Month: May 2021

COVID-19 Fight Podcast: The mucormycosis epidemic — know all symptoms, treatment and more

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

Listen to the Article (6 Minutes)

Even as India reels under the impact of rising cases of COVID-19, a deadly fungal infection called mucormycosis or commonly called “black fungus” has triggered a new health challenge. 

More than 11,000 cases of black fungus infections have been reported in the country, which has forced state governments to declare it an epidemic.

The rare fungal infection that emerged during the pandemic’s second wave has been linked with indiscriminate use of steroids and uncontrolled diabetes in COVID-19 positive patients.

But there is much more to it. 

CNBC-TV18’s Archana Shukla talks to Dr Mandar Kubal, founder and Director of Infectious Diseases and Pulmonary Care to help us understand the new epidemic.

Tune in to the first episode of CNBC-TV18’s COVID-19 Fight Podcast to find out more about mucormycosis and the ways to deal with it.

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

Explained: Why stay-vaccination packages by hotels invited Centre’s wrath

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

Listen to the Article (6 Minutes)

At a time when the hospitality industry is experiencing an unprecedented drop in business following the second wave of the COVID -19 in the country, new strategies have to be employed to stay afloat. First, it was the quarantine packages at luxury hotels for those who tested positive for the Coronavirus infection, and now the COVID-19 vaccination packages.

The idea to chill after a shot, provided by the hotel through “experts” with room service, sounds appealing to many and helps the struggling hotels too. But the Centre says these special packages are in violation of the prescribed guidelines and must be stopped immediately. Accordingly, the states and Union Territories have been directed to act against institutions offering such deals. The Centre has also recommended strict action against such entities.

According to a report in the National Herald, the Union health ministry’s letter to the states and Union Territories said, “Vaccination carried out in star hotels is contrary to the guidelines and must be stopped immediately. Necessary legal and administrative actions should be initiated against such institutions. Therefore, you are also requested to monitor and ensure that the national COVID vaccination drive is carried out as per the prescribed guidelines.”

What Exactly Does a Stay-Vaccination Package Offer?

Several hotels that had planned to attract patrons with exciting packages said they had tied up with hospitals that were supposed to send teams to vaccinate guests and look after them afterwards.

Radisson Hotel in Hyderabad’s HITEC City offered a vaccination package at Rs 2,999. This package includes a comfortable stay, healthy breakfast, dinner, free WiFi, “vaccination by experts from a renowned hospital” and “clinical consultation on request”, The Print reported.

Meanwhile, the Radisson Hotels Group has issued a statement saying this package has been offered as a localised activity.

The statement reads, “Radisson Hotel Group is not running, and does not endorse any such offers. This was a localised unit-level activity initiated by the hotel ownership without RHG’s consent. The unit is a franchised operation, managed by a third-party operator. At Radisson Hotel Group, we are committed to compliance with local government regulations at all times.”

Lalit Mumbai, another luxury hotel, also advertised two vaccination packages with room stay and meal offers. The two packages, Experience 1 and Experience 2, were priced at Rs 3,500 and Rs 5,000, respectively. However, it claimed that the offer was “misinterpreted.”

well, it seems just in sync enough with what is happening here to seems like it could be real… but i still can’t believe that it could be real…

— Amy Kazmin (@AmyKazmin) May 28, 2021

Their advertisement prompted Mumbai Mayor Kishori Pednekar to take swift action. During a surprise inspection at Hotel Lalit, vaccines were found in the refrigerator. The hotel clarified that they were offering only stay packages for those “who stay alone in the city” and that “they do not have any vaccines.”

The Rules

According to the Union health ministry guidelines, vaccination drives can be carried out at:

• Government-notified COVID-19 vaccination centres
• COVID vaccination centres run by private hospitals
• Workplace vaccination centres at government offices operated by state-run hospitals
• Workplace vaccination centres at private offices operated by private hospitals
• COVID vaccination camps for the elderly and differently-abled organised at group housing societies, RWA offices, community centres, panchayat bhawans, schools/colleges and old-age homes.

Social Media Backlash

The packages invited more criticism than applause on social media. While for some “it isn’t a bad idea,” others felt it is “unfair” as it favours those who can afford to get vaccinated in five-star hotels when the poor don’t even have an internet connection where they can log in to the CoWIN app.

How it is even possible when there is an acute vaccination shortage in the country, netizens asked.

The Indian govt’s response to the pandemic has been outrageously misdirected, vile & inadequate. I thought I’ll just collect the wildest stories here for our future selves. Could even turn it into a “Fact or Fiction?!” game.
New experiment, I may give up anytime. 🧵0/n

— Balsher Singh Sidhu (@balsher_sidhu) May 28, 2021

Hotel Vaccination Package!!
Not a bad idea☺️ @Radisson #Hyderabad #vaccine pic.twitter.com/NCKuuFgmcV

— Gaurav Dwivedi (@meGauravDwivedi) May 28, 2021

The world’s biggest vaccination drive has seen over 21.31 crore doses administered in India since January 16.

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

Zerodha’s Nithin Kamath clarifies Rs 100 crore not actual salary drawn

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

Listen to the Article (6 Minutes)

Nithin Kamath, Co-founder and CEO of the Zerodha broking platform, took to Twitter to clarify the recent news of Zerodha founders drawing a whopping Rs 100 crore annual salary. Zerodha’s board of directors recently passed a resolution that approved Rs 100 crore salary per annum to Co-Founders Nithin and Nikhil Kamath, and Seema Patil, whole-time director and wife of Nithin.

Calling the attention around the salary decision “unwanted noise”, Kamath said that the news headlines were misleading and while the private company had no obligation to clarify they were doing so as the decision was being misinterpreted.

I’m surprised by the unwanted noise around this whole salary news of @nikhilkamathcio, Seema (my wife), & me. The headlines are misleading. We are a private company & no obligations to clarify, but we thought maybe we should, as there are folks who are misinterpreting this. 1/7

— Nithin Kamath (@Nithin0dha) May 30, 2021

Kamath clarified that the Rs 100 crore figure is not the actual salary being drawn but instead a maximum figure that promoters can draw for liquidity and risk requirements.

Kamath tweeted, “Firstly the reported figure isn’t the actual salary being drawn. This is an enabling resolution that allows us as working promoters to draw salaries up to the number in case of liquidity requirements. Didn’t anticipate that this would get this much attention.”

Firstly the reported figure isn’t the actual salary being drawn. This is an enabling resolution that allows us as working promoters to draw salaries up to the number in case of liquidity requirements. Didn’t anticipate that this would get this much attention. 2/7

— Nithin Kamath (@Nithin0dha) May 30, 2021

Kamath added that while the salaries drawn will be lower than the reported figure, it will still be higher than the norm because of “de-risking” relating to brokerage firms.

“While the actual salary will be lower, it will still be high compared to the norm. Promoters don’t take out profits through salaries as it is tax-inefficient, you end up almost paying 50 percent in taxes. I had written about this before,” he explained on Twitter.

While the actual salary will be lower, it will still be high compared to the norm. Promoters don't take out profits through salaries as it is tax-inefficient, you end up almost paying 50% in taxes. I had written about this beforehttps://t.co/Dyvvo6Gc4G
6/7

— Nithin Kamath (@Nithin0dha) May 30, 2021

Explaining about risk, Kamath said, “Broking is riskier because most revenue comes from active traders with leveraged positions that carry risk, one black swan event can cause the business large losses. Also due to changing regulations, any of which can potentially impact profitability significantly”

Broking is riskier because most revenue comes from active traders with leveraged positions that carry risk, one black swan event can cause the business large losses. Also due to changing regulations, any of which can potentially impact profitability significantly. 4/7

— Nithin Kamath (@Nithin0dha) May 30, 2021

Recently Entrackr reported about the Rs 100 crore per annum salary for Zerodha co-founders Nithin and Nikhil Kamath and Nithin’s wife Seema Patil, a whole-time director in the company.

The Kamath brothers faced criticism on social media including from their industry peers after the news of the Rs 100 crore annual salary became public.

Kunal Shah, founder of CRED tweeted, “My salary is ₹3L/annum. I should have started a discount stockbroking company to add more zeros to my salary,” tagging Nithin Kamath.

My salary is ₹3L/annum.

I should have started a discount stock broking company to add more zeros to my salary.

Cc: @Nithin0dha

— Kunal Shah (@kunalb11) May 30, 2021

But many others have expressed their support to Kamath, especially after he furnished his explanation on the matter.

Vijay Shekar Sharma, Founder Paytm, tweeted, “While you are nice to offer an explanation (sic) but you don’t need to, Nithin. You got to keep building, keep inspiring and keep winning. Success is the best answer to every question. And outlier success like yours, even better.”

While you are nice to offer explanation but you don’t need to @Nithin0dha .
You got to keep building, keep inspiring and keep winning.
Success is the best answer to every question. And outlier success like yours, even better. 🤜🏼🤛🏼 https://t.co/bZv42v0GyY

— Vijay Shekhar Sharma (@vijayshekhar) May 30, 2021

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

Add HDFC or Can Fin Homes; accumulate PNB Housing Finance if you get opportunity, says Complete Circle Consultants

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

Listen to the Article (6 Minutes)

PNB Housing Finance is locked in 20 percent upper circuit post its fundraising plans.

Gurmeet Chadha, co-founder and CEO, Complete Circle Consultants, shared his views.

“I am in general positive. The entire space will grow. The entire space looks pretty exciting over the medium-term to long-term,” he said in an interview with CNBC-TV18.

“If you get an opportunity to accumulate this over the next three-six months, it is something you can add after HDFC or Can Fin Homes,” he shared.

“There is a housing revival, they will be focused on the affordable housing segment and you have something like PNB with change in management, with great valuations,” he added.

PNB has a great presence. They are in nearly 65 cities, 105 branches and they have the muscle power to scale the home loan business, he said.

For the full interview, watch the accompanying video

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

J Kumar Infra wins Rs 1,300 crore order from MMRDA

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

Listen to the Article (6 Minutes)

J Kumar Infra won Rs 1,300 crore order from MMRDA. “This is a Rs 1,300 crore job connecting from Andheri DN Nagar till BKC via Mahim, which is a 12 kilometre long elevated corridor with around 10 stations,” said Nalin Gupta, MD of the company in an interview with CNBC-TV18.

“With this, our order book stands at almost Rs 12,000 crore as of now. The duration for completion of this project is 30 months,” he added.

On order book, he shared, “I see a healthy order book coming forward for this year for J Kumar Infra.”

In terms of labour strength, he said, “There is a drop of nearly 30 percent but I would say that looking at the first wave of COVID-19, it was much bad and labour strength had dropped to almost 15 percent and it took a couple of months to see the turnaround. However, in second wave of COVID-19, the labour attrition rate is comparatively less.”

“The labour understanding the fact that being in metro cities they are much safer, they have started coming back. By June end, we should be at our pre-COVID level is what we are anticipating looking at the response that we are getting from the labour contractors.”

For the full interview, watch the accompanying video

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

Expect businesses to pick up in June, says Action Construction Equipment

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

Listen to the Article (6 Minutes)

Action Construction Equipment (ACE) reported its Q4FY21 numbers. Sorab Agarwal, Whole-Time Director of the company discussed the fine print and the outlook going ahead.

“We do expect things to pick up sometime in June as the lockdowns are being eased,” he said.

On cranes business, he mentioned, “Things have slowed down for the last one and a half months but surprisingly, in the last one week we are seeing the momentum and inquiries which is a very good sign,” he added.

In terms of guidance, he shared, “Q1FY22 will be slow to the tune of around 35-40 percent. I would like to add that we are still hopeful of 10-15 percent growth in revenue and maintaining or improving our margins a little bit more from hereon is still possible.”

“By Q2FY22, things will be much clearer in terms of how business is going to pan out,” he mentioned.

For the full interview, watch the accompanying video

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

Explained: Benefits available under EPFO scheme for COVID-hit families

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

Listen to the Article (6 Minutes)

Amid the COVID-19 pandemic, the Ministry of Labour and Employment has announced a slew of changes under the Employees’ Provident Fund Organization (EPFO). These benefits include pension for dependents of insured persons with Employees’ State Insurance Corporation (ESIC) who died due to COVID-19 and a hike in maximum sum assured under the group insurance scheme Employees’ Deposit Linked Insurance Scheme (EDLI).

These measures, according to market experts, will provide much-needed support to the subscribers and their families, while protecting them from financial hardships.

Let’s understand the measures in detail:

Increase in deposit linked insurance benefits to Rs 7 lakh

The EPFO has hiked the maximum assurance benefit to up to Rs 7 lakh under the Employees’ Deposit Linked Insurance (EDLI) scheme. This scheme is a mandatory insurance cover provided to all subscribers of the EPF scheme.

Under EDLI, the registered nominee receives a lump-sum payment in the event of the death of the person insured, during the period of the service. However, the claim amount depends on the salary drawn in the last 12 months of the employment of the deceased (this will be subject to a maximum of Rs 7 lakh now).

The minimum death cover has been increased to Rs 2.5 lakh effective retrospectively from February 15, 2020.

According to Pooja Ramchandani, Partner, Shardul Amarchand Mangaldas & Co, this is a beneficial change not only because of increase in the quantum of benefit but also because it can be availed irrespective of change in employment, thereby will render financial support to the families of the deceased member.

Minimum assurance benefit of Rs 2.5 lakh to eligible family members of employees who was a member for continuous 12 months in one or more firms

The minimum assurance benefit of Rs 2.5 lakh will be provided to eligible family members of deceased employees who was a member for a continuous period of 12 months in one or more establishments preceding his/her death in place of the existing provision of continuous employment in the same establishment for 12 months.

Availability of second COVID-19 advance

EPFO has allowed its over five crore subscribers to avail of the second COVID-19 advance in view of the second wave of coronavirus infections in the country. Under this provision, non-refundable withdrawal to the extent of the basic pay and dearness allowances (which forms basic wages) for three months or up to 75 percent of the amount standing to member’s credit in the EPF account, whichever is less, is provided.

The provision and process for withdrawal of the second COVID-19 advance are the same as in the case of the first advance.

Earlier last year, the retirement fund body had allowed its members to withdraw COVID-19 advance to meet exigencies due to the pandemic.

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