Hyundai to invest Rs 20,000 crore in Tamil Nadu plant to boost capacity & EV production

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

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South Korean auto major Hyundai will invest Rs 20,000 crore in its Tamil Nadu plant across multiple phases over the next ten years. The company said, in a release, that the investment would be made between 2023 and 2032, and go towards increasing production volumes and introducing new EVs.

“We are excited about renewing our investment commitment to Tamil Nadu,” said Puneet Anand, Associate VP of Corporate Affairs, Hyundai Motor India Limited, in an exclusive chat with CNBC-TV18, “We will be investing Rs 20,00 crore in Tamil Nadu over 10 years; we are investing in future technology, electric vehicles, capacity expansion, building new plants and adding new machinery.”

The proposed capacity expansion at Hyundai Motor India (HMIL) will see the company’s plant capacity increase from 7.75 lahks to 8.5 lahks. The company will also set up a battery-assembly unit with a capacity of 1.78 lakh battery packs, to enable the affordability of EV products.

“Our battery-assembly unit will help us launch EVs across multiple segments at a much faster pace,” said Puneet, adding that the assembly unit is expected to be ready for production in a year. “We are also confident of producing domestically manufactured batteries in two years.”

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Earlier, Hyundai Motor India Limited MD and CEO, Unsoo Kim, exchanged MOUs with the Tamil Nadu Government in the presence of Chief Minister MK Stalin and newly appointed minister of industries, TRB Rajaa. The company’s investment is significant for Tamil Nadu as the state gears up to host its Global Investors’ Meet next month under a new industries minister.

“This strategic partnership is a testimony to Hyundai’s commitment to boost the socio-economic development in the State, and make the country self-reliant,” said Unsoo Kim, MD and CEO, HMIL. “We have finalized plans to develop and establish Tamil Nadu as a base for Hyundai’s EV manufacturing in India,” he added.

In addition to investing in production capacity and battery-pack manufacturing, HMIL will also set up 100 charging stations across 33 cities on all major highways in Tamil Nadu. “The charging stations will motivate customers to invest in EVs,” said Puneet.

EV sales account for approximately 1 percent of Hyundai’s annual sales in India. The company says it hopes to grow in line with overall EV penetration in the Indian passenger vehicle space.

Also Read: MG Motor in talks with Reliance Industries, others for majority stake sale: Report

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

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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

National Technology Day 2023 | PM Modi launches science and tech projects worth Rs 5,800

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

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Prime Minister Narendra Modi on Friday inaugurated the National Technology Day 2023 program in Delhi. The event marked the beginning of the 25th year celebration of National Technology Day, scheduled from May 11 to May 14. And witnessed the presence of Defence Minister Rajnath Singh and Union Minister Dr Jitendra Singh.

During the event, PM Modi not only initiated the celebration but also laid the foundation stone for several significant scientific and technological projects in the country, amounting to over Rs 5,800 crore.

These projects include Laser Interferometer Gravitational-Wave Observatory-India (LIGO-India) in Hingoli, Homi Bhabha Cancer Hospital and Research Centre in Jatni, Odisha, and the Platinum Jubilee Block of Tata Memorial Hospital in Mumbai.

Former Prime Minister Atal Bihari Vajpayee initiated the National Technology Day celebration in 1999 as a tribute to Indian scientists, engineers, and technologists who contributed to the scientific and technological progress of the nation and ensured the successful execution of the Pokhran tests in May 1998.

Since then, National Technology Day is observed every year on May 11.

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

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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

Karnataka sovereignty remark: Congress’ Manickam Tagore accuses PM Modi of breaching parliamentary privilege

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

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Congress leader Manickam Tagore has accused Prime Minister Narendra Modi of a breach of parliamentary privilege for attributing the ”Karnataka sovereignty” remark to Sonia Gandhi and urged Lok Sabha Speaker Om Birla to send the matter to the privileges committee of Parliament.

In a letter to the Speaker, the Congress whip in Lok Sabha claimed that PM Modi has disseminated ”sensitive false information” among the public.

The Virudhunagar MP alleged that Prime Minister Modi, during his election campaign in Karnataka, indulged in an act of breach of Parliamentary Privileges under Rule 222 of the Lok Sabha Rule of Procedures.

ALSO READ | PM Narendra Modi woos Bengaluru with roadshows as BJP intensifies Karnataka poll campaign

”The prime minister as the representative of the BJP party in the Karnataka election has raised false accusations against the Congress against their commitment to protecting the unity and sovereignty of the state of Karnataka if wins the election,” Tagore alleged.

He said in his letter to Speaker Birla, “The remarks of the prime minister misrepresent the statement of Sonia Gandhi, chairperson of the Congress Party, that the meaning of protecting sovereignty as meant by the Congress is the plan to separate the State from India,”

Tagore said that such a “vehement statement from the prime minister is highly obnoxious which would be a wrong precedence for the people who acquire high positions in this country either now or in the future. In precise the prime minister has informed that ‘Congress indicates that Congress considers Karnataka separate from India.'”

“Therefore, it is pertinent that the Speaker refer the issue to the Committee of Parliamentary Privileges under Rule 222 and allow the same for discussion in the next Lok Sabha session as well as the House should rebuke the state of the prime minister seeking an explanation from him,” Tagore said.

The Congress MP said that keeping in view the seriousness of such ”false representation with a mischievous attitude, I request you to take appropriate action to refer the same to the Privilege Committee and bring a motion of breach of Privilege in Lok Sabha.”

ALSO READ | Congress advocating about ‘separating’ Karnataka from India, claims PM in his last campaign rally

Prime Minister Modi had accused the top Gandhi leadership of talking about “Karnataka’s Sovereignty,” a remark that was tweeted by the Congress party but later withdrawn saying it was done erroneously.

“The word  ’sovereignty’ was never used by Sonia Gandhi Ji in her speech dated May 6, 2023, at Hubballi, Karnataka. Since this has been erroneously reported – it is being deleted,” the Congress had said after the Election Commission sought an explanation from it.

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

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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

Israel kills another militant commander in Gaza as fighting goes on, truce efforts falter

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

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Israeli airstrikes in the Gaza Strip killed a fourth militant commander on Thursday, raising the death toll from the latest burst of fighting to 25. Israel braced for more rocket fire amid reports of faltering Egyptian attempts to broker a cease-fire.

It has been the worst bout of fighting between Israel and Palestinian militants in Gaza in months, and among the dead were also women and children. The conflagration comes at a time of soaring tensions and spiking violence over the past year in the West Bank.

Early on Thursday, the Israeli military carried out strikes against the Islamic Jihad militant group and said a senior commander in charge of the group’s rocket launching force, Ali Ghali, was killed when his apartment was hit.

ALSO READ | Israel says hit Islamic Jihad members at Gaza launch site

According to Palestinian media reports, the strikes targeted the last floor of a building at a residential, Qatari-built complex in the southern Gaza Strip, killing at least two people, including the commander. The Health Ministry in Gaza said 25 people had been killed since the fighting erupted.

Following intense fighting on Wednesday, when rockets rained down on southern and central Israel and airstrikes pounded Gaza, a state-run Egyptian TV station announced that Egypt, a frequent mediator between the sides, had brokered a cease-fire. But with the violence continuing into the early hours of Thursday, it appeared neither side was backing down.

The Israeli military says that in its strikes it has zeroed in on militants with what it says are precision strikes, but children, among them a 4-year-old, were also killed. Military spokesman Rear Adm. Daniel Hagari told Israeli Army Radio Thursday that a quarter of the rockets launched during this round of fighting fell in Gaza, killing at least four, including a 10-year-old girl.

In a prime-time TV address on Wednesday, Israeli Prime Minister Benjamin Netanyahu claimed that Israel had dealt a harsh blow to the militants. But he cautioned: ”This round is not over.”

“We say to the terrorists and those who send them. We see you everywhere. You can’t hide, and we choose the place and time to strike you,” he said, adding that Israel would also decide when calm is restored.

ALSO READ | Foreign Minister Eli Cohen cuts short India visit after Israel strikes Gaza killing 13 people

Israel launched strikes early Tuesday against top Islamic Jihad commanders, killing three and setting off a burst of rocket fire on Wednesday that set off air-raid sirens throughout southern and central Israel. Damage was reported when rockets slammed into buildings that were empty because residents had fled the area. Israeli officials said some 400 rockets were fired toward Israel. Most, they said, were intercepted or fell in open areas.

It was the heaviest fighting between the sides in months, pushing the region closer toward a full-blown war. But in signs that both sides were trying to show restraint, Israel avoided attacks on the ruling Hamas militant group, targeting only the smaller and more militant Islamic Jihad faction. Hamas, meanwhile, appeared to remain on the sidelines.

Israel and Hamas have fought four wars since the Islamic militant group took control of Gaza in 2007.

Late Wednesday, Egypt’s Extra News television channel, which has close ties to Egyptian security agencies, said the Egyptian intelligence had brokered a cease-fire. Israeli officials confirmed that Egypt was trying to facilitate a cease-fire. Speaking on condition of anonymity to discuss behind-the-scenes diplomacy, they said Israel would evaluate the situation based on actions on the ground, not declarations.

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Islamic Jihad said it would continue firing rockets. Mohamad al-Hindi, an official with the group, said a sticking point in the talks was that the Palestinians wanted an Israeli commitment to stop targeted killing operations, such as the ones that killed three top Islamic Jihad commanders early Tuesday.

As rockets streaked through the sky, Israeli TV stations showed air defence systems intercepting rockets above the skies of Tel Aviv. In the nearby suburb of Ramat Gan, people lay face-down on the ground as they took cover.

The army said that schools would remain closed and restrictions on large gatherings would remain in place in southern Israel until at least Friday. Residents were instructed to stay near bomb shelters.

The initial Israeli airstrikes on Tuesday that set off the exchange of fire killed three senior Islamic Jihad militants and at least 10 civilians — most of them women and children. The Israeli military has said its attacks were focused on Islamic Jihad militant infrastructure in the coastal enclave.

Israel says the airstrikes are a response to a barrage of rocket fire launched last week by Islamic Jihad in response to the death of one of its members from a hunger strike while in Israeli custody.

ALSO READ | President Joe Biden to host PM Modi for official state visit to US on June 22: White House

Israel says it is trying to avoid conflict with Hamas, the more powerful militant group that rules Gaza, and limit the fighting to Islamic Jihad.

Israel has come under international criticism for the high civilian toll Tuesday, which included wives of two of the militant commanders, some of their children and a dentist who lived in one of the targeted buildings along with his wife and son.

In past conflicts, rights groups have accused Israel of committing war crimes due to a high number of civilian deaths. Israel says it does its utmost to avoid civilian casualties and holds militant groups responsible because they operate in heavily populated residential areas.

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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

Nexus Select Trust REIT IPO fully booked on Day 3 so far. Check GMP and other details

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

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The initial share sale of Nexus Select Trust, the first REIT backed by rent yielding retail real estate assets, was subscribed 1.03 times or 103 percent so far on the final day of offer with institutional investors doing the heavy lifting. The Rs 3,200 crore-share sale received bids for 19.04 crore units against 18.52 crore units on offer. According to market observers, shares of Nexus Select Trust REIT are available at a premium of Rs 2 in the grey market today.

The non-QIB portion (NII, HNIs, retail and corporate) or other investors category was subscribed 1.87 times, and Qualified Institutional Investors or Institutional investors portion was subscribed 1.32 times till now.

ALSO READ: Multibagger stock that doubled investors’ wealth in 1 year trades ex-dividend. Do you own?

The initial public offer of India’s first retail REIT opened for subscription on May 9, 2023 and it will remain available for subscription till May 11, 2023. The Real Estate Investment Trust is sponsored by Blackstone.

What GMP signals?

Nexus Select Trust IPO’s grey market premium today is Rs 2, which is s 43 percent lower from its Wednesday closing price of Rs 3.5 per share GMP. The issue opened for subscription on Tuesday, May 9, and will close on Thursday, May 11. For the proposed IPO, the company has set the price range at Rs 95 to Rs 100 per equity share.

Considering the upper price band of Rs 100, the company’s shares are expected to list at a premium of 2 percent over the issue price. However, it is important to note that grey market premiums are just an indicator as to how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.

What should investors do?

At the upper band of Rs 100 per unit, the issue is at Price/NAV (net asset value) of 0.78 times. It is offering pre-tax yield of 8 percent in FY24, at the upper price band.

Domestic brokerage ICICI Direct has assigned a ‘Subscribe’ rating on the back of healthy yield potential, organic growth opportunities on rent escalation or repricing or releasing and tenant sales and potential inorganic growth through assets addition

The company has raised nearly Rs 1,440 crore through its anchor book, which a total of 16 institutional investors completely subscribed to.

The offer comprises of a fresh issue and an offer for sale. The fresh issue is of Rs 1,400 crore out of which Rs 250 crore would be used for partial or full repayment of certain financial loans of the Asset SPVs and the Investment Entity; Rs 1,050 crore would be used for acquisition of stake and redemption of debt securities in certain Asset SPVs; and the balance would be used for
general corporate purposes. The offer for sale is for Rs 1,800 crore.

Nexus Select Trust has a portfolio of 17 operational shopping malls, including Delhi’s premium Select City Walk, across 14 major cities covering a 9.8 million square feet area. It operates two hotels with 354 keys, and also office spaces as part of mixed use development.

Investors may make bids for 150 units and multiples of that. Institutional investors will receive about 75 percent of the IPO.

Post-IPO, the shareholding of Blackstone in Nexus Select Trust will come down to 43 percent from 60 percent. Select City Walk promoters’ stake will reduce slightly to 24.3 percent from 25 percent.

This is the third REIT sponsored by Blackstone. It launched the country’s first REIT Embassy Office Parks and then Mindspace Business Parks REIT.

Key risks include —

A decline in footfalls may impact the business.

Vulnerability to external factors including outbreak of pandemic.

Possible increase in leverage due to future acquisitions.

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

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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

Adani Group stocks rise as two companies plan on raising funds

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

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Shares of Adani Group companies are trading with gains between 1-5 percent on Thursday after the group’s flagship company Adani Enterprises announced plans to raise funds.

In an exchange announcement on Wednesday, Adani Enterprises said that it will hold a board meeting on Saturday, May 13 to consider raising funds by tapping the equity markets.

The fund raising may happen through the issue of equity shares or any other eligible securities.

The notification added that the company would weigh raising funds through all permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted by regulatory laws.

In addition to Adani Enterprises, another group company – Adani Green Energy will also hold a board meeting on May 13 to consider raising funds.

In February this year, Adani Enterprises had withdrawn its Rs 20,000 crore follow-on public offer (FPO), following a steep erosion in stock price after a report by US-based Hindenburg Research alleged improper use of offshore tax havens and flagged concerns about high debt and the valuations of seven listed Adani companies.

Adani Enterprises reported a 26 percent year-on-year jump in its revenue for the March quarter to Rs 31,346 crore. Operating profit, or EBITDA rose to Rs 3,586 crore from Rs 1,264 crore last year.

Shares of Adani Enterprises are the top gainer on the Nifty 50 index, trading 5.1 percent higher at Rs 1,988.75.

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

Howrah-Puri Vande Bharat Express flagged off today: Check fare, timings and route details

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

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The Howrah-Puri Vande Bharat Express was flagged off by Prime Minister Narendra Modi on Thursday. The semi-high-speed train will be the 17th Vande Bharat Express to be launched and this will be the first such train for Odisha.

The Indian Railways conducted the trial run of the Vande Bharat train, which is the second semi-high-speed train for West Bengal, in April. Earlier on Wednesday, Union Railways Minister Ashwini Vaishanw inspected Puri Railway Station at midnight to take stock of the work progress.

Timings

The train will likely be scheduled to depart from Howrah, West Bengal at 5:50 am and arrive in Puri, Odisha at 11:50 pm. From Puri, it is likely to depart at 2 pm and arrive in Howrah at 7.30 pm.

ALSO READ |  PM Modi flags off Secunderabad-Tirupati Vande Bharat Express, urges KCR govt to not obstruct development in Telangana

Route

The first semi-high-speed train South Eastern Railway (SER) zone will run between Howrah and Puri. The train, with 16 coaches, will have stoppages at

1. Puri
2. Kharagpur
3. Khurda Road Junction
4. Bhubaneswar
5. Cuttack
6. Jajpur Keonjhar Road
7. Bhadrak
8. Balasore
9. Howrah

Speed, Distance and Travel Time

The train, which will run six days a week except Thursdays, will depart Howrah at 6.10 am and reach Puri at 12.35 pm. In the return direction, it will leave Puri at 1.50 pm and arrive at Howrah at 8.30 pm.

The Howrah-Puri Vande Bharat Express will likely touch the speed of 130 km per hour as seen during its trial run, according to the Financial Times.

As per the railway officials, the regular run of the 22895/22896 Howrah-Puri-Howrah Vande Bharat Express will commence from May 20.

The Puri-Howrah Vande Bharat Express will be the fastest train on the route, covering the 500 km distance in around 6.5 hours, which is lesser than the time taken by the current fastest train, the Shatabdi Express which takes 7:35 hours to cover the same distance.

ALSO READ | Here’s full list of Vande Bharat Express trains — know timings, schedules, ticket prices

Fare

As per reports, the tentative fare is likely to be around Rs 1,590 for the Chair Car, including Rs 308 for catering charges. The tickets for the Executive Class will likely cost Rs 2815, including catering charges.

Passengers may choose the ‘No Food Option’ to avoid paying the catering charges.

How to book online ticket

Step 1: Go to IRCTC’s official ticketing portal at irctc.co.in and log in to your existing account or create a new account.

Step 2: Enter your trip details in the ‘From’ and ‘To’ stations fields displayed in the ‘Book your ticket’ section.

Step 3: Enter the date of travel.

ALSO READ | Ranchi-Patna Vande Bharat Express likely to start soon: Check route and train timings

Step 4: Select the Vande Bharat Express from the list of trains.

Step 5: Select the preferred class for booking the tickets.

Step 6: Fill in the complete passenger details and enter the captcha.

Step 7: Make the payment for the ticket and intimation along with the ticket will be sent to the registered email ID and phone number.

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

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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

Lower inflation and price drops are aiding consumer sentiment: Godrej Consumer Products

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

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Sameer Shah, Godrej Consumer Products Ltd in its interaction with CNBC-TV18 said demand in fourth quarter of financial year 2022-23 has improved compared with the earlier quarters of the year and lower inflation with price drops are aiding sentiments.

The company expects to clock high single digit volume growth in financial year 2023-24. India branded business delivered 13 percent volume growth, led by double-digit volume growth in both Home Care and Personal Care, the company said in a press release in results declared on Wednesday.

The fast-moving consumer goods major on Wednesday posted a profit after tax of Rs 452 crore for the March quarter (Q4FY23), beating estimates. The FMCG company’s revenue growth came in at 9 per cent to Rs 3,200 crore as against Rs 2,916 crore in the same quarter of last fiscal.

In terms of various categories, Magic Wash has mid-single digit contribution currently. The volume growth in household insecticides was in double-digits in FY23. Furthermore, the underpenetrated categories  have seen growth in FY23. In its international operations, African market saw a recovery in late March and expects double digit growth in FY24. Also, Indonesia is expected to see a much improved performance in FY24.

Shah expects gross margin expansion in FY24. The company witnessed 200 bps of cost reduction in FY23 and expects to see further reduction in FY24.

For FY24, the company targets high single-digit volume growth with higher profit growth. It expects to see meaningful distribution and cost synergies from second half of FY24, with the Park Avenue acquisition where margins are expected at 25 percent in FY25.

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

Karnataka election exit polls 2023: Congress confident of securing majority, CM Bommai says predictions not 100% correct

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

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As exit polls predict a hung assembly following the May 10 elections in Karnataka, the counting of votes in the state has begun and results are expected on May 13.

While some exit polls predict the ruling BJP to cross the majority mark and emerge as the single largest party, others forecast the Congress to win with a comfortable majority. The JD(S) is also expected to play a crucial role in the formation of the government, according to a few exit polls.

ALSO READ | Karnataka Exit Poll 2023: BJP and Congress in tight race, but will JDS be the king maker? — what pollsters say

The India Today-Axis My India and Today’s Chanakya exit polls predicted a clear win for the Congress, while the Jan ki Baat exit poll predicted 91-105 seats for the Congress, 94 to 117 seats for the BJP and 14-24 seats for the HD Kumaraswamy-led JDS. A political party needs 113 of 224 seats to cross the majority mark in the Karnataka election 2023.

Congress leaders react to exit polls

Congress leader and former Chief Minister Siddaramaiah has proclaimed a victory for the party and said, “Congress party will get a comfortable majority… I will win comfortably in Varuna constituency.”

Agreeing with the victory, Karnataka Congress president DK Shivakumar, however, did not believe the exit poll numbers and denied the chances of an alliance.

ALSO READ | Karnataka Elections: From kid’s play area to transportation for elderly; how polling booths encouraged voters

Shivakumar said, “I stand by my numbers that we will cross 146 seats. People are highly educated and are looking at larger interests because the double engine has failed in Karnataka. The situation will not arise (to form an alliance with any party).”

#WATCH | My first reaction is that I don’t believe these numbers (exit polls). I stand by my numbers that we will cross 146 seats. People are highly educated and are looking at larger interests because the double engine has failed in Karnataka. The situation will not arise (to… pic.twitter.com/bYRpq2Mjom

— ANI (@ANI) May 10, 2023

Congress leader Jagadish Shettar expects his party to get a clear majority and form the government. “According to exit polls, Congress is the single largest party. There is no question of coalition with any other party, especially JD(S),” he said.

#WATCH | Congress will get a clear majority and form the government. According to exit polls, Congress is the single largest party. There is no question of coalition with any other party, especially JD(S): Congress leader Jagadish Shettar#KarnatakaAssemblyElection pic.twitter.com/crw7dFdqcZ

— ANI (@ANI) May 10, 2023

Shettar defected from the BJP in the run-up to the Karnataka elections after being denied a ticket and joined the Congress.

Congress on high alert

In the runup to the results announcement, Kannada News18 has reported that all Congress leaders have been instructed to tread carefully until Saturday by party leaders DK Shivakumar and Siddaramaiah.

The leaders are on high alert, the report claims, and have called candidates that are likely to win. This news comes after senior officials sent a message that the next Karnataka chief minister, in the case of a Congress victory, will be chosen by the state’s MLAs.

Shivakumar and Siddaramaiah are now working to attract the MLAs and will participate in a meeting with top officials Congress President Mallikarjun Kharge and state in-charge Randeep Surjewala.

BJP leaders react to exit polls

On the other hand, BJP bigwig and Karnataka CM Basavaraj Bommai was confident of coming back to power with an absolute majority.

“Exit polls are exit polls, it can’t be 100 percent correct. We are going to get a complete majority and form the government,” CM Bommai told ANI.

ALSO READ | Karnataka election 2023: Clashes between BJP and Congress workers over saffron shawl, witchcraft

He added, “Exit polls are done in a hurry, and there will be lots of errors. There is no question of anybody becoming the kingmaker, for me the people are the kingmaker and they will bring BJP back to power. Last time, they (exit polls) predicted only 80 seats for BJP and 107 for Congress but it came reverse. We’re confident with our ground reports and we will come with a comfortable majority.”

#WATCH | I am very much confident that we will come back to power with an absolute majority, I am 200% confident. Exit polls are done in a hurry, and there will be lots of errors. There is no question of anybody becoming the kingmaker, for me the people are the kingmaker and they… pic.twitter.com/Ldj4dCgDg3

— ANI (@ANI) May 10, 2023

Overall, the exit polls have created a lot of interest and excitement in the Karnataka Assembly Elections. However, the actual results will be announced on May 13. The polling for all 224 seats in Karnataka was held on May 10.

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

SRF expects 20% growth in its specialty chemicals business, packaging margin may see pressure

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

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Chemicals company SRF Ltd. is eyeing 20 percent growth in the specialty chemicals business for financial year 2024. Some moderation in this segment was anticipated during this quarter.

However, the management said that margins for the packaging business will continue to remain under pressure. In an earnings call, the management also said that the technical textiles business may see some recovery in the years ahead.

SRF’s strong capex intensity will continue this year as well. SRF is focusing on becoming a pharma contract development and manufacturing organization (CDMO) and is likely to enter this segment via an organic or inorganic route.

It also recently increased the capex for setting up a plant which will manufacture aluminum foils to Rs 530 crore from Rs 425 crore earlier.

In a bid to explore new avenues for businesses, SRF said it was also looking at refrigerant gas exports to the Middle-Eastern markets from the second quarter of the current financial year.

SRF also said that it was eyeing capacity expansion via a land purchase closer to its Dahej plant in Gujarat, without divulging further details.

Kotak Institutional equities has a buy rating on SRF and has also raised its price target to Rs 2,940 from Rs 2,800 earlier. The brokerage has revised SRF’s Earnings per Share (EPS) estimates for financial year 2024 and 2025 by -1 percent and 6 percent respectively.

ICICI Securities has also raised its price target on SRF to Rs 2,520 from Rs 2,220 earlier. It has raised SRF’s EPS estimates for financial year 2024 by 4 percent.

On Tuesday, SRF reported a 7.1 percent year-on-year (YoY) decline in net profit to Rs 562.4 crore for the March quarter as against Rs 605.6 crore reported in the corresponding quarter last year. The number was in-line with the CNBC-TV18 poll of Rs 560 crore.

Shares of SRF are trading unchanged at Rs 2,570.95.

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