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IMD forecasts cyclone in Bay of Bengal around December 3

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

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Summary

“The path of the possible cyclone and other parameters could be estimated only after formation of the depression. Therefore, we have not told anything on the impact on Odisha or any other place in the coast,” IMD scientist Umashankar Dash said.

Though the India Meteorological Department (IMD) on Thursday (November 30) issued a forecast stating that a cyclonic storm is likely to form over the southwest Bay of Bengal around December 3, it did not indicate its possible impact on Odisha.

The IMD said the impact of the possible cyclone could be assessed only after the formation of a depression in the sea on Friday.

“The path of the possible cyclone and other parameters could be estimated only after formation of the depression. Therefore, we have not told anything on the impact on Odisha or any other place in the coast,” IMD scientist Umashankar Dash said.

Das also made it clear that there was no warning for the Odisha coast for the next four days. There is also no warning for fishermen on the Odisha coast, he said.

Also Read: Indian billionaires’ wealth drops by nearly 11% in 2023: UBS report

Meanwhile, the IMD in a special bulletin said Wednesday’s well-marked low-pressure area over southeast Bay of Bengal and adjoining south Andaman Sea moved west-northwestwards and lay over southeast Bay of Bengal.

It is likely to move west-northwestwards and intensify into a depression over the southeast Bay of Bengal during the next 24 hours, the national weather agency said.

“Continuing to move further west-northwestwards, it would intensify gradually into a cyclonic storm over southwest Bay of Bengal around December 3,” the IMD said, adding that thereafter it would move north-westwards and reach north Tamil Nadu and south Andhra Pradesh coasts around the early morning of December 4 as a cyclonic storm.

However, under the influence of the anticipated system, squally wind speed reaching 40-50 kmph gusting to 60 kmph is likely over Southwest Bay of Bengal from December 1 morning and 50-60 kmph gusting to 70 kmph from December 2 morning, the IMD said.

Also Read: Whirlpool Corporation plans to sell up to 24% stake in Indian arm next year

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Ford pegs cost of UAW labour deal at $8.8 billion, cuts full-year profit view

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

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Summary

The deal with the United Auto Workers (UAW) union, reached after weeks of tense negotiations, will add about $900 in labor costs per vehicle by 2028. Ford said it would work to offset that by cutting costs elsewhere.

Ford Motor on Thursday pegged the cost of a new labour deal at $8.8 billion and joined rival General Motors in cutting its full-year profit forecast due to lost production from a lengthy strike at its US plants.

The deal with the United Auto Workers (UAW) union, reached after weeks of tense negotiations, will add about $900 in labour costs per vehicle by 2028. Ford said it would work to offset that by cutting costs elsewhere.

The automaker now expects adjusted earnings before interest and taxes (EBIT) of $10 billion to $10.5 billion for 2023, down from its prior forecast of $11 billion to $12 billion offered in July.

“At first glance, the reinstated guide looks encouraging,” Citi analyst Itay Michaeli wrote in a note. Shares of Ford fell 1.4% in early trading, reversing premarket gains.

The forecast includes $1.7 billion in lost profits from the strike, which Ford also estimated led to about 100,000 units fewer wholesale vehicle sales.

Ford’s outlook comes a day after GM said its new labour deals with the UAW and Canadian union Unifor will cost it $9.3 billion through 2028. GM also announced $10 billion in share buybacks and a 33% dividend increase to boost its sagging share price.

Ford was the first of Detroit’s Big Three automakers to reach a tentative deal with the UAW after nearly six weeks of strikes that saw thousands of workers stage a walkout and join picket lines across the United States, demanding better wages and benefits.

The UAW’s talks with the automakers became a social media spectacle as union chief Shawn Fain livestreamed the twists and turns in negotiations while announcing surprise walkouts and accusing the companies of enjoying record profits without sharing them fairly with workers.

A month into the strikes, Ford said the company was “at the limit” of what it could spend on higher wages and benefits. It warned that the strikes, especially at its most profitable factory in Louisville, Kentucky, could eat into earnings, hurt its ability to invest in the business and harm workers.

But Fain’s persistence forced Ford to raise its offer.

The deal UAW leaders finally approved included a pay hike of at least 30% for full-time workers and more than double pay for others, $8.1 billion in manufacturing investments, and a host of other benefits for workers.

But uncertainty around the ratification of the deal led Ford, which faces higher labor costs like peers GM and Chrysler-parent Stellantis to pull its 2023 forecast in October.

Already grappling with losses in its EV business due to softening consumer demand, Ford had also said it would slash future EV investment plans by $12 billion.

Dearborn, Michigan-based Ford on Thursday also cut its 2023 adjusted free cash flow forecast to between $5 billion and $5.5 billion, compared with its prior forecast of between $6.5 billion and $7 billion. Its CFO John Lawler is set to speak at a conference later in the day.

Also Read:General Motors reaches tentative deal with UAW to end strike

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Plenty of cloud-adoption market left to capture within Enterprise sector, says TCS

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

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Summary

Tata Consultancy Services (TCS), estimates that there may well be a massive “uptick” waiting to take place in the segment, as 70% of workloads in these companies are yet to move to the cloud.

Large organisations, also known as ‘enterprises’ may have become the golden goose for cloud and generative AI companies, but there may still be plenty of market left to capture.

Tata Consultancy Services (TCS), for one, estimates that there may well be a massive “uptick” waiting to take place in the segment, as 70% of workloads in these companies are yet to move to the cloud.

Incidentally, these projections are in line with a Gartner study that estimated 50% of workloads in the Enterprise sector will move to Centralised Public Cloud Locations (CPCLs) by 2027.

Speaking exclusively to CNBC-TV18 on the sidelines of AWS Re:Invent in Las Vegas, TCS’ Vice President and Global Head of the company’s TCS AWS Business Unit, Krishna Mohan, said the company remains firmly focused on the enterprise sector simply on account of continued potential for growth.

“On the cloud today, only 30% of enterprise workload has made it,” said Krishna Mohan, “So, there’s 70% more to go and a huge uptick right there for the enterprise sector, which we are catering to.”

On Monday, TCS announced its new Generative AI practice with AWS, through which the company will train 25,000 employees, who in turn the company hopes, will help enterprises scale up solutions for varying business needs and transform their organisations. Mohan said that the majority of this training would take place over the next two years.

While a large chunk of TCS’ enterprise revenue hails from North America, UK and the Europe, Mohan believes that Generative AI traction could hold promise across geographies.

However, given that a majority of the company’s enterprise clients hail from these geographies, the company expects its training to also be oriented in this direction. Mohan said, “The fact that the Fortune 2,000 tend to be in North America, UK and Europe, that’s where you will see the majority of the training.”

The company’s four big verticals are financial services, life sciences and healthcare, retail and manufacturing. Mohan says there is a reason to believe these businesses will continue to delivering the goods on the cloud and AI front too, “We continue to look at these (sectors), and while there’s a lot of traction across industries and use cases that we are working with, it’s these that continue to deliver value.”

There has been an ongoing debate over regulation of AI models as to whether regulatory mechanisms should be government-imposed or self-regulatory, in nature. Earlier this week, AWS CEO Adam Selipsky made headlines by announcing the launch of ‘Guardrails for Bedrock’, a feature that allows limits to be placed on content that comes out of AI models, in line with various companies’ Responsible AI policies.

While Mohan acknowledged that the launch was indeed a nod in the direction of self-regulation of AI, a combination of policy and self-regulation was the way forward.

“It should be a combination of both; you can’t completely leave it (regulation of AI) to self-regulation,” he said, “This is an evolving technology and is evolving really quickly since we haven’t seen the power of Generative AI yet.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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BCCI reveals Rohit and Virat requested a break from the white-ball cricket in India’s tour of South Africa

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

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Summary

During the Men’s Selection Committee meeting in New Delhi on Thursday, BCCI informed that Rohit Sharma and Virat Kohli had requested the Board for a break from the white-ball cricket in India’s tour of South Africa.

During the Men’s Selection Committee meeting in New Delhi on Thursday, BCCI informed that Rohit Sharma and Virat Kohli had requested the Board for a break from the white-ball cricket in India’s tour of South Africa.

Virat Kohli’s unavailability was confirmed during the week by BCCI sources but after ICC ODI World Cup fatigue looks like Rohit has also taken some time off from the short format games.

With regular T20 skipper Hardik Pandya out for another month post an ankle ligament tear during the recently-concluded ODI World Cup, the choice was between entrusting Suryakumar Yadav and KL Rahul with the limited overs responsibility.

It must be mentioned that Rohit had earlier said that he doesn’t want to play the T20 format but the way he led the side in the ODI World Cup has convinced the BCCI that he should continue in white-ball till the T20 World Cup in the Americas in June-July.

India’s squad for 3 ODIs: Ruturaj Gaikwad, Sai Sudharsan, Tilak Varma, Rajat Patidar, Rinku Singh, Shreyas Iyer, KL Rahul (C)(wk), Sanju Samson (wk), Axar Patel, Washington Sundar, Kuldeep Yadav, Yuzvendra Chahal, Mukesh Kumar, Avesh Khan, Arshdeep Singh, Deepak Chahar.

India’s squad for 2 Tests: Rohit Sharma (C), Shubman Gill, Yashasvi Jaiswal, Virat Kohli, Shreyas Iyer, Ruturaj Gaikwad, Ishan Kishan (wk), KL Rahul (wk), Ravichandran Ashwin, Ravindra Jadeja, Shardul Thakur, Mohd. Siraj, Mukesh Kumar, Mohd. Shami*, Jasprit Bumrah (VC), Prasidh Krishna.

India’s squad for 3 T20Is: Yashasvi Jaiswal, Shubman Gill, Ruturaj Gaikwad, Tilak Varma, Suryakumar Yadav (C), Rinku Singh, Shreyas Iyer, Ishan Kishan (wk), Jitesh Sharma (wk), Ravindra Jadeja (VC), Washington Sundar, Ravi Bishnoi, Kuldeep Yadav, Arshdeep Singh, Mohd. Siraj, Mukesh Kumar, Deepak Chahar.

 

 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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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

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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COP-28 | PM Modi announces trip to Dubai, highlights India’s climate commitment ahead of meet

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

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Summary

‘I am happy to see that this significant event is being held under the Presidency of the UAE, who has been an important partner for India in the field of climate action,’ PM Modi said, once again recalling India’s pivotal role during its G20 presidency.

In a move to bolster international cooperation on climate change, Prime Minister of India Narendra Modi announced his trip to Dubai for the World Climate Action Summit of COP-28, scheduled for December 1, 2023.

“I am happy to see that this significant event is being held under the Presidency of the UAE, who has been an important partner for India in the field of climate action,” PM Modi said in a statement.

Expressing gratitude for the invitation from the UAE, a vital ally in climate action for India, the prime minister highlighted the longstanding partnership between the two nations in addressing the challenges posed by climate change.

Emphasising the intrinsic link between India’s civilizational ethos and its commitment to environmental stewardship, the prime minister underscored India’s prioritisation of climate action alongside its endeavours for social and economic development.

Recalling India’s pivotal role during its G20 presidency, Modi referenced the New Delhi Leaders’ Declaration, which outlined concrete steps for climate action and sustainable development.

“During our G20 Presidency, climate was high on our priority. The New Delhi Leaders’ Declaration includes numerous concrete steps on climate action and sustainable development. I look forward to the COP-28 taking forward the consensus on these issues,” Modi said in the statement.

“COP28 will also provide an opportunity to review progress made under the Paris Agreement, and chart a path for future course on climate action,” he said.

The departure statement also shed light on the Voice of Global South Summit, which was hosted by India, where leaders from the Global South advocated for climate action guided by principles of equity, climate justice, and common but differentiated responsibilities.

PM Modi stressed the crucial need for supporting developing nations with adequate climate financing and technology transfer, ensuring their access to equitable carbon and development space for sustainable growth.

“It is important that efforts of the developing world be supported with adequate climate financing and technology transfer. They must have access to equitable carbon and development space to achieve sustainable development,” he said.

Highlighting India’s commitment to environmental sustainability, the prime minister cited achievements in various sectors, including renewable energy, energy efficiency, afforestation, energy conservation, and Mission LiFE. These accomplishments, he asserted, reflect the unwavering dedication of the Indian people to safeguarding the planet.

Anticipating participation in special events such as those focused on climate finance, the Green Credit initiative, and LeadIT, Modi expressed enthusiasm for engaging with global leaders at the summit. He emphasised the importance of collaborative efforts to accelerate worldwide climate action and address the urgent challenges posed by climate change.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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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

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Chhattisgarh Election Exit Polls 2023: BJP trails as Congress maintains stronghold in state

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

 Listen to the Article (6 Minutes)

Summary

Chhattisgarh, which conducted its legislative assembly elections in two phases on November 7 and 17, witnessed a significant political battleground for all 90 assembly seats. The results are scheduled to be declared on December 3, 2023, with Indian news channels and social media platforms gearing up to disseminate the exit poll predictions.

Congress is likely to have an edge over BJP in Chhattisgarh, as the exit polls predicts party’s stronghold in the state. Times Now predicted Congress to secure 48-56 seats, while BJP trails at 32-40. Similar projections echoed by Republic TV-Matrize, Dainik Bhaskar, and India TV-CNX.

Jan Ki Baat predicts a range of 42-53 seats for the Congress, with the BJP trailing at 34-45 seats, and 3 seats for other parties.

Matrize-Republic foresees a similar trend, with the Congress securing 44-52 seats and the BJP trailing at 34-42 seats, while other parties may clinch 0-2 seats.

Today’s Chanakya-News24 stands out with a significant lead for the Congress, projecting 57 seats for the party, 33 for the BJP, and none for other parties.

ETG-Times Now estimates a Congress victory with 48-56 seats, compared to the BJP’s 32-40 seats, and 2-4 seats for other parties.

According to India Today – Axis My India projections for Chhattisgarh, the BJP is expected to secure 36-46 seats, Congress 40-50 seats, and others 1-5 seats.

The India TV-CNX polls project the following seat distribution in Chhattisgarh: the BJP is expected to secure 30-40 seats, the INC is projected to win 46-56 seats, and others are anticipated to claim 3-5 seats. C-Voter’s projections stand at BJP 36-38, Congress 41-53, and Others 00-04.

According to the predictions by TV5 News, the Congress is expected to secure between 54 and 66 seats, while the BJP may clinch 29 to 39 seats. Other major exit poll projections include Axis My India forecasting BJP at 36-46, Congress at 40-50, and Others at 01-05 seats.

ABP News, on the other hand, indicates a potential majority for the Congress with projections at Congress: 41-53, BJP: 36-48, and Others: 00-04, totaling 90 seats.

India Today paints a neck-and-neck scenario with BJP at 36-40, Congress at 40-50, and Others at 1-5 seats.

CNN-News18 envisions a close competition between Congress (47 seats), BJP (40 seats), and Others (3 seats), summing up to the total of 90 seats.

Chhattisgarh, which conducted its legislative assembly elections in two phases on November 7 and 17, witnessed a significant political battleground for all 90 assembly seats. The results are scheduled to be declared on December 3, 2023, with Indian news channels and social media platforms gearing up to disseminate the exit poll predictions.

Key candidates from the Congress include Chief Minister Bhupesh Baghel, Deputy CM TS Singh Deo, and Assembly Speaker Charan Das Mahant. Bhupesh Baghel, aiming to retain his position, faces a formidable challenge from the Bharatiya Janata Party.

In the 2023 assembly polls, a total of 1,63,14,479 voters, including 81,41,624 men, 81,72,171 women, and 684 of the third gender, were eligible to cast their votes at 18,833 polling booths.

In the 2018 assembly polls, Congress emerged victorious with 51 seats, while the BJP secured only 13. The Janata Congress Chhattisgarh (J) won four seats, and the Bahujan Samaj Party claimed two. The Congress later added one more seat through a by-poll.

Check out our live coverage of the exit polls 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

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Go First CEO Kaushik Khona steps down

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

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Summary

The CEO of cash-strapped airline Go First wrote an email to his employees, stepping down from the designation of the CEO of the carrier.

Tired and frustrated with the delay in Go First’s revival, CEO Kaushik Khona who headed the airline until May said that he has quit the grounded carrier.

“I wanted to see that you are all paid your dues but I can no longer sustain and hence with heavy heart I have decided to leave,” Khona said in a heart-felt letter to employees.

It’s been seven months since Go First came under Insolvency and Bankruptcy Code (IBC) but the Resoution Professional (RP) and the Committee of Creditors (CoC) have been struggling to find a suitable buyer to restart the airline. Last week, the CoC received a 90-day extension from the National Company Law Tribunal to continue with its revival efforts.

Khona in his letter questioned the Resolution Professional’s inability to attract any buyers.

“Go First has significant value but unfortunately RP has not found anyone who can take this forward,” Khona said.

The CEO’s resignation reflects the pain & desperation of thousands of employees who haven’t been paid for six months.

“Employees have not been paid for almost 6 months inspite of several requests & representations to RP, CoC and the Wadia Group,” Khona stated.

Banks have refrained from infusing more funds after the Rs 100 crore they put few months ago. Senior executives of the airline say Go First’s promoter, the Wadia Group has not shown any interest in paying employees their rightful dues despite the sale of their Mumbai land for over Rs 5,000 cr.

“Unfortunately, things have not worked in our favour inspite of huge efforts…failure in restarting the airline is now taking toll on my health and even my family’s health and well-being,” Khona told employees.

In May when the IBC proceedings started, Khona had promised employees of bringing the airline back to the skies again.

“I regret for not getting things done as they were beyond my control,” he said in today’s letter.

ALSO READ: Jindal Power, only suitor in fray for Go First, might not bid for a take over

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

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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 5 Minutes Read

Yes Securities elevates Anshul Arzare as CEO and MD, Amar Ambani as executive director

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

 Listen to the Article (6 Minutes)

Summary

Anshul Arzare, who has two decades of experience, has been associated with YSIL since its inception in 2013, while Amar Ambani brings with him close to two decades of industry experience.

Yes Securities India Ltd (YSIL) on Thursday (November 30) announced the elevation of Anshul Arzare as its managing director (MD) and chief executive officer (CEO) and Amar Ambani as executive director.

Anshul Arzare, who has two decades of experience, has been associated with YSIL since its inception in 2013. He has worked extensively in financial services, including setting up new businesses, managing large business units involving extensive branch networks, product development, and risk and compliance management.

Amar Ambani brings with him close to two decades of industry experience and has played an integral role in building the institutional equities franchise at YSIL. As per YSIL, he had played a key part in boosting the group’s market access and procurement capabilities.

In his previous stints, Ambani played a pivotal role in creating disruptive investment plans and products, formulating broking strategies and digital initiatives. He also steered the Investment Committee.

Prashant Kumar, Chairman of Yes Securities said, “We are delighted to announce the elevation of Mr Anshul Arzare as the MD & CEO and Mr Amar Ambani as the Executive Director of YES SECURITIES. Being associated with the group since its inception, Mr Arzare has demonstrated immense capabilities in understanding market opportunities and building long-standing client relationships which I believe are critical to lead a business. On the other hand, Mr Ambani comes with strong research skills and assesses potential risks, both internal and external, which will definitely aid in honing the business and operational decisions.”

“Through this strategic move, YSIL is bolstering its leadership and underscores its determination to reach the objective of becoming the foremost partner for investment and broking solutions,” the company said in a statement.

YSIL is a wholly-owned subsidiary of YES BANK, and is into broking and institutional equities. The company has transformed from a transactional broker to a financial services powerhouse in a decade.

Also Read:SMCP in pact with Reliance Brands to enter Indian 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

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Whirlpool Corporation plans to sell up to 24% stake in Indian arm next year

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

 Listen to the Article (6 Minutes)

Summary

On November 30, 2023, Whirlpool Corporation announced its intention to enter into one or more transactions to sell up to 24% of its ownership interest in Whirlpool of India Ltd in 2024, the company said in a regulatory filing, which was shared on BSE by Whirlpool of India.

American home appliances major Whirlpool Corporation is planning to sell up to 24% stake in its Indian arm, Whirlpool of India Ltd next year to raise funds to reduce debt level, according to a regulatory filing.

On November 30, 2023, Whirlpool Corporation announced its intention to enter into one or more transactions to sell up to 24% of its ownership interest in Whirlpool of India Ltd in 2024, the company said in a regulatory filing, which was shared on BSE by Whirlpool of India.

“The company maintains a 75% ownership interest in Whirlpool India through a wholly-owned subsidiary, and intends to retain a majority interest in Whirlpool India following completion of such transaction or transactions,” it added.

Further, Whirlpool Corporation said it expects to use transaction proceeds to reduce debt levels, which will enhance balance sheet flexibility. “Proceeds expected to be used for debt repayment are incremental to the $500 million term loan repayment that the company previously disclosed it expects to pay in the fourth quarter of 2023,” it added.

Whirlpool Corporation asserted that it continues to see India as a significant marketplace for growth and an integral part of its growth strategy and it “remains committed to expand the business with new product launches and the recently acquired Elica India business.”

Whirlpool of India is a listed entity with 25% public shareholding.

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

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

India’s tour South Africa: Rohit to captain Tests, KL, Surya to lead in ODIs and T20I respectively

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

 Listen to the Article (6 Minutes)

Summary

During the tour, the Indian team will also play two four-day matches against South Africa and one inter-squad three-day match. BCCI also informed that Rohit Sharma and Virat Kohli had requested the Board for a break from the white-ball leg of the tour.

The BCCI Men’s Selection Committee met in New Delhi on Thursday to pick Team India’s squad for the upcoming all-format tour of South Africa. The Indian team will participate in three T20Is, three ODIs and two Test matches.

During the tour, the Indian team will also play two four-day matches against South Africa and one inter-squad three-day match. BCCI also informed that Rohit Sharma and Virat Kohli had requested the Board for a break from the white-ball leg of the tour. Also, Shami is currently undergoing medical treatment and his availability is subject to fitness.

With regular T20 skipper Hardik Pandya out for another month post an ankle ligament tear during the recently-concluded ODI World Cup, the choice is between entrusting Suryakumar Yadav with the responsibility.

It must be mentioned that Rohit had earlier said that he doesn’t want to play the T20 format but the way he led the side in the ODI World Cup has convinced the BCCI that he should continue in white-ball till the T20 World Cup in the Americas in June-July.

India’s squad for 3 ODIs: Ruturaj Gaikwad, Sai Sudharsan, Tilak Varma, Rajat Patidar, Rinku Singh, Shreyas Iyer, KL Rahul (C)(wk), Sanju Samson (wk), Axar Patel, Washington Sundar, Kuldeep Yadav, Yuzvendra Chahal, Mukesh Kumar, Avesh Khan, Arshdeep Singh, Deepak Chahar.

India’s squad for 2 Tests: Rohit Sharma (C), Shubman Gill, Yashasvi Jaiswal, Virat Kohli, Shreyas Iyer, Ruturaj Gaikwad, Ishan Kishan (wk), KL Rahul (wk), Ravichandran Ashwin, Ravindra Jadeja, Shardul Thakur, Mohd. Siraj, Mukesh Kumar, Mohd. Shami*, Jasprit Bumrah (VC), Prasidh Krishna.

India’s squad for 3 T20Is: Yashasvi Jaiswal, Shubman Gill, Ruturaj Gaikwad, Tilak Varma, Suryakumar Yadav (C), Rinku Singh, Shreyas Iyer, Ishan Kishan (wk), Jitesh Sharma (wk), Ravindra Jadeja (VC), Washington Sundar, Ravi Bishnoi, Kuldeep Yadav, Arshdeep Singh, Mohd. Siraj, Mukesh Kumar, Deepak Chahar.

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

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?