March 4, 2024 set as trial date for Trump in US case charging him with trying to overturn election

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

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A judge on Monday set a March 4, 2024, trial date for Donald Trump in the federal case in Washington charging the former president with trying to overturn the results of the 2020 election, rejecting a defense request to push back the case by years.

US District Judge Tanya Chutkan rebuffed claims by Trump‘s attorneys that an April 2026 trial date was necessary to account for the huge volume of evidence they say they are reviewing and to prepare for what they contend is a novel and unprecedented prosecution. But she agreed to postpone the trial slightly beyond the January 2024 date proposed by special counsel Jack Smith’s prosecution team.

“The public has a right to a prompt and efficient resolution of this matter,” Chutkan said.

If the current date holds, it would represent a setback to Trump’s efforts to push the case back until well after the 2024 presidential election, a contest in which he’s the early front-runner for the Republican nomination.

The March 2024 date would also guarantee a blockbuster trial in the nation’s capitol in the heat of the GOP presidential nominating calendar, likely forcing Trump to juggle campaign and courtroom appearances, and it would come the day before Super Tuesday — a crucial voting day when the largest number of delegates are up for grabs.

“I want to note here that setting a trial date does not depend and should not depend on the defendant’s personal or professional obligations,” Chutkan said.

The setting of the trial date came despite strong objections from Trump lawyer John Lauro. He said defense lawyers had received an enormous trove of records from Smith’s team — a prosecutor put the total at more than 12 million pages — and that the case concerned novel legal issues that would require significant time to sort out.

“This is one of the most unique cases from a legal perspective ever brought in the history of the United States. Ever,” Lauro said.

Prosecutor Molly Gaston countered that the public had an unquestionable interest in moving the case forward and said that the general evidence in the case has long been well known to the defense.

“What is the balance of the defendant’s right and need to prepare for trial and, on the other hand, the public’s exceedingly and unprecedently strong interest in a speedy trial?” Gaston said. Trump, she said, is accused of “attempting to overturn an election and disenfranchise millions.” “There is an incredibly strong public interest in a jury’s full consideration of those claims in open court,” Gaston said.

Trump, a Republican, was charged earlier this month in a four-count indictment with scheming to undo his loss to Joe Biden, a Democrat, in the 2020 election.

The federal election subversion prosecution is one of four criminal cases against Trump. Smith’s team has brought a separate federal case accusing him of illegally retaining classified documents at his Palm Beach, Florida, property, Mar-a-Lago, and refusing to give them back. That case is currently set for trial next May 20.

Trump also faces state cases in New York and Georgia. Manhattan prosecutors have charged him with falsifying business records in connection with a hush money payment to a porn actor who has said she had an extramarital affair with Trump, while prosecutors in Fulton County, Georgia, have charged Trump and 18 others in a racketeering conspiracy aimed at undoing that state’s 2020 election.

Trump, the early front-runner for the 2024 Republican presidential nomination, surrendered Thursday in that case, posing with a scowling face for the first mug shot in American history of a former US president. He has claimed the investigations of him are politically motivated and are an attempt to damage his chances of winning back the White House.

ALSO READ: Donald Trump campaign reports raising more than $7 million after Georgia booking

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

Asaduddin Owaisi sees possibility of third front, asks KCR to take lead

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

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AIMIM chief Asaduddin Owaisi on Monday said that Telangana Chief Minister K Chandrasekhar Rao should take the initiative for formation of a third front in the country. Owaisi believes that several political parties and leaders in the country will jump in the alliance if Chandrasekhar Rao takes the lead.

“There is a lot of probability (of a third front). I have been telling the Telangana Chief Minister to take the lead. There are several political parties, leaders in every state who are ready and if Chief Minister KCR takes the lead, then plenty of work can be done in this regard,” he said to the media.

Asaduddin Owaisi also spoke about tense atmosphere prevailing in Haryana. He said VHP is the strength and weakness of BJP and hit out at the saffron party over the recent violence in Haryana.

“The country is watching all this. G20 meeting is happening. The BJP is in power there and will you bow down when an organisation threatens the government?”

-With inputs from PTI

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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

Under PM Gati Shakti, 100 infra projects worth Rs 5.89 lakh cr recommended for approval so far this fiscal

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

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As many as 100 big ticket infrastructure projects of different ministries worth Rs 5.89 lakh crore have been recommended for approval under the PM Gati Shakti initiative so far this fiscal, a senior official said on Monday.

These projects have been recommended by the Network Planning Group (NPG) constituted under the PM Gati Shakti initiative launched in October 2021.

The NPG has achieved the milestone of appraising 100 projects in 54 meetings, Sumita Dawra, Special Secretary (Logistics), Department for Promotion of Industry and Internal Trade, said.

The inter-ministerial NPG meets every fortnight and appraises infra projects to ensure multi-modality, synchronisation of efforts, and comprehensive development in and around the project location.

The initiative was launched to develop an integrated infrastructure to reduce logistics costs. All logistics and connectivity infrastructure projects, entailing investments of over Rs 500 crore are routed through the NPG.

The NPG’s approval is required before clearance of the project by the Public Investment Board (PIB) or Department of Expenditure under the finance ministry.

The maximum number of projects recommended by the group are related to roads, railways and urban development.

A total of 40 road projects with a total investment of Rs 3.65 lakh crore, 40 railway projects worth Rs 95,704 crore and 8 urban development projects valued at Rs 79,016 crore have been approved.

The Ministry of Road Transport and Highways has planned over 1,400 kilometres of roads to date and the Ministry of Railways has planned over 13,000 km of track length using the National Master Plan (NMP), Dawra said.

The NMP has a number of layers of geospatial data showing all physical and social infrastructure of an area and land records in one place. It has been designed for faster planning and better design so that the impact of an investment is maximised.

“In case of Detailed Route Survey (DRS) done by the Ministry of Petroleum and Natural Gas, it used to take 6-9 months to prepare 46 reports manually, but now using NMP through electronic DRS with the click of a button, the reports get created, which has made the process simpler and faster,” she said.

The NPG has representations from various connectivity infrastructure ministries/ departments involving their heads of network planning division for unified planning and integration of the proposals.

All these departments approach the NPG first for approval before making a DPR (Detailed Project Report) at the planning stage. After the NPG’s clearance, the project follows the normal procedure of approval by the finance ministry and the Cabinet.

Over 1,400 layers of data, including those related to land, ports, forest, and highways, are available on the portal.

Usage of the portal by different ministries, including social sector departments and states, are increasing and it is helping in proper planning of projects, she said.

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

Trade Setup for August 29: Nifty 50 price action leaves contrasting opinions on the charts – which way would you go?

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

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All eyes were on the Reliance Industries Annual General Meeting on Monday. Behind the scenes, the Nifty 50 was scaling the length and breadth of its trading range without many taking notice. The index yet again found support at the 19,250 mark, but failed to sustain above 19,350 once the support from Reliance faded away.

Although the Nifty 50 did manage to close above the 19,300 mark, but only just, the price action has resulted in contrasting opinions on the charts. With three sessions to go, the Nifty 50 is still down 360 points for the August F&O series.

“The index remained sideways throughout the day before closing with a Doji formation. Although the trend remains weak, the failure to fall below 19245 on a closing basis may lead to a short-term pullback in the market,” said Rupak De of LKP Securities. The Relative Strength Index (RSI) has also shown a bullish crossover. On the upside, resistance is at 19,450.

Nagaraj Shetti of HDFC Securities maintains that the short-term trend of the Nifty 50 is weak as long as it remains below 19,400. In such a scenario, he expects the index to drop towards 19,100 – 19,000. A decisive move above these levels can open the doors for further upside towards 19,600.

The Nifty Bank always appeared stronger on the charts compared to the Nifty 50 and while the index struggled on Monday, banks pulled away and recovered all of their losses from Friday. Interestingly, the Nifty Bank has closed just two points below last Thursday’s close.

Ashwin Ramani of SAMCO Securities said that the Nifty Bank index has formed a morning star pattern on the daily chart and also closed marginally above its 50-DEMA. He said that a close above Monday’s high of 44,610 will mark the return of the bulls on the Nifty Bank index.

However, Mehul Kothari of Anand Rathi believes that the bulls will return in the Nifty Bank only once it crosses 45,000 on the upside and the current move appears to be just a pullback. He expects 44,000 to act as a support on the downside, below which the index can see fresh selling pressure.

There is no stopping Atul Auto at the moment. The stock gained another 15 percent on Monday, extending its gaining streak for the sixth day in a row. With Monday’s move, the stock has gained over 80 percent so far in 2023, 45 percent of which has come from August 14.

Shares have been surging since the news of investor Vijay Kedia increasing his stake in the company surfaced. In an interaction with CNBC-TV18 on Monday, Kedia said that he invested in the stock due to the EV theme and that will play out for the stock going forward. You can watch the entire conversation here.

What Are The F&O Cues Indicating?

Nifty 50’s August futures added 1.7 percent in Open Interest on Monday. Currently, their rollovers are at 36.1 percent with three more sessions to go for expiry. They are trading at a premium of 15.25 points from a discount of 15.5 points earlier. On the other hand, Nifty Bank’s August futures added 3.7 percent in Open Interest, with rollovers currently at 36.6 percent. Nifty 50’s Put-Call Ratio is now at 0.99 from 0.83 earlier.

Indiabulls Housing Finance is back in the F&O ban list, while others like BHEL, Escorts Kubota, India Cements, Hindustan Copper, Manappuram Finance, GMR Infra, RBL Bank and Sun TV continue to remain in the ban list.

Nifty 50 on the Call side for August 31 expiry:

For this Thursday’s weekly and monthly F&O expiry, the 19,300 Call strike for the Nifty 50 has seen Open Interest shedding, along with the 19,800 Call. Addition was seen on the 19,350 and 19,550 strike.

Nifty 50 on the Put side for August 31 expiry:

On the Put side, the Nifty 50 strikes between 18,600 on the downside and 19,300 have seen Open Interest addition, with the 19,300 Put seeing the maximum addition in Open Interest.

Lets take a look at the stocks that added fresh long positions on Monday, meaning an increase in both price and Open Interest:

Here are the stocks that added fresh short positions on Monday, meaning a decrease in price but increase in Open Interest:

Lets take a look at the stocks that saw short covering on Monday, meaning an increase in price but decrease in open interest:

These stocks saw unwinding of long positions on Monday, meaning a decrease in both price and Open Interest:

Here are the stocks to watch out for ahead of Tuesday’s trading session:

• Reliance Industries: Mukesh Ambani to remain Chairman & MD for the next five years.
• Adani Group Stocks: Supreme Court to hear the Hindenburg matter. SEBI has submitted status report of the investigation on Friday.
• Sun Pharma: Expects high-single-digit consolidated topline growth for financial year 2024. Expansion of the company’s global specialty business is expected to continue. The company also expects R&D spend to be around 7-8 percent of financial year 2024’s sales.
• Gokaldas Exports: Enters into an agreement to acquire Atraco Group, a leading apparel manufacturer with strong market position and customer relationships across US and Europe. The equity value of the transaction is $55 million and the same will be funded by a mixture of debt and internal accruals. The transaction is likely to be closed between October-December 2023.
• HFCL: Launches QIP issue to raised funds. Floor price set at Rs 68.61. Fund raising committee to meet again on August 31 to decide on the QIP issue price.
• PG Electroplast: Launches QIP to raise Rs 500 crore. Floor price of Rs 1,641 is a 8.7 percent discount to Monday’s close.
• Zomato: Tiger Global sold 12.35 crore shares or 1.44 percent equity at Rs 91.01 apiece, totalling to Rs 1,124 crore. Apoletto Asia sold another 3.2 crore shares at an average price of Rs 90.1 apiece.
• SJVN: Wholly-owned subsidiary SJVN Green Energy Ltd. has received Letter of Awards from Assam Power Development Corporation Ltd. for three Solar Power Projects of Cumulative capacity of 320 MW. The tentative cost of construction and development of these projects is around Rs 1,900 crore.
• Indiabulls Housing Finance: Repaid Rs 1,112.5 crore worth of bonds which were availed in August 2013. Company has entered a phase of positive ALM where loan portfolio inflows will exceed debt repayments by Rs 1,300 crore to Rs 1,800 crore a quarter, all of which will be available for asset growth.
• NBCC: Gets work order worth Rs 66.32 crore from the Indian Medical Association.
• LTIMindtree: Collaborates with SaaS company CAST AI to help businesses optimise their cloud investments.

What Are Global Cues Indicating?

Benchmark indices in Asia have opened higher, carrying on from where Wall Street left on Monday night.

The Nikkei 225 is up 0.3 percent, while the Topix is up 0.1 percent after the country’s unemployment rate came in higher than expected in July. The Kospi and Kosdaq in South Korea are up by a similar quantum.

Hang Seng futures are pointing towards a strong opening for the market.

Wall Street ended higher on Monday, starting the final week of August on a positive note as markets look to regain ground and trim monthly losses.

The Dow Jones ended 200 points higher, while the S&P 500 and the Nasdaq gained 0.6 percent and 0.8 percent respectively.

For the month of August, the S&P 500 is down 3.4 percent, while the Nasdaq and Dow are down 4.5 percent and 2.8 percent respectively. This will be the Nasdaq’s first monthly drop since February of this year.

Foreign investors remained net sellers in the cash market on Monday, while domestic institutions continued to buy.

Shrikant Chouhan of Kotak Securities said that the Nifty 50 has formed a double bottom near key support levels indicating a pullback from current levels. “For day traders, the positive sentiment may continue as long as the index holds above 19,220,” he said. Chouhan expects the pullback rally to last till 19,400 – 19,450.

19,260 will be a key support level for the Nifty 50, below which initiation of fresh shorts can drag the index down to 19,000, said SAMCO’s Ramani. For fresh momentum, he wants the Nifty 50 to break above the 19,500 mark, where the maximum call Open Interest is placed.

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

Medical tech firm Danaher to buy Abcam in $5.7 billion deal

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

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Danaher Corp said on Monday it would buy smaller rival Abcam Plc in an all-cash deal valued at $5.7 billion including debt, as the medical tools supplier expands its services to capture bigger contracts.

The deal will help Danaher cushion the hit from sluggish demand for its products such as antibodies and sample preparation equipment from smaller biotech companies that are grappling with a funding crunch.

Danaher, one of the world’s largest suppliers of medical tools, has already cut its annual sales growth forecast multiple times this year.

“This is a nice tuck in deal for Danaher that checks all the boxes. In an ideal scenario, we would have perhaps liked to see something larger,” said Evercore ISI analyst Vijay Kumar.

Reuters reported on Friday that Danaher was in the lead to acquire Abcam.

Danaher, which has a market value of nearly $190 billion, expects the deal to close in mid-2024 and add to adjusted earnings per share by 20 cents in the first full year after completion.

The company has offered $24 per Abcam share in cash, a 2.7 percent premium to the stock’s last closing price, and a nearly 26 percent premium since Bloomberg reported in mid-June that the company was fielding takeover interest.

Abcam’s shares fell about 4.5 percent to $22.44, while Danaher’s shares rose 1.4 percent in early trading.

Abcam is Danaher’s latest deal in recent years. It acquired General Electric Co’s biopharma solution business for $21.4 billion in 2019 and contract development and manufacturing organisation Aldevron for $9.6 billion in 2021.

Cambridge, England-based Abcam supplies so-called protein consumables such as antibodies, reagents and other products used for life sciences research, the discovery of drugs and diagnostics.

It came under pressure from activist shareholders to sell itself, including its founder Jonathan Milner who owns 6.1 percent of the company, as well as hedge fund Starboard Value LP.

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

Onam celebration: OnePlus unveils discounts on OnePlus 11 5G, OnePlus Pad, Buds Pro 2 and more

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

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To commemorate the festival of Onam, OnePlus has introduced a series of enticing discounts across a spectrum of products, spanning from smartphones to earphones and beyond.

A standout feature of OnePlus’ festive promotions is the OnePlus Ensemble package, now accessible for purchase on the official OnePlus website. This exclusive bundle includes the OnePlus 11 5G, OnePlus Pad, and Buds Pro 2.

Starting at a price point of Rs 1,07,997 after an instant discount of Rs 4,000 through ICICI Bank and OneCard, OnePlus is offering up to 24-month No Cost EMI options via Axis Bank, Citi, HDFC Bank, ICICI Bank, SBI Cards, and OneCard. This bundle is exclusively available at select OnePlus stores across Bengaluru, Hyderabad, Chennai, Mumbai, Kolkata, and Lucknow.

OnePlus 11 5G

This Onam, ICICI Bank customers can enjoy an additional Rs 500 discount through NetBanking for purchases of the OnePlus 11 5G and OnePlus 11 5G Marble Odyssey from OnePlus.in throughout August. Furthermore, OneCard users can relish an instant Rs 2,000 bank discount exclusively available from August 1 to 31, across OnePlus.in, OnePlus Store App, OnePlus Experience Stores, Partner Stores, and Amazon.in. Users can also avail exchange bonuses worth Rs 6,000 and Rs 10,000 on OnePlus 11 5G and OnePlus 11 5G Marble Odyssey respectively.

OnePlus 11R 5G

OneCard users can avail an instant Rs 1,000 bank discount when purchasing the OnePlus 11R 5G. This offer is available exclusively from August 1 to 31, on OneCard and through ICICI Bank from August 29 to August 31. Additional exchange bonuses worth Rs 3,000 on all OnePlus, Samsung, and Apple devices further add value to your purchase.

OnePlus Buds Pro 2

This Onam, ICICI Bank Credit Card, Credit EMI, and Debit Card EMI users can avail an instant Rs 1,000 bank discount when purchasing from OnePlus.in, OnePlus Store App, OnePlus Experience Stores, Amazon.in, and Flipkart.com between August 1 and 31. Additionally, ICICI customers can enjoy an Rs 250 discount through NetBanking during the same period on OnePlus.in, making the OnePlus Buds Pro 2 an irresistible choice for audio enthusiasts.

OnePlus Pad

Introduced at the OnePlus Cloud 11 event earlier this year, the OnePlus Pad features an 11.61-inch 144 Hz Read-Fit display with Dolby Vision and Dolby Atmos support, powered by the MediaTek Dimensity 9000 chipset, and boasts a large 9,510 mAh battery. Avail an instant bank discount of Rs 2,000 with ICICI Bank Credit Card, Credit EMI, and Debit Card EMI usage or OneCard transactions, exclusively on OnePlus.in, OnePlus Store App, OnePlus Experience Stores, select Reliance and Croma stores, Amazon.in, and Flipkart.com.

OnePlus Nord 3 5G

ICICI Bank Credit Card, Credit EMI, and Debit Card EMI users can enjoy an instant bank discount of Rs 1,000 on their OnePlus Nord 3 5G purchase from OnePlus.in, OnePlus Store App, OnePlus Experience Stores, and Amazon.in throughout the month of August. Starting September 1, a Rs 2,000 bank discount awaits Axis Bank, Citi Credit and Debit Card holders via EMI transactions, along with OneCard users.

OnePlus Nord CE 3

Axis Bank, Citi Credit and Debit Card holders via EMI transactions and OneCard users can enjoy an instant discount of Rs 1,000 on their OnePlus Nord CE 3 purchase, starting September 1.

OnePlus Nord CE 3 Lite 5G

ICICI Bank Credit Card, Credit EMI, and Debit Card EMI users, as well as OneCard users, can enjoy an instant bank discount of Rs 1,000 on their OnePlus Nord CE 3 Lite 5G purchase, starting September 1.

OnePlus Nord Buds 2r TWS Earbuds

On the OnePlus Nord Buds 2r True Wireless Stereo, OneCard users and ICICI Credit Card, Debit Card EMI, and Netbanking users can enjoy discounts of up to Rs 200 on the purchase of the OnePlus Nord Buds 2 and Nord Buds 2r from various platforms.

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

China’s Hunan province hit hard by heavy rains, floods — thousands evacuated

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

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Chinese weather forecasters on Monday warned several provinces to expect torrential rain and flash floods over the next two days as unrelenting downpours wreak havoc on the country.

More than three thousand people were evacuated in northwestern Hunan province over the weekend as heavy rain was unleashed on Sangzhi, Shimen and Yongshun counties, and Zhangjiajie City, according to state media.

Sangzhi recorded the heaviest rainfall this year, with maximum precipitation reaching 256 mm (10.07 inches) overnight from Saturday to Sunday, according to state broadcaster China Central Television.

It was the most extensive and widespread rain in Sangzhi since 1998, CCTV said.

China has been gripped by weeks of rains and floods amid an unusually wet summer. In late July, storms from Typhoon Dokusri caused record rains to hit China in over a decade, with Beijing experiencing its heaviest rainfall in 140 years.

China’s government has called for more precautions against flooding as Typhoon Saola now makes it way across the South China Sea, with forecasts expecting it to land at Guangdong province as early as this Friday.

China’s State Flood Control and Drought Relief Headquarters and the Ministry of Emergency Management organised a video conference this past Saturday, warning that heavy rainfall in many parts of the country may cause geological disasters including mountain torrents and floods in some small and medium-sized rivers, state media People’s Daily reported.

There is also uncertainty over Typhoon Saola’s path, said China Meteorological Administration, but it will bring heavy rainfall in the coastal areas including Fujian and Zhejiang provinces from Wednesday to Friday.

Fujian has launched an emergency response to Saola, ordering fishing boats in some waters to return to harbours in the vicinity and all personnel on board to evacuate ashore by Wednesday noon, local media reported on Monday.

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

Tiger Global exits Zomato, sells entire shareholding for Rs 1,124 crore

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

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US-based investment giant Tiger Global, through its venture capital fund Internet Fund III Pte Ltd, on Monday (August 28) completed its exit from the online food delivery platform Zomato by divesting its entire shareholding for a total consideration of Rs 1,123.85 crore.

Axis Mutual Fund, SBI Life Insurance Company, ICICI Prudential Life Insurance Company, Founders Collective Fund, Morgan Stanley Asia Singapore and Societe Generale, among others were the buyers of the shares of Zomato.

Tiger Global’s exit from Zomato involved the sale of approximately 12.35 crore shares in the company, realising a transaction value of Rs 1,124 crore at an average price of Rs 91.01 per share. This move marked the conclusion of Tiger Global’s investment journey with Zomato, a notable player in India’s food delivery and restaurant discovery market.

Tiger Global’s offloading of its 1.44 percent equity stake in Zomato highlights the investment firm’s strategic decision to monetise its holdings in the online food delivery platform. It’s worth noting that Tiger Global had been a significant investor in Zomato for a considerable period.

Also Read: India is the most opportunity-rich growth market for IKEA, says country head

In addition to Tiger Global, DST Global through its investment vehicle Apolleto Asia Ltd also participated in the share sale, divesting approximately 3.2 crore shares in Zomato for Rs 288 crore. These shares were sold at an average price of Rs 90.10 per share.

At the end of the June quarter, Tiger Global owned a 1.44 percent stake in Zomato, shareholding data showed with the BSE. In August 2022, Tiger Global reduced its stake in the company by almost half to 2.77 percent by selling over 18.45 crore shares in the open market. Tiger Global’s Internet Fund VI Pte had a holding of 5.11 percent in the online food delivery platform before the sale.

Zomato turned profitable for the first time during the June quarter of this fiscal. The profitability was aided largely by operational improvement in the company’s food business as its food delivery margins rose to 13.6 percent.

The firm’s consolidated net profit of Rs 2 crore for the first quarter of the fiscal came against a net loss of Rs 186 crore in the year-ago period. The consolidated revenue from operations surged 71 percent year-on-year to Rs 2,416 crore, compared to Rs 1,414 crore in the corresponding quarter of last fiscal.

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

Jet airways case: NCLAT grants Jalan Kalrock extension until September 30 to settle dues

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

Rajasthan approves hike in minimum wages for labourers by Rs 26 per day

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

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Rajasthan Chief Minister Ashok Gehlot has approved an increase in minimum wages for labourers by Rs 26 per day. This increase, which would be effective from January 1, 2023, comes just a few months before the state elections.

After the approval, an unskilled labourer will get Rs 285 per day (Rs 8,550 per month) instead of Rs 259, a semi-skilled labourer will get Rs 297 per day (Rs 8,910 per month) instead of Rs 271, a skilled labourer will get Rs 309 per day (Rs 9,270 per month) instead of Rs 283 and a highly skilled worker will get Rs 359 per day (Rs 10,770 per month) instead of Rs 333.

It is noteworthy that the last increase of Rs 7 in minimum wages was implemented on July 1, 2021. According to an official statement, the state government is continuously taking important steps to provide economic and social support to workers. In another move, registered insured employees and their dependent families under the Employees State Insurance (ESI) Scheme of Rajasthan will also get the benefit of Mukhyamantri Chiranjeevi Swasthya Bima Yojana under the ESI category.

Under this scheme, about 1.44 crore families are provided free health insurance coverage of up to Rs 25 lakh. According to the official statement, the chief minister has approved the inclusion of insured employees and their dependent families registered under the Employees’ State Insurance Scheme (ESI) in the Mukhyamantri Chiranjeevi Swasthya Bima Yojana under the ESI category, expanding the scope of beneficiaries under the scheme.

With this, a total of 51.85 lakh people, including 13.36 lakh employees and their 38.39 lakh family members currently registered under ESI, will be able to get free treatment up to Rs 25 lakh under this scheme. The Rajasthan government has also given financial approval of Rs 11.16 crore for Human Resources for the development of the e-registration project of the Registration and Stamp Department.

The chief minister has also approved an additional budget provision of Rs 5 crore for the computerisation of the project and its related communication expenditure in the financial year 2023-24. With this approval, the work of the Registration and Stamp Department will become online, enabling the common man to register the property faster.

In another decision, the proposal to upgrade six government upper primary schools to higher secondary schools has also been approved. Gehlot has also given his nod to create 78 new posts for these schools.

Also Read:Amit Shah says Rajasthan CM Ashok Gehlot should resign over ‘red diary’

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