrated on March 8.

In a submission requesting a change of date for the Festival, ANMI stated that the “Holi Festival is falling on March 8, 2023, while the exchange trading holiday has been declared on March 7, 2023.”

Also read: NSE decides to include Zee Entertainment back into F&O segment post NCLAT order

ANMI informed that the as per an update sent out on December 2, 2022, the Government of Maharashtra notified March 7, 2023, as a public holiday. However, a notification issued on June 22, 2022, by the Deputy Secretary to the Government of India, mentioned March 8, 2023, as a public holiday applicable for central administrative offices located in Delhi.

ANMI further emphasised that the Holi festival would be celebrated across India on March 8, by all families and friends, including SEBI registered intermediaries (Stock brokers) and their 9 crore investors.

Since March 7 has been declared a trading holiday by the Maharashtra Government and national exchanges, and March 8 is a working day, all members, investors, and their respective families will be deprived of enjoying Holi on March 8, 2023, and will be forced to come to work while the entire nation is celebrating Holi, they said.

Also read: What makes liquid funds the perfect bet now — and what lies ahead

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

Axis MF front-running case: Sebi bars 21 individuals, imposes over Rs 30 crore penalty

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

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The Securities and Exchange Board of India (Sebi) on Tuesday barred 21 entities including the ex-chief trader of Axis Mutual Fund in the alleged front-running case. In an interim order released by Sebi, the market watchdog has restrained 21 individuals from buying, selling, or dealing in the securities market or associating themselves with the securities market, either directly or indirectly. Sebi has also alleged unlawful gains worth Rs 30.5 crore.

The market regulator has noted that the 21 individuals named in the interim order have allegedly violated securities law through prima facie front-running activities.

“Under the aforesaid circumstances and my observations, and also keeping in view the commission of the alleged violation of securities laws by the Noticees through their prima facie front running activities, which have prima facie led to unlawful enrichment of the Noticees consistently in a regular manner by way of executing front running trades in the manner discussed as above, I observe that it is a fit case to pass interim directions to insulate the securities market from the mischievous acts of the Noticees as well as to protect the wrongful gains from getting siphoned off beyond the regulatory reach,” Sebi’s interim order noted.

Also Read: Even after pre-payments, mutual funds wary of lending to Adani Group

The regulator has directed the 21 noticees to deposit the unlawful gains in an escrow account within 15 days. Banks have also been directed that no debits shall be allowed, without permission of SEBI, out of the bank accounts held jointly or severally by the noticees.

The Registrar and Transfer Agents have also been directed to not permit any transfer or redemption of the securities, including Mutual Funds units, held by the 21 individuals.

Sebi has also put a ban on the disposal of assets, properties, and securities by the 21 individuals till the time the amount of wrongful gains is credited to the escrow account.

The order noted that Viresh Joshi has indulged in market manipulation and fraudulent trade impacting the trust reposed by investors in Axis MF.

“Viresh Joshi has conducted himself as a dealer of Axis MF in conceiving a fraudulent scheme and executing the said scheme so meticulously over a sustained period in collusion with other unscrupulous entities to front run the trades of his very own mutual fund where approx. 66 lakh unit holders have put an aggregate sum of AUM of Rs 2.52 lakh crore (as on March 31, 2022), it smacks of rampant dishonesty and unfairness on the part of Viresh Joshi and his accomplices,” the order noted.

Also Read: IDFC Mutual Fund to launch India’s only international debt ETF: What it means for investors

Axis Mutual Fund came under the front-running allegation in 2022 and later on sacked two officials including Viresh Joshi following an internal investigation.

Commenting on the development, Axis Mutual Fund said that the order is an ad interim ex parte order against Viresh Joshi (the former chief dealer of Axis AMC) and his accomplices (none of whom are employees of Axis AMC).

“There are no findings or directions against Axis AMC in this order nor any impact on our operations. We continue to cooperate with regulatory authorities in this matter,” it 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