Month: March 2023

Jio gains 1.65 million subscribers in January, Vodafone Idea loses 1.35 million: TRAI

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

Listen to the Article (6 Minutes)

Telecom companies in India saw a marginal increase in subscriber base to 1,170.75 million in January, revealed sector regulator Telecom Regulatory Authority of India (TRAI) on Friday. It further added that the net gain in the wireline segment was 0.28 million customers while mobile telephony recorded a net gain of 0.09 million subscribers.

According to the telecom regulator, this increase in subscriber base was driven by net customer gain in the fixed line segment.  “The number of telephone subscribers in India increased from 1,170.38 million at the end of December 2022 to 1,170.75 million at the end of January 2023, thereby showing a monthly growth rate of 0.03 per cent,” TRAI said in the subscriber report for January 2023.

Even though Reliance Jio and Bharti Airtel jointly added 0.29 million new customers, the gain was offset by BSNL and Vodafone Idea (VIL) losing 0.28 million customers.

The wireline or fixed line connections in the country increased to 27.73 million in January from 27.45 million in December. The growth in the wireline segment was driven by Reliance Jio, Bharti Airtel and Quadrant, which added 0.21 million, 0.11 million and 5,949 customers, respectively.

State-owned MTNL was the biggest loser in the segment as it lost 29,857 customers. It was followed by BSNL, which lost 19,781 wireline customers, Tata Teleservices 9,444, VIL 3,727 and Reliance Communications 275 customers.

In the mobile telephony or wireless segment, Reliance Jio and Bharti Airtel added 1.65 million and 1.28 million customers, respectively. BSNL, VIL and MTNL mitigated the growth in the segment by losing 1.48 million, 1.35 million and 2,960 mobile subscribers, respectively.

The broadband subscriber base in the country grew to 839.18 million in January from 832.2 million in December.

“Top five service providers constituted 98.39 per cent market share of the total broadband subscribers at the end of January-23. These service providers were Reliance Jio Infocomm Ltd (434.02 million), Bharti Airtel (237.40 million), Vodafone Idea (125.03 million), BSNL (27.05 million) and Atria Convergence (2.14 million),” TRAI said.

(With inputs from agency)

Also Read: India’s forex reserves jumps $5.98 billion to $578.78 billion

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

Hindenburg says Block response confirms it inflated Cash App user counts

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

Listen to the Article (6 Minutes)

U.S. short seller Hindenburg Research said on Friday Block Inc’s response to its allegations confirmed it had reported inflated user counts on its Cash App to investors for years.

The payments firm led by Twitter co-founder Jack Dorsey said on Thursday that 44 million of its more than 51 million monthly active customers on Cash App were verified through its identity program as of December 31.

“Block’s newly reported internal estimates also show that its previously reported 51 million monthly transacting actives as of December 2022 represented a 16 percent-31 percent inflation of its actual estimated internal user counts,” Hindenburg said in a note published on its website.

Block did not immediately respond to a Reuters request for comment.

The disclosure follows Hindenburg Research’s report last week that said former Block employees estimated 40 percent to 75 percent of accounts they reviewed were fake, involved in fraud or were additional accounts tied to a single individual.

After taking a short position in Block, Hindenburg alleged in the report that the payments firm overstated its Cash App user numbers and understated its customer acquisition costs.

Short sellers typically sell borrowed securities and aim to buy these back at a lower price.

Also read: Hindenburg accuses Jack Dorsey’s Block of inflating user metrics, enabling insider fraud

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 misses disinvestment target again, mops up Rs 35,293 crore in FY23

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

Listen to the Article (6 Minutes)

After the Narendra Modi government scaled down the disinvestment target for the current fiscal to Rs 50,000 crore, from Rs 65,000 crore budgeted last year, the total receipts on account of disinvestment stood at Rs 35,293.52 crore on March 31, 2023.

According to the website of the Department of Investment and Public Asset Management (DIPAM), the government has realised Rs 94,281.86 crore as disinvestment and dividend proceeds from central public sector enterprises (CPSEs) as on March 31, 2023.

However, the Revised Estimate for disinvestment and dividend proceeds FY 2022-23 was Rs 93,000 crore (disinvestment is Rs 50,000 crore, and dividend is Rs 43,000 crore).

Also Read: India announces new Foreign Trade Policy 2023

Currently, the dividend receipts stand at  Rs 58,988.34 crore, and disinvestment receipts at Rs 35,293.52 crore as on March 31, 2023.

The government has missed the disinvestment target for three consecutive years. In 2020-21, as against the budgeted disinvestment target of Rs 2.10 lakh crore, the government had mopped up Rs 37,897 crore.

In 2019-20, the disinvestment receipts stood at Rs 50,298 crore, lower than the Revised Estimate of Rs 65,000 crore and Budget Estimate of Rs 1.05 lakh crore. In the 2018-19 and 2017-18 fiscal, the government had exceeded the disinvestment target set in the Budget.

In 2018-19, the disinvestment mop-up stood at Rs 84,972 crore against the Budget target of Rs 80,000 crore. In 2017-18, it bettered the target of Rs 1 lakh crore and raised a record Rs 1,00,056 crore.

Also Read: Anantha Nageshwaran says India will see 6.5% average GDP growth

In 2016-17, the government had missed the budgeted disinvestment target. While the Budget had pegged the target at Rs 56,500 crore, the government was able to mop up Rs 46,247 crore. In 2015-16, the government had realised Rs 23,996 crore from CPSE disinvestment, lower than the Budget target of Rs 69,500 crore.

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

Rajasthan: Medical services remain hit as government doctors deadlock enters day 12

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

Listen to the Article (6 Minutes)

Rajasthan government over the Right to Health Bill entered the 12th day with no immediate end in sight, leaving the patients in the lurch.

On Friday, a doctors’ delegation met PCC president Govind Singh Dotasra to discuss the issue. However, the meeting remained inconclusive, and the doctors were advised to approach the senior officers.

Doctors across the state have called strike demanding withdrawal of the bill.

The office-bearers of the Private Hospital and Nursing Home Society held a meeting on Thursday and demanded the Chief Minister’s intervention in the matter.

Soon after, the delegation also reached the Chief Minister’s residence where on behalf of the doctors, Virendra Singh conveyed the demand of the doctors to the Chief Minister.

Chief Minister Ashok Gehlot then authorised State Congress Committee President Govind Singh Dotasra to listen to their woes.

The agitation against the bill is gaining strength by the day.

Secretary of the Private Hospital and Nursing Homes Society, Dr Vijay Kapoor said that private hospitals across the state have given written consent to stop government schemes. From April 1, the process of mass de-empanelment of government schemes will be completed in all private hospitals of Rajasthan.

The agitating doctors said that the strike of the resident doctors is continuing. Some residents may have returned to work under pressure from the government, but the Jaipur Association of Resident Doctors has continued with its strike.

Meanwhile, patients continue to move to neighbouring states for treatment.

Senior doctor Virendra Singh told IANS, “We hope that this deadlock ends on the 12th day. Doctors are actually scared of penalties imposed in the bill. Imagine if any patient complains and the doctor’s name goes to the grievance authority and they impose a penalty of 25,000, where will the doctor go,” he questioned.

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

HG Infra Engineering bags NHAI project worth Rs 999 crore

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

Listen to the Article (6 Minutes)

Construction engineering company, HG Infra Engineering, on Friday said that it has received a Letter of Award (LoA ) for a National Highways Authority of India (NHAI) project worth Rs 998.4 crore.

According to the terms of contract, HG Infra Engineering will be responsible for the construction of 6-lane Greenfield Varanasi-Ranchi-Kolkata highway from Deoria village to Donoreshan village from km 253.000 to km 288.600 under Bharatmala Pariyojana in Jharkhand on Hybrid Annuity Model (Package-10).

The bid offered by HG Infra Engineering was Rs 1,303.11 crore while NHAI’s estimated cost of the project was Rs 998.36 crore.

The construction period allotted to the company is 730 days, or approximately 2 years.

Last week, HG Infra emerged as the lowest bidder (L-1) for a project of Rs 677 crore.

In January, the construction company received a Letter of Acceptance (LoA) from Delhi Metro Rail Corporation Limited (DMRC) for a project worth Rs 399 crore.

Stocks of HG Infra Engineering settled at Rs 782.70 per share, up over 1.4%, when the market closed on the last day of Fiscal Year 2022-23.

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

Goa & Bangkok — India’s top favourite destinations for summer vacation this year

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

Listen to the Article (6 Minutes)

Summer vacation is around the corner and tour operators are clinging to their seats planning travel and trips for tourists.   

According to travel booking site Cleartrip, international hotel bookings from April to May spiked by 3.7 times while the bookings made in March spiked by 3 times in comparison to the same period last year.

Cleartrip says its bookings for April 16 to July 15 increased by nearly 230 percent in comparison to the same period in 2022. It’s important to factor in the base year as international travel was suspended until March 27, 2022, and the bookings for April to July this year were made on or before March 22. 

Also read:  Savouring the flavours of Bhutan: A journey through regional specialties

Domestic travel bookings are up by over 9 percent as compared to last year. This number is not as huge as international as most states had eased travel restrictions and revenge travel had begun as soon as the lockdown was lifted. 

So where are Indians travelling this summer? 

According to Cleartrip, Goa remains the top favourite in local destinations, all the more after the inauguration of a new airport in Mopa. 

Kochi, Bangalore, Manali, Rishikesh, Lonavala, Shimla & Ooty are some other sought-after places in India. 

Bangkok remains the favourite international holiday spot for Indians, followed by Dubai & Maldives.  

Travellers are also increasingly opting for EMI options to fund their trips. Cleartrip has seen a 60 percent rise in the no-cost EMI payment option. 

“I can say that we have been successful in advancing the summer travel demand. We have seen a 60 percent rise in bookings versus last year across categories and that is a strong indicator that we have successfully advanced the summer travel demand,” said Cleartrip CEO Ayyappan R.

And these are just advance bookings, as we come closer to the holiday season, the growth in bookings across platforms is expected to surge further spelling good news for the hospitality industry.

Also read: Delhi-Bhopal Vande Bharat Express to be flagged off by PM Modi | Check fare, timing and all details

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

Sebi imposes Rs 5 lakh fine on Videocon’s Venugopal Dhoot for disclosure lapses

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

Listen to the Article (6 Minutes)

Sebi on Friday imposed Rs 5 lakh fine on Videocon Group Founder Venugopal Dhoot for not making disclosures about his interest in Supreme Energy as well as for not disclosing that Quality Techno Advisors Pvt Ltd (QTAPL) and Credential Finance Ltd (CFL) were related parties with respect to certain transactions.

The order came after Sebi conducted an examination following media reports published in March 2018 regarding certain ’quid pro quo’ arrangements between Venugopal Dhoot and former Managing Director and Chief Executive Director of ICICI Bank Ltd Chanda Kochhar in lieu of grant of certain credit facilities by ICICI Bank to some entities belonging to the Videocon Group.

The scope of the examination was specifically to ascertain whether Dhoot violated the provisions of LODR (Listing Obligations and Disclosure Requirements) rules and provisions of listing agreement in respect of the submissions that were required to be made by Videocon Industries to the stock exchanges.

Also read: Clearing company for corporate bond repos may start functioning in 3-6 months: Sebi chief

In its order, Sebi found that Dhoot did not disclose his interest (99.9 per cent shares) in Supreme Energy Pvt Ltd (SEPL) to Videocon Industries, at the time of grant of loan by the company to SEPL. his interest in SEPL, Dhoot violated listing agreement, according to an order by Sebi.

The Central Bureau of Investigation (CBI) had alleged that as a part of quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through SEPL, and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar, through a circuitous route between 2010 and 2012.

Deepak Kochhar is the husband of Chanda Kochchar.

Also, CBI alleged that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group in violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank.

In addition, Sebi in its order noted that Dhoot did not disclose his interest in CFL and QTAPL.

Videocon Group founded and promoted by Dhoot was holding 12.08 lakh or 24.7 percent stake in CFL in  2000 and in 2014 Videocon Group was holding 6.84 lakh shares in CFL. However, from the annual report of the company, it was noted that there was no mention of CFL as a related party in the annual reports available with Sebi from FY 2009-10 till FY2014-15 as a related party, Sebi said.

With respect to Dhoot not disclosing QTAPL as its related party, Sebi said that QTAPL was incorporated in December 2008 and Kavishwar Patil and Vilas Salunkhe were appointed as its directors. Surprisingly, the same individuals were also directors in the subsidiary companies of Videocon Group.

Further, QTAPL was owned by Videocon Group companies — Tek-care India Limited and Evans Fraser and Co (I) Limited — before its acquisition by family trust of Deepak Kochhar. Therefore, Dhoot was under the obligation to disclose QTAPL as a related party, it said.

required disclosures, Dhoot violated provisions of listing agreement and LODR.

In January, the Bombay High Court granted interim bail to Dhoot nearly a month after he was arrested by the CBI in in the ICICI Bank-Videocon loan fraud case.

Also read: A Rs 30,000 crore safety net for India’s corporate debt market

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

New Foreign Trade Policy: Inter-ministerial committee constituted to lay down roadmap to facilitate e-commerce

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

Listen to the Article (6 Minutes)

An inter-ministerial committee has been constituted to lay down a roadmap to facilitate e-commerce under the new foreign trade policy released by the Union Government. Pegging a potential of e-commerce exports worth $200-300 billion by 2030 on the back of the fillip through the new policy, the government aims to move from a regime of incentives to remission to ensure no export of taxes and duties. While norms to create e-commerce export hubs are being formulated, the consignment-based cap of Rs. 5 lakhs per courier via e-commerce has also risen to Rs. 10 lakhs under the new policy.

Director General of Foreign Trade (DGFT) Santosh Sarangi told CNBC-TV18 that the government aims to increase the usage of the rupee as a global currency even as rupee trade is being partially or fully carried out with nations having forex-related issues or a strong bilateral trade with India. Terming the setting of export targets as a work in progress, he said that the policy will allow overseas intermediaries to conduct 3rd party transactions for exports.

Pointing to the rapid growth potential in exports from the chemicals and the engineering sector due to renewed interest from western and Latin American countries as per China plus one policy, he said that the record petroleum processed by Indian refiners this year was due to geopolitical challenges and can’t be expected every year due to small margins in the industry.

To help exporters, the government will create an online platform by the 1st week of April under the Amnesty scheme for one-time settlement for export obligations, where eligible licensees from the period of 2009 to 2014 will have to register within 20 days, and their cases will be resolved in 6 months thereafter. 75 to 100 districts will be focused upon under the district export hub initiative, similar to the ODOP scheme, which will also cover medical value tourism.

President of the Federation of Indian Exporters Organisation (FIEO) Dr. A Sakthivel welcomed the aspect of no set duration in the new foreign trade policy, stating that it can be amended according to any change in the situation. He welcomed the encouragement to rupee trade as helpful to the country as well as exporters wherever there is a paucity of foreign currency. He also praised the multi-trading system, the policy for districts as export hubs and the potential benefits to exporters under the amnesty scheme. However, he requested an extension of 3 to 4 months for the old policy to protect exporters already in the midst of contracts.

Vice President of EEPC (Engineering Export Promotion Council) India Pankaj Chadha also mirrored this concern as he pitched for the durability of policy and sought that exporter exporting for a 6 to 8 months-long order booking should be protected from changes. With steel comprising over 30% of engineering goods exports, he said that exports are already doing well with no duties as of now and he expects the new foreign trade policy to at least double steel exports.

EEPC Chairman Arun Kumar Garodia termed the policy as pragmatic and growth-oriented, stating that the lack of a sunset clause will allow MSMEs to plan their growth strategies and expansion better. He welcomed the policy shift from subsidy and incentives and said that proper implementation of the remission regime will be good for the industry.

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

Wall Street opens higher, on track to close March with gains

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

Listen to the Article (6 Minutes)

Stocks are opening higher on Wall Street, keeping the market on track for a winning March despite a long list of worries being thrown at it. The S&P 500 was 0.4 percent higher early Friday.

The index is on pace for a gain for the month and a second winning quarter in a row after tumbling through most of 2022. The Dow rose 0.5 percent while the Nasdaq was up 0.2 percent. Friday’s gains came after a report showed inflation slowed in February, though it was still high on a historical basis. Worries about high interest rates have been dogging markets for more than a year.

Wall Street inched higher ahead of an inflation update Friday that could influence the Federal Reserve and its decision on interest rates at its next meeting.

Also read: Editors’ Roundtable | Here’s how Indian equity markets performed in FY23

Futures for the benchmark S&P 500 index inched up about 0.1 percent and the Dow Jones Industrial Average rose 0.2 percent before the opening bell.

On Friday, the Commerce Department releases its consumer spending report that contains a measure of inflation — personal consumptions expenditures, or PCE — that is closely watched by the Federal Reserve.

A softer inflation reading would be a “signal to continue with the risk-on theme,” said Tim Waterer of Kohle Capital Markets in a report.

Traders were rattled by this month’s bank failures but regulators appear to have calmed fears by promising lending measures if needed to keep other institutions stable after repeated rate hikes caused prices of bonds and other assets on their books to fall.

Markets have shifted focus back to uncertainty about the global economic outlook as the Fed and other central banks try to extinguish inflation. Prices for some commodities have softened and increases in many countries have slowed, but inflation remains a threat to stability in many emerging markets.

On Friday, Egypt’s central bank raised interest rates as the continues battles surging prices and a depreciating currency. The most basic lending rate increased to 18.25 percent from 16.25 percent to help quash spiraling inflation, which hit a 32.9 percent annual rate in February.

Traders have begun betting the Fed will be forced to cut rates as early as mid-year to shore up economic growth. That is despite statements by Fed officials that they plan to raise rates one more time before holding them steady into at least early 2024.

The Fed’s key lending rate stands at a range of 4.75 percent to 5 percent, up from close to zero at the start of last year.

Inflation in the 20 countries that use the euro slowed to 6.9 percent in March from 8.5 percent the month before. Food costs are still on the rise, but energy prices fell, making a sharp turnaround after months of punishing increases, according to data released Friday by the European Union’s statistics agency, Eurostat.

At midday in Europe, the FTSE 100 in London gained 0.2 percent, the DAX in Frankfurt rose 0.4 percent and the CAC 40 in Paris advanced 0.5 percent.

Also read: India’s core sector output almost flat at 6 percent in February

In Asia, the Shanghai Composite Index rose 0.4 percent to 3,272.86 after an official survey showed China’s factory activity grew at a slower pace in March but was stronger than expected following the end of anti-virus restrictions. The Hang Seng in Hong Kong added 0.4 percent to 20,400.11.

The Nikkei 225 in Tokyo advanced 0.9 percent to 28,041.48 after government data showed factory output rebounded and retail sales rose in February.

The Kospi in Seoul added 1 percent to 2,476.86 after government data showed factory output declined 3.2 percent from the previous month in February. Sydney’s S&P-ASX 200 was 0.8 percent higher at 7,177.80.

India’s Sensex advanced 1.7 percent to 58,954.14. New Zealand and Jakarta declined while Singapore and Bangkok advanced.

Shares of Richard Branson’s satellite launch company Virgin Orbit tumbled further after the company said it is letting go of almost its entire work force. That company is struggling to secure funding following a failed mission three months ago.

Virgin Orbit, based in Long Beach, California, will cut 675 jobs, about 85 percent of its workforce, according to a Friday filing with the U.S. Securities and Exchange Commission. Shares tumbled nearly 40 percent in off-hours trading and have lost about 80 percent of their value this year.

In energy markets, benchmark U.S. crude gained 50 cents to $74.87 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.40 on Thursday to $74.37. Brent crude, the price basis for international oil trading, picked up 30 cents to $78.90 per barrel in London. It advanced 99 cents the previous session to $79.27.

The dollar gained to 133.19 yen from Thursday’s 132.47 yen. The euro declined to $1.0869from $1.0904.

Wall Street rose Thursday as worries about the global financial system eased following the collapse of two U.S. banks and one in Switzerland.

On Thursday, the S&P 500 index rose 0.6 percent. The Dow gained 0.4 percent and the Nasdaq composite added 0.7 percent.

Also read: India’s forex reserves jumps $5.98 billion to $578.78 billion

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

Orient Electric appoints Rajan Gupta as new MD & CEO

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

Listen to the Article (6 Minutes)

Home-grown electrical equipment manufacturer Orient Electric on Friday said that it has appointed Hathway Cables’ former MD Rajan Gupta as new Managing Director & Chief Executive Officer of the Company for a period of 5 years effective from April 4, 2023.

Adding details of the development, the company in a stock exchange filing informed that Rakesh Khanna resigned as MD and CEO, to be effective from the close of business hours on April 3, 2023. However, Gupta is not debarred from holding the office of director by virtue of any order of the SEBI or any other such authority.

“Previously, he has worked with companies like Tata Telecom, Hindustan Coca Cola and Asian paints before his last role at Hathway Cable and Datacom where he was the MD and CEO, and Chairman of The Board, GTPL Hathway,”
said Orient Electric on Rajan Gupta.

Rajan is expected to provide strategic leadership to Orient Electric, driving significant scale and innovation apart from helping the organisation to build through organic and inorganic expansion. He will additionally be responsible for setting up cutting edge manufacturing facilities and strengthening the brand.

‘I am delighted to welcome Rajan as Managing Director and CEO of Orient Electric. We are deeply committed to making Orient Electric an industry leader in Fans, Lighting, Appliances and Switchgear as we strengthen our position to meet the changing demands of the market,” said CK Birla, Chairman, Orient Electric.

“Rajan’s extensive experience in scaling up businesses, brand consolidation, and strong customer engagement aligns well with our growth ambitions. Our value proposition to our customers and stakeholders remains unchanged and we will continue to invest behind product expansions and customer linked solutions,” 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