Month: March 2022

Russian Foreign Minister Sergey Lavrov arrives in India

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

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Russian Foreign Minister Sergey Lavrov arrived in India on Thursday on a two-day official visit, his first trip to the country since Moscow launched its invasion of Ukraine last month.

Russian Foreign Ministry spokeswoman Maria Zakharova said Lavrov will meet Prime Minister Narendra Modi and Foreign Minister S Jaishankar on Friday.

A media advisory on Lavrov’s visit issued by the Ministry of External Affairs has not mentioned any meeting between the Russian Foreign Minister and the Prime Minister. People familiar with the preparations for the talks said India is also likely to press for ensuring timely delivery of various military hardware as well as components of the S-400 missile systems by Russia.

The Russian foreign minister arrived in India after concluding a two-day visit of China. His visit to India coincides with that of US Deputy National Security Adviser Daleep Singh and British Foreign Secretary Liz Truss.

Last week, Chinese Foreign Minister Wang Yi visited India. EU Special Envoy for the Indo-Pacific Gabriele Visentin visited New Delhi this week. Unlike many other leading powers, India has not yet criticized Russia for its invasion of Ukraine and it abstained from the votes at the UN platforms in condemning the Russian aggression.

However, last Thursday, India abstained on a resolution pushed by Russia on the humanitarian crisis in Ukraine, which was seen as reflective of its neutral position on the conflict. India has been pressing for the resolution of the crisis through diplomacy and dialogue.

Modi has held phone conversations with Russian President Vladimir Putin on February 24, March 2 and March 7. Modi had spoken to Ukrainian President Volodymyr Zelenskyy twice.

Last week, Jaishankar said in Parliament that India’s position on the Ukraine conflict has been “steadfast and consistent” and that it has been seeking immediate cessation of violence.

For all the latest updates on the Russia-Ukraine war, follow our LIVE blog here

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 FDA issues 13 observations to Lupin’s Novel Laboratories

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

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Pharma major Lupin Ltd on Thursday said the USFDA has issued 13 observations to its US-based wholly-owned subsidiary Novel Laboratories, Inc after an inspection.

The USFDA (US Food and Drug Administration) has concluded an inspection at the company’s wholly-owned subsidiary Novel Laboratories, Inc., based in Somerset, New Jersey. The inspection commenced on March 7, 2022 and concluded on March 30, 2022, Lupin Ltd said in a regulatory filing.

Also Read | Zydus gets US regulator’s PAS for generic version of Mycophenolate Mofetil for injection

“The inspection closed with thirteen observations. We are confident of addressing these observations and will work closely with the Agency to address their concerns. We uphold quality and compliance with utmost importance and are committed to be compliant with Good Manufacturing Practice standards across all our facilities,” it said.

The company does not believe that this will have an impact on disruption of supplies or the existing revenues from operations of this facility. The facility contributes less than 5 percent of the company’s global revenues.

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

FM Sitharaman, EAM S Jaishankar hold bilateral talks with UK Foreign Secretary Elizabeth Truss

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

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Finance Minister Nirmala Sitharaman on Thursday held a bilateral meeting here with UK foreign Secretary Elizabeth Truss and discussed global issues.

“FM Smt @nsitharaman elaborated on the economic reforms underway such as #AtmanirbharBharat package, production linked incentive scheme #PLI, transition to renewable energy to meet the Nationally Determined Contributions (NDCs) under the Paris Agreement,” the Finance Ministry said in a tweet.

FM Smt. @nsitharaman elaborated on the economic reforms underway such as #AtmanirbharBharat package, production linked incentive scheme #PLI, transition to renewable energy to meet the Nationally Determined Contributions (NDCs) under the Paris Agreement. (2/3)

— Ministry of Finance (@FinMinIndia) March 31, 2022

Both ministers reaffirmed their mutual interest in expediting India-UK Free Trade Agreement (FTA) negotiations, it said.

External Affairs Minister S Jaishankar also held talks with Truss. In her opening comments, Truss said it is important to respect the principles of sovereignty, territorial integrity and international law.

In his remarks, Jaishankar talked about the progress in the implementation of the Roadmap 2030 that was adopted in May last year to further broadbase ties.

Ahead of the talks, the British High Commission, in a statement, said Truss will convey to Jaishankar that Russia’s invasion of Ukraine underlines the importance of democracies to work together to deter “aggressors” and reduce vulnerability to “coercion”.

“Foreign Secretary Liz Truss is in India today as part of a wider diplomatic push following Russia’s illegal invasion of Ukraine last month,” the statement said.

“In a meeting with India’s External Affairs Minister Subrahmanyam Jaishankar, the foreign secretary will say Russia’s invasion of Ukraine underlines the importance of democracies working closer together to deter aggressors, reduce vulnerability to coercion and strengthen global security,” it added.

There has been a flurry of visits by foreign dignitaries to India in the last few days. US Deputy National Security Adviser Daleep Singh arrived in the country on Wednesday, while Russian Foreign Minister Sergey Lavrov is scheduled to land in New Delhi on Thursday evening.

According to the statement of the British High Commission, Truss wants to “counter” Russia’s aggression and reduce global strategic dependence on the country ahead of the key NATO and G7 meetings next week.

“Deeper ties between Britain and India will boost security in the Indo-Pacific and globally, and create jobs and opportunities in both countries,” Truss was quoted as saying in the statement. “This matters even more in the context of Russia’s unprovoked invasion of Ukraine and underlines the need for free democracies to work closer together in areas like defence, trade and cyber security,” she said.

The India-UK relationship was elevated to a Comprehensive Strategic Partnership during the India-UK virtual summit held between Prime Minister Narendra Modi and his British counterpart Boris Johnson in May last year. In the summit, the two sides adopted a 10-year roadmap to expand ties in the key areas of trade and economy, defence and security, climate change and people-to-people connections.

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

Banks get time till March 2023 to implement new system to replenish cash in ATMs

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

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The Reserve Bank of India on Thursday gave another extension till March 2023 to banks to implement its direction on use of only lockable cassettes for replenishing cash in their ATMs.

Currently, most of the ATMs are replenished by way of open cash top-up or by loading cash in the machines on the spot.

To do away with the current system, the Reserve Bank of India (RBI) had asked banks to ensure that lockable cassettes are swapped at the time of cash replenishment in the ATMs. In April 2018, the regulator had asked banks to consider using lockable cassettes in their ATMs, which shall be swapped at the time of cash replenishment. It was to be implemented in a phased manner, covering at least one-third ATMs operated by the banks every year, so that all ATMs achieve cassette swap by March 31, 2021.

Also Read: IPO-bound India1 Payments aims to deploy 20,000 ATMs in next 4-5 yrs

However, in July last year, RBI had extended the deadline till March 31, 2022. “Representations have been received from various banks and Indian Banks’ Association, expressing difficulties in meeting the timeline. Accordingly, it has been decided to extend the timeline for implementation of cassette swap in all ATMs till March 31, 2023,” the RBI said in a circular.

The RBI has also asked banks to set a board-approved internal timeline to adhere to the extended deadline and submit quarterly status reports. Boards of the banks shall monitor the progress to ensure compliance, the circular said.

The recommendation to switch to lockable cassettes in ATMs was based on a report of the Committee on Currency Movement set up by the central bank. At the end of February, 2022, there were 1,20,597 ATMs on the site of banks and 1,00,909 off-site ATMs in the country.

Also Read: Govt finalises borrowing plan; to borrow Rs 8.45 lakh crore in first half of FY23

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

Veranda Learning IPO subscribed 3.53 times on final day of offer

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

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The initial public offering of Veranda Learning Solutions Limited was subscribed 3.53 times on the last day of the offer on Thursday. The Rs 200-crore public offer received bids for over 4.15 crore shares against 1.17 crore shares on offer, according to the data available with the NSE.

The category meant for Retail Individual Investors (RIIs) received 10.76 times subscription, while non-institutional investors portion got subscribed 3.87 times and Qualified Institutional Buyers (QIBs) 2.02 times. The Initial Public Offering (IPO) had a price range of Rs 130-137 a share.

Systematix Corporate Services was the manager to the offer. The company offers diversified and integrated learning solutions in online, offline hybrid and offline blended formats to students, aspirants and graduates, professionals and corporate employees. The equity shares are proposed to be listed on both BSE and NSE.

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

Mutual funds: SEBI extends deadline for compliance with certain directions to July 1

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

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Providing more time to fund houses, SEBI on Thursday extended the deadline for implementing certain directions for mutual funds, including those pertaining to usage of pool accounts for transactions, to July 1.

In October 2021, SEBI had said that stock brokers and clearing members should not accept payment through one-time mandate or issuance of mandates or instruments in their name for mutual fund transactions.

Earlier this month, the regulator said one-time mandates in favour of SEBI-recognized clearing corporations could be accepted from April 1 and now, that deadline has been extended. “On or after July 1, 2022, new mandates shall be accepted only in favour of SEBI-recognised clearing corporations and those mandates shall exclusively be for subscriptions to units of mutual fund schemes and not for any other purpose,” SEBI said on Thursday.

Also Read: SEBI issues timelines for rebalancing portfolios of mutual fund schemes

The deadline for discontinuation of usage of pool accounts for transactions in the units of mutual funds, Two Factor Authentication (2FA) for redemption and other related requirements have been extended following a representation from Association of Mutual Funds in India (AMFI).

“On examination of the representation of AMFI, in the interest of the investors, it has been decided to extend the date of applicability of ‘circulars’ including the clauses relating to 2FA for redemption and source account verification to July 1, 2022,” the watchdog said in the circular issued on Thursday.

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

Ruchi Soya FPO: Issue price fixed at Rs 650 per share; to raise Rs 4,300 cr

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

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Patanjali Ayurved-owned Ruchi Soya on Thursday fixed the issue price of its follow-on public offer at the upper limit of its price band at Rs 650 per equity share to raise Rs 4,300 crore. Ruchi Soya hit the capital market with its FPO on March 24 to raise Rs 4,300 crore as it aims to become a debt-free company.

The issue closed on March 28. The price band had been fixed at Rs 615-650 per share. In a regulatory filing, Ruchi Soya informed that the board of directors has approved the issue price at Rs 650 per equity share and also anchor investor issue price at Rs 650 per share. The company had already raised Rs 1,290 crore from anchor investors last week by issuing around 1.98 crore shares. Ruchi Soya shares closed at Rs 955.60 apiece on the BSE, down 2.23 percent.

Also Read | Ruchi Soya rollercoaster ride: What’s Patanjali-owned company up to & why SEBI stepped in

Meanwhile, nearly 97 lakh bids were withdrawn by FPO investors after markets watchdog Sebi directed Ruchi Soya to give investors the option to withdraw their bids, according to sources. In a rare move, Sebi, on March 28, had asked bankers of Baba Ramdev-led Patanjali group’s Ruchi Soya to give an option to investors in its FPO to withdraw their bids while also cautioning them about the “circulation of unsolicited SMS” about the share sale.

The FPO closed on March 28 and the withdrawal window was open for two days till March 30 as per the Sebi directive. The sources said the subscription of the offer came down to 3.39 times on March 30 from 3.6 times, which was the level when the offer closed on March 28. This reflects that around 97 lakh bids were withdrawn, primarily by foreign investors.

On March 28, more than 17.60 crore bids had come in for the FPO whereas the number of shares on offer was a little over 4.89 crore. To raise Rs 4,300 crore, the company will now issue and make an allotment of 6.61 crore shares only.

Also Read | ONGC share sale fully subscribed, govt to get Rs 3,000 cr next fiscal

On Sebi’s directions, bankers issued an advertisement in newspapers on Tuesday and Wednesday (March 29, 30) cautioning investors about the circulation of SMSes and also asked to give an option to investors to withdraw their already placed bids till March 30.

Ruchi Soya came out with the FPO in order to meet the minimum public shareholding norm of 25 percent as required for a listed entity. Currently, Patanjali Group owns about 98.9 percent stake in Ruchi Soya whle public shareholders own about 1.1 percent stake. Post the FPO, Patanjali Group’s holding in Ruchi Soya will come down to about 81 percent, and the public will hold about 19 percent.

The company would utilise the entire issue proceeds for furthering its business by repayment of certain outstanding loans, meeting its incremental working capital requirements and other general corporate purposes, according to the Draft Red Herring Prospectus.

In 2019, Patanjali acquired Ruchi Soya through an insolvency process for Rs 4,350 crore. Ruchi Soya primarily operates in the business of processing oilseeds, refining crude edible oil for use as cooking oil, manufacturing soya products and value-added products. The company has an integrated value chain in palm and soya segments, having a farm-to-fork business model.

It has brands like Mahakosh, Sunrich, Ruchi Gold and Nutrela.

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

Finance ministry releases additional Rs 95,082 cr in central taxes to states

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

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The Union Ministry of Finance on March 31 announced that the central government has sanctioned the release of two additional instalments of central taxes to states. The two instalments add up to Rs 95,082 crore and are in addition to the 14 instalments already devolved to the states during the course of the financial year.

“Close monitoring of receipts from taxes & duties to the Union Government in FY 2021-22 has enabled Ministry of Finance to release two additional instalments of Central Taxes,” the Ministry’s account stated on Twitter.

☑️ Close monitoring of receipts from taxes & duties to the Union Government in FY 2021-22 has enabled @FinMinIndia to release two additional instalments of Central Taxes (Rs 95,082 Cr.) over and above the regular 14 instalments devolved to States during a financial year. (1/5) pic.twitter.com/xEfQXX3HZu

— Ministry of Finance (@FinMinIndia) March 31, 2022

On top of this devolvement, the central government also paid out Rs 43,168 crore to the states. This amount was derived from the dues of the central government towards the states’ share in central taxes payable from 1996-97 to 2017-2018.

As a result of the additional devolvement, a total of Rs 8,82,904 crore was transferred to the states in FY2021-2022. The budget estimate (BE) for the fiscal stood at Rs 6,65,563 crore while the revised estimate (RE) was pegged at Rs 7,44,743 crore.

Also read: Many states request GST compensation extension beyond 5 years: FM Sitharaman

“Thus, the total release to States exceeds the BE 2021-22 by Rs 2,17,341 Cr. and RE 2021-22 by Rs 1,38,161 Cr,” the ministry added.

“This unprecedented and substantial support from the Centre to the States in 2021-22 is in line with the Centre’s commitment to ensure timely transfer of eligible Share of Central Taxes to States before the close of the FY 2021-22,” the ministry stated.

The MoF added that the release of the additional funds is meant to help the states implement their various development programmes.

Also read: India received 65% more FDI during Modi regime against 10 years of UPA rule: FM

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’s current account deficit widens to 2.7% in December quarter: RBI

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

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India’s current account deficit widened to $23 billion or 2.7 percent of the GDP in the December quarter, the Reserve Bank of India (RBI) said on Thursday. The health of current account, which is a key indicator of a country’s external strength, has deteriorated when compared to the preceding September quarter as well as the year-ago period.

The deficit was at $9.9 billion or 1.3 percent of the GDP in the second quarter of this fiscal, while the same stood at $2.2 billion or 0.3 percent of the GDP in the year-ago period, the data on Balance of Payments showed. The widening of the current account deficit for the December quarter was attributed by the central bank to pressures on the trade deficit front, with the gap on that front increasing to USD 60.4 billion due to rising imports.

Net services receipts increased, both sequentially and year-on-year, on the back of robust performance of net exports of computer and business services. For the first nine months of the current fiscal, the current account deficit came at 1.2 percent of the GDP as against a surplus of 1.7 percent in the April-December 2020 period, as per the data.

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

CNG prices down by Rs 6/kg, PNG by Rs 3.50 in Mumbai following VAT cut to 3%

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

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Mumbai gas utility Mahanagar Gas on Thursday announced a steep reduction in the retail price of CNG by Rs 6 per kg and piped gas by Rs 3.50 per scm, effective from Friday, even as the Centre more than doubled the price of domestically-produced natural gas earlier in the day.

In a statement on Thursday, MGL said consequent to the reduction in VAT on natural gas from 13.5 percent to 3 percent from April 1 by the state government, MGL has decided to pass on the entire benefit to end-consumers.

Accordingly, the retail price of compressed natural gas (CNG) is cut by Rs 6 to Rs 60 per kg and domestic piped natural gas (PNG) by Rs 3.50 to Rs 36/scm in and around Mumbai effective Friday, it said.

Also Read: Domestic gas prices hiked; ONGC, Reliance to get record rates

When asked for a reaction to the price hike by the Centre for the producers, an MGL spokesperson said the company will evaluate the impact of the massive increase in supply prices in due course of time and revise its retail prices accordingly.

Earlier in the day, the Centre more than doubled the price of domestically produced natural gas for six months beginning April 1 on the back of a spike in global energy rates and the move will immensely benefit the likes of Reliance, ONGC and Oil India.

Accordingly, the price of gas from regulated fields of state-owned ONGC and Oil India will rise to a record USD 6.10 per million British thermal units (mmBtu) from USD 2.90 per mmBtu now, according to a notification issued by the oil ministry’s Petroleum Planning and Analysis Cell.

The rate paid for difficult fields like deepwater will rise to USD 9.92 per mmBtu for April-September from USD 6.13 per mmBtu, it said.

Also Read: ‘It’s a red flag’: Russian oil tankers are going dark to evade sanctions

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