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NSA Ajit Doval to hold crucial talks with top American leadership in US

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

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Summary

National Security Advisor Ajit Doval will hold crucial talks with the top US leadership including his counterpart Jake Sullivan on the first high-level dialogue on Initiative for Critical and Emerging Technologies (iCET). Officials, academicians and industry experts believe the talks could be the “next big milestone” in the India-US relationship after the India-US nuclear deal. …

National Security Advisor Ajit Doval will hold crucial talks with the top US leadership including his counterpart Jake Sullivan on the first high-level dialogue on Initiative for Critical and Emerging Technologies (iCET).

Officials, academicians and industry experts believe the talks could be the “next big milestone” in the India-US relationship after the India-US nuclear deal.

Doval will arrive here on Monday for the talks.

Officials on both sides remained tightlipped on the details of the ambitious iCET meeting, the deliverables of which are expected to be announced after the conclusion of the meetings of the two sides at the White House on January 31.

Both sides expect that the dialogue would lay the foundation for developing a trusted partner ecosystem between the corporate sectors, so that the two countries with public-partner partnership, driven by a culture of startups, can successfully address the challenges posed by authoritarian regimes in the domain of technology and scientific research.

The iCET was first mentioned in a joint statement after the meeting of Prime Minister Narendra Modi with US President Joe Biden in Tokyo in May 2022.

Doval is arriving the US with an unusually large delegation that comprises five secretary-level officials and corporate leadership from Indian companies that are doing some cutting edge research in India.

The five secretary-level officials include ISRO Chairman S Somnath, Principal Scientific Advisor to the Prime Minister, Ajay Kumar Sood; Scientific Advisor to the Raksha Mantri, G Satheesh Reddy; Department of Telecom Secretary K Rajaram and Director General of Defense Research and Development Organisation Samir V Kamat.

Under iCET, the two countries have identified six areas of cooperation which would include co-development and co-production, that would gradually be expanded to QUAD, then to NATO, followed by Europe and the rest of the world.

The objective is to provide cutting edge technologies to the rest of the world which are affordable.

In that way both India and the US complement each other, given their technical know-how, ongoing research and their availability of a large talent pool of Indians, a large number of whom come to the US every year for studies.

The six areas that have been identified for cooperation as part of iCET are scientific research and development; quantum and artificial intelligence, defense innovation, space, advanced telecom which would include things like 6G and semiconductors.

Given that such an effort can be led only by the industry, the delegation on either side would comprise top leaders from the industry from these sectors.

The US Chamber of Commerce is expected to hold a round table on Monday with key industry players and representatives from academia.

Officials and experts on both sides asserted that this is not a normal dialogue, but a “strategic one” which would take the relationship to an altogether new level.

It’s quite often mentioned that iCET dialogue and its deliverable are the next big thing happening between India and the US after the Indo-US civilian nuclear deal, and this is the reason it is being taken up by both the NSAs as agreed upon by Modi and Biden in Tokyo last year.

Over the last eight months, ground works were being laid for this. Earlier this week, India’s Deputy National Security Advisor Vikram Misri was in Washington and met top officials from the Biden administration.

The launch of the ambitious iCET dialogue is seen as “an alignment of strategic, commercial and scientific approaches” in the field of technology.

This is eventually likely to be mirrored in the progress made in Quad – the informal grouping of four countries, Australia, Japan, India and the United States.

The iCET dialogue, in a way, is also a recognition by the US that India has core strengths in the field of science and technology, given the path breaking research that its scientists have done, including on space science, without much help from the international community.

The two countries working in tandem with each other and developing a trusted partnership ecosystem is going to be a win-win-situation for both and also for global good.

Under iCET, India is ready to share its core technologies with the US and expects Washington to do the same.

Ahead of the arrival of Doval in Washington DC for talks, Carnegie India in a paper said that iCET is one of the most innovative administrative exercises initiated between the US and India.

“It is filled with promise. There is every opportunity to deliver measurable outcomes, supercharge existing efforts, and co-create new technologies and administrative architectures that regulate the same,” it said.

“To this end, the NSA-level dialogue on January 31, 2023, is significant. There is a hope that both India and the United States will be able to clarify priority areas of cooperation.

“Equally, it is crucial to pay as much attention to the administrative structure that shapes, informs, and populates the iCET—both from within and outside of government,” it said.

The Biden administration recently said India was an important partner of choice for the United States.

“India is an important partner of choice for the United States in a number of spaces, and that includes trade cooperation. It, of course, includes security cooperation, technological cooperation as well,” State Department’s Deputy Spokesperson Vedant Patel told reporters here on Thursday ahead of Doval’s visit.

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Rights issue of Family Care Hospitals to close on Feb 7 — Key things

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

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Summary

The company is currently operating a hospital under the name Family Care Hospitals at Mira Road, Thane and is currently operating 9 imaging centers across Mumbai region.

The rights issue of ‘Family Care Hospitals Limited’ will close on February 7, 2023. The size of the issue is Rs 4,892.04 lakh, priced at Rs 12. The entitlement ratio is: 127 rights equity shares or every 100 fully paid-up equity share(s) held by the eligible equity shareholders on the record date. The terms of payment are the full amount of the issue price Rs 12/- per right equity share is payable on application.

The company is currently operating a hospital under the name Family Care Hospitals at Mira Road, Thane and is currently operating 9 imaging centers across Mumbai region. These imaging centers provide scanning solutions to the dental and ENT doctor fraternity for investigating patient ENT and dental issues.

The company offers a broad spectrum of health and wellness packages to its customers as per their requirements. For convenience of the customers, it provides value-added services such as home collection of specimens, house calls and various delivery or access modes (i.e., at diagnostic centers, SMS, email, web and mobile portal) for test reports.

The hospital division currently operates a 100 bedded tertiary care hospital at Mira Road, Thane. This is a NABH accredited facility and employs 135 professionals. (www.familycarehospitals.com). The facility has been active for 5 years, with 60 consultants of diverse expertise affiliated to the set-up. It is amongst first private sector facility to engage in Covid Care in Mira Bhayender Municipal Region and was subsequently a dedicated covid healthcare centre. It is spread across 21,000 square feet of area, with an independent G+2 Structure. 24X7 care and support availability for patients. The facility is fully equipped with emergency care, child and women care, cath lab and neurology support, critical care units, modular operation theatres, pharmacy, pathology, radiology and many more services.

The company has strategic tie-ups with leading insurance companies for cash less services, government healthcare programs like MJPJAY, select NGOs. Lastly, they cumulatively treated to over 30,000 patrons. Hospital Services accounted for 94.61 percent of the revenues in FY22.

A summary of the restated financial information of the company as at March 31, 2022, March 31, 2021 and March 31, 2020 and unaudited financial results for the half year ended on September 30, 2022 are set out below:

 

Particulars

 

September 30,
2022^

 

March 31, 2022
(Restated)

 

March 31, 2021(Restated)

 

March 31, 2020
(Restated)

Total Income from Operations (net)  

2311.11

 

4206.52

 

3535.50

 

1324.60

Net Profit/(Loss) before Tax and extraordinary items  

373.19

 

892.74

 

785.28

 

214.35

Profit after tax  

276.16

 

519.88

 

407.42

 

2.85

Share Capital  

3210.00

 

3210.00

 

3210.00

 

3210.00

Reserves and Surplus  

(1509.87)

 

(1786.03)

 

(2302.77)

 

(2708.75)

Net Worth  

1700.13

 

1423.97

 

907.23

 

501.25

Basic Earnings per share  

0.86

 

1.62

 

1.27

 

0.01

Diluted Earnings per share  

0.86

 

1.62

 

1.27

 

0.01

Net Asset Value per Equity Share  

5.30

 

4.44

 

2.83

 

1.56

Return on Net Worth (%)  

16.24

 

0.37

 

0.45

 

0.01

Total Borrowings  

444.33

434.85  

549.04

 

952.57

 

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Aarti Pharmalabs shares debut at Rs 377 per share after demerger

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

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Summary

The demerger into two separate entities — Aarti Industries and Aarti Pharmalabs — happened on October 20. The rationale behind the separation of the Pharma business is so that the company can focus on the opportunities within the sector separately.

The shares of Aarti Pharmalabs, the demerged entity of Aarti Industries, debuted on the bourses today i.e. Jan 30, 2023. The shares debuted at Rs 377 per share. In October last year, Aarti Industries demerged into two separate entities — Aarti Industries and Aarti Pharmalabs. The management had earlier said that the shares will debut in mid-December.

In the FY22, the company reported a revenue of Rs 1,300 crore.

Revenue Breakup FY22
APIs 35%
Intermediates 29%
Xanthine 36%

The EBIT came at Rs 220 crore while the margin came at 17 percent.

According to the company, a revenue growth of 15-20 percent is expected.
Aarti Pharmalabs plans to add more than 50 new products in the pharma division. The company has announced a capex of Rs 350-500 crore in three years and the projected capacity is at 1,200 KL in next five years.

As decided by the board of the company, the demerger into two separate entities — Aarti Industries and Aarti Pharmalabs — happened on October 20. The rationale behind the separation of the Pharma business is so that the company can focus on the opportunities within the sector separately.

Catch latest market updates with CNBC-TV18.com’s blog 

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

 Daily Newsletter

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Need for power | Bajaj Auto finds few takers for entry-level 100-cc bikes

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

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Summary

Bajaj Auto reported strong earnings for the quarter, outpacing expectations and showing resilience in the midst of the ongoing pandemic. The company’s earnings were boosted by a surge in demand for its two-wheelers, particularly in rural areas.

Bajaj Auto, a leading player in the Indian two-wheeler market, is witnessing a shift in demand towards premium products. According to Rakesh Sharma, Executive Director of Bajaj Auto, the entry-level 100 cc segment is seeing negative growth while the executive 100 cc segment is marginally above the negative zone. On the other hand, the company’s 125 cc portfolio is growing at a much faster rate compared to the lower segments.

“The entry-level itself is still seeing very sharp negative declines. Just above that, which is a quarter of the industry, the executive 100 cc segment is a little bit positive,” he said.

The top two-wheeler segment, defined with more powerful bikes of 350 cc and more, is growing at 3-4 times the rate of the bottom segment, according to the Bajaj management. This indicates that there is a demand recovery in the domestic market, with a recovery of around 3-5 percent in retail terms for the domestic motorcycle business.

“This year at least, this is going to be the story. The top half growing faster than the bottom half and hopefully the domestic motorcycle market growing at about 5-8 percent. We hope to beat that because we have got a very strong play in the top half and we have also made certain moves in the executive 100 cc segment now,” he added.

However, the ease of trading operations is expected to take some time to come back to normalcy. Despite the challenges posed by the current market situation, Bajaj Auto remains optimistic about the future as they continue to focus on delivering high-quality products to meet the evolving needs of their customers.

Also Read | Bajaj Auto shares jump most in over two years after multiple brokerage upgrades

The strong earnings report and bullish outlook have led to several brokerages upgrading their ratings for Bajaj Auto. Investors looking for exposure to the auto sector may want to consider this stock as a potential investment opportunity.

JPMorgan has upgraded the stock to “overweight” and raised its target price to Rs 4,400. CLSA has given the stock a “buy” rating and raised its target price to Rs 4,619. Jefferies has also given a “buy” rating with a target price of Rs 4,300 and Morgan Stanley has also maintained an “overweight” rating with a target price of Rs 4,449.

These upgrades come after Bajaj Auto reported strong earnings for the quarter, outpacing expectations and showing resilience in the midst of the ongoing pandemic. The company’s earnings were boosted by a surge in demand for its two-wheelers, particularly in rural areas.

Also Read | Strong Q3 for auto companies, Tata Motors reports profit for 1st-time in 2 years

For the full interview, watch the accompanying video

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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

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Two arrested for hurling bottle at singer Kailash Kher in Hampi for not singing Kannada songs

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

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Summary

Other artists such as Armaan Malik and Raghu Dixit also performed at the Hampi Utsav celebrations.

Police have detained two people in Karnataka for throwing a bottle at singer Kailash Kher during an event at Hampi in the Vijayanagar district. The singer was performing at the closing ceremony of Hampi Utsav on Sunday when the incident occured.

According to police, the two youth were reportedly angry that Kher was not singing Kannada songs. They were identified and arrested by the police soon after.

Videos shared on social media sites such as YouTube show Kher singing a Hindi film song as a bottle is hurled at him and lands at his feet. The singer, however, escaped unhurt and continued singing.

Kher was performing at the closing ceremony of the three-day Hampi Utsav which also featured several exhibitions from the Vijayanagara Empire, a firework show and a safari of elephants and men dressed as soldiers from the ancient empire.

The singer was recently invited to perform at the first-ever military tattoo and tribal dance festival hosted by the Ministry of Defence and the Ministry of Tribal Affairs on the occasion of India’s 74th Republic Day on January 23-24. His performance was the grand finale of the two-day festival and was free to attend.

Also read: British Library celebrates India ties with exhibition on Hampi

Kher is a Padma Shri awardee who has also received two Filmfare Awards for Best Male Playback Singer for Hindi film Fanaa and Telugu film Mirchi. He has reportedly sung in over 20 Indian languages including Kannada and been nominated for two Filmfare Awards for Best Male Playback Singer – Kannada for his songs “Ekka Raja Rani” from Jackie and “Ee Janumave Ahaa” from Un Samayal Arayil.

Other artists such as Armaan Malik and Raghu Dixit also performed at the Hampi Utsav celebrations.

The festival began on January 27 and it was the first time it was being held since the formation of the Vijayanagara Empire in 2021. The event was inaugurated by Chief Minister Basavaraj Bommai on Friday evening.

Hampi is a UNESCO World Heritage Site that is easily accessible from Bengaluru via road, rail and air.

 

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

 Daily Newsletter

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

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Budget 2023: Government sets disinvestment target of Rs 51,000 crore for next financial year

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

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Summary

Based on the revised numbers, the government has managed to collect over 60 percent of the target for the current financial year.

The union government aims to earn Rs 51,000 crore through the disinvestment of its stake in various state-run companies during the next financial year.

Additionally, the government has also slashed its current year disinvestment target to Rs 50,000 crore from the earlier target of Rs 65,000 crore.

With multiple transactions moving to the next stage of completion, the government’s disinvestment target for the next financial year will hinge on the completion of some important deals.

This leaves the government with another two months to collect the remaining Rs 20,000 crore of the revised estimates.

Out of the proceeds mopped up so far this year, most have come from India’s largest IPO, where the government collected nearly Rs 21,000 crore by divesting 3.5 percent stake in Life Insurance Corporation of India (LIC).

Besides LIC, the government also raised Rs 3,026 crore through ONGC’s Offer for Sale (OFS) and by selling a 19.55 percent stake through Paradeep Phosphates Ltd.’s IPO for Rs 471.55 crore.

However, the OFS needle has not moved much post LIC and ONGC, the issue of Hindustan Zinc is awaited in the current year.

Potential transactions that are likely to be completed next year, are IDBI Bank and Shipping Corporation transactions, which have moved to the next stage after receiving Expressions of Interest (EOI).

An amount of Rs 4.07 lakh crore has been realised as proceeds from the disinvestment through financial year 2015 till date using various modes and instruments.

A report from Kotak Institutional Equities had earlier mentioned that the disinvestment target for the next financial year could be cut to Rs 50,000 crore due to challenging market conditions.

The government has missed its disinvestment targets set over the last four years.

Year Disinvestment Target (Rs. Crore) Disinvestment Proceeds (Rs. Crore)
FY23 (So Far) 50,000 (Revised) 31,116
FY22 78,000 (Revised) 13,530
FY21 1.75 lakh 32,835
FY20 65,000 (Revised) 50,298
FY19 80,000 85,000
FY18 1 Lakh 1,00,056.91
FY17 56,500 46,246.58

Due to the continued impact of the pandemic, the government could only mop up Rs 13,531 crore as disinvestment proceeds, compared to the original target of Rs 1.75 lakh crore, which was later lowered to Rs 78,000 crore.

For financial year 2020-21, the government had raised Rs 32,886 crore against a target of Rs 2.1 lakh crore.

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Philips cuts 6,000 more jobs to improve profitability after sleep device recall

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

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Summary

The reduced workforce should lead to a low-teens profit margin (adjusted EBITA) by 2025, and a mid-to-high-teens margin beyond that year, with mid-single-digit comparable sales growth throughout.

Philips has announced that it will cut  6,000 jobs to restore its profitability. This step is been taken following a recall of respiratory devices that knocked off 70 percent of its market value. According to Reuters the company said that half of the job cuts will be made this year, while the other half will be done by 2025.

The new restructuring follows a plan to cut 5 percent, or 4,000 jobs, from its workforce that was  announced in October last year as the company dealt with the repercussions from the recall of millions of ventilators used to treat sleep apnea due to concerns that the foam used in the devices could become hazardous.

The reduced workforce should lead to a low-teens profit margin (adjusted EBITA) by 2025, and a mid-to-high-teens margin beyond that year, with mid-single-digit comparable sales growth throughout.

“Philips is not capitalizing on the full potential of strong market positions as it faces a number of significant operational challenges,” new Chief Executive Officer Roy Jakobs said.

Also read: Google layoffs: A Google HR discovers that he has been laid off while conducting a personnel interview

The simplified organisation should also improve patient safety and quality and supply chain reliability, Jakobs said.

In addition, the Dutch health technology company, announced fourth-quarter adjusted earnings before interest, taxes, and amortisation (EBITA) of 651 million euros ($707.18 million), which was essentially unchanged from 647 million euros a year earlier.

Analysts in a company-compiled poll on average had predicted core profit would drop to 428 million euros.

Also read: 78 percent Indian workers uneasy about job security amid layoffs: Survey

(With inputs from Reuters)

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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The Adani Group vs Hindenburg Research storm is likely to hit India’s Budget Session 2023

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

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Summary

The recent statement by the Adani Group over the allegation by the Hindenburg Research report seems to have triggered another storm in the political arena, which might impact the upcoming Budget Session in Parliament. Here’s look at how political leaders are reacting to the controversy.

This year’s Budget Session is likely to stir a storm in Parliament, with Opposition leaders raising objections over Adani Group’s response to the Hindenburg Research report. The Gautam Adani-owned Adani Group and the US-based Hindenburg Research locked horns on Sunday, with the former calling allegations against it in the report a “calculated attack on India”.

Opposition party leaders hit out at the Adani Group for not addressing the “specific allegations” but rather calling it an attack on India. Some took to Twitter to question what the “New India” exactly is that Adani Group mentions in its response. Some leaders even raised doubts over the timing of the release of the report.

The report comes just ahead of the Budget Session 2023 which will begin on February 1 and is likely to conclude in April – with a recess from February 14 to March 12 to enable department-related parliamentary standing committees to examine the demands for grants.

The Union Budget 2023 will be presented by Finance Minister Nirmala Sitharaman on February 1. This will be the last full budget of the Narendra Modi government ahead of the 2024 general election.

What Opposition leaders said

Congress leader Manish Tewari asked “When did Adani become India?”, while others brought up the matter of “LIC plowing more money into Adani’s flagship unit”. Congress chief Mallikarjun Kharge hit out at the Modi government and said: “LIC shares have lost ₹22,442 Cr in just 2 days…LIC is “Life Insurance Corporation” of India with 29 Cr Policyholders! Modi Govt changes its name to LOOT INVESTMENT for CRONIES!”

Y Sathish Reddy of the Bharat Rashtra Samithi (BRS) party said, “When did ‘Adani’ become ‘India’? In that case, why is the PM of India not reacting on the issue?” He added, “LIC is spending about $37 million as an anchor investor in a $2.5 billion new share sale by Adani!”

Shiv Sena leader Priyanka Chaturvedi sought “help” in listing “all that is India in New India”, saying that Modi ji is India, India is Modiji; Adani group is India, India is Adani Group; BJP is India, India is BJP; Stock Market is India, India is Stock Market”.

Meanwhile, Congress leader Sanjay Jha asked “What was the Finance Minister of India doing all this time? Where was SEBI? Where was the Ministry of Corporate Affairs? One Group accounted for nearly 80 percent of market capitalization growth in 2022, and nobody cared? None! It took a small firm in US to expose it?”

TMC Mahua Moitra, who had earlier warned of “market manipulation”, “round-tripping” and “fraud” by the Adani, said she was “glad” that the Hindenburg Research used her “letters to SEBI as part of their investigative work and reached a “logical conclusion” even if SEBI couldn’t!”

Jawhar Sircar, a Rajya Sabha MP from TMC, said, “Adani’s scam shows how all regulatory bodies had failed or were made to fail — RBI, Finance Ministry, SEBI, ED, CBI, NSE, etc. They are all packed with Modi’s own men. God knows how much India will all lose because of this Modi crony!”

Congress leader Praveen Chakravarty said, “5 crore Indian families gave money to LIC to help their families in case of an unfortunate death. LIC used Rs.72,000cr of this money to buy Adani’s shares. Money for a loved one’s death is used to keep Adani’s companies alive. Whose lives is LIC insuring? Yours or Adani’s?”

Hindenburg Research Vs Adani Group

The Hindenburg Research alleged that the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”. The disclosure sparked a USD 51-billion sell-off in shares of the group companies over two trading sessions.

The Adani group has, however, rubbished the charges and termed the report as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”. It said the allegations made by the short seller are a “calculated attack” on India, its institutions and its growth story, adding that the accusations are “nothing but a lie”.

In response to the Adani Group’s rebuttal on Sunday night, Hindenburg Research said that the group has failed to specifically answer 62 out of the 88 questions that the firm had posed to the group. “Among the questions, it did answer, the group largely confirmed or attempted to sidestep our findings,” Hindenburg said in its response. Sharing its reply to Adani in a Twitter post, it said: “Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised”.

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

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Odisha minister Naba Das dies: CM, others pay tributes ahead of last rites, 3-day state mourning declared

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

 Listen to the Article (6 Minutes)

Summary

The body of deceased Odisha Health Minister Naba Das would be flown to his native place in Jharsuguda where the final rites would be conducted with full state honour, said BJD vice-president Debi Prasad Mishra.

Odisha Chief Minister Naveen Patnaik, Governor Ganeshi Lal and many other dignitaries from different walks of life paid their tributes to the state Health Minister Naba Kishore Das on Monday. Both the governor and chief minister met the family members of Das and expressed their condolences.

Apart from Odisha CM and governor, many ministers, MPs, MLAs, former lawmakers, BJP state president Samir Mohanty and Congress leaders visited Das’s official residence.

The minister’s body was taken to the BJD party office where hundreds of people made a beeline to pay their last respect to Das. His body would be flown to his native place in Jharsuguda where the final rites would be conducted with full state honour, said BJD vice-president Debi Prasad Mishra.

Naba Das was shot dead

Das succumbed to his injuries after being shot, allegedly by the Assistant Sub Inspector (ASI) Gopal Das, in Jharsuguda district Sunday afternoon. Das was first rushed to a local hospital and then taken to Apollo Hospital Bhubaneswar in an air ambulance. He succumbed to the two bullet wounds he sustained on the left side of his chest and breathed his last in the hospital.

“On operating, was found that a single bullet had entered and exited the body, injuring the heart and left lung and causing massive internal bleeding and injury. The injuries were repaired, and steps were taken to improve the pumping of the heart…But despite best of efforts, he could not be revived and succumbed to his injuries,” the hospital was quoted by News 18 as saying in a statement.

Meanwhile, Gopal Das is believed to be suffering from a mental disorder.

Odisha to observe 3-day state mourning for Naba Das

The Odisha government announced on Sunday evening three-day mourning across the state as a mark of respect to the minister. There will be no official entertainment for three days from January 29-31 throughout the state, a notification said.

“It has been decided by the Government of Odisha that as a mark of respect, state honour would be accorded to the departed dignitary. The national flag will be flown at half-mast on the day of death in the state capital and on the day of the funeral at the place where it takes place,” the release said.

(With inputs from PTI)

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

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Budget 2023 EPF expectations — Experts want FM to reduce double taxation, raise Section 80C limit

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

 Listen to the Article (6 Minutes)

Summary

Budget 2023 is just around the corner, and taxpayers across the country are eager to see what the government has in store for them. Here are some of the expectations on EPF front

Ahead of Budget 2023, experts have proposed the government to consider reducing the ‘double taxation’ of the Employees’ Provident Fund (EPF). The Income Tax Act provides certain situations where the contribution may become taxable if employees leave before five years of service. This means ‘double taxation’ at the withdrawal stage, as the contribution has already been taxed. So, experts want the government to clarify and identify specific exemptions to avert this.

Interest on EPF contributions above Rs 2.5 lakh is taxable. However, it is not clarified that it should be taxed on an accrual basis on withdrawal. It is suggested to tax interest income at the time of withdrawal, experts say.

Employer’s contribution to the EPF account of an employee is exempt up to 12 percent of the PF Salary. Effective April 1, 2020, any employer’s contribution to Provident Fund (PF), NPS and superannuation exceeding Rs 7.5 lakh per year is taxable as perquisites in the hands of the employee under the head ‘Income from Salary’.

ALSO READ | Budget 2023 may see reduction in income tax rates — more reliefs likely for the middle class

While this may not change, experts want the government to raise the deduction limit available under Section 80C limit. An employee’s contribution to the EPF account also earns a tax break under Section 80C of up to Rs 1.5 lakh. This amounts to 12 percent of the salary that is deducted by an employer and deposited in the EPF or other recognised provident funds.

Tapati Ghose, Partner at Deloitte India, thinks that government should look at increasing this limit to Rs 2.5 lakh, considering the increase in the cost of living and inflation.

“This will have two-fold benefits, viz., individual taxpayers would be willing to save more and will benefit from a lower tax outgo, thereby increasing disposable income to meet the increase in the price of various’ commodities,” she said.

EPF interest calculation

Every year the government fixes interest on the amount deposited in the PF account. The EPFO calculates the month-wise closing balance and the interest for the whole year. The interest is calculated by adding the monthly running balance and multiplying it with the interest rate/1200.

In case the employee withdraws a certain sum from the account, then interest from the beginning of the year till the last date of the month preceding the month in which the withdrawal took place is taken into account.

The closing balance for the year will be opening balance + contributions – withdrawal (if any) + interest. Let’s assume the interest rate is 8.50 percent and the opening balance is Rs 1,00,000. The monthly contribution is Rs 1,000. The employee withdraws Rs 30,000 in the third month.

The interest calculated will be the sum of the monthly balance = Rs 8,87,000. Interest will be 887000 x (8.50/1200) = Rs 6,282.00.

Thus, the closing balance for the year will be opening balance + contributions – withdrawal + interest = Rs 1,00,000 + Rs. 12000 – Rs. 30000 + Rs. 6282 = Rs 88,282.00.

ALSO READ | Budget 2023 : Mutual Fund industry body demands units to be classified as specified long term assets

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Should Elon Musk be able to buy Twitter?