Month: June 2023

Taiwanese companies interested in converting diesel-run buses into electric in Karnataka

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

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Karnataka Large and Medium Industries Minister M B Patil on Friday said Taiwanese companies have expressed interest to collaborate with the State in converting diesel-run Bengaluru Metropolitan Transport Corporation (BMTC) buses into electric ones. He said this after a high-level delegation from Taiwan met him here to discuss industrial collaborations.

Converting diesel-powered BMTC buses into electric would enable us to take a step forward towards sustainability and the Industries department would facilitate further talks with the transport counterpart in this regard, Patil said.

Taiwan-based companies have the required expertise to transform diesel vehicles into electric, he said, adding that such a technology is the need of the hour.

Taiwanese companies have also evinced interest to collaborate in machine tools and manufacturing, Electronics System Design & Manufacturing (ESDM), automotive and auto components, clean energy production, and aerospace, the minister added.

Over 50 Taiwanese investors were present at the meeting which was facilitated by Taiwan India Business Association (TIBA), the minister’s office said.

As part of the meeting, a visual presentation on the industrial ecosystem of the state, facilitation and incentives provided by the government was made.

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

Indian defence ministry inks Rs 2,725 crore deal with MDL for INS Shankush submarine

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

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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

6 Years of GST: Centre’s big focus on anti evasion measures; Industry flags unfinished agenda

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

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From Rate Rationalisation to Anti Evasion

With GST collections hitting the 1.50 lakh crore average monthly mark, the shift in policy gears is stark. As per Centre, 1.50 lakh crore monthly GST mop- up is the new normal and curbing GST evasion will further strengthen the revenue stream.

So from big rate rationalisations to GST compensation worries, the Centre’s energies are now completely focused on nabbing tax evaders and fake registrations.

Even the issue of GST slab rationalisation has taken a back seat with the GST Council maintaining a studied silence.

Instead, controlling fake registrations, fake invoices, better risk management by the GSTN, data sourcing from a greater number of third parties is the big focus now, both at the Centre and States.

As a government official said, “Aim is to detect and weed out fake dealers. For instance, we have come across 3000 PANs ( permanent account numbers ) used for creating fake dealer registrations.”

Consequently, not just Aadhaar, income tax verifications against registrations are underway in a big way, but the government is also aiming to tap more third party sources, the MCA being one instance.

As per the GST law, registrations have to be verified and matched with bank accounts and refunds also are being issued only after this exercise. From July onwards taxpayers will also need to explain data mismatches between GSTR 1B and GSTR 3B.

In fact, the outcome of the recent drive by authorities to track down fake registration and invoicing is likely to be discussed in the upcoming GST council meeting on July 16. Last fiscal, approximately Rs 20,000 crore worth of GST evasion had been detected.

The industry is working closely with the GSTN and is supportive of its efforts to strengthen systems and check fake invoicing , they say “intense discussions are on” currently.

Industry Priorities —The unfinished agenda 

But industry is also waiting for clarity on a host of key issues:

• Like the setting up of GST Appellate Tribunals. Tax payers are still knocking at high courts doors for dispute resolutions.
• Industry also wants the scope of GST amnesty scheme to be expanded to cover tax dues with a full interest and penalty waiver.
• Greater engagement with industry, revive sectoral committees.
• Decriminalise GST Act ; Council must do a comprehensive review and simply Act.
• Provide clarity on online gaming GST rates, whether gaming or betting.
• Need clarity on new age industries like cryptos; whether bitcoins are goods/services.

Pratik Jain, Partner, Pricewaterhouse said, “This is the right time for the GST council to engage with all stakeholders and undertake a comprehensive legislative/administrative review to reduce disputes and further simplify the laws.  Sectoral committees can be formed to discuss and address the sector specific concerns, specifically the new age segments such as e-commerce, crypto currencies etc.”

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 first domestically built 700 MW nuclear reactor starts commercial operations

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

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India’s first indigenously developed 700 MW nuclear power reactor at the Kakrapar Atomic Power Project (KAPP) in Gujarat started commercial operations on Friday, a senior official said.

“With great pleasure, this is to inform that our first indigenous 700 MWe Unit, KAPP-3, has become commercial on 30th June 2023 at 1000 Hrs,” a senior KAPP official said.

Presently, the unit is operating at 90 percent of its total power, he said. The Nuclear Power Corporation of India Limited (NPCIL) is building two 700 MW pressurised heavy water reactors (PHWRs) at Kakrapar, which is also home to two 220 MW power plants.

Various commissioning activities were underway at KAPP 4, which had achieved 96.92 percent progress by May end, according to officials. The NPCIL plans to build sixteen 700 MW PHWRs across the country and has granted financial and administrative sanction for the same.

Construction of 700 MW nuclear power plants is underway at Rawatbhata in Rajasthan (RAPS 7 and 8) and at Gorakhpur in Haryana (GHAVP 1 and 2).

The government has sanctioned building of 10 indigenously developed PHWRs in fleet mode at four locations — Gorakhpur in Haryana, Chutka in Madhya Pradesh, Mahi Banswara in Rajasthan and Kaiga in Karnataka.

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

ideaForge ranks 10th among most subscribed IPOs with issue size above Rs 500 crore

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

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The first half of the year is exiting with some encouraging notes for equity investors. While the benchmarks climbed to their fresh life-time highs, there seems to be some revival in the primary market as well. 

The initial public offer (IPO) of ideaForge Technology subscribed more than 100 times on the last day of issue, helping the dronemaker to find a place among the top subscribed IPOs.

According to data sourced from primedatabase.com, the public issue of ideaForge occupies the 10th rank among top subscribed IPOs with a minimum size of Rs 500 crore.

While the IPO of ideaForge is the first in this year to have subscribed more than 100 times, the issue is also marked the one after 2021 where investors bid so aggressively with such a great enthusiasm.

Apart from C.E. Info Systems in 2021, Industrial components manufacturer —  Tega Industries, digital analytics firm — Latent View Analytics and MTAR Technologies saw their IPOs subscribing more than 100 times. Albeit, there were no such issues since then.

ideaForge — the Country’s leading dronemaker — also witnessed some marquee investors including Nomura Funds and BNP Paribas Arbitrage bidding for the anchor book at Rs 672 per share. Among the holders, Infosys holds 4.4 percent in ideaForge whereas Indusage Technology Venture Fund I owns another 6.2 percent stake in the unmanned aerial vehicles maker.

Of the Rs 570 crore issue, Rs 240 crore is a fresh issue while Rs 330 crore is an offer for sale (OFS) where Qualcomm Asia Pacific Pte. are selling as many as 48.7 lakh shares. After the sale, the promoter will hold roughly 30 percent of the company. The company is looking at a post-issue implied market cap of up to Rs 2,800 crore.  

While the retail category received 85.2 times demand, the non-institutional portion got above 80 times bids. The portion reserved for qualified institutional buyers saw massive bidding with 126 times demand. The company will make its debut on the bourses on July 7.

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 CFO Charanjit Surinder Singh Attra steps down

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

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State Bank of India (SBI) announced on Friday, June 30, that its chief financial officer, Charanjit Surinder Singh Attra, has resigned. Attra, who took on the role on October 2, 2020, had previously worked as a Partner at EY India and held a senior executive position at ICICI Securities.

Before Attra, the CFO position was held by Prashant Kumar, who moved to Yes Bank as part of a rescue plan led by SBI.

Attra is a chartered accountant with expertise in Indian GAAP, US GAAP, IFRS, and SEC regulations. His resignation comes as a surprise, and SBI has not provided specific reasons for his departure.

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

Can Nifty IT take comfort from its largest market being on the mend?

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

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Nifty IT index rallied three percent this week, of which two percent came on Friday itself. This follows the extremely strong US macro data, whether its US GDP increasing at a 2.0 percent annualised rate last quarter, which was revised up from the 1.3 percent pace reported last month and higher than estimate of 1.4 percent, or the US initial jobless claims print once again showcasing the strength of the US labour market or latest consumer confidence reading which was at the highest level since Jan 2022.

Even the stress test data on the US banks should give analysts a lot of comfort. All the 23 big banks in the US passed the Federal reserve stress test. Remember, it was the weakness in the US regional banks which led the decline in discretionary spend, projects being put on hold in the fourth quarter. There was weakness in other sectors like telecom and hitech too, but it was negative sentiment was dominated by the US banks.

If the US consumer confidence is improving, and banks financial position can weather the most severe recession, then is it possible that US corporate decision making and spending comes back in H2FY24?

Also Read: Where are the Nifty 50, Nifty Bank headed in the July series? A chartist shares his take and top picks

Rajesh Gopinanthan, the outgoing CEO of TCS had said in April, that US reacts fast on the downside as well as on the upside and if current uncertainty goes away, can expect a significant pop at year end.

And It looks like based on the US eco data, that the macro uncertainty has receded and expectations of a recession are being pushed. Investors have priced in a very muted first quarter, so more than the numbers they will be looking for green shoots in the form of corporate behaviour changes about decision making, among others when cos report results.

Most IT have stocks have rebounded 7-17 percent from their post Q4FY23 result lows which was hit on the day of Infosys results, yet valuations are still reasonable. UBS says The sector is trading at a six percent discount to its five-year rolling average, and think valuations imply limited downside unless there is meaningful deceleration.

Catch the latest market updates with CNBC-TV18.com’s blog 

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

DDA opens registration for over 5,500 flats: Check details, last date, how to apply

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

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The Delhi Development Authority (DDA) opened the online registration procedure for over 5,500 flats on Friday, June 30. These flats are a part of its Phase IV housing programme.

The flats are located in Jasola, Dwarka, Lok Nayak Puram, Rohini, Siraspur, and Narela. Potential buyers can register on the official website, where they must pay a non-refundable registration fee of Rs 1,000.

The registration is open for 40 High Income Group (HIG) flats in Jasola and 200 Middle Income Group (MIG) flats in Dwarka and Narela.

Also, registration can be done for 900 Economically Weaker Section (EWS) flats in Narela, and for a total of 4,400 Low Income Group (LIG) houses in Loknayak Puram, Rohini, Siraspur and Narela, as per a Live Hindustan report.

As per the report, the  EWS and LIG segments are being prioritised in this housing scheme, senior DDA officials said.

EWS applicants will have to provide an income certificate of less than Rs 10 lakh for the entire family for booking and registration of the flats.

The potential flat buyers who register on the portal will be given a five-day window after July 10, to tour sample flats at each location and book the desirable unit.

Booking Fee

As per an Hindustan Times report, the EWS buyers will have to pay Rs 50,000 as the booking amount, LIG category buyers will be required to pay Rs 1 lakh. While MIG and HIG buyers will have to pay Rs 4 lakh and Rs 10 lakh, respectively to book the flats.

After the booking fee is paid, the DDA will issue a demand letter giving a 60-day window for payment of the flat cost without interest and another 30 days window with interest.

Cost of Flats

The price of flats range from Rs 10 lakh for EWS to Rs 2.46 crore for HIG, as per a News18 report.

The EWS flats will cost approximately Rs 10-13 lakh, the LIG flats are priced at around Rs 15-30 lakh, the MIG flats cost around Rs 1.05 crore to 1.45 crore, while the HIG flats will cost around Rs 2.25 to Rs 2.46 crore, including the booking amount.

ALSO READ: Nuvama Group highlights DLF, Lodha & Brigade as premier choices in realty sector

Here’s how to apply for the DDA Housing Scheme online: 

Step 1: Visit the official website of Delhi Development Authority  (DDA)

Step 2: Find and click on the application link for the desired scheme

Step 3: Proceed to fill the online application form after registering on the portal

Step 4: Fill all the necessary information and upload the required documents along with the application form.

Step 5: Complete the form and pay the application fee after uploading all the documents.

Step 6: Upon successful submission, note down the application number for future references.

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

Six pilgrims from Karnataka killed, 11 injured in road accident in Maharashtra’s Solapur

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

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Six pilgrims returning to Karnataka after visiting temple towns of Pandharpur and Akkalkot were killed, and 11 injured when their passenger vehicle collided with a cement mixer truck in southern Maharashtra’s Solapur district on Friday evening, police said.

The deceased included five women and a boy, an official said.

The incident took place around 5.30 pm near Shirwalwadi village in Akkalkot tehsil when the private SUV carrying the group of pilgrims was returning to Aland village in Kalburgi, Karnataka, he said.

They had visited the temple towns of Pandharpur and Akkalkot in Solapur district and were on their way back. A speeding cement mixer truck, heading towards Solapur, collided with the passenger vehicle, the official said, adding that police rushed to the spot and all the passengers were taken to a nearby government hospital.

Five women and one boy were declared dead on arrival while 11 others — three women and eight men — were undergoing treatment, the police official 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

US Supreme Court rejects Biden’s plan to wipe away $400 billion in student loans

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

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A sharply divided Supreme Court ruled on Friday that the Biden administration overstepped its authority in trying to cancel or reduce student loans for millions of Americans.

The 6-3 decision, with conservative justices in the majority, effectively killed the USD 400 billion plan, announced by President Joe Biden last year, and left borrowers on the hook for repayments that are expected to resume by late summer.

The court held that the administration needs Congress’ endorsement before undertaking so costly a program.

The majority rejected arguments that a bipartisan 2003 law dealing with student loans, known as the HEROES Act, gave Biden the power he claimed.

“Six States sued, arguing that the HEROES Act does not authorise the loan cancellation plan. We agree,” Chief Justice John Roberts wrote for the court.

Justice Elena Kagan wrote in a dissent, joined by the court’s two other liberals, that the majority of the court “overrides the combined judgment of the Legislative and Executive Branches, with the consequence of eliminating loan forgiveness for 43 million Americans.”

Loan repayments are expected to resume by late August under a schedule initially set by the administration and included in the agreement to raise the debt ceiling. Payments have been on hold since the start of the coronavirus pandemic more than three years ago.

The forgiveness program would have cancelled USD 10,000 in student loan debt for those making less than USD 125,000 or households with less than USD 250,000 in income.

Pell Grant recipients, who typically demonstrate more financial need, would have had an additional USD 10,000 in debt forgiven.

Twenty-six million people had applied for relief and 43 million would have been eligible, the administration said. The cost was estimated at USD 400 billion over 30 years.

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