Vedanta shares rise after board approves interim dividend for FY22

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

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Vedanta shares rose on Thursday after the oil-to-metals conglomerate’s board gave nod to the first interim dividend for the current financial year.

The Vedanta stock jumped as much as 2.50 percent to Rs 305.40 apiece on BSE before giving up more than half of those gains.

At 9:30 am, Vedanta shares were left with a gain of 1.02 percent at Rs 301 apiece on the bourse, but managed to outperform the benchmark Sensex index, which was up 0.25 percent.

Minutes after the market hours on Wednesday, Vedanta said its board in a meeting earlier in the day approved the interim dividend of Rs 18.50 per equity share for FY22.

The dividend would amount to Rs 6,877 crore, Vedanta said.

ALSO READ | Vedanta says it contributed Rs 2.74 lakh crore to exchequer in 10 years

The Vedanta board also approved September 9, 2021 as the record date for the payment of the dividend.

The interim dividend will be paid within stipulated timelines as prescribed under law, it said in a regulatory filing.

ALSO READ | Vedanta aims to improve aluminium business Ebitda

Vedanta, a subsidiary of Vedanta Resources, is one of the world’s top diversified natural resource companies with business operations in India, South Africa, Namibia and Australia.

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

Kumar Mangalam Birla meets telecom minister, discusses need for urgent govt intervention in sector

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

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Aditya Birla Group (ABG) chairman Kumar Mangalam Birla met the Union Minister of Telecom Ashwini Vaishnav on Wednesday and discussed the need for urgent government intervention in the telecom sector.

As per sources, the meeting saw a discussion on the health of the sector.

This meeting happened about a month after Birla stepped down as chairman of cash-strapped telecom carrier Vodafone Idea.

It’s vital to note here that Vodafone Global Head Nick Read is also in India.

According to sources, the government is considering demands for relief measures that won’t be company-specific, but for the entire sector.

Earlier, Birla had written to the government that he is ready to “hand over stake” in Vodafone-Idea (Vi) to a government entity.

Birla said, in a June 7 letter to Cabinet Secretary Rajiv Gauba, that with a “sense of duty” towards 27 crore Indians connected with Vodafone Idea, he is willing to hand over his stake to the Public Sector Unit (PSU), a government entity or any domestic financial entity, or any other entity that the government may consider worthy of keeping the company as a going concern.

He had also stated that VI’s operations will be at an “irretrievable point of collapse” if it did not receive immediate and active support from the government.

Further, Vodafone Idea filed a petition on August 10 to review the top court’s July 23 order of not allowing correction of alleged mistakes in the telecom department’s AGR calculations. Vi said it had no intention to “wriggle out” from paying its AGR dues as per the order. But if arithmetical errors were not rectified, they would have to shut shop. That would hurt around 280 million subscribers, nearly 20,000 direct and indirect employees, retailers, banks, and the government.

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

Opening Bell: Sensex, Nifty open flat amid cautious mood in Asian markets

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

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The Indian equity benchmark indices opened with minor gains on Thursday following mixed cues from global markets.

At 9:15 am, the Sensex opened 0.15 percent, or 85.44 points higher at 57,423.65, and the Nifty50 index opened at 17,095.40, up 19.15 points, or 0.11 percent.

Broader markets gained with midcap and small-cap indices trading higher.

Among the Nifty stocks, Dr Reddy, HDFC Life, Cipla, Titan, and UltraTech Cement were the top gainers, rising over 1 to 2.5 percent. Leading the losses were Hero MotoCorp, IOC, Bajaj Auto, Tech Mahindra, and Power Grid, with each losing 0.5 to 1 percent.

Among sectors, metals, pharma, IT and FMCG were in the green, while oil and gas and media indices witnessed selling.

Globally, Asian markets were in a cautious mood as concerns over the Chinese economy grew after a run of soft data. A raft of manufacturing surveys suggested supply bottlenecks were tightening again with eight of nine Asian countries reporting longer delivery times.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent to a five-week high, helped by buying for the new quarter. Japan’s Nikkei added 0.1 percent, while South Korea fell 0.6 percent.

On the Wall Street, Nasdaq futures and S&P 500 futures were barely changed after Nasdaq hit a record high last night. EUROSTOXX 50 futures also eased 0.2 percent and FTSE futures eased 0.1 percent.

Commodities would likely benefit from any delay in Fed tapering, helping underpin gold at $1,813 an ounce but short of resistance around $1,823.

Oil prices eased after OPEC+ agreed to stick to a policy of adding 400,000 barrels per day a month to the market, though it also defied pressure for an even larger increase. Brent slipped 52 cents to $71.07 a barrel, while US crude lost 59 cents to $68.00.

With inputs from Reuters

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China warns US climate cooperation at risk on political tensions

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

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Senior Chinese diplomat Wang Yi has warned the United States that political tensions between Beijing and Washington could undermine efforts by the world’s top two sources of greenhouse gas to cooperate in the fight against climate change.

China’s State Councilor and Foreign Minister told US climate envoy John Kerry via video link on Wednesday that the two sides’ joint efforts to combat global warming were an “oasis”, according to a foreign ministry statement published late on Wednesday.

“But surrounding the oasis is a desert, and the oasis could be desertified very soon,” he said. “China-US climate cooperation cannot be separated from the wider environment of China-US relations.”

“We have shown our sincerity,” Wang was quoted by state broadcaster CCTV as saying. “Everyone who met with you will have to spend two weeks in quarantine, but we’re willing to pay that price, to discuss cooperation with the US on affairs of mutual concerns.”

Kerry told Wang that Washington remained committed to working with other nations to tackle the climate crisis, and encouraged China to do more to reduce emissions during the meeting, a State Department spokesperson said.

Also Read: Climate change makes European flooding more likely: study

“Secretary Kerry affirmed that the United States remains committed to cooperating with the world to tackle the climate crisis, which must be addressed with the seriousness and urgency that it demands, and encouraged the PRC to take additional steps to reduce emissions,” the spokesperson said.

The United States, which has resumed its role in global climate diplomacy after a four-year hiatus under President Donald Trump, has long hoped to keep climate issues separate from its wider disputes with China on issues such as trade, human rights and the origins of the COVID-19 pandemic.

Kerry is in the northern Chinese city of Tianjin to hold face-to-face talks with Xie Zhenhua, China’s special climate envoy, on the countries’ joint response to the climate crisis.

Climate watchers are hoping that the talks will lead to more ambitious pledges by both countries to tackle greenhouse gas emissions.

Also Read: UN climate change report warns ‘code red for humanity’

“The G2 (China and the United States) need to realise that beyond their bilateral oasis and desert, the whole planet is at stake,” said Li Shuo, senior climate adviser with the environmental group Greenpeace.

“If they don’t make joint climate progress fast enough, it is soon all going to be desert,” he added.

The meeting in Tianjin is the second to be held between Kerry and Xie, with the first taking place in Shanghai in April. Kerry has no remit to discuss anything apart from climate change issues.

Though Wang warned that climate change could now be tied to other diplomatic issues, China has insisted that its efforts to curb its emissions and switch to cleaner forms of energy are a vital part of its own ambitious domestic policy agenda.

“Chinese leaders have long said they are engaged in climate action not because of outside pressure, but because it benefits China and the world at large,” said Alex Wang, climate expert and professor at UCLA.

“If that is so, then US-China tensions should not slow Chinese climate action.”

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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

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

Chandan Mitra, former Rajya Sabha MP, dies at 66, PM Modi remembers him for ‘intellect, insights’

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

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Former Rajya Sabha MP and senior journalist Chandan Mitra died late Wednesday night in Delhi, confirmed his son Kushan Mitra. He was 66 years old.

Prime Minister Narendra Modi said that he was anguished by Mitra’s demise. “Chandan Mitra Ji will be remembered for his intellect and insights. He distinguished himself in the world of media as well as politics. Anguished by his demise. Condolences to his family and admirers. Om Shanti,” tweeted Modi.

Leaders across the political line paid tribute to the two-time Rajya Sabha MP. BJP MP Swapan Dasgupta tweeted, “I lost my closest friend—editor of Pioneer and former MP Chandan Mitra — this morning. We were together as students of La Martiniere and went on to St Stephen’s and Oxford. We joined journalism at the same time and shared the excitement of Ayodhya and the saffron wave.”

I lost my closest friend—editor of Pioneer & former MP Chandan Mitra—this morning. We were together as students of La Martiniere & went on to St Stephen’s & Oxford. We joined journalism at the same time & shared the excitement of Ayodhya & the saffron wave. 1/2

— Swapan Dasgupta (@swapan55) September 2, 2021

Congress MP Shashi Tharoor shared his condolences. “Deeply saddened by this news. Chandan was my campaign manager in my successful race to be President of the St Stephen’s College Union Society, served in my Cabinet and succeeded me. We remained in touch over the years, ironically till I returned to Delhi and politics separated us. RIP,” he tweeted.

Deeply saddened by this news. Chandan was my campaign manager in my successful race to be President of the St Stephen’s College Union Society, served in my Cabinet & succeeded me. We remained in touch over the years, ironically till I returned to Delhi& politics separated us. RIP https://t.co/3jCtJqVzJk

— Shashi Tharoor (@ShashiTharoor) September 2, 2021

Mitra is survived by his wife and two sons.

He started his political career in 2003 when he was nominated as a Rajya Sabha member. In 2010, he was again elected to the Upper House. In 2018, he joined the Trinamool Congress.

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

Axis Bank shares trade lower after RBI imposes penalty over KYC norms

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

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Axis Bank shares were in focus on Thursday, a day after the Reserve Bank of India slapped a penalty of Rs 25 lakh on the private sector lender for contravention of certain provisions of Know Your Customer (KYC) norms. Axis Bank shares edged lower after giving up initial gains in morning deals.

At 9:24 am, the Axis Bank stock traded 0.18 percent lower at Rs 797.10 apiece on BSE, having risen to as high as Rs 805.75 earlier in the first few minutes of trade as against its previous close of Rs 798.50.

Axis Bank shares underperformed the market, as the headline Sensex index was up 0.24 percent at the time. The S&P BSE Bankex index was flat.

On Wednesday, the central bank said a scrutiny was carried out during the February-March period in 2020 on a customer account maintained with Axis Bank. It was observed that Axis Bank had failed to comply with the Reserve Bank of India KYC Direction, 2016 guidelines, the central bank said.

It also said Axis Bank “failed to monitor/carry out ongoing due diligence in the said account to ensure that the transactions were consistent with its knowledge about the customer, customer’s business and risk profile”.

ALSO READ | Axis Bank begins issuing debt securities under Rs 35,000 crore debt raise plan

A notice was issued to Axis Bank, advising it to show cause why the penalty should not be imposed on it for contravention of directions.

The RBI added that the penalty is based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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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

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

Maharashtra to set up climate change council; will work on 5Rs declared by the United Nations

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

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The Maharashtra government will set up a state council which will work to reduce the impact of climate change highlighted by the United Nations body IPCC and suggest measures to meet future challenges, it was announced on Wednesday. A statement issued by the Chief Minister’s Office (CMO) said the state climate council will be headed by CM Uddhav Thackeray.

“The state will work on the 5Rs – Reduce, Refuse, Reuse, Recycle, Recover declared by the United Nations,” said the statement issued after the weekly cabinet meeting. The cabinet discussed the need to have a time-bound action plan and all ministers whose departments are related to climate change should be involved in formulating the plan, it said.

The Intergovernmental Panel on Climate Change (IPCC), in a report released last month, said extreme sea-level events that previously occurred once in 100 years could happen every year by the end of this century with scientists warning sea level rise, floods, heavy rainfall and glacier melting are some of the irreversible effects. Maharashtra Environment Minister Aaditya Thackeray told reporters after the cabinet meeting that the state pollution control board has taken to social media platforms to apprise citizens about the impact of climate change and issues related to the environment.

Also Read: Action on climate change an $11 trillion opportunity for India: Deloitte Economics Institute

The state cabinet discusses issues related to climate change and the environment every month, he said. Thackeray said environment and climate change figure on the agenda of the weekly cabinet meetings along with important issues like COVID-19 and agricultural crops.

He said the latest IPCC report, which highlights threats to coastal cities, including Mumbai, due to climate change, was discussed at Wednesday’s meeting. ”The threat is not just because of rising sea levels, but also due to increased frequency of unseasonal rains and landslides,” the minister said.

“Through social media platforms (Twitter and Instagram), where the state pollution control board is active, citizens can post their complaints related to the environment,” he said. Among other things, the IPCC report has warned that the coastline of 12 cities in the country will go underwater.

Also Read: Delhi will start implementing action plan to combat climate change by year end

Maharashtra is in the tropical region and if temperature increases by 2 to 2.5 degrees Celsius, the state’s coastline may go underwater, the report presented before the cabinet warned. In central Maharashtra, there is a possibility of severe drought and wildfires due to climate change, it said.

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

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

DGCI gives nod for phase 2/3 trials of Biological E’s COVID-19 vaccine on kids aged between 5 & 18

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

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The Drugs Controller General of India (DCGI) has granted permission to Hyderabad-based Biological E Limited to conduct phase 2/3 clinical trials of its ‘Made in India’ COVID-19 vaccine on children aged between 5 and 18 years with certain conditions, sources said. The phase 2 and 3 clinical trials to be conducted as per approved protocol titled ‘A Prospective, Randomised, Double-blind, Placebo-controlled, Phase-2/3 Study to Evaluate Safety, Reactogenicity, Tolerability and Immunogenicity of Corbevax Vaccine in Children and Adolescents’, a source said.

The trial will be conducted across 10 sites in the country. The DCGI’s permission was given based on the recommendations by the Subject Expert Committee (SEC) on COVID-19.

So far, indigenously developed Zydus Cadila’s needle-free COVID-19 vaccine ZyCoV-D has received Emergency Use Authorisation from the drug regulator, making it the first vaccine to be administered in the age group of 12-18 years in the country. Meanwhile, the data of phase 2/3 clinical trials of Bharat Biotech’s Covaxin in the age group 2 to 18 years is underway.

India’s drug regulator in July granted permission to Serum Institute of India (SII) for conducting phase 2/3 trials of Covovax on children aged 2 to 17 years with certain conditions. Biological E’s anti-coronavirus shot, Corbevax, which is an RBD protein sub-unit vaccine is currently undergoing phase 2/3 clinical trials on adults, sources had said earlier. Biological E will supply 30 crore doses of Corbevax to the central government by December, as announced by the Union Health Ministry in June. The ministry finalised arrangements with the Hyderabad-based vaccine manufacturer to reserve 30 crore vaccine doses, an official statement had said.

The Biological E COVID-19 vaccine candidate has been supported by the Government of India from the preclinical stage to phase 3 studies. The Department of Biotechnology has not only provided financial assistance in terms of grant-in-aid of over Rs 100 crore but has also partnered with Biological E to conduct all animal challenge and assay studies through its Research Institute Translational Health Science Technology Institute (THSTI), Faridabad, a Health Ministry statement had stated.

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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

Key bond market deals: L&T Finance, ICICI Securities, Tata Capital

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

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Here’s a look at the key bond market deals on Thursday.

Key highlights:

• State Bank of India (SBI) raises Tier-I bonds at 7.72 percent
• Aditya Birla Finance to raise funds at 3.54 percent
• 1-year money raised at 4.45-4.6 percent by L&T Finance and Hero Fincorp

Non-Convertible Debentures:

• SBI takes Rs 4000 crore at 7.72 percent via Tier-I perpetual bonds
• NABARD to raise Rs 2000 crore via 3-year and 5-month bonds
• LIC Housing Finance to raise Rs 800 crore via 5-year bonds
• HDB Finance to raise funds at 6.35 percent IRR via 4-year and 9-month bonds
• Tata Capital Finance Services to raise funds via 18-month bonds at 4.8 percent

Commercial Papers:

• HPCL to raise funds via intra-month CP at 3.16 percent coupon
• JM Financial Services to raise funds via intra-month CP at 4.10 percent coupon
• Axis Securities to raise funds via over 2-month CP at 3.60 percent coupon
• Aditya Birla Finance to raise funds via 3-month CP at 3.54 percent coupon
• Birla Group Holdings to raise funds via 3-month CP at 4.10 percent coupon
• Axis Finance to raise funds via 6-month CP at 3.93 percent coupon
• ICICI Securities to raise funds via 7-month CP at 4.25 percent coupon
• L&T Finance to raise funds via 1-year CP at 4.45 percent coupon
• Hero Fincorp to raise funds via 1-year CP at 4.60 percent coupon

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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