Month: May 2023

India conducts Asia’s first demonstration for performance-based navigation for helicopters: Scindia

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

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India conducted Asia’s first demonstration of performance-based navigation for helicopters for a flight from Juhu to Pune using GAGAN satellite technology. In a tweet on Wednesday, Civil Aviation Minister Jyotiraditya Scindia said it is a fine example of the “Indian aviation sector blazing a trail in innovation!”.

A fine example of the Indian aviation sector blazing a trail in innovation!

India conducts Asia’s first demonstration for Performance-Based Navigation for helicopters.

The flight from Juhu to Pune made use of the #GAGAN satellite technology that enhances accuracy, allowing…

— Jyotiraditya M. Scindia (@JM_Scindia) May 31, 2023

“India conducts Asia’s first demonstration for Performance-Based Navigation for helicopters. The flight from Juhu to Pune made use of the #GAGAN satellite technology that enhances accuracy, allowing for high quality air traffic management. Congratulations @AAI_Official,” the minister said.

GAGAN refers to GPS Aided GEO Augmented Navigation. It is a space-based augmentation system for providing the best possible navigational services over the Indian FIR (Flight Information Region) with the capability of expanding to neighbouring FIRs.

It was jointly developed by the Indian Space Research Organisation (ISRO) and the Airports Authority of India (AAI).

Also read: The AI boom delivers a trillion-dollar baby — Nvidia

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

Future Female Forward | Rise in Telangana’s per capita income can largely be attributed to women, says top official

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

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The state of Telangana in India recently celebrated its ninth anniversary since its formation. Chief Minister K Chandrasekhar Rao has expressed his desire to transform Telangana into a women welfare state and has introduced several initiatives to support women’s empowerment and entrepreneurship.

Telangana takes pride in being the home of India’s first state-led incubator for women, known as WE-Hub. Additionally, the state houses India’s first all-women’s industrial park. Telangana also boasts of one of the highest populations of working women in the country.

Jayesh Ranjan, the Principal Secretary of Industries & Commerce and Information Technology in the Telangana government, highlighted that the rise in the state’s per capita income can largely be attributed to women. Over the years, the per capita income of Telangana has increased by 130 percent since 2014. This remarkable growth has been achieved through the government’s efforts to mobilise women at the grassroots level by forming self-help groups, enhancing their capabilities, and providing them with support.

“One of the most significant achievements of Telangana government has been the phenomenal rise in the per capita income. The states per capita income has risen by 130 percent from what it was in 2014. A significant part of it has been contributed by women and it has happened because the government has taken lot of efforts to mobilise women at the grassroots into very strong receiving mechanism. Governments typically all over the world are considered to be welfare oriented but not much attention is paid on who is there to receive whatever the government is giving. So that effort has been made in Telangana to form self-help groups, strengthening them, building their capacities etc,” Ranjan said.

The government’s programmes targeted at both urban and rural women have created an environment conducive to innovation and entrepreneurship, Ranjan added.

Surendra Rosha, Co-CEO of HSBC Asia Pacific, believes that India has a significant opportunity to lead the way in establishing more diverse and inclusive organisations. Research consistently shows that diverse and inclusive organisations tend to be more productive.

According to Rosha, increasing female participation rates in the G20 countries, for example, could potentially add around $5.8 trillion to the GDP over the next 5-6 years. This realisation is driving enterprises in many markets, including India, to focus on fostering female participation in the workforce.

Also Read: Future Female Forward: Breaking the gender barrier in STEM careers

“There is a whole lot of research that talks about why being a more diverse, more inclusive organisation makes you more productive. However if you take statistics, in the G20 countries if we were to increase female participation rates, then we would add approximately 5.8 trillion to the GDP over the next 5-6 years. When it comes to enterprises that work in the ecosystem in many of these markets, they recognise this. I think what is really important is from a India perspective is, we have a young population, there are more people joining the workforce and if you look to nations that are ageing, you will realise that one of the gaps many of them have is they don’t have enough participation by women in the workforce to overcome what the ageing population is now creating. So we have a real opportunity to set a base,” Rosha said.

Rosha also mentioned that HSBC is committed to promoting gender diversity and has established a $1 billion fund dedicated to supporting female entrepreneurs. He added that the company aims to have 35 percent women in senior leadership positions globally by 2025 and ultimately achieve gender parity.

Watch video for entire discussion.

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

Market cap reclassification list set for release in first week of July with June 30 cut-off date

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

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The AMFI’s semi-annual review for market cap reclassification is set to be released in the first week of July, with a cutoff date of June 30.

Analysts have begun to speculate on the potential impact of this review, particularly regarding the reclassification of midcap stocks into the large-cap category.

Typically, after such an announcement, teams focusing on equity-oriented market cap classifications are likely to realign their holdings based on the provided classification from AMFI.

This realignment can lead to flows of funds either entering or exiting certain stocks, depending on whether they are upgraded or downgraded. Several noteworthy stocks are expected to transition from midcap to large-cap status.

According to IIFL Alternative Expectations, Canara Bank, TVS Motor Company, Tube Investments, Shriram Finance, and Mankind Pharma are among the key names anticipated to make this move. However, it’s worth noting that Mankind Pharma is a recent listing and may directly enter the large-cap segment.

Conversely, some stocks, such as Page Industries, PI Industries, and Info Edge, could potentially experience downgrades in their market cap classifications, moving from large-cap to smallcap.

On the other hand, certain smallcap stocks like Punjab & Sind Bank, Bank of Maharashtra, FACT, and Bharat Dynamics might shift to the midcap space, indicating an upward movement for these stocks within the midcap segment.

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

Minister Anurag Thakur asks wrestlers to wait until probe probe is completed

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

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Sports Minister Anurag Thakur on Wednesday asked protesting wrestlers not to take any step that could undermine sports or hurt players and said appropriate action will be taken once the probe into their allegations is completed, a day after the grapplers threatened to immerse their medals in river Ganga. He also said that Wrestling Federation of India (WFI) will hold elections and a new body will be elected soon.

The WFI president has stepped aside and the WFI is not taking any decision. The committee of administrators set up by the Indian Olympic Association is taking everyday decisions, Thakur said.

The minister urged the wrestlers to be patient and have faith in the Supreme Court, the Sports Ministry and Delhi police, which is investigating allegations against the WFI’s former chief Brij Bhushan Sharan Singh.

”I urge the wrestlers to be patient till the outcome of the investigation. I also urge them not to take any step that could undermine sports or hurt any sportsperson,” the minister said while replying to queries from reporters. He stressed that his ministry had acted promptly on the wrestlers’ complaint and appropriate action would be taken once the probe is completed.

Thakur also listed steps taken by the government to ”fulfil the hopes of players and help strengthen sports in the country”. The minister’s remarks come a day after the country’s top wrestlers, including Sakshi Malik, Vinesh Phogat and Bajrang Punia, along with hundreds of their supporters, reached Har ki Pauri to immerse their medals in the river Ganga but were persuaded by Khap and farmer leaders not to do so.

The wrestlers are demanding the arrest of Brij Bhushan Sharan Singh who is accused of sexually harassing several women grapplers. Thakur said that after some wrestlers complained, a committee was immediately formed in consultation with them to look into the issue.

Members were added following the wrestlers’ request for an impartial probe. The committee gave its report and an FIR was registered after they went to the Supreme Court, which asked them to go to the magistrate, he said. ”Whatever they said, we did not leave any stone unturned, but the goalpost was changed and new goalposts were made. We heard them with an open mind,” the minister said.

He noted that the investigation is continuing in the matter. He said whenever any such allegation had been made in the past, an investigation was carried out and adequate action was taken after that. ”Let the investigation be complete. If they feel, they can protest after that. But they should have faith in the Supreme Court, the police, sports ministry.”

”We also want that there should be an impartial investigation on the issues raised by the players and appropriate action should taken after that. The police are conducting the probe and they should wait for the investigation and have patience,” he said.

Thakur noted that the players should not take any step which could undermine players and sports, as a number of emerging players are preparing for the Asian Games and thousands of sportspersons are participating in trials.

”After all, the probe will be held as per rules and the law and adequate action would be taken after the investigation is completed,” he noted. On politicisation of the wrestlers’ protest, the minister said players had themselves stated in January that their platform is not for doing politics and they do not want anyone to play politics on their issue.

Later, however, many political parties and trade unions started coming to their platform, he said. ”I do not want to comment on who came to their platform. But I would urge the players that they should have confidence in the Delhi police probe as they have registered the FIR on the Supreme Court’s direction.

”It would be proper that they do not take any such step that hurts any sportsperson or sports. We are all in favour of sports and sportspersons. We all want to promote sports and sports has moved forward under prime minister Narendra Modi and its budget and achievements have also risen,” Thakur said.

Thakur also said that the Modi government has increased the budget for sports from Rs 874 crore to over Rs 2782 crore and brought schemes like Khelo India and TOPS which have helped players reach the podium.

Asserting that India is surging ahead under the leadership of Narendra Modi, he said 300 large sports infrastructure facilities are being set up at a cost of Rs 2700 crore to fulfil the dreams of our sportspersons. ”We want to do more, we want to make the nation strong in the field of sports,” he said, adding that all this is to fulfil the hopes of players and help strengthen sports in the country.

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

Pirojshaw Aspi Sarkari resigns as Gati CEO with immediate effect

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

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Logistics services provider Gati Ltd on Wednesday (May 31) said CEO Pirojshaw Aspi Sarkari has stepped down from the position with immediate effect from today.

Also, Gati has appointed Pirojshaw Aspi Sarkari as the managing director and chief executive officer of the material subsidiary of the company, Gati-Kintetsu Express Private Ltd (GKEPL) with immediate effect from May 31.

This comes after Adarsh Sudhakar Hegde stepped down from the position of chairman and managing director of GKEPL with immediate effect, the company informed exchanges.

Further, Shashi Kiran Shetty, Chairman and Managing Director of the company has been appointed as non-executive chairman of GKEPL effective from today.

The said changes were approved by the board of directors of GKEPL on the recommendation of the Nomination & Remuneration Committee of GKEPL at their meetings held today, it added.

Shares of Gati Ltd ended at Rs 115.80, down by Rs 0.050, or 0.043 percent on the BSE.

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

Adani Group to raise $3.5 billion from share sale in three group companies

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

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Billionaire Gautam Adani’s conglomerate is looking to raise about $3 billion through an equity share sale to institutional investors in the boldest comeback strategy after the ports-to-energy group was hit by a damning report of a US short seller.

While boards of Adani Enterprises Ltd – the group’s flagship firm – and electricity transmission company Adani Transmission Ltd have already approved raising up to Rs 21,000 crore (over  $2.5 billion) through share sales to qualified institutional investors, the board of Adani Green Energy Ltd is likely to do so for raising up to $1 billion in the next couple of weeks, sources aware of the matter said.

Post-board approvals, Adani Enterprises Ltd and Adani Transmission Ltd have sought shareholder approval.

Adani Green Energy Ltd’s board may meet in the first or second week of June for approving the fundraising, they said.

The entire fundraising of $3.5 billion, which would go to fund the capital expenditure needs of the group, is likely to be completed within the second quarter (July-September) of the current fiscal.

Also Read: Adani-Hindenburg impact: SEBI paper seeks enhanced transparency measures for foreign portfolio investors

The fundraising will be through the issue of shares to qualified institutional buyers. The sources aware of the matter said investors in Europe and the Middle East have evinced strong interest.

Some of the existing investors are likely to subscribe to the offer and some new investors may also join in, according to the sources.

GQG Partners, which invested $1.87 billion in four Adani group companies in the first week of March, too may join, demonstrating the investor’s continued interest in the conglomerate.

The sources said investors continue to believe in the Adani growth story and have evinced interest in putting in more money in the group.

The fundraising was finalised after extensive roadshows abroad with a range of financial institutions and other investors.

This comes three months after Adani Enterprises was forced to abort a Rs 20,000 crore follow-on public offering (FPO) in the wake of the Hindenburg report.

The offer was fully subscribed but the company returned the money to subscribers. The sources said the company stock, which was offered in the price range of Rs 3,112 to Rs 3,276 in the FPO, is now available at Rs 2,494.25 (at Wednesday’s closing price).

US short-seller Hindenburg Research in January released a damning report alleging accounting fraud and stock price manipulation at Adani Group, triggering a stock market rout that had erased about $145 billion in the conglomerate’s market value at its lowest point.

Adani Group has denied all allegations by Hindenburg and is plotting a comeback strategy. The group has recast its ambitions as well as prepaid some loans to assuage investors.

Promoters in March sold stakes worth Rs 15,446 crore in four group companies to leading US-based global equity investment boutique GQG Partners.

The group has been trying to win back market confidence with a series of investor roadshows, early debt repayments and plans to scale back its pace of spending on new projects.

The funds that Adani Group is looking to raise will be the conglomerate’s biggest borrowing since the January 24 Hindenburg report. The money raised is intended to be used for funding the group’s expansion projects.

Also Read: 2 Adani Group stocks to exit MSCI Global index on May 31, HAL to be included

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

G20 EMPOWER | Apollo Hospitals’ Sangita Reddy highlights India’s efforts in women’s leadership

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

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The G20 Alliance for the Empowerment and Progression of Women’s Economic Representation (EMPOWER) is an alliance of G20 business leaders and governments that aims to accelerate women’s leadership and empowerment in the private sector.

Sangita Reddy, Joint Managing Director of Apollo Hospitals, expressed her enthusiasm for her role as the head of G20 EMPOWER. She acknowledged the depth of the challenges, the diverse range of solutions, and the commendable initiatives undertaken by the Indian government during the G20 presidency. She emphasised the global recognition of India’s efforts within the G20 framework.

Several initiatives are being pursued within G20 EMPOWER. One involves creating a playbook that compiles positive initiatives from around the world, serving as an inspiration for others. Another significant effort is sharing inspirational stories, as it is crucial for women to hear about the success of other women, and for men to be exposed to such stories as well.

Additionally, G20 EMPOWER is calling for advocates from various organisations, including banks and companies, to join the cause and endorse the importance of gender equity.

Read Here | Future Female Forward: Breaking the gender barrier in STEM careers

Also, during the event, Eka Lakhani, a costume designer, and Pratiksha Prashant, the CEO of Kishandas & Co, shared their insights into the task of bringing the Chola dynasty to life in the film adaptation of the novel, Ponniyin Selvan.

Their discussion centred around the meticulous efforts and creative vision required to accurately portray the grandeur and essence of the Chola dynasty through costume design.

Speaking at the event, Jayesh Ranjan, Principal Secretary of Industries & Commerce and Information Technology in the Telangana government, said, “One of the most significant achievements of the Telangana government has been the phenomenal rise in the per capita income. The state’s per capita income has risen by 130 percent from what it was in 2014. A significant part of it has been contributed by women and it has happened because the government has taken lot of efforts to mobilise women at the grassroots into very strong receiving mechanism.”

Also Read | Vedanta new CFO Sonal Shrivastava has over 26 years of financial leadership experience

Surendra Rosha, Co-CEO of HSBC Asia Pacific, said, “There is a whole lot of research that talks about why being a more diverse, more inclusive organisation makes you more productive. However if you take statistics — in the G20 countries if we were to increase female participation rates, then we would add approximately ($) 5.8 trillion to the GDP over the next 5-6 years.”

“In HSBC we have 30 percent women in senior leadership globally. We want to get to 35 percent by 2025 and we want to keep improving that till we get to parity number. So there is work being done. We have also set up a $1-billion fund that is entirely focused on female entrepreneurs and we are learning from those interactions on how we can improve the decision making for future funds or future investments that we make,” he added.

Also Read: Future Female Forward: Breaking the gender barrier in STEM careers

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 cancels Karvy Stock Broking’s registration for misappropriation of clients’ funds

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

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Capital markets regulator Securities and Exchange Board of India (Sebi) on Wednesday cancelled the registration of brokerage firm Karvy Stock Broking Ltd (KSBL) for mis-utilising clients’ funds and securities.

SEBI’s investigation revealed that Karvy had engaged in the transfer of funds from clients’ accounts to its own accounts, which were subsequently transferred to group companies associated with the brokerage house. Furthermore, Karvy had raised funds by pledging clients’ securities without their consent.

The data uncovered by SEBI indicates that Karvy had accumulated borrowing of Rs 2,032.67 crore as of September 2019. This borrowing was facilitated by pledging shares of its clients as collateral. The value of securities pledged by the brokerage firm during this period was estimated at Rs 2,700 crore.

In addition, SEBI’s order highlights several other violations committed by Karvy. The firm failed to settle clients’ funds and securities, failed to provide details of bank accounts and depository participant accounts, and failed to cooperate with the forensic auditor during the assessment of assets and liabilities pertaining to clients.

Also Read: Adani Group stocks take a hit after SEBI releases new consultation paper for additional disclosures for FPIs

Noting that Karvy has been declared a defaulter and expelled by BSE and NSE in November 2020, Sebi has cancelled “the certificate of registration of Karvy Stock Broking Ltd” under the Intermediaries Regulations.

This recent action follows Karvy’s declaration as a defaulter and subsequent expulsion by both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in November 2020. SEBI’s decision to cancel Karvy Stock Broking Ltd’s certificate of registration falls under the Intermediaries Regulations.

Last month, SEBI had already barred Karvy and its promoter, Comandur Parthasarathy, from the securities market for a period of seven years. Additionally, a penalty of Rs 21 crore was imposed on them for misappropriating clients’ funds through the misuse of Power of Attorney.

In November 2019, the watchdog, through its interim order, barred KSBL from taking new brokerage clients after it was found that the firm had allegedly misused clients’ securities to the tune of over Rs 2,000 crore. The interim order came after NSE forwarded a preliminary report to Sebi on non-compliances observed with respect to pledging or misuse of clients’ securities by Karvy Stock Broking. Finally, the directions issued through the interim order were confirmed by Sebi in November 2020.

The preliminary report was based on a limited purpose inspection conducted by NSE on August 19, 2019, covering the period from January 1, 2019, onwards.

Also Read: Adani-Hindenburg impact: SEBI paper seeks enhanced transparency measures for foreign portfolio investors

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

EU tech chief aims to draft code of conduct on AI within weeks

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

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EU tech chief Margrethe Vestager said on Wednesday she believed a draft code of conduct on artificial intelligence (AI) could be drawn up within weeks, allowing the industry to commit to a final proposal “very, very soon”.

Policymakers and many in the industry have expressed concern about AI, particularly content-creating generative AI such as ChatGPT, with some equating it to the risks posed by pandemics or nuclear war.

Vestager said the US and European Union should push a voluntary code of conduct to provide safeguards while new laws are developed.

Also Read: OpenAI has no plans to leave Europe, says CEO Sam Altman

“Generative AI is a complete game-changer,” Vestager, who is a vice president of the European Commission, told a news conference on Wednesday after a meeting of the EU-US Trade and Technology Council.

“Everyone knows this is the next powerful thing. So within the next weeks, we will advance a draft of an AI code of conduct,” she said, adding she hoped there would be a final proposal “very, very soon” that industry could sign up to.

The European Union’s AI Act, with rules on facial recognition and biometric surveillance, is still going through the legislative process.

“In the best of cases, it will take effect in two and a half to three years time. That is obviously way too late,” Vestager told reporters before the meeting of the TTC in Sweden. “We need to act now.”

Also Read: Italy bans OpenAI’s ChatGPT over privacy concerns

Leaders of the G7 nations called earlier this month for the development of technical standards to keep AI “trustworthy”, urging international discussions on topics such as governance, copyright, transparency and the threat of disinformation.

Vestager said there needed to be agreement on specifics, not just general statements, suggesting the European Union and the US could help drive the process.

“If the two of us take the lead with close friends, I think we can push something that will make us all much more comfortable with the fact that generative AI is now in the world and is developing at amazing speeds,” she said.

Also Read: This is how ChatGPT might be violating your privacy

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