ICON to utilise $1.2 million seed fund for product and team expansion

Internet-first direct-to-consumer luggage and travel accessories startup ICON has successfully raised $1.2 million in a seed funding round. The funding was spearheaded by DSG Consumer Partners, with participation by a host of other angel investors.

In an interview with CNBC-TV18, Mohammad Patel, the CEO of ICON, stated that the raised funds would be instrumental in enhancing the existing product line, expanding the company’s workforce, fortifying the distribution network, and enriching the product portfolio.

Patel underscored the immense potential of the Indian luggage market, citing recent industry reports. With an estimated worth of approximately Rs 20,000 crore, the Indian luggage market is projected to witness a robust annual growth rate of 14% over the next three years, followed by a sustained growth rate of 11%.

Notably, nearly half of this market remains unbranded, presenting a significant opportunity for ICON to penetrate and establish a formidable presence. Furthermore, Patel highlighted that 35% of the market pertains to the mass premium segment.

Patel remarked that ICON aims to capitalise on the unbranded space within the luggage market and solidify its position in the mass premium segment.

Looking ahead, ICON harbours ambitious plans to diversify its retail presence. The startup envisions establishing its maiden offline retail store by 2025, thereby complementing its online presence with a tangible brick-and-mortar footprint.

Watch the accompanying video for the entire conversation.

 5 Minutes Read

India-Iran Chabahar Port deal faces US sanctions threat and geopolitical challenges, say experts

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

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Summary

India and Iran on Monday (May 13), signed a 10-year contract for the operation of a terminal at the Chabahar Port in Iran. The Chabahar Port will connect India with Russia via Iran. The initiative aims to create alternative trade routes around Pakistan’s Karachi and Gwadar Ports.

India has recently signed a landmark 10-year agreement to operate the Chabahar Port in Iran, a strategic initiative aimed at enhancing trade routes and connectivity in the region.

However, this ambitious project faces significant geopolitical hurdles, primarily from the United States, which has warned that any business engagements with Iran could attract sanctions.

In response to the US warning, India’s Foreign Minister, S Jaishankar emphasised that the Chabahar Port deal will benefit the entire region. He urged stakeholders to view the initiative beyond narrow political lenses, highlighting its potential to foster trade and economic growth across Central and West Asia.

KC Singh, a former Indian envoy to Iran cautioned that dealings with Iran are fraught with complexities due to its geopolitical strategies and relationships with major powers like China and Russia. He highlighted that Iran often engages in intricate geopolitical games, leveraging its ties with various countries to its advantage.

Singh also underscored the logistical and bureaucratic challenges that India might face in optimising the use of the port, noting the necessity of establishing substantial infrastructure for storage and transport to fully capitalise on the port’s potential.

“Any agreement with Iran is not always straightforward,” Singh remarked. “You are drawn into a geopolitical game involving multiple players, including the Chinese who have vested interests in nearby ports like Gwadar.”

Former Indian Ambassador to the WTO Jayant Dasgupta echoed Singh’s concerns, pointing out the long-term nature of the project and the potential for significant obstacles, including US sanctions and financial constraints from the Iranian side. He also highlighted the strategic competition with China, which might attempt to undermine India’s foothold in Chabahar to protect its interests in Gwadar.

“This is just the beginning of a challenging journey,” Dasgupta noted. “The Chinese will likely try to impede India’s progress in Chabahar, ensuring that we do not gain a significant strategic advantage.”

On May 13, India and Iran formalised the 10-year contract, signed by Indian Ports Global Ltd and the Port & Maritime Organisation of Iran. The agreement was witnessed by India’s Ports, Shipping and Waterways Minister, Sarbananda Sonowal and Iran’s Minister of Roads and Urban Development, Mehrdad Bazrpash.

The Chabahar Port is strategically significant as it aims to connect India with Russia via Iran, creating an alternative trade route bypassing Pakistan’s Karachi and Gwadar ports. This initiative is expected to bolster India’s trade links with Central and West Asian countries, providing a vital corridor for economic activities.

Watch the accompanying video for the entire conversation.

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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No defaults or delays in loan obligations says Embassy Group amid ratings downgrade

Real estate developer Embassy Group attracted market attention on Friday after Acuite Ratings downgraded its long-term rating. The rating was adjusted from ‘PP-MLD Acuite B+’ to ‘PP-MLD Acuite C’, with the downgrade attributed to previous delays in servicing term loan obligations.

Despite this downgrade, Jitendra Virwani, Chairman & Managing Director of Embassy Group, clarified in an interview with CNBC-TV18 that the company has maintained a timely record on loan obligations. “The term loan obligations in question have never experienced delays; they’ve always been paid on schedule. The rating agency is referring to past issues, but as of now, all our loans are fully up to date,” he stated.

Virwani also pointed out that last year, Embassy Group significantly reduced its debt by Rs 2,900 crore and plans to further decrease its debt by a substantial amount by the end of December.

On the same Friday, Bengaluru-based Embassy Office Parks REIT saw its shares fall by approximately 1.69%, closing at 339.05. The company, with a market capitalisation of 32,169.62 crore, has delivered returns of around 7% over the past six months.

Watch accompanying video for entire conversation.

Lok Sabha Election 2024: What rural Delhi wants

In Delhi, all 7 Lok Sabha constituencies boast urban villages, yet the North-West, West, and South Delhi constituencies retain a substantial rural electorate. The needs and desires of voters in these regions markedly differ from their urban counterparts.

Merely 15 kilometers from the prestigious Yashobhoomi Convention Centre lies Kharkhadi Jatmal village, bereft of adequate civic infrastructure despite its proximity to the National Capital. A dire concern for residents is the irregular supply of piped water, forcing reliance on tubewells, allegedly leading to health issues, including cancer, due to water quality.

Urbanisation shoulders much of the blame for the water scarcity, as it has dried over 100 lakes, spelling doom for an agrarian community. The encroachment of arable land for urban projects compounds worries, with disillusionment over unmet governmental promises.

It’s not that the Centre hasn’t tried to urbanise Delhi’s villages. The Delhi Development Authority’s land pooling policy to procure village land for development with urban infrastructure requires 70% of the land to be contiguous and without any encumbrances. However, the response from landowners has been tepid due to what they call a faulty policy. Ambiguity persists regarding the provision of developed land in exchange for acquired plots.

In the rural area of Outer Delhi, security concerns loom large, exacerbated by vast open spaces and inadequate infrastructure, including poorly lit roads and limited transportation. Residents clamour for increased police presence and improved safety measures.

Political parties, cognisant of these issues, proffer assurances. Mahabal Mishra of AAP pledges to prioritise the welfare of rural areas, advocating for improved educational access and addressing commuting hardships. Khemchand Sharma of the Delhi BJP cites initiatives like electric buses and expressways, promising fair compensation for land acquisition.

Despite these pledges, scepticism prevails among some voters, particularly parents aspiring for better opportunities for their children. Grievances encompass the lack of science education options in schools, hindering career aspirations.

Electoral concerns in Delhi’s rural landscape transcend caste affiliations, encompassing calls for tax relief, structured urbanisation, equitable land policies, and parity in civic amenities with urban areas. There may not be a separate rural constituency in Delhi, but the rural vote bank is clearly not one to ignore for any political party.

 5 Minutes Read

India should target 9-10% growth instead of 6-7%: Sachin Pilot

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

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Summary

In the context of ongoing elections, Pilot observed a discernible shift in voter sentiment towards change rather than a wave in favour of BJP. He pointed out a noticeable shift in the rhetoric of BJP leaders from self-assurance to divisive language, indicating a defensive stance.

Sachin Pilot, a prominent leader of the Indian National Congress (INC), in an interview with CNBC-TV18, articulated his views on various crucial aspects ranging from economic policies to the ongoing elections and the party’s manifesto priorities.

Pilot emphasised that India should be targeting a growth rate of 9-10% instead of achieving just 6-7% growth. He added that India missed opportunities, particularly during the COVID-19 pandemic, when it could have capitalised on sentiments against China.

“Congress governments—whenever we’ve had a chance to serve the people of this country—have had an impeccable record of having a very smooth and stable economic policymaking. Continuity is something that has been the hallmark of our country and our economy. But I think there are a lot of missed opportunities,” Pilot said.

He said other Asian countries—The Philippines, Taiwan, and others took advantage of the pandemic. “(As for) the capital outflows out of China, the natural alternate destination should have been India, I think we missed that boat also.”

He said the most worrisome factor, in his opinion is national debt.

“….when Congress lost power in 2014, the national debt was about 50 lakh crore, today, it’s ₹250 lakh crore. Of course, the fundamentals have to be key to our economy, there is no question of tinkering with those. The trajectory of the economy should be 9-10% growth, not 6-7% that we’ve been able to achieve,” Pilot stated.

In the context of ongoing elections, Pilot observed a discernible shift in voter sentiment towards change rather than a wave in favour of the BJP. He pointed out a noticeable shift in the rhetoric of BJP leaders from self-assurance to divisive language, indicating a defensive stance.

Pilot reiterated the key points of Congress’s manifesto, emphasising financial incentives for the poorest families, assured procurement for farmers, and increased MNREGA payments to combat inflation. He underscored the party’s commitment to creating wealth for all segments of society, rejecting divisive narratives and focusing on inclusive development.

Pilot also condemned divisive rhetoric from certain quarters, denouncing statements that aimed to stoke communal tensions.

Watch the accompanying video for the entire conversation.

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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Lendingkart raises $10 million via ECB, aims to diversify into secured loans and credit card segment

Lendingkart, an MSME lending platform, has secured $10 million through external commercial borrowing (ECB) from BlueOrchard Fund. The infusion of funds comes in the form of non-convertible debentures, which have been listed on the India International Exchange in Gift City.

Harshvardhan Lunia, co-founder of Lendingkart, in an interview with CNBC-TV18, highlighted the company’s commitment to supporting micro and small businesses, stating, “Almost 90% of our business is priority sector lending, and almost 80% of our business is covered under Credit Guarantee Scheme of the central government.

So we do a lot of Mudra loans and short-term loans to micro and small businesses. So with this fundraise we will further our agenda of supporting the MSMEs in their growth journey.”

Lunia highlighted that over the next 24 months, the company aims to diversify its offerings into secured loans and explore opportunities in the credit card segment.

Established in 2014, Lendingkart operates from multiple offices across India including Ahmedabad, Bengaluru, Mumbai, and Gurugram. The company has raised approximately 1,100 crore in equity funding from investors and is recognised for leveraging innovative financial instruments such as a unified depository for the issuance of ISIN for foreign currency bonds.

Lendingkart’s loan book currently stands at over 7,000 crore, with the recent $10 million infusion being a part of its ongoing efforts to bolster its balance sheet. With a balance sheet nearing 2,000 crore, the platform remains committed to deploying funds to support its clientele of micro and small businesses. Notably, Lendingkart extended loans totalling 5,600 crore to such enterprises last year.

In a separate development, Amazon Web Services (AWS) at its flagship annual event, AWS Summit in Bengaluru announced the availability of its generative AI app-building platform, Amazon Bedrock, in the Asia Pacific region, with the Mumbai region being highlighted.

Vasi Philomin, Vice President of Generative AI at AWS stated that, with the general availability of Amazon Bedrock in the Mumbai region, AWS aims to empower organisations, including those in the public sector and regulated industries, to harness the power of generative AI and accelerate their digital transformation journey.

While acknowledging the nascent stage of generative AI adoption in India, Philomin emphasised the vast opportunities it presents for enterprises and startups to enhance operational efficiency and augment human performance. He cited Healthify, a startup leveraging AWS’s generative AI services to enhance call center analytics solutions, as a testament to the transformative impact of this technology on business outcomes.

Watch the accompanying video for the entire conversation.

From buttermilk to ice cream: How beverage and dairy brands are capitalising on the summer boom

FMCG, dairy, summer, early summer, summer season, fmcg growth summer season, mother dairy, ice-cream, pepsi co, pepsi, summer, cola,

As mercury levels soar and heat wave conditions grip various parts of India, beverage and dairy companies are experiencing a welcome boost in sales. The scorching weather may be a challenge for many, but it’s proving to be a boon for businesses dealing in thirst-quenching beverages, curd, buttermilk, and ice creams.

According to Jayen Mehta, Managing Director of Amul, the leading dairy cooperative in India, the growth in sales has been remarkable, reaching up to 30%. Specific regions such as Uttar Pradesh, East India, South India, and Maharashtra are witnessing even higher growth rates ranging from 35% to over 50%.

Manish Bandlish, managing director of Mother Dairy, echoes this sentiment, highlighting that the summer season has been exceptionally favourable for the industry, with sales skyrocketing by over 40% in many product categories.

Mother Dairy, established under the initiative of ‘Operation Flood’, has played a vital role in making India self-sufficient in milk production. Today, Mother Dairy offers a diverse range of products including milk, cultured products, ice creams, and more, under its trusted brand.

Bandlish also highlighted the importance of innovation in meeting consumer preferences, by stating, “People are looking at a lot of innovation. People are looking for any organisation to give them some exciting new products. So when we look at our new launches, for example, it’s a combination of Indian flavours, coupled with some international flavours.

There is a market for youngsters who want something very exciting, so we give them a new international flavour. Some traditional people want to continue with the same Pista Kulfi and all that, so we definitely want to give them the right product. So it’s a combination of both that we do.”

Meanwhile, Amul recently announced its expansion into the US market by introducing a range of milk variants to cater to the Indian diaspora and Asian communities. Jayen Mehta stated that Amul’s fresh milk products including Amul Gold, Amul Shakti, Amul Taaza, buttermilk, curd, paneer etc will be available soon to customers in the US.

He also highlighted that protein-rich offerings, organics, and probiotics will be the growth drivers for Amul going ahead.

Watch the accompanying video for more.

 5 Minutes Read

PVR INOX CFO maintains guidance on growth despite slower ticket price rise

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

 Listen to the Article (6 Minutes)

Summary

Multiplex firm PVR Inox on Tuesday reported narrowing net loss at ₹90 crore for the quarter ending March 31, 2024. It had a net loss of ₹285.7 crore in the year-ago period. The company’s revenue rose 11% year-on-year to ₹1,290 crore in the quarter under review.

PVR Inox reported its financial performance for the quarter ending March 31, 2024, on Tuesday, May 14, showcasing a significant reduction in net loss compared to the corresponding period last year.

Despite challenges posed by fluctuating footfalls and ticket prices, the company saw a rise in revenues and operating profits.

The company recorded a net loss of 90 crore in Q4 FY24, a substantial improvement from the 285.7 crore loss reported in the same quarter of the previous fiscal year.

This positive trajectory was complemented by an 11% year-on-year revenue rise, amounting to 1,290 crore.

Speaking to CNBC-TV18, Nitin Sood, the Chief Financial Officer of PVR Inox, acknowledged the dip in footfalls during the quarter due to the absence of major film releases, but maintained the guidance on growth.

“In Q4, you would have noticed our footfalls, were slightly lower than Q2 and Q3- because there were not very big firms, our average ticket price growth was negative during the quarter. However, we still maintain our guidance to get to inflation led growth of 3-4%. But, during the course of last financial year, we had ticket price growth of almost 10% because of the way the merger synergies played out. I think this year ticket price growth is going to be slightly lower,” Sood stated.

Ajay Bijli, Managing Director of PVR Inox, expressed optimism about the upcoming film lineup, particularly highlighting the potential of South Indian films like “Pushpa 2” and “Kalki,” alongside the popularity of certain genres in Hindi cinema.

PVR Inox continued its expansion efforts by adding 33 new screens across six properties during the quarter.

Presently, the company operates 360 cinemas encompassing 1,748 screens spread across 112 cities.

Sood added that PVR Inox is committed to enhancing cinema accessibility through initiatives like Passport, a subscription service offering discounted weekday movie experiences.

However, with a focus on driving admissions, the company anticipates a slower ticket price growth trajectory in the current fiscal year.

Despite the positive operational developments, PVR’s shares witnessed a marginal decline of approximately 1.4% during the trading session, closing at 1297.45.

The Gurugram headquartered company presently commands a market capitalisation of 12732.45 crore and has delivered negative returns of around 21% over the last six months.

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
Quiz
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Win WRX (WazirX token) worth Rs. 1500.
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Should Elon Musk be able to buy Twitter?

Lok Sabha elections phase 4 witnesses around 67% voter turnout, experts weigh in on key contests

The fourth phase of the Lok Sabha elections 2024 saw 96 constituencies across 9 states and the union territory of Jammu and Kashmir exercising their democratic right. This phase witnessed a voter turnout of 67.3% as against 69.9% in 2019.

Phase four marked the final showdown in the south, with Andhra Pradesh and Telangana casting their votes.

In Andhra Pradesh, both Lok Sabha and state assembly elections were held simultaneously where Chief Minister Jagan Mohan Reddy is seeking a second term. All 25 Lok Sabha seats in Andhra and 17 seats in Telangana went to polls. However, the electoral process was marred by controversies.

BJP candidate Madhavi Latha faced scrutiny after being caught on video asking burqa-clad women to lift their veil, sparking outrage and resulting in legal action against her. Additionally, incidents of violence, including an altercation involving a sitting MLA of the YSR Congress Party, tarnished the voting process.

In an interview with CNBC-TV18, Gopal Krishna Agarwal, spokesperson of BJP highlighted a surge in support for the party in southern states, attributing it to a desire for change and dissatisfaction with incumbent governments plagued by corruption allegations.

“If you look at southern states there is a big wave for BJP, there is a big support whether it is in Telangana or Tamil Nadu or even Kerala for that matter. There are people who want a change.

They have seen in North India where BJP governments are there, how the penetration of government schemes have gone down to the last person in a targeted way. They have seen how the growth is taking place whether it is in Uttar Pradesh or other states. People in the south want a change, they want to get rid of the corrupt governments whether it is DMK in Tamil Nadu or YSR in Andhra Pradesh. So, there is a big support for the BJP in the south,” Agarwal stated.

The Hindi heartland witnessed 35 constituencies going to polls across five states, notably Uttar Pradesh, Madhya Pradesh, and Bihar.

In UP, the Samajwadi Party battled to maintain its stronghold, with Akhilesh Yadav in contention. Madhya Pradesh saw 8 constituencies, including Indore, where the Congress candidate withdrew, prompting calls for voters to opt for “NOTA.”

In Bihar, the spotlight was on Begusarai, where Union Minister Giriraj Singh aimed for his third Lok Sabha victory. In 2019, Giriraj Singh won against Kanhaiya Kumar who is now a Congress candidate from Delhi.

Political analyst Sajjan Kumar highlighted Bihar as a state where BJP’s dominance might face a slight challenge due to candidate selection and anti-incumbency sentiments. Kumar stated, “Bihar is an interesting state because, besides Maharashtra, Bihar is one state where in BJP tally may take a slight dip.

One of the reasons is that perhaps in their overconfidence BJP fielded not that relatable candidates in certain constituencies and that is why the RJD candidate profile in certain constituencies is better. And that is why you find the anti-incumbency factor. Begusarai I am confident that despite all the talk, Giriraj Singh will sail through comfortably because of the demographic and Modi hype.”

In West Bengal, eight seats were up for grabs amidst a fierce battle between the ruling Trinamool Congress (TMC) and the Bharatiya Janata Party (BJP). Krishnanagar witnessed a particularly intense battle between TMC’s Mahua Moitra and BJP’s Amrita Roy.

Adhir Ranjan Choudhary, the only Congress MP from Bengal faced a tough fight from former cricketer Yusuf Pathan who is contesting on a Trinamool ticket. Adhir Ranjan is seeking to win his fourth consecutive Lok Sabha Election. However, sporadic violence was reported in some regions of the state today as well.

In Odisha, the state is voting for four Lok Sabha seats and 28 assembly constituencies. Naveen Patnaik-led Biju Janata Dal is trying to retain power in the state with a sixth straight term for the chief minister. The fight is for 147 assembly seats that will be voting in four phases with the first phase starting today. The BJP is hoping to form a government in the state for the first time on its own. The state has 21 parliamentary seats and the four seats voting today were won by the BJP in 2019 Lok Sabha polls.

Maharashtra, on the other hand, witnessed 11 constituencies voting, including the highly contested battle in Beed, where Pankaja Munde, daughter of late BJP stalwart Gopinath Munde, squared off against Bajrang Sonwane of the Nationalist Congress Party.

Watch the accompanying video for the entire discussion.

Lok Sabha Election 2024: Shiv Sena UBT’s Arvind Sawant highlights Uddhav Thackeray’s vision for Mumbai’s progress

As Mumbai heads to the polls in the fifth phase of elections on May 20, the Uddhav Thackeray faction of Shiv Sena has intensified its promises of development and infrastructure to propel the city forward.

Speaking to CNBC-TV18, Arvind Sawant, contesting from Mumbai South, emphasised the pivotal role played by Thackeray in driving key initiatives for Mumbai’s development, citing examples such as the Coastal Road project and the proposed theme park at the iconic Race Course.

“As far as Mumbai is concerned, Uddhav Thackeray had given some projects for the Mumbaikars like the Coastal Road, the theme park at the Race Course. BJP may be taking credit for it, but money is from the municipal corporation, which is ruled by councillors of Shiv Sena (UBT) and guided by Uddhav Thackeray. So as per Uddhav Thackeray’s directive and guidance, the Coastal Road has gone ahead,” Sawant stated.

He added that the Centre placed hurdles in the city’s development plans, citing Thackeray’s vision to develop the east coast of Mumbai, including plans for a convention centre and tourism hub, which unfortunately faced setbacks due to the central government’s inaction.

Sawant stated that inflation and unemployment are national issues, but better infrastructure remains the key for Mumbai.

In the 2019 Lok Sabha elections, Arvind Sawant of Shiv Sena defeated Congress’s Milind Deora by a margin of 1,00,067 votes, securing a total of 421,937 votes with a vote share of 52.64%. Deora received 321,870 votes with a vote share of 40.15%.

Watch the accompanying video for the entire conversation.