Author: Ajay Vaishnav

Telangana CM Revanth Reddy explains why the Congress promised Rohith Vemula Act in its manifesto

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

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As part of its Lok Sabha election manifesto, the Congress Party has pledged to pass a ‘Rohith Vemula Act’ to address the issue of caste and communal atrocities on campuses if they form the government at the Centre. The 47-page manifesto of the Congress, titled Nyay Patra, or Document for Justice, was released on April 6.

In an exclusive interaction with CNN-News18, Telangana Chief Minister Revanth Reddy said that Vemula’s closure report was wrong. Reddy claimed that “it was KCR’s ploy with the BJP. We will ensure a fair investigation with evidence.”

On the issue of reservation, Reddy reiterated that the Congress wants a caste-based census. He also alleged that the Rashtriya Swayamsevak Sangh (RSS) ideology is that quotas should be removed.

“They are against reservation and that is why they want 400 seats and they are breaking parties in states also so that they can change the Constitution,” Reddy told CNN-News18.

Speaking further on Vemula, Reddy said Vemula’s mother has claimed he was murdered, and as a CM, it is “my duty to ensure a fair probe”.

Reddy’s stance comes a day after Congress General Secretary (Organisation) KC Venugopal said when they form a government, they will pass the Act, “specifically addressing the issue of caste and communal atrocities on campuses to ensure no student coming from socio-economic backwardness has to face the same plight as Rohith ever again.”

The Telangana Police recently submitted a closure report in the controversial suicide case, claiming that he was not a Dalit and his reasons for taking the extreme step was because of the fear that his “real caste” would be discovered.

In a post on X, formerly Twitter, Venugopal also said, “The Congress government in Telangana will leave no stone unturned to ensure justice for Rohith’s family.” He also said that the Telangana Police has clarified that the concerned closure report was prepared in June 2023.

Rohith Vemula suicide case: A background

The University of Hyderabad, where Vemula was enrolled as a PhD scholar, stopped his monthly stipend in July 2015, leading to accusations of targeted discrimination owing to his activism under the banner of Ambedkar Students Association (ASA), a student organisation fighting for the rights of Dalits on the campus. Officials, however, denied the allegation, saying the delay was due to “paperwork”, as per a News18 report.

On August 5, 2015, Rohith and four other ASA members faced a probe, two days after they allegedly assaulted a leader of the BJP’s student wing, the ABVP. They all denied the charge, and the university cleared them in an initial inquiry, the News18 report said.

The situation reportedly escalated further after the then BJP MP Bandaru Dattatreya characterised the university as being a hotbed of “casteist, extremist, and antinational politics”, the report added.

This intervention reportedly resulted in the suspension of all five students in September 2015 and the decision was upheld on December 17, 2015, the News18 report further added.

Vemula, along with his fellow suspended students, resorted to a hunger protest in protest against the financial strain and institutional ostracisation.

However, on January 17, 2016, Vemula tragically took his own life. His death became a focal point and sparked widespread outrage and protests across the country, with many demanding justice for him and calling attention to issues of caste discrimination and institutional apathy within educational institutions.

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

Explained: CERC staff paper on Regulatory Oversight on Bidding Behavior in Power Exchanges

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

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The Central Electricity Regulatory Commission (CERC) has released a staff paper on Regulatory Oversight of Bidding Behavior in Power Exchanges to address unprecedented situations such as abnormal increases in power prices. The agency has called for comments on the paper until May 31, 2024.

In CY23, the government noted that the Day Ahead Market (DAM) and Real-Time Market (RTM) markets hit the price cap multiple times.

Here is the proposed framework:

1. All sellers must disclose their variable costs and technical parameters monthly, with this information remaining confidential.

2. Each seller’s variable cost will be the Benchmark Supply Offer (BSO) for their supply offer.

3. The designated agency will communicate the BSO for each category of suppliers to the Power Exchanges monthly.

4. Power Exchanges must ensure that a seller’s bid price offer for a time block does not exceed 1.6 times the respective BSO, and the average bid price offer submitted by a seller throughout the day (96 time blocks) does not exceed 1.2 times the respective BSO.

Analysts’ views:

This paper is only a staff document and not a legally binding regulation. However, if implemented, it could negatively impact players with merchant capacity aiming to profit significantly from high merchant tariffs.

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Heart stents will soon cost more as inflation plays spoilsport

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

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India has a high prevalence of coronary heart diseases (CAD) or artery blockages and the number has rising quite noticeably. Unfortunately, even as cases rise, so will the heart patients’ medical bills as the maximum selling price of stents is set to rise.

The National Pharmaceutical Pricing Authority (NPPA) regulates the costs of heart stents based on the Wholesale Price Index (WPI), which measures inflation based on the cost of goods before they reach consumers. With the rising inflation, the drug regulator has allowed the revision of prices for 2024.

The two types of stents — bare metals and DES — are mostly imported. “One unit of Bare Metal Stent (BMS) currently costs ₹10,509.79 while the Drug Eluting Stents (DES) including metallic DES and Bioresorbable Vascular Scaffold (BVS)/ Biodegradable Stents cost ₹ 38267.18 based on the WPI at 0.00551 of year 2023 over 2022,” a NPPA notification stated this year.

A stent is used to provide support when the arteries are blocked or narrowed and the blood flow is inadequate. It helps supply oxygen-rich blood to the heart.

In 2023, BMS per unit was priced at ₹10,509.20, and DES, BVS cost ₹ 38,265.07, based on the WPI at 12.12% for year 2022 over 2021. In 2019, the hike of cardiac stents was 4.26% as per the WPI of the previous year.

“In the past few years, the cost of these bare and DES/BVS stents has increased only by ₹3,200 and ₹9,000 respectively,” said Abhay Kumar, the National President of the Indian Pharmaceutical Association. The total cost incurred by the patients depends on the units of stents the surgery required.

To keep the price of imported stents in control, NPPA took over the regulations in 2023. “It is still in the power of the organisations and hospitals to subsidise the costs,” Kumar added.

On a positive note, the stent manufacturing setup in India is under process. In the next three years, they will be manufactured in India and the prices are expected to be accommodative.

“Once the production units are set up, the BMS and DES will cost a maximum ₹3,000 to ₹7,000 respectively,” says Kumar.

In the month of March, the NPPA also revised the cost of 700 drugs due to inflation.

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Exclusive: Airbnb CEO Brian Chesky shares insights from IPO experience

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

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Airbnb’s initial public offering (IPO) in 2020 was one of the most anticipated in the United States at the time. Shares of Airbnb more than doubled on their stock market debut, opening at $146 on the Nasdaq, way over the IPO price of $68 per share and valuing the home rental firm at just over $100 billion.

In a recent interview with CNBC-TV18, Airbnb CEO Brian Chesky shared his experience on the firm’s journey from a private unicorn to a publicly traded company. Chesky was initially reluctant towards an IPO as he was “forewarned by a lot of CEOs” but the Airbnb chief executive reckoned the process ultimately served as an exercise in trust-building and transparency.

Chesky emphasised that while there was caution surrounding the decision to go public, the process ultimately served as an exercise in trust-building and transparency.

“Before I went public, I was forewarned by a lot of CEOs, especially those that were public. The number of people who were (saying) don’t go public, wait as long as you can and these are the people that were public,” Chesky told CNBC-TV18 in an exclusive interaction.

He further added, “We weren’t against going public, but we were cautious, and we certainly weren’t in a rush to go public.”

Chesky underlined the importance of maintaining a transparent relationship with stakeholders.

“The S1 was basically like an ultimate disclosure document. And I think going public is like an act of increasing trust. You can lose trust by mismanaged expectations, but generally, the act of being public is the act of being more trusted because it’s the act of being more transparent.”

Contrary to expectations of drastic changes following the IPO, the key experience Chesky shared was that the transition to a public company didn’t significantly alter Airbnb’s operations. For instance, the quarterly earnings calls and heightened scrutiny became part of the new normal. Moreover, Chesky emphasised that many of these aspects of public company governance were already being followed by Airbnb as a late-stage private firm.

“Being a public company is not that different than being a late-stage private company. I actually think being a late-stage private company is almost like being a public company with all the downsides and the upsides. I think it’s easier to be a $100 billion public company than a $30 billion private company,” Chesky explained.

On the impact of scrutiny and expectation management on company performance, while acknowledging challenges, Chesky stressed the need for proactive communication and consistent delivery of promises.

“That exists as a private company, like, once you raise billions of dollars like you have mutual funds holding your stock, you are marked to market.”

Airbnb share price quoted at $159.98 on NASDAQ at 10.25 pm IST, over a percentage point. Since its debut, the home rental firm’s stock has given a return of nearly 15%.

With inputs from Reuters

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

Aarti Drugs Q4 results: Net profit at ₹47 crore, revenue at ₹621 crore

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

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Pharma firm Aarti Drugs Ltd on Friday, May 3, announced its audited financial results for the quarter and full year ending March 31, 2024. In Q4FY24, Aarti Drugs reported revenue of ₹621.1 crore, showing a decline of 16.4% compared to the same period last year, which stood at ₹743.3 crore.

The pharma firm with interests in Active Pharmaceutical Ingredients (API), formulation, specialty chemicals and intermediates attributed decline in revenue to lower realisations stemming from negative rate variance and subdued export market demand in APIs business.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹86.9 crore, down from ₹94.4 crore YoY, with an EBITDA margin of 14.0%. Aarti Drug’s profit after tax (PAT) for Q4FY24 was ₹47.3 crore, declining from ₹56.2 crore YoY, with a PAT margin of 7.6%.

For the full financial year FY24, Aarti Drug’s revenue came in at ₹2,532.6 crore, dropping 6.8% from ₹2,718.2 crore it posted in FY23.

Despite the decline in revenue, the EBITDA for FY24 rose to ₹320.5 crore from ₹307.8 crore YoY, with an EBITDA margin of 12.7%. The PAT for FY24 stood at ₹171.6 crore, up from ₹166.4 crore YoY, with a PAT margin of 6.8%.

Commenting on the results, Adhish Patil, CFO and COO, at the pharma firm, said, “We are pleased with our financial and operational performance in FY24 amid geopolitical uncertainties and macroeconomic factors and price volatilities. The company demonstrated resilient performance in FY24, where the topline declined by 7% YoY during the full year FY24, attributed to lower realisations stemming from negative rate variance and subdued export market demand in the APIs business. However, there has been a notable improvement in gross margins, credited to the stabilisation of input costs in the latter half of FY24 and operational efficiencies across the majority of our product lines. Furthermore, we anticipate a further enhancement in gross margins in the future, mostly driven by an upturn in selling price levels and an anticipated
growth in export sales.”

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GoFirst lenders meet on Monday to weigh options after deregistration of aircraft

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

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The bankers to cash-strapped airline GoFirst will hold a committee of creditors (CoC) meeting on Monday, May 6, to deliberate the future course of action after the Directorate General of Civil Aviation (DGCA) deregistered all 54 aircraft leased to Go First this week, CNBC-TV18 has learnt.

The deregistration of aircraft followed the orders issued by the Delhi High Court, which allowed the airline’s lessors to repossess the planes leased to the grounded airline.

While all options have been weighed, including liquidation as the last resort, the lenders are keen to protect their Pratt & Whitney claims most of all, which is expected to be a significant amount, two executives aware of the matter said. Lenders are also mulling moving court against the deregistration order, CNBC-TV18 has learnt.

“We will decide if the Delhi High Court order can be appealed in a higher court, or what is to be done in the matter,” said a person directly involved in the matter on the condition of anonymity.

In May 2023, when GoFirst filed for insolvency proceedings, its then-CEO Kaushik Khona claimed that the airline expects $1.1 billion in compensation from Pratt & Whitney, which it sued for damages for providing the airline with faulty engines, in international courts.

“GoFirst has had to take this step (filing for IBC) due to the ever-increasing number of failing engines supplied by Pratt & Whitney’s International Aero Engines, LLC, which has resulted in GoFirst having to ground 25 aircraft as of May 1, 2023,” the airline had told courts in May 2023.

While lenders are meeting on Monday to decide how to proceed, without prejudicing the Pratt & Whitney claims, there has been no formal or informal communication from the two remaining suitors on their offers for the airline and whether those still stand, said one of the people quoted earlier.

“The PRAs (prospective resolution applicants) may have been making comments to media but they have not contacted us since the order (of deregistration),” said a person directly involved in the process.

As things stand, GoFirst has received two bids for the airline, one from a consortium of SpiceJet chief Ajay Singh, along with Nishant Pitti from Busy Bee Airways, and the second from Sharjah-based Sky One, CNBC-TV18 has previously reported.

The Ajay Singh-Nishant Pitti consortium, as CNBC-TV18 had previously reported, offered ₹290 crores as an upfront payment to the GoFirst lenders to acquire the airline. In addition, the consortium had proposed to repay financial creditors in full from the proceeds they receive from the arbitration proceedings against Pratt and Whitney, said a person directly in the know.

Sky One has offered an upfront payment of ₹750 crores and another 25% of the proceeds they receive from the arbitration proceedings against Pratt and Whitney as payment to financial creditors, as CNBC-TV18 reported earlier.

Financial creditors including the Central Bank of India, Bank of Baroda and IDBI Bank have claimed more than ₹3,753 crores from the airline under IBC, including ₹1,934.4 crores claimed by the Central Bank of India, ₹1,744.5 crores by the Bank of Baroda and ₹74.4 crores by IDBI Bank.

ALSO READ | One year of Go First grounding: Experts feel only value left is in remaining employees and assets

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

Q4 results: NSE to give ₹90 dividend per share and 4 bonus shares for every 1 share held

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

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In a move to reward its shareholders, the National Stock Exchange (NSE) announced a pre-bonus dividend of ₹90 per share for the year ending FY24
amounting to a pay-out of ₹4,455 crore on Friday, May 3. It translates into an impressive 9000% dividend against the face value of ₹1 per share. 

“Recommended a final dividend of 9000% i.e. ₹90/- per equity share of ₹1/- each, fully paid up, for the financial year ended March 31, 2024. The final dividend, if approved, by Shareholders at the ensuing AGM, will be paid to the eligible shareholders on or before 30th day from the date of the Annual General Meeting. For the purpose of dividend, the paid-up share capital prior to the issue of Bonus Shares would be considered,” the company informed in an exchange filing.

Not just the dividend, the shareholders of the NSE are in for a big treat as the company also announced the bonus share issuance of four shares for each one held.

#JustIn | NSE announces dividend of ₹90/sh and bonus issue of 4-for-1 pic.twitter.com/3J0iIWn1Fp

— CNBC-TV18 (@CNBCTV18Live) May 3, 2024

The company showed a double-digit growth across most key metrics in its fourth quarter (January-March) results of the financial year 2023-24. NSE’s Q4 net profit rose 55% year-on-year (YoY) to ₹2,488 crore.

Its operating revenue surged 34% YoY to ₹4,625 crore in the January-March quarter, while NSE’s total revenue increased 35% YoY to ₹5,080 crore. The company’s operating EBITDA without additional contribution to core SGF zoomed 78% YoY to ₹3,610 crore and the same with additional contribution jumped 74% YoY to ₹3,036 crore.

#4QWithCNBCTV18 | NSE reports an increase of 34% in operating revenue and 55% YoY in net profit in #Q4FY24 pic.twitter.com/gwcrgnhzkT

— CNBC-TV18 (@CNBCTV18Live) May 3, 2024

For the full year, NSE’s profit rose 51% to ₹8,306 crore and the total revenue came in at ₹16,352 crore, showing a 28% YoY jump.

NSE’s operating revenue jumped 25% YoY to ₹14,780 crore. Its operating EBITDA without additional contribution to core SGF increased 79% YoY to ₹11,611 crore and the same with additional contribution to core SGF jumped 67% YoY to ₹9,870 crore.

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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

Q4 results: Adani Green net profit drops 70% to ₹150 crore

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

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Adani Green Energy Ltd net profit fell 70% on a year-on-year (YoY) basis to  ₹150 crore in the January-March quarter of the financial year 2023–24. The company had posted a net profit of ₹508 crore in Q4FY23. Adani Energy incurred a one-time cost of ₹80 crore during the quarter.

Billionaire Gautam Adani promoted diversified Adani Group firm’s revenue in the quarter dropped 2% to ₹2,257 crore on a YoY basis. Adani Green’s revenue in Q3FY23 was ₹2,587 crore.

#4QWithCNBCTV18 | #AdaniGreen reports #Q4Results

➡️Net profit down 70% at ₹150 cr vs ₹508 cr (YoY)
➡️Revenue down 2 % at ₹ 2,527 cr vs ₹ 2,587 cr (YoY)
➡️EBITDA down 18% at ₹ 1,851 cr vs ₹ 2,264 cr (YoY)
➡️Margin at 73.2% vs 87.5% (YoY) pic.twitter.com/UPyfFKXbIU

— CNBC-TV18 (@CNBCTV18Live) May 3, 2024

Adani Green’s EBITDA also dropped 18% to ₹1,851 crore in the fourth quarter of the financial year 2023–24. It had reported an EBITDA of ₹2,264 crore in the year-ago period.

The margin in the quarter also fell to 73.2% from 87.5% in the year-ago period.

Earlier on April 15, the company reported a 35% year-on-year increase in its operational capacity to 10,934 MW in FY24. The growth in operational capacity was driven by the addition of 2,418 MW of solar and 430 MW of wind power plants.

Following the Adani Group renewable firm’s results, shares of Adani Green dropped 2.5% on the NSE in an otherwise weak market but the shares recovered soon after. The broader NSE Nifty50 fell 1.12% to 22,394.50.

At 2.59 pm, the Adani Green Energy share price quoted at ₹1,792.05.

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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

Byju’s pays April salaries in full amid liquidity crunch

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

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Cash-strapped ed-tech company Byju’s today paid its employees their April salary in full, amid the liquidity crisis it is facing, two people directly aware of the matter told CNBC-TV18.

Byju’s has nearly 13,000 employees on its payroll, and while all have been paid their April salaries, those for February and March have yet to be paid in full for several of the staff, CNBC-TV18 has learnt.

“BYJU’S paid April salaries in full today… After two months of partial payment, this month they managed the full amount for everyone,” said an employee who did not wish to be quoted.

The salaries have been paid from the revenues generated and the debt raised by the founders earlier, said a person in the know.

Last month, Byju Raveendran reportedly raised around ₹30 crores in personal debt to meet salary obligations. The company’s monthly salary burn is approximately ₹40-50 crore, it is understood.

For the months of February and March, while the teaching staff and lowest salary grade employees were paid in full, other teams only received a partial payment, as CNBC-TV18 had earlier reported.

Byju’s had earlier sought relief from the NCLT to allow it to use proceeds from the $200 million Rights Issue to tackle the ongoing liquidity crunch, including unpaid salaries, regulatory dues and vendor payments. However, the court did not grant them any relief and will only hear the matter on June 6, 2024.

A group of four investors have opposed the rights issue and accused Byju’s of violating the National Company Law Tribunal’s (NCLT) orders by issuing shares to founders before increasing the authorised share capital under its recently concluded rights issue. The allegations were made during a hearing of the oppression and mismanagement plea filed against Byju’s by its investors, Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative and Prosus.

With no relief in sight from the court on the use of funds from its rights issue just yet, it remains unclear how the company will meet its obligations, and manage to pay its employees or vendors in the coming months.

Over the past two years, Byju’s has laid off more than 10,000 employees amidst financial and business challenges.

CNBC-TV18 recently reported that Byju’s had to resort to linking the salaries of its sales staff in two teams to the weekly revenues they generated for nearly a month, in light of the firm’s current financial challenges.

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

Delhi High Court upholds Pfizer’s exclusive rights to ‘VIAGRA’ trademark

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

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In a significant ruling, the Delhi High Court has affirmed that pharma major Pfizer is the sole and registered owner of the trademark ‘VIAGRA,’ a medication used for treating erectile dysfunction.

The court’s ruling came on a lawsuit filed by Pfizer against Renovision Exports Pvt. Ltd, which was selling its homeopathic medicine under the trademark ‘VIGOURA,’ and marketing it as ‘Nervine Tonic for Men’ and ‘Homeopathic Medicine Invented in Germany’.

The global pharma major called it an infringement on Pfizer’s trademark rights.

Presiding over the case, Justice Sanjeev Narula said that Pfizer was the original creator of the term ‘Viagra,’ while adding that the word doesn’t exist in any dictionary.

Not just that, Justice Narula underscored the pharma major’s obtaining all regulatory approvals, consistent and legitimate branding and strong online presence.

Moreover, the word’s inclusion in the Oxford dictionary further cements Pfizer’s claim as the rightful owner of the trademark.

Following the ruling, Renovision Exports has been permanently barred from using the trademark ‘VIGOURA’ and the court also asked the firm to pay nominal damages of ₹3 lakh to Pfizer.

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