Month: November 2021

Delhi nursery admissions 2022-23: Application process to begin on Dec 15

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

Listen to the Article (6 Minutes)

The Delhi government’s Directorate of Education (DoE) announced today that the application process for nursery admissions in private schools will start on December 15. The admission process is quite similar to the one followed in previous years.  

As per the DoE schedule, all private schools must upload their criteria for admission by December 14, with the application process beginning the following day. January 7 will the deadline to submit applications, while the schools will release the first list of selected students and the waiting list on February 4. If necessary, a second list will be released on February 21 and subsequent lists, if any, will be issued on March 15. The process will end on March 31, according to the schedule.

The DoE said this schedule will apply to admissions for entry-level classes in Delhi’s private schools — nursery, kindergarten or class I, depending on the school.

Also read: Mumbai schools reopening for classes 1 to 7 delayed to Dec 15 amid Omicron threat

While schools have the freedom to formulate their admission criteria, the DoE has put in place conditions to prevent discrimination. These directions prohibit taking into account parents’ educational qualifications, consumption habits (food and drink), their professions/expertise, oral interviews or a preferential system, such as first-come-first-served.

It is common for many schools to allot points to applicants based on how far they live from the school, whether or not they have siblings in the same institute and if a parent is an alumnus.

The applicants must be 3, 4 and 5 years old for admission to nursery, kindergarten and Class I, respectively, as of March 31, 2022.

All schools must set aside 22 percent of their seats in these classes for students from economically weaker sections (EWS) and 3 percent for children with special needs. Admissions in these categories are conducted through a draw of lots, the schedule for which the directorate will release later.

The super-competitive admission process to entry-level classes for the 2021-22 academic year saw a major delay because of the pandemic, and had begun only in February.

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

US consumer confidence falls in November to nine-month low

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

Listen to the Article (6 Minutes)

US consumer confidence fell to a nine-month low in November, clipped by rising prices and lingering concerns about the coronavirus.

The Conference Board reported on Tuesday that its consumer confidence index dropped to a reading of 109.5, down from 111.6 in October. It was the lowest reading since the index stood at 95.2 in February and would not include the ramifications of omicron, a new variant of the coronavirus that has begun to spread.

Also Read | Jerome Powell says COVID variant clouds inflation, economic outlook

The Conference Board said that concerns about rising prices and to a lesser degree lingering worries about the delta variant were the primary drivers of the decline.

There was an even larger drop this week in the University of Michigan’s gauge of consumer sentiment, which fell in November to a decade-low for many of the same reasons.

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

Covishield’s effectiveness in fully vaccinated individuals 63% during second wave: Study

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

Listen to the Article (6 Minutes)

New Delhi: The vaccine effectiveness of Covishield against the COVID infection in fully vaccinated individuals was found to be 63 per cent between April and May when the second wave was at its peak in India, according to a new study. It was published in ‘The Lancet Infectious Diseases’ journal and included a comparison between 2,379 cases of confirmed SARS-CoV-2 infection and 1,981 controls. The vaccine’s effectiveness against SARS-CoV-2 infection in fully vaccinated individuals was found to be 63 per cent.

The Science and Technology Ministry shared the study in an official statement. “More importantly, the scientists also observed that the spike-specific T-cell responses were conserved against both the delta variant and wild-type SARS-CoV-2. Such cellular immune protection might compensate for waning humoral immunity against the virus variants and prevent moderate-to-severe disease and need for hospitalisation,” the study said.

The ministry said this study provides comprehensive data on the real-world vaccine effectiveness and immunological response to vaccination which should help guide policy. A multi-institutional team of Indian researchers led by Translational Health Science and Technology Institute (THSTI) evaluated the real-world vaccine effectiveness of Covishield during the SARS-CoV-2 infection surge between April and May 2021, in India. They also assessed neutralising activity and cellular immune responses against the variants in healthy vaccinated persons to understand the mechanisms of protection.

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

India to see double-digit growth this fiscal: CEA

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

Listen to the Article (6 Minutes)

Chief Economic Adviser (CEA) K.V. Subramanian on November 30 said India is expected to log double-digit growth in the current financial year, aided by rising demand and a robust banking sector. He also said the seminal second generation reforms would help the country grow over 7 percent during this decade.

India’s GDP growth stood at 8.4 percent in the second quarter of 2021-22, with the economy surpassing the pre-COVID level, official data showed on November 30.

With regard to fiscal deficit, he said the budget estimate is likely to be met. The government estimates fiscal deficit at 6.8 percent of gross domestic product (GDP) for the current financial year ending March 31, 2022.

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

Startup Digest: Parag Agrawal new Twitter CEO, Snapdeal targets $250-mn IPO in 2022: Report

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

Listen to the Article (6 Minutes)

Parag Agrawal takes over from Jack Dorsey as Twitter CEO

Parag Agrawal, an IIT-Bombay graduate has stepped into Jack Dorsey’s shoes as the CEO of microblogging site Twitter.

With this, Twitter becomes the sixth major tech company to be led by a person of Indian origin, the others being Alphabet, Microsoft, Adobe, IBM and VMWare.

Agrawal has served as the company’s chief technology officer (CTO) since 2017, and has been responsible for the company’s technical strategy.

Prior to being appointed CTO, Parag was recognised as Twitter’s first distinguished engineer due to his work across revenue and consumer engineering, including his impact on the re-acceleration of audience growth in 2016 and 2017. Before Twitter, Parag has briefly worked at Microsoft, Yahoo!, and AT&T Labs.

Parag, who is now the youngest CEO in the S&P500, will receive an annual salary of $1 million plus bonuses. Agrawal will also receive restricted stock units valued at $12.5 million that will vest in 16 equal quarterly increments, starting February 1, 2022, along with performance-based restricted stock units in April 2022.

Snapdeal targets $250-mn IPO in 2022: Report

Online retailer Snapdeal plans to file preliminary documents in the next few weeks for an initial public offering (IPO) of $250 million, according to Bloomberg News.

The e-commerce giant aims to go public in early 2022 after filing the draft red herring prospectus (DRHP). Snapdeal plans to raise at least $200 million at a $1.5-billion valuation, the report added.

Snapdeal had considered raising about $400 million at a valuation of up to $2.5 billion, Bloomberg News reported in September. But now it is hoping instead to replicate the strong showings of fellow online e-commerce firms like food delivery platform Zomato and beauty retailer Nykaa.

Snapdeal’s largest shareholders, which also include BlackRock Inc, Temasek Holdings and eBay, are not selling shares.

Zomato launches Zomato Wings to connect investors with restaurants

Online food delivery platform Zomato has announced the launch of Zomato Wings, a platform to connect investors with restaurants.

By curating a set of restaurants and cloud kitchens that could become rocket ships, if fuelled with equity capital, the startup aims to build the go-to platform for venture capital firms, angel investors, family offices and others that are looking to make private investments in restaurants and cloud kitchens, it said in a blogpost.

The food delivery and restaurant aggregator noted that while some large chains have attracted investors, it has barely scratched the surface — in the last three years, only about 25 restaurants and cloud kitchens saw Series A or larger equity funding rounds, as per Tracxn. There are thousands of budding restaurants that may not have the expertise or focus to fundraise at the right time from the right investors, Zomato said, adding that this is where it wants to help.

Zomato said its role would be limited to being a facilitator of fundraising for restaurants. The firm will help restaurants position their stories and metrics in the right manner and connect them with the right investors, it added.

Flipkart’s social commerce biz Shopsy reports 4X revenue growth

Flipkart’s social commerce platform Shopsy has reported 4X revenue growth during the festive period as compared to the non-festive sale period.

The platform’s active user base is said to have grown 3.7X of what it was during the non-festive period. On Shopsy, categories, including fashion, beauty, general merchandise and home (BGMH), have led its growth in October 2021, according to reports.

Since July 2021, Flipkart said Shopsy has received an overwhelming response from consumers and resellers across the country who hopped onto the platform for their ‘shop & earn’ needs.

According to a recent Bain & Company report on ‘How India Shops Online – 2021,’ social commerce is set to democratise e-retail, with three in five social shoppers coming from tier 2 and smaller towns.

The report expects that social commerce, which is a $1.5-2 billion market today, will be worth as much as $20 billion in just five years — and will likely hit nearly $70 billion by 2030. In short, India’s social commerce sector will be twice the size of the current e-commerce market within 10 years.

Simplilearn announces first-ever ESOP buyback worth Rs 48.74 cr

Digital economy skills training platform Simplilearn has announced its first-ever Employee Stock Option Plan (ESOP) buyback worth Rs. 48.74 crore.

This event is the first time ESOPs have been bought back by the company. The buyback was undertaken as part of the recent investment by Blackstone earlier this year, the company said in a statement.

The company had offered active employees to liquidate up to 25 percent of their vested ESOPs as part of this buyback. Sixty-five percent of the active employees with ESOPs liquidated their options as part of this buyback process. The company also rewarded all these employees with additional new ESOPs, it claimed.

Simplilearn is further strengthening its global team by hiring leaders across all levels in the Indian and US markets.

“Continuing on our growth path, with the Blackstone investment and renowned leaders joining us, we look forward to expanding our offerings and the corresponding employee base significantly over the next couple of months. With enterprise and university partnerships in the pipeline, in both India and globally, we foresee a significant boost in Simplilearn’s business,” said Krishna Kumar, Co-Founder and Chief Executive Officer, Simplilearn.

SaaS company Nuclei announces maiden buyback from employees

Bootstrapped SaaS startup Nuclei has announced its maiden buyback from employees, which was facilitated by Trica Equity.

As per the company, all 102 current employees and past employees were eligible for the buyback. Founded in 2018, Nuclei has been bootstrapped since its inception and has never raised any external funding.

“We are proud to say that we did our first buyback within three years of inception and we will continue to do more buybacks regularly,” said Ankur Joshi, the Founder & CEO of Nuclei.

The startup is a plug and play merchant marketplace that provides the consumer tech architecture to banks to enable them to go live with any third party service or product quickly while providing a seamless experience. They are currently working with over 18 banks like State Bank of India, ICICI Bank, Canara Bank and others.

LazyPay starts ‘buy now pay later’ EMI option; says it will bridge credit gap

LazyPay, a  now pay later solution by PayU Finance, has started ‘LazyPay EMI,’ where merchants can offer instant card-less EMI option to their consumers for ticket size up to Rs 1 lakh.

The EMIs will range from 3-12 months, with zero to minimal interest. Consumers can choose from various flexible repayment options, selecting the mode most convenient to them, the company said in a statement.  It is currently live on partner platforms such as Policyboss, Medvarsity, Learningbix, nexopay, and others.

LazyPay is also integrating with PayU payment gateway to extend the BNPL solution to over 3.5 lakh PayU-enabled merchants.

LazyPay EMI plans to directly onboard over 1,000 merchants across segments such as edtech, insurance, EVs, home furnishing, and healthtech by March 2022.

Edtech firm CareerLabs launches ELEV8 App

Edtech startup CareerLabs has launched its all-in-one career solutions mobile application, CareerLabs ELEV8.

The app caters to engineering students based on their year of study, and offers customised higher education preparation programmes as well as access to exclusive off-campus placement drives, along with a wide array of career-related offerings, the company said.

In addition to this, the app also provides students with a series of specially curated internship opportunities and technical masterclasses by industry experts, as well as valuable insights on how to build the ideal profile — all at no cost.

CareerLabs ELEV8 is also designed to help students prepare for examinations like the GRE and GMAT, and contains exclusive content and resources for the same, the firm added.

Carzso ties up View360Degrees to offer VR-based tech in auto industry

Virtual pre-owned cars showroom Carzso on November 30 said it has partnered with View360Degrees to offer virtual reality-based technology in the auto industry.

As part of the strategic tie-up, View360Degrees Founder and CEO Deven Verma, an experienced professional working in virtual reality (VR) technology, will join Carzso.com as the ‘innovation head’ and will support the startup to further improve the existing virtual showroom, the firm said in a statement.

The virtual reality market, valued at $27 billion in 2020, is expected to reach $50 billion by 2026 and is estimated to double and touch over eight million units in volume. The ever-growing demand for pre-owned cars is slated to reach 2.1X the new car market by 2026 and this is expected to be majorly driven by the rural areas, tier 2 and tier 3 cities.

Govt to introduce new Crypto Bill in Parliament after Cabinet approval

The Central government will introduce the new Crypto Bill in Parliament after Cabinet approval, Union Finance Minister Nirmala Sitharaman said.

The Finance Minister also said that regulation of NFTs (non-fungible token) is also being discussed by the Centre.

Speaking during Question Hour in Rajya Sabha, the Sitharaman said, “We are close to bringing a Bill in Parliament. It will be introduced in the house once cabinet clears the Bill.” She added that the new Bill has come up after reworking on the old Bill that could not be tabled in previous sessions of Parliament.

Sitharaman said the risk of cryptocurrencies leading to undesirable activities is also being closely monitored. “No decision was taken on banning its advertisements. However, steps are being taken to create awareness through RBI and SEBI,” the Finance Minister said.

Replying to a question on the amount of taxes collected by the government on crypto trades, Sitharaman said, “Don’t have ready information about the amount of tax collected on cryptocurrencies.”

Sitharaman had earlier said there is no proposal to recognise Bitcoin as a currency. The Finance Minister also said in the written response that the government does not collect data on Bitcoin transactions.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, listed in the ongoing Winter Session of Parliament, seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrencies and its uses.

GLOBAL TECHNOLOGY & STARTUP NEWS

UK competition regulator tells Facebook owner Meta to sell GIF maker Giphy

Britain’s competition regulator has told Facebook owner Meta Platforms to sell animated images platform Giphy after finding that the acquisition could harm social media users and UK advertisers, dealing a blow to the US-based tech giant.

As per Reuters, the Competition and Markers Authority (CMA) said the decision was in line with provisional findings that Facebook’s acquisition of Giphy in May last year would reduce competition between social media platforms and in the display advertising market.

Facebook, recently rebranded as Meta Platforms, said it could appeal the CMA’s decision.

“The tie-up between Facebook and Giphy has already removed a potential challenger in the display advertising market,” said Stuart McIntosh, chair of the independent investigation on Facebook-Giphy for the CMA.

“By requiring Facebook to sell Giphy, we are protecting millions of social media users and promoting competition and innovation in digital advertising,” he added.

Facebook said it disagreed with the decision. “We are reviewing the decision and considering all options, including appeal,” a spokesperson for Meta said in a statement.

The CMA in October fined the company around $70 million for breaching an order that was imposed during its investigation into the deal, having hinted in August that it may need Facebook to sell Giphy.

Russia fines Google 3 million roubles for not deleting banned content

A Moscow court fined Google 3 million roubles ($40,400) on November 29 for not deleting content that it deemed illegal, part of a wider dispute between Russia and the US tech giant, Reuters reported.

Russia in October threatened to fine Google a percentage of its annual Russian turnover for repeatedly failing to delete banned content on its search engine and YouTube, in Moscow’s strongest move yet to rein in foreign tech firms.

Google last month said it had paid more than 32 million roubles in fines.

Amazon poised to pass UPS & FedEx to become largest US delivery service by early 2022, exec tells CNBC

Dave Clark, CEO of Amazon’s worldwide consumer business, said the company is poised to become the largest US package delivery service by early 2022, overtaking longstanding shipping rivals UPS and FedEx.

“We expect we will be one of the largest carriers in the world by the end of this year,” Clark told CNBC’s Becky Quick in an interview on ‘Squawk Box.’ “I think we’ll probably be the largest package delivery carrier in the US by the time we get to the end of the year, if not in early ’22.”

Amazon has been steadily building up vast logistics and fulfilment operations since a 2013 holiday fiasco left its packages stranded in the hands of outside carriers. Its shipping operations are growing fast. Bank of America analysts predicted Amazon delivered 58 percent of its own packages in 2019, making it the fourth-largest delivery service nationwide, according to Digital Commerce 360. By last August, Amazon was estimated to be delivering 66 percent of its own packages.

China sets rules to safeguard drivers’ rights in ride-hailing industry

China outlined new rules on November 30 to safeguard the rights of drivers in its giant ride-hailing industry, requiring operators of the services to provide them with social insurance and make their earnings public, as per Reuters.

In a statement, the transport ministry said ride-hailing companies should improve income distribution mechanisms. It also said anti-monopoly measures will be stepped up against such companies and a “disorderly expansion of capital” will be prevented in the sector.

The new rules could increase costs for ride-hailers and impact their earnings. The industry in China hit an overall transaction volume of 249.91 billion yuan ($39.22 billion) in 2020, according to a report by the Internet Society of China.

It comes after Chinese regulators told companies, including Didi Global, Meituan, Alibaba Group’s Ele.me and Tencent Holdings, in September to improve the way they distributed incomes and ensure rest periods for drivers and food delivery riders.

Brazil’s Nubank said to weigh a reduction in IPO valuation: Report

Brazilian online lender Nubank is considering cutting the potential valuation of its initial public offering following a slump in technology stocks globally, Bloomberg News reported.

Earlier this month, the Sao Paulo-based company said it aimed to raise nearly $3 billion at a valuation of more than $50 billion.

At that valuation, Nubank — backed by Warren Buffett’s Berkshire Hathaway — would have been worth more than Brazil’s largest traditional lender Itau Unibanco Holding SA, which is currently valued at $38 billion.

S.Korea set to delay crypto taxation by one year, to begin in 2023

South Korea’s finance ministry said its National Assembly passed a Bill on pushing back the planned taxation of capital gains from cryptocurrency trading by one year.

According to Reuters, once the Bill receives approval at the plenary session, the country will begin imposing 20 percent capital gains tax on any annual gains of more than 2.5 million earned from trading of cryptocurrencies, beginning January 2023.

The government had earlier said it will start imposing taxes from January next year. The National Assembly is expected to hold the plenary session on December 2.

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

FMCG growth slows to 12.6% in Q2FY22; rural consumption slips amid rising commodity prices: NielsenIQ

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

Listen to the Article (6 Minutes)

Inflation is impacting Indian households as consumers bought less, or looked for cheaper goods, in the July-September quarter, data from market research firm NielsenIQ shows.

NielsenlQ’s fast-moving consumer goods (FMCG) snapshot for the second quarter of FY22 shows that inflation has dragged down demand for consumer goods, with growth slowing to 12.6 percent — significantly lower than the 36.9 percent recorded the previous quarter.

The food category, which contributes to 59 percent of the FMCG industry, witnessed a double-digit growth driven by prices.

While urban India saw an upswing, rural India experienced a slowdown due to consumption decline (by 2.9 percent against a growth of 14.9 percent in Q1) owing to high commodity prices. The data indicates that rural households are drawing their purse strings and buying lower quantities of edible oils, packaged groceries, fabric care and personal care products, among others.

“The quarter ending in September saw consumer purchases inching back to pre-COVID levels. However, rural growth slipped on volume/consumption. Though there continues to be pressure on the consumer, this is offset by the encouraging uptick seen in urban markets,”  Diptanshu Ray, NielsenIQ South Asia lead, said.

This shows in the mainly price-led overall growth of the FMCG  industry. While 11.3 percent of the growth was price-led, only 1.2 percent was volume-led, which means that households are starting to feel the pinch.

NielsenIQ’s data, which shows that categories like staple foods such as edible oils,  habit-forming foods like hot beverages such as tea, and impulse foods like salty snacks and confectionary  saw value growth on account on rising prices, while volume growth was driven by packaged rice, breakfast cereals, butter-margarines, and chocolates.

“Overall, the Indian FMCG industry witnessed a significant price led growth in the quarter on account of increasing commodity and raw material prices, and high fuel prices leading to higher transportation costs. This resulted in a  double-digit nominal growth, but a drop in consumption (volume) growth for the industry,” NielsenIQ said.

Over the past year, India’s  consumer sector witnessed unprecedented raw material inflation. Prices of key raw materials like crude oil, palm oil, and palm fatty acid distillate (PFAD) have risen more 60 percent year-on-year, affecting most consumer categories such as food, packaged food, soaps, detergents, among others. Rising crude prices have also pushed up packaging costs. Adding to this are rising fuel prices impacting transportation costs, and unseasonal rains pushing up vegetable prices.

As a consequence, food, eating out at restaurants, personal care items, detergents, apparel, and electronics have become more expensive.

FMCG majors too have alluded to input cost pressures in the past two quarters, with the likes of Hindustan Unilever, ITC, P&G, Dabur, Britannia, Parle, Marico, and Godrej hiking prices to offset the input cost burden.

“The inflation has been tough on us. We thought there’ll be a little softening of inflation, but the projection for Q3 is that inflation will only pick up; we are not seeing any signs of softening. To offset the impact of inflation and continued sustained inflation, we’ve increased prices,” Dabur’s CEO Mohit Malhotra said in the Q2 analysts’ call.

Britannia Managing Director Varun Berry too said during a Q2 analyst call that there is no substitute for price increases in the current environment — the company hiked prices by 4 percent in Q2, and is expected to increase prices by 7.5 percent in Q3 and 10 percent in Q4. “The pressures are coming from palm and fuel, leading to increases in corrugated boxes as well as in laminates … So, we have actioned price increases,” he said.

Parle too hiked prices of biscuits by 5-10 percent.

ITC, which hiked the prices of its Fiama & Vivel soaps and Engage perfumes, said the industry at large has hiked prices due to high input costs. “While prices of select items have been revised, ITC’s focus is on effective cost management, premiumisation, favourable business mix and evaluating all avenues to mitigate costs and enhance efficiency to ensure that we don’t pass on the entire burden to the consumer. Increasing the price of the product is the last resort,” an ITC spokesperson added.

In addition to consumers feeling the pinch, NielsenIQ said in its report,  input cost pressures have severely impacted small manufacturers with 14 percent churning out of the market compared to a year ago.

Sameer Shukla, customer success lead for NielsenIQ South Asia, added, “This churn is also one of the reasons for rural markets being under stress, and offers an opportunity for larger manufacturers to consolidate their share.”

And it’s not just FMCG — inflation has impacted the apparel sector too, with manufacturers looking to hike prices anywhere between 12 and 15 percent on the back on rising cotton and yarn prices. This is expected to impact hosiery makers too. Adding to their woes has been a GST hike on apparel, textiles & footwear from 5 percent to 12 percent effective January 1. Many have urged the central government to reconsider the GST hike, especially at a time when apparel makers have just started to see revival  but still struggle with rising input costs.

Electronics and home appliances too have gotten more expensive, with more price hikes on the horizon.  Smartphone makers like Xiaomi, Oppo, and Vivo have reportedly hiked the prices of their entry and mid-segment offerings, a category severely affected by the global semiconductor shortage.

Eric Braganza, president of Consumer Electronics and Appliances Manufacturers Association, prices of air-conditioners, refrigerators, washing machines, microwave ovens and deep freezers are likely to see a 5-6 percent hike in November-December. Home appliance prices already saw a near 15 percent price hike since January 2021, and more increases are expected in January 2022 due to a combination of the global chip shortage, rising component, plastic, steel, copper prices and freight costs.

Neeraj Bahl, MD & CEO, BSH Home Appliances, said the industry faces a conundrum — inflation and sourcing costs of imported materials like electronic chips and metal, and logistics are at an all-time high, while the dip in  demand and container shortages further impact operating costs. “So no matter how well we try to tackle this challenge, a price hike seems inevitable. In the last quarter, we initiated a minor price hike and don’t have any specific plans of doing so as yet in the coming quarters. Having said that, we at BSH India are committed to our values which are rooted in consumer centricity and approach price hikes very thoughtfully,” he added.

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

231 cases of Zika reported from 3 states, no deaths recorded: Govt informs Rajya Sabha

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

Listen to the Article (6 Minutes)

A total of 231 cases of Zika virus were reported from the states of Uttar Pradesh, Kerala and Maharashtra this year, the Rajya Sabha was informed on Tuesday. No deaths were recorded from these three states, Union Minister of State for Health Bharati Pravin Pawar said in a written reply.

Pawar said 83 cases were reported from Kerala and one from Maharashtra. As many as 147 cases were recorded in four districts of Uttar Pradesh, namely Kanpur (139), Lucknow (6), Unnao (1) and Kannauj (1), the minister said.

Listing the measures that have been reported to prevent the virus’ spread in Uttar Pradesh, Pawar said the state has deputed a state-level Rapid Response Team (RRT) in the district for monitoring and supervision, while vector control measures have been intensified and a joint plan between municipal and health authorities has been formulated. Samples from suspected patients are sent to the King George’s Medical University (KGMU) daily and the state has established surveillance of fever cases in neighbouring districts, she said. A daily review of containment measures is done at the district and state level, she added.

Also Read | No case of Omicron variant reported in India so far: Govt tells Parliament

The Union Government has been extending the requisite technical and other support to the state government in this regard, the minister said. Public health experts have been deputed and mosquito samples brought by the team have been sent to NIMR, Delhi, Pawar said. Technical guidelines have been provided to the states, including Uttar Pradesh, for Aedes vector control which transmits Zika, Dengue and Chikungunya diseases, she added.

Vector control activities have been reviewed and intensified according to the National Centre for Vector-Borne Diseases Control’s guidelines and advisories have been issued to strengthen awareness of these activities, Pawar said.

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

Omicron scare: MakeMyTrip sees 10-15% dip in travel bookings

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

Listen to the Article (6 Minutes)

Concerns over the new Omicron variant of the coronavirus have forced countries to impose travel curbs on flights from the Southern African region. Several nations including those in the European Union, UK and Israel have already closed their air spaces for flights from Southern African nations.

India meanwhile, has strengthened its guidelines for travellers from ‘at-risk nations’. The list includes UK, entire Europe and 11 other countries. For those testing positive, the sample will be sent for genome sequencing and the traveller will be admitted at separate isolation facility — those who test negative will have to undergo home quarantine for seven days, with a retest on the eighth day.

In an interview to CNBC-TV18, Deep Kalra, Founder & Group Executive Chairman of MakeMyTrip, said the news of the new Omicron variant has created jitters for travellers. He said the company has seen 10-15 percent dip in bookings on Sunday and Monday.

Also Read: These troubled nations have the lowest COVID-19 vaccination rates

“Things were going quite well in India whether it was domestic travel or international travel till the last three days. Clearly, the news of the new variant Omicron has put things on pause. There have already been some jitters; people who had their plans all set are now relooking at them. On Sunday and Monday, we have seen 10-15 percent dip in normal bookings.”

Kalra said the new travel restrictions will certainly be a dampener for the travel industry.

Also Read: Too early to decide Omicron’s virulence; travel ban may be counter-productive: K Srinath Reddy

“The new travel measures that have been announced are definitely going to be a dampener. Some of the local airports are also putting in their own measures as well. Mumbai Airport has taken a pretty strict view on incoming flights, etc. All of these will definitely impact travel plans.”

Watch video for more.

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

SAT quashes NSE’s directive to Axis Bank in Karvy case

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

Listen to the Article (6 Minutes)

In a relief to Axis Bank, the Securities Appellate Tribunal (SAT) has quashed a direction issued by NSE that funds lying in the bank account of Karvy Stock Broking are the assets of the exchange’s defaulter committee. The order came after Axis Bank challenged the communication issued on December 8, 2020 by NSE holding that the bank accounts of Karvy become the assets of the defaulter committee of the exchange since the stock broker has been declared a defaulter and expelled from the membership of the bourse.

Axis Bank challenged the communication on the ground that the exchange has no power to issue any directions to the bank to freeze its accounts on which the lender has a banker’s lien. It also contended that Axis Bank is a commercial bank and not a trading member and therefore is not bound by Sebi laws, including the bye laws of the National Stock Exchange of India Ltd (NSE).

“We are of the opinion that respondent no.1 (NSE) had no jurisdiction to hold that the funds lying in the account of Karvy Stock Broking Ltd are assets of the committee as per…NSE bye laws,” SAT said in an order on Monday. Citing NSE bye laws, the tribunal said the vesting of the assets in the defaulters committee is limited and cannot include all the assets of Karvy, the defaulter. Only such security deposited with the stock exchange vests with the defaulters committee.

In addition, other monies, securities and other assets due, payable or deliverable to the defaulter by any other trading member also vest with the defaulters committee, it added. “The bye law 12 makes it apparently clear that a defaulter committee can only issue directions against the trading member and cannot issue any direction to a third party, namely, the appellant (Axis Bank) who admittedly is not a trading member,” SAT noted.

It further said NSE does not get any jurisdiction to pass such order based on Sebi’s confirmatory order. The confirmatory order asked NSE to initiate appropriate action against Karvy for violation of its bye laws. It also allowed the exchange to invite and deal with claims of the clients in accordance with its bye law, the tribunal noted. “The impugned communication issued by NSE dated 8th December, 2020 invoking bye law 11 of its bye laws is totally without jurisdiction and is quashed,” SAT said.

It was alleged that in the course of its banking business, Axis Bank had granted several credit facilities to Karvy, which owed Rs 165 crore alongwith interest to the lender. Also, it is alleged that on January 27, 2021, Axis Bank had Rs 8.27 crore in the bank account and fixed deposit accounts of the lender. Of the Rs 8.27 crore, a sum of Rs 7.98 crore was the exclusive property of Karvy and the balance amount of Rs 28.66 lakh belonged to clients and other parties.

Sebi, through an interim order in November 2019, put several restrictions on Karvy, including prohibiting the brokerage from taking new clients in respect of its stock broking activities as it had misused clients’ securities by unauthorisedly pledging the securities. Among others, the regulator had directed the stock exchange to initiate appropriate action against Karvy for violation of bye laws. This order was confirmed by the regulator in November 2020. Further, Karvy was declared a defaulter in November 2020 under the bye laws of NSE and was accordingly dismissed from the membership of the exchange as a trading member.

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