Month: November 2022

IRDAI writes to SEBI to examine share agreement of Axis Bank-Max Life deal

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

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[wealthdesk shortname=”Axis Bank” isinid=”INE238A01034″ bseid=”532215″ nseid=”AXISBANK” sector=”Banks – Private Sector” exchange=”nse”]

CNBC-TV18 has learned that the insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has asked the Securities and Exchange Board of India (SEBI) to investigate violations around fair market value in Axis Bank-Max Life transactions.

What has IRDAI asked for?

Since there is a discrepancy in the price per share in the last 10 transactions in Max Life, how is it that in just 15 days the price per share of the company fell from Rs 166 to Rs 32 — shares which are allotted to Axis Bank?

Also Read: Will pay insurance regulator’s penalty but believe we did nothing wrong: Max life

What has been asked from SEBI?

The nature of this discrepancy in valuation and how did it benefit and the exact nature of the benefit to whichever of the parties if it benefited from that particular drop in valuation?

Also Read: IRDAI shadow on Axis-Max Life deal?

CNBC-TV18 has written to both regulators IRDAI and SEBI but is yet to receive a reply.

Watch the accompanying video of CNBC-TV18’s Yash Jain for more details.

Catch all the latest updates from the stock market 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

‘Steel Man of India’ Jamshed Irani passes away at 86

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

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Known as the ‘Steel Man of India’, former Tata Steel MD Dr Jamshed J Irani passed away on Monday. He was 86. He took his last around 10 pm at Tata Main Hospital in Jamshedpur.

“We are deeply saddened at the demise of Padma Bhushan Dr. Jamshed J Irani, fondly known as the Steel Man of India. Tata Steel family offers its deepest condolences to his family and loved ones,” Tata Steel said in a tweet.

N Chandrasekaran, Chairman, Tata Sons, condoled the demise of Irani and said, “Dr J J Irani was a quintessential Tata man. He was a towering corporate personality whose contribution to the steel industry was immense. Dr Irani will be deeply missed by all of us at Tata Group and we pray for his departed soul.”

Irani is survived by his wife Daisy Irani and his three children, Zubin, Niloufer and Tanaaz.

Education

Irani was born on June 2, 1936 in Nagpur to Jiji Irani and Khorshed Irani.

He completed his BSc from Science College, Nagpur in 1956 and MSc in Geology from the Nagpur University in 1958.

He then went to the University of Sheffield in the United Kingdom (UK) as a J N Tata scholar, where he secured a Masters in Metallurgy in 1960. He later secured a PhD in Metallurgy in 1963.

Career

Irani was associated with Tata Steel for over four decades. He retired from the board of Tata Steel in June 2011.

He started his professional career with the British Iron and Steel Research Association in Sheffield in 1963. He returned to India to join The Tata Iron and Steel Company (now Tata Steel) in 1968 and joined the firm as Assistant to the Director in-charge of Research and Development.

He went on to become General Superintendent in 1978, General Manager in 1979, and President of Tata Steel in 1985. He became Joint Managing Director of Tata Steel in 1988, and Managing Director in 1992 before retiring in 2001.

He joined the Board of Tata Steel in 1981 and was also a Non-Executive Director from 2001 for a decade. Besides Tata Steel and Tata Sons, Dr Irani also served as a Director of several Tata Group companies, including Tata Motors and Tata Teleservices.

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

Price of commercial LPG cylinders slashed by Rs 115, check revised rates here

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

Listen to the Article (6 Minutes)

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

‘Chief Twit’ Elon Musk will now be Twitter CEO

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

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Tesla Inc boss Elon Musk said in a filing on Monday he will serve as chief executive of Twitter, the social media company he just bought for $44 billion, a move that Wall Street analysts have said could stretch the billionaire thin.

Musk, who also runs rocket company SpaceX, brain-chip startup Neuralink and tunneling firm the Boring Company, fired Twitter’s previous chief, Parag Agrawal, and other top company officials last week.

Tesla’s stock has lost a third of its value since Musk made an offer to buy Twitter in April, compared with a 12% decline in the benchmark S&P 500 index in the same period.

ALSO READ | Elon Musk entered Twitter and ‘set the bird free’ — here’s a look at the twists in the deal

Musk had previously changed his Twitter bio to “Chief Twit” in an allusion to his planned move.

Twitter on Monday declined comment on how long Musk might remain CEO or appoint someone else.

In another filing on Monday, Musk revealed that he became the sole director of Twitter as a result of the takeover.

“The following persons, who were directors of Twitter prior to the effective time of the merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou,” Musk said in the filing.

ALSO READ | Elon Musk likely to lay off 25% Twitter workforce in first round of job cuts: Report

Shortly afterward, Musk tweeted that the move to dissolve the board “is just temporary,” without elaborating.

Last week, Musk’s takeover of the social media company for $44 billion concluded a months-long saga.

Since the takeover Musk has moved quickly to put his stamp on Twitter, which he had ridiculed for months for being slow to introduce product changes or take down spam accounts.

ALSO READ | Elon Musk says Twitter will revise how it verifies users

His teams began meeting with some employees to investigate Twitter’s software code and understand how aspects of the platform worked, according to two sources familiar with the matter.

Some staff who spoke with Reuters said they had received little communication from Musk or other leaders and were using news reports to piece together what was happening at the company.

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

Vladimir Putin says Russia not ending participation in grain export deal but suspending it

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

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Russia is not ending its participation in a deal to export much-needed Ukrainian grain through Black Sea ports but rather is suspending it, President Vladimir Putin said on Monday.

Putin’s comments were his first since Moscow announced on Saturday it was freezing participation in the United Nations-brokered Black Sea agreement after what it said was a major Ukrainian drone attack on its fleet in Crimea.

“We are not saying that we are ceasing our participation in this operation. No, we are saying that we are suspending it,” Putin told a televised news conference.

Putin said the Ukrainian drones had traveled through the same corridors the grain ships used.

“And thus they created a threat both to our ships, which must ensure the safety of grain exports, and to the civilian ships that are engaged in this,” he said. Kyiv has not claimed responsibility for the attack.

Other participants in the deal pressed ahead with export of grain on Monday, even though Russia said this was risky.

“Ukraine must guarantee that there will be no threats to civilian vessels or to Russian supply vessels,” said Putin, noting that under the terms of the deal, Russia is responsible for ensuring security.

Also Read:Russia rains missiles on Ukrainian capital Kyiv, other cities after pulling out of grain deal

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

SBI Card banking on festive-related pickup in spends, eyes revolvers

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

Listen to the Article (6 Minutes)

[wealthdesk shortname=”SBI Card” isinid=”INE018E01016″ bseid=”543066″ nseid=”SBICARD” sector=”” exchange=”nse”]

SBI Card customers made a lot of festive spends in the last 10 days of September, some of which the card issuer expects to come as revolvers — or carried forward credit — as well as EMIs. In an interaction with CNBC-TV18, SBI Card CEO Rama Mohan Rao Amara said most of this festive spend will lead to “incremental incur.”

The remarks from the top helm of SBI Card come days after the company failed to excite Dalal Street with its quarterly financial performance at a time of a festive-related boost in spends. RBI data last month showed credit card spending jumped 35 percent for SBI Card in August, in stark contrast to a 45 percent slump across the industry.

Amara said revolvers have been stagnant, as reflected across the industry.

“The percentage of customers in terms of number of customers who are opting for revolvers has more or less remained stable in the last 1-2 quarters…
Directionally, the net interest margin will get compressed some more at our end as we also have to transmit the rate increase to the customers as and when we make new disbursals,” he said.

Credit card companies earn a hefty amount of money from higher rollovers, which allow the borrower to postpone a full payment against a high rate of interest.

“It is still hovering around the range of around 25-26 percent,” he said.

SBI Card’s management exuded confidence that it would maintain credit costs below pre-COVID levels for a long term. “Pre-COVID, we were operating at around 6-6.5 percent,” Amara 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

World Vegan Day 2022: Five vegan recipes to try on

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

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Veganism has come a long way. With more people becoming aware of health, environment, and plant-based diets, the vegan diet is fast evolving. Big brands and chefs are on the job to make vegan food a popular option.

World Vegan Day is celebrated every year on November 1 to highlight the importance and benefits of veganism. To celebrate World Vegan Day today, here are some interesting recipes for you to try.

1. Rice sevai upma

This smooth, soft and delicious breakfast option with lemon, coconut, roasted peanuts, and green chillies is definitely worth a try.

To make rice sevai upma, boil the rice sevai in a pan and drain the water once done.

In a different pan, heat two tablespoons of coconut, sesame or olive oil. Fry the cashew nuts first till golden and add the mustard seeds followed by onion and cook till they are pink.

Add the ginger, chilli and curry leaves and some other vegetables. Then add the rice noodles, salt and squeeze lemon juice on top and serve.

2. Falafel vegan style

Falafel is healthy and nutritious breakfast option that is prepared from chickpeas.

To make vegan falafels, soak the chickpeas overnight then drain and mix it with spices and vegetables of your choice. Blitz it all in a mixer and refrigerate it for one hour.

Take the mix out and make small disks. Shallow fry the disks and serve them with vegan yoghurt or chutney, and pita bread.

Also read: World Vegetarian Day: Why this vegan superfood should be on your plate

3. Stir-fried tofu with rice

The simple Chinese-style recipe can be prepared with veggies and tofu. To make it, heat oil in a pan, add onions, garlic, chilli and veggies and stir fry. Then add tofu, boiled rice and add salt. Serve hot and enjoy the goodness of tofu guilt-free.

4. Green pea savoury pancake

To make green pea savoury pancakes, blend the peas into a paste in a mixer. Put the paste into a bowl and add in the rice flour and besan. Add water and whisk the mix till you get a pancake batter consistency. Add chillies, carrots, tomatoes, and salt.

Take a small ladle full of the batter and spread it on a pan and shallow fry. Once cooked, flip the pancake and cook through. Serve hot with pudina chutney or any other chutney of choice.

5. Vegan pasta

To make vegan pasta, you’ll need flour, suji, salt, water and olive oil. Cook it with your favourite Arrabbiata sauce. To prepare the sauce, sauté minced garlic in olive oil, add a pinch of chilli flakes and fry. Then add tomato sauce (or fresh tomatoes), sugar, oregano, and more chilli flakes and salt. Cook it for 15-20 minutes and your sauce is ready. Add the pasta, season it and enjoy.

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