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Davos 2023 | Apollo Tyres’ Neeraj Kanwar optimistic as utilisation rates reach 80-85% in India

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

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Summary

As the global economy continues to recover from the impact of the COVID-19 pandemic, many businesses are finding themselves in a state of flux. In an exclusive interview with CNBC-TV18, Neeraj Kanwar, Managing Director and Vice Chairman of Apollo Tyres highlighted that despite these challenges, the company is seeing some positive developments in the European market.

Many of the world’s business leaders and policymakers gather in Davos for the 2023 World Economic Forum. Among those in attendance was Neeraj Kanwar, Managing Director and Vice Chairman of Apollo Tyres.

As the global economy continues to recover from the impact of the COVID-19 pandemic, many businesses are finding themselves in a state of flux. In an exclusive interview with CNBC-TV18, Kanwar highlighted that despite these challenges, the company is seeing some positive developments in the European market.

He informed that Apollo Tyres is gaining market share in Europe, which is helping to offset some of the difficulties the company is facing elsewhere.

He further noted that in India, the company is currently running at 80-85 percent capacity. While this is not ideal, the company is hopeful that utilisation will return to 90 percent in the near future.

Additionally, the firm has implemented AI and machine learning technologies at its Hungarian plant, which has led to a 20 percent increase in productivity.

Also read: Davos 2023 | Raghuram Rajan highlights problem of overinvestment in chips

Kanwar also said that the company’s margins are expected to expand, owing in part to a shift towards a richer product mix.

This is a significant achievement as it demonstrates the company’s ability to adapt to the current market conditions and increase its competitiveness by using advanced technologies, he said, adding that the company’s management team is optimistic that this will enable them to continue to grow and thrive in the years to come.

However, one of the biggest concerns for the company is the current level of demand. The company is facing a slowdown in demand for its products, which is affecting its bottom line. Additionally, the rising cost of energy is also a significant concern for the company, he informed.

The company also faced challenges in their supply chain, but the situation has started to soften. It is still a significant concern for the company as disruptions to the supply chain can have a major impact on the company’s operations.

Despite these challenges, Kanwar noted that the company’s management team is aware that it will be a challenging time ahead, but they are looking inward to control costs in order to ‘weather the storm and emerge stronger on the other side’.

The company is taking steps to address these issues and position itself for long-term success.

Also read: Davos 2023 | BYJU’s CEO says may look at parent company IPO once macros improve

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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Budget 2023: Startups seek higher allocation from finance minister Nirmala Sitharaman

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

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Summary

The union budget is less than two weeks away and startups across industries are hoping for higher allocation. CNBC-TV18’s Abhimanyu Sharma spoke to founders of various startups on their budget wishlist.

The union budget is less than two weeks away and startups across industries are hoping for higher allocation. CNBC-TV18‘s Abhimanyu Sharma spoke to founders of various startups on their budget wishlist.

Yogesh Sharma, co-founder of Indigenous Energy Storage Private Ltd said, “The government has given PLI scheme to manufacture batteries, but there is no scheme that will give funds directly to deep tech from the PLI scheme because the scheme has set some standards, where you need to have 1 gigawatt-hour factory and that requires a huge amount of funds. So only the big companies can take part. However, being a startup, some part from the PLI scheme should be given to startups that are new in the market.”

Also Read: Budget 2023 may see reduction in income tax rates — more reliefs likely for the middle class

Adarsh Desai of Infinita Biotech said, “Lot of crops are being burnt, millions of tonnes of waste are being burnt across India, and pollution rising massively. So, we are developing enzymes to manage waste, convert it into biofuels and thus reduce the crude import bills. So in budget 2023, there should be a higher allocation to waste management and the biotechnology sector. India ranks high in IT and different technologies, but biotechnology has a huge scope.”

DPIIT joint secretary, Shruti Singh said, “DPIIT is in touch with all stakeholders and all relevant departments and ministries who have to take a call on the concessions. I am hopeful that there will be something exciting for startups in the budget.”

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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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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Davos 2023 | Events like Davos important to avoid risk of global fragmentation, says Gita Gopinath 

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

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Summary

In an interview with CNBC TV-18’s Shereen Bhan at the World Economic Forum meeting at Davos, Switzerland, Gopinath said that the risks and challenges of global fragmentation could see economic loss worth that of Germany and Japan.

People recognise the risks of global fragmentation and events like Davos are important to avoid it, Gita Gopinath, Deputy Managing Director of International Monetary Fund, said on Tuesday.
In an interview with CNBC TV-18’s Shereen Bhan at the World Economic Forum meeting at Davos, Switzerland, she said, “Events like Davos brings together the public sector and the private sector to help prevent such a fragmentation from happening. That said I think the pandemic and the war has made all countries much more concerned about economic security and national security and that’s causing them to undertake policies that could lead to greater fragmentation around the world.”
“There are very serious costs if this becomes runaway fragmentation and we are decoupling around the world into different economic blocks I mean the cost in terms of what GDP could be, around a loss of seven percent of GDP, which is basically like losing the economies of Germany and Japan on a permanent basis, because that is very costly,” she added.
Gopinath said that tightening in monetary policy is one of the reasons to expect global growth to decline this year. 
“We will see the effects of those type of monetary policy that usually plays out with the lag. So we would likely see it in labor markets; we will see unemployment rates going up. Now the question is how much will have to go up by you know; the view is that if there is weakness, it will be not substantial but we’ll wait and see about that.”
Gopinath said that another factor that is affecting the outlook is China because China has moved pretty strongly away from a zero-Covid policy. “We’re going to have a couple of months where conditions will be tapped in China but then we expect to see a rebound in China too,” she added. 
She further said that there has been a lot of progress on the physical infrastructure and digital public infrastructure, both of which are making India more attractive as a destination at this point. However, she said, issues like reduced participation of women in labour market need to be addressed in order to make it more resilient and flexible and reduce the youth unemployment rate. 
“We still need land reforms in India. That’s another area but a lot of action has been taken like I said there’s lots of positive sentiment towards India.” she added.
She said that people recognise that there is a serious risk and the meeting of US President Joe Biden and Chinese President Xi Jinping last year in November at G20 leader summit is a good sign.
“It’s so important for the two largest economies of the world to work together so I do think they’re aware of it but I still worry that policies will not necessarily move in the right direction so we are worried about.” 
Gopinath also said that 2023 is going to be tough year for central banks because they’re going to have to make the decision about how long to keep monetary policy restricted. 
“Markets are very eager to escape the tight monetary policy environment and based on their expectations you know inflation will come down very quickly. They will start cutting interest rates. I think it’s premature to make that conclusion and market policy will have to keep fighting that narrative.” she said. 
“We have to see what the inflation data brings in but as of now I would I think they would have to keep the US for instance would have to keep interest rates at around 5 through 2023.”

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

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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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Buransh to Zutho — delectable beverages of India worth trying at least once

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

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Summary

Drinks, whether those that accompany meals or those that can be enjoyed on their own at any time of day are something that Indians adore even more than their cuisine. In spite of the widespread belief that tea is India’s national beverage, there is much more to Indian beverage culture than just masala chai and other types of tea.

When you step foot in India, you are likely to find people gathered in groups enjoying a laugh over a beverage or simply enjoying their beverage in the fresh air. After a long and tiring day, you will see them return to a cup of tea. A beverage is more than just a drink; it is an emotion for Indians. In spite of the widespread belief that tea is India’s national beverage, there is much more to Indian beverage culture than just masala chai and other types of tea.

There are a great many more things to learn about thanks to India’s excellent cuisine. There are a great number of other drinks that are associated with their distinctive and lovely areas that are likely to be something that you have never heard of before but are things that you really must try.

Join us on a tour of each state’s signature libation as we make our way across the country!

THE COLORFUL LAND OF NAGALAND AND ITS ZUTHO

Many Nagas have begun preparing traditional rice brews in their houses, similar to the people who all of a sudden began baking banana bread during the epidemic. “Zutho,” a fermented rice brew, is “an essential aspect of traditional Naga food” and is often created by fermenting pulverised rice with yeast.

Also Read: Top 5 superfoods you must include in your daily diet for a healthy heart and body

“Zutho,” a fermented rice brew, is “an essential aspect of traditional Naga food” and is often created by fermenting pulverised rice with yeast. This essential beverage of the Angamis people is often produced by the women of the community and offered to both the young and the elderly. It is included in each of the Nagas’ most significant celebrations and ceremonies. It is thought that Zutho has therapeutic characteristics and may assist to control high blood pressure and fever, as well as aid digestion and boost one’s physical endurance.

Because Zutho is so nutritious, Angamis will often bring it with them when they go out to work in the fields. They add ginger, chillies, or chutney to this beverage before drinking it.

A wonderful exotic drink serving as the window to the Naga culture that you must try

NUN CHAI THAT TELEPORTS YOU TO KASHMIR KI WAADIYAN

Though with increased access to the internet and a passion for trips to Kashmir, we are all crazy with Kahwa, and why wouldn’t we be, it’s the ideal drink with various spices and a hint of ‘Kesar,’ but have you heard of Noon Chai?

Nun Chai and Kehwa Are Much More Than Just Drinks in Kashmir.

The tradition of drinking “Nun Chai” dates back generations to Kashmir. The peculiar flavour and colour of this tea are due to a combination of many things, one of which is the use of baking soda (also known as sodium bicarbonate). An attractive red hue is produced in the brewed tea as a consequence of a chemical reaction between the soda and the tea leaves. To get the desired pink hue, the brewed tea water must be beaten and aerated vigorously to introduce air into the mixture.

According to local legend in Kashmir, a cup of chai at midday would keep you cool in the summer and warm in the winter. The cardamom and baking soda in this remedy are what give it its reputation for warding off indigestion and gas. L-theanine, an amino acid found in it, has been linked to a decrease in stress and anxiety.

The beverage is often served with naan, a kind of traditional Kashmiri bread, but it also pairs surprisingly well with baked goods like naan khatai, a type of famous Indian shortbread cookie.

Also Read: Just what makes coffee ‘strong’? Caffeine and bitterness aren’t to thank

Although it’s simple to find the recipe online and much simpler to get the ingredients at any local or online shop. And no matter how the pink tea tastes on the tongue, seeing a blanket of snow outside the window always makes it seem more festive. The authenticity of Noon Chain in ‘Kasmir ki Waadiyan’ hits a different nerve.

NEERA, A NATURAL COOLANT FROM TAMIL NADU

On particularly warm days, the chance encounter with a roadside seller selling tender coconuts or sugarcane juice seems like a gift from heaven. When they taste Neera, the people of Tamil Nadu experience the same sense of gratitude and blessing.

Neera, as many Tamilians will tell you, is not the same thing as juice or water from tender coconuts; rather, it is the whole of the coconut in liquid form.

The traditional non-alcoholic beverage that is derived from the sap of local palmyrah trees has been a popular drink in communities across many different regions of India. This natural drink is high in minerals such as calcium and vitamin C, and it does not contain any alcohol. This extract is also used to make palmgur, sometimes known as palm jaggery.

The naturally sweet drink is beneficial for restoring a healthy sugar balance, as well as treating ulcers, heart disease, kidney stones, and anaemia. Consuming the liquid that comes from cutting open a coconut boosts immunity and is beneficial to one’s general health. It is safe to consume even for diabetic individuals as well.

This refreshing beverage, which can be purchased with ease on Flipkart, is the best way to unwind during the hot summer months; however, the best place to enjoy it is while driving through the beautiful southern state of Tamil Nadu, which is rich in history and culture.

THE COOLER FROM ODIHSA – MANDIA PEJ

A beverage called mandia pej, which is produced from ragi and rice and originated in Odisha, is a staple food for the Adivasis and other tribespeople who live in the southern part of Orissa.

The technique of creating the drink calls for very little work on the part of the cook. After cooking rice, the water that is left behind is combined with powdered ragi, and the resulting concoction is stored in an airtight container for many days. It is something that everyone makes at home, and it is something that is both inexpensive and filling. After the two components have been joined, there is a waiting period during which fermentation must take place. The combination is then made into a nourishing soup and eaten in order to bring down the fever.

Also Read: Explore the world and discover the best-kept travel secret: Georgian cuisine

You should switch from your usual beverage to this time-honoured drink brought to you by the many ethnic groups that are located in the Koraput region. If you’re getting tired of the traditional lemonade, iced tea, squash, and “jal jeera,” then you should give this one a go.

This time-honoured beverage not only quenches the thirst that comes on as a result of a long day’s work, but it also provides the greatest possible way of relaxing both the body and the mind.

‘YU” FROM THE BALMY SCENIC LAND OF MANIPUR

A state whose culture, history, food, and highly diverse people are what set it apart is most certainly Manipur, and you are most definitely missing out on something major if you have heard of or know about or experienced ‘Yu’ from Manipur. In Manipur, the herb yu has a long history of usage in traditional medicine, as well as in the role of a sedative and an offering in religious ceremonies. Rice from the area is allowed to ferment, and then the resulting liquid is distilled. Rice and a flattened, dry disc called hamei, which is made from a chopped and powdered wild creeper called yangli, are both used in the preparation of the drink. Together, these two ingredients are referred to as hamei. The locals choose unpolished rice as their primary source of sustenance due to its increased nutrient density, and the local beverage tastes best when it is combined with this kind of rice.

While men take care of the crops during the day, women are responsible for brewing Yu in the mornings and selling it to bigger breweries as well as at their hotels in the evenings so they may make a living.

You need to find some time to unwind and appreciate the beauty of Manipur while basking in the glow of your own company and just being in the moment and enjoying a glass of Yu.

THE RED-HUED BURANSH JUICE OF UTTARAKHAND

BURANSH is the scientific name for the plant known more commonly as rhododendron. Because it is the state tree of Uttarakhand and its blossoming is one of the most otherworldly sights visitors may see in the state, a flawless juice produced of Buransh would have been an injustice; however, this is not the case.

Women in traditional Garhwali villages would harvest these sugary blooms and store them in jars. The flower was originally used for many things, including grinding chutney and pickles, making sacrifices to deities, and treating a variety of illnesses.

This flower was pressed into juice in 1986 and quickly became Uttarakhand’s signature drink.

The drink appears like any other red beverage made with strawberry, raspberry, or rose juices when served in plain glass. With only one taste, though, you realize that it is unlike anything you’ve ever experienced. The continuous jelly-like sweet and unique flavour will have you longing for it more and more with each and every sip you take.

The delicious juice has been shown in clinical trials to treat cardiovascular disease, diabetes, liver and kidney disorders, and even cancer. The drink’s frequent use has also been shown to be effective in reducing the symptoms of minor seasonal illnesses, diarrhoea, dysentery, hair loss, and acne.

Available online and also in shops these lovely red-hued juice must be a vital condiment in your fridge, or just arrive in Uttarakhand and be greeted by this welcome drink of the state.

BUTTER TEA ENJOYED IN THE HILLS OF LADAKH

You may or may not be familiar with the famous butter tea, a salty beverage made by boiling tea with baking soda and salt then, after the tea has cooled, adding a large chunk of butter to the tea in a samovar. This butter is often made from yak’s milk using specialised wooden equipment to churn the milk. Tea from Ladakh makes perfect sense, and it tastes much better when enjoyed among the stunning natural beauty of the area. On an average cold day, if you wrap yourself in a blanket and drink a cup of Tibetan butter tea, you may realise that you don’t need anything else. This is the best way to battle the icy winds of the Himalayas and with the medicinal advantage of making your immune system strong.

Tibetan butter tea is more than simply a drink; it’s a necessity and a symbol of hospitality; when you visit a Tibetan house, your host will likely give you a cup as a means of displaying their appreciation for your presence.

Travel to Hemis Gompa (monastery) to have the tastiest butter tea, maybe the best Tibetan salted tea, you’ll ever taste. It would be a terrible sin not to try this tea during the winter, and everything they claim is true.

Drinks, whether those that accompany meals or those that can be enjoyed on their own at any time of day are something that Indians adore even more than their cuisine. There is no such thing as a full day in the life of the typical Indian without at least one cup of their favourite tea. However, drinking tea is not the only perk that may be obtained. The variety of beverages available to you has significantly increased as a result of the ones described above.

These are the drinks that are worth tasting, and you should put them on your list in order to have an experience that will make your mouth wet.

When you give them a try, you will find that they completely blow your mind.

So either take a quick swig or give it your all and guzzle it down!

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

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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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Vietnam president Nguyen Xuan Phuc resigns as Communist Party intensifies graft crackdown

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

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Summary

Vietnam President Nguyen Xuan Phuc has resigned after the ruling Communist Party blamed him for “violations and wrongdoing” by officials under his control, in a major escalation of the country’s anti-graft campaign

Vietnam President Nguyen Xuan Phuc has resigned after the ruling Communist Party blamed him for “violations and wrongdoing” by officials under his control, the government said on Tuesday, in a major escalation of the country’s anti-graft campaign.

Phuc, a former prime minister widely credited with accelerating pro-business reforms, held the largely ceremonial post of president since 2021 and is the highest-ranking official targeted by the party’s sweeping corruption crackdown.

Vietnam has no paramount ruler and is officially led by four “pillars”: the party’s secretary, the president, prime minister and speaker of the house.

Also read | China economy can recover ‘earlier-than-expected’ with strong stimulus push, says S&P

Phuc, 68, was ultimately responsible for offences committed by many officials, including two deputy prime ministers and three ministers, the government said.

“Fully being aware of his responsibilities before the party and people, he submitted an application to resign from his assigned positions, quit his job and retire,” it said in statement.

Phuc’s office could not immediately be reached for comment and it was not clear if a replacement has been chosen.

Vietnam has been rife with speculation he would be removed following January’s dismissal of two deputy prime ministers who served under him, as the party doubles down on a “blazing furnace” anti-corruption drive led by its powerful long-serving chief, Nguyen Phu Trong.

Last year, 539 party members were prosecuted or “disciplined” for corruption and “deliberate wrongdoings”, including ministers, top officials and diplomats, according to the party, while police investigated 453 corruption cases, up 50 percent from 2021.

Trong earlier this month said the party was “more determined” and “more effective and methodical” in its approach, and vowed to deliver results.

IMPACT UNCERTAIN

Opinions vary on the impact of the anti-graft drive on investment and policy.

Le Hong Hiep of the Vietnam Studies Programme at the Singapore’s ISEAS-Yusof Ishak Institute said the purge could pave the way for cleaner more capable leaders to rise.

“As long as the leadership reshuffles do not lead to radical policy changes, their impact on the economy will also be limited,” Hiep posted on his Facebook account.

However, Ha Hoang Hop, a senior visiting fellow at the same institute, said Phuc’s demise and uncertainty over the impact of the crackdown could unnerve investors.

Also read | Davos 2023 | We are in the midst of a “polycrisis,” with very low resilience: WEF’s Saadia Zahid

“This could lead Vietnam to a time of instability that would worry foreign friends and investors,” he said.

Phuc’s resignation requires approval from the legislature, which sources on Monday said would hold a rare extraordinary meeting this week, adding to expectation that Phuc’s fate had been sealed.

Phuc, who was known in Vietnam for his friendly approach and love for the national soccer team, was once tipped as a future party General Secretary, the state’s most prestigious job.

As prime minister from 2016 to 2021, he oversaw an average 6% annual economic growth for Asia’s burgeoning manufacturing powerhouse and helped further a liberalisation drive that included trade deals with the European Union and Pacific powers.

Despite his downfall, the government on Tuesday praised his achievements, particularly his pandemic response.

“He has made great efforts in leading, directing and administering the COVID-19 epidemic prevention and control, achieving important results,” it said.

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

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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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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Govt allocates 3 more coal blocks for commercial mining activities

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

 Listen to the Article (6 Minutes)

Summary

Representatives of successful bidder received allocation orders from Additional Secretary (Coal) M Nagaraju who stressed on participation of private sector for contributing towards energy security, the coal ministry said in a statement.

The government on Tuesday allocated three more coal mines under commercial mining to the successful bidders. With this, allocation orders have been issued for 48 coal mines so far having a cumulative peak rated capacity 89 million tonnes per annum (MTPA) under commercial mining.

Representatives of successful bidder received allocation orders from Additional Secretary (Coal) M Nagaraju who stressed on participation of private sector for contributing towards energy security, the coal ministry said in a statement.

The cumulative production capacity of the three blocks mines is 3.7 MTPA and its geological reserves is 156.57 MT.

These mines are expected to generate an annual revenue of Rs 408 crore and will attract capital investment of Rs 550 crore. It will provide employment to 5,000 people.

The government launched the sixth round of commercial coal mines auction in November and has put on block 141 mines.

Also read: Coal India issues letters of acceptance for nine greenfield mining projects

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

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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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PM Modi says India’s best era coming; asks party workers to connect with all sections

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

 Listen to the Article (6 Minutes)

Summary

In his address at the BJP national executive, which concluded with his address, Modi noted that nearly 400 days are left before the 2024 Lok Sabha polls and asked party members to serve every section of society with full dedication in a speech described by several participants as his big vision to expand the saffron organisation and lead the country in every aspects.

Prime Minister Narendra Modi on Tuesday asked BJP members to reach out to every section of society, including minorities such as Bohras, Pasmandas and Sikhs, and work for them without electoral considerations, party sources said here.

In his address at the BJP national executive, which concluded with his address, Modi noted that nearly 400 days are left before the 2024 Lok Sabha polls and asked party members to serve every section of society with full dedication in a speech described by several participants as his big vision to expand the saffron organisation and lead the country in every aspects.

Various party members who were part of the audience said the prime minister spoke highly of ‘sufism’ and also asked them to meet professionals from different walks of and visit places like universities and churches to connect with them.

Also Read: Here is how much the government will get post Nalco’s dividend announcement

The prime minister said India’s best era is coming and the party should dedicate itself to the country’s development and turn “amrit kaal”, the 25 year period till 2047, into “kartavya kaal” (era of duties).

Sources said he also cautioned the party against any sense of “overconfidence” and cited the example of the BJP’s loss in Madhya Pradesh in 1998 despite the unpopularity of the then Congress government led by Digvijaya Singh. Modi was then a key minder of the BJP’s organisational affairs in the state.

Maharashtra Deputy Chief Minister Devendra Fadnavis told reporters that Modi, in his address to the BJP national executive meet, emphasised on reaching out to all sections of society.

“The BJP is no longer merely a political movement but a social movement as well that is working to transform socioeconomic conditions,” Modi told the executive, he said.

Also Read: BJP President JP Nadda’s term extended till June 2024 with eye on Lok Sabha polls

The prime minister said people in the 18-25 age group have not witnessed the political history of India and are not aware of “corruption and wrongdoings” that took place under previous governments.

“So, they need to be made aware. Let them know about the good governance of the BJP,” he said in an apparent swipe at the previous dispensations at the Centre.

Fadnavis said Modi also advised the party to conduct special programmes of its different ‘morchas’, especially in border villages so that it can connect with people there more and ensure that the government’s developmental schemes reach them.

“The prime minister’s speech was inspirational. It guided us as well as showed us a new roadmap. He asked us to dedicate every moment of our life to advance the country’s development. Only by converting the ‘amrit kaal’ into ‘kartavya kaal’, the country can be taken forward,” the Maharashtra leader said.

Also Read: EC to discuss remote voting machines with political parties

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

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

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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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ITC to acquire Yoga Bar, fortifying its nutrition-led healthy foods portfolio

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

 Listen to the Article (6 Minutes)

Summary

Yoga Bar is expected to be rapidly scaled up, leveraging ITC’s enterprise strengths in areas such as sales & distribution, sourcing, product development, and digital.

ITC has proposed strategic investment in Sproutlife Foods Private Limited (SFPL)’s brand ‘Yoga Bar’. Yoga Bar today has a product portfolio that includes Nutrition Bars, Muesli, Oats and Cereals.

ITC said that it will acquire 100 percent of SFPL over a period of three to four years. It also added that 47.5 percent stake in SFPL will be acquired, in tranches, by March 31, 2025; and the balance stake will be acquired, basis pre-defined valuation criteria, subject to other conditions agreed to in the binding documents.

The acquisition will enable ITC to augment its portfolio and enhance market presence in the ‘Good for You’ space which currently includes Aashirvaad Multi-Grain Atta, Aashirvaad Nature’s Super Foods, Farmlite range of biscuits, Sunfeast Protein Shake, B Natural Nutrilite ABC Beverage among others. Yoga Bar is expected to be rapidly scaled up, leveraging ITC’s enterprise strengths in areas such as sales & distribution, sourcing, product development, and digital.

Also Read: Lottee Confectionary to invest Rs 450 crore in Havmor Ice Cream in 5 years

Commenting on this acquisition, Hemant Malik, Divisional Chief Executive, Foods Division, ITC Limited stated, “We believe that this investment is an exciting opportunity that aligns with ITC’s Foods Business’ aspiration to build a formidable portfolio in the nutrition-led healthy foods space. We look forward to scaling the Yoga Bar brand offering superior and healthy consumer choices.”

Commenting on this transaction, Suhasini Sampath Kumar and Anindita Sampath Kumar, co-founders, said, “We are delighted to join hands with ITC in Yoga Bar’s next phase of growth. We are confident that this partnership will add to Yoga Bar’s competitive advantage and take it to the next level from the current Annualised Run Rate of over Rs.100 crores. We are delighted that ITC and Yoga Bar will work together to build one of the largest brands in the healthy foods space.”

Also Read: Tinplate Company net profit declines 62%, margin improves sequentially

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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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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Davos 2023 | India incredibly important, predicted to grow at 6%, says Bank of America CEO

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

 Listen to the Article (6 Minutes)

Summary

India is predicted to grow at 6 percent and is one of the largest economies to growing at that rate, Moynihan said.

India has become incredibly important as a provider and is one of the largest economies to grow at a fast rate, Brian Moynihan, Chairman & CEO, Bank of America, told CNBC-TV18’s Shereen Bhan during an interview at the World Economic Forum meet in Davos, Switzerland, on Tuesday.

India is predicted to grow at 6 percent and is one of the largest economies to growing at that rate, he said. “A country if we predict to grow six percent for this year, which is probably one of the largest economies growing at that growth rate, it has been interesting. Even if for a country that imports a lot of its energy resources, it has been able to fight the battle and get them in a rational way that it’s proved well,” he said, adding that the talent and the capabilities in the country are well known.

He said India is now being considered another place to provide goods and services to the world “and a change in laws that make outside companies easier to invest and work, well I think they are all going to hold in good stead for the country,”

Thoughts on recession

While the mood at Davos is such that quite a few believe the world is heading towards an ugly recession, some believe that it is not. Moynihan believes it would be a mild recession.

“Consumers are still spending, it’s up year-over-year, but it has slowed down, which means the Fed’s work is getting done. And so our team says a mild recession ended this year, next year inflation has tipped over,” he said, adding that he believes the Fed won’t be as aggressive in increasing interest rates to combat inflation.

Also Read: Davos 2023 | Need more ‘he for shes’ to hit gender parity, agrees WEF panel

“As I look at it, consumers are spending money, they have good money in their accounts. The credit quality bank institutions and the capitalisation liquidity in the US is strong. Unemployment in the US is still very very low. This means people working are getting paid and the wages are rising. Now that doesn’t mean there aren’t undercurrents that make it interesting, but the reality is it looks like a mild recession because the Fed has to bring the inflation really under control. They’re making some good ground and now they have got to push it forward,” he said.

Rising interest rates

The Bank of America CEO said there is no question the impact of higher rates in the US does not have a great effect to the borrowing costs of the rest of the world. “That is known and I think the US Fed and others are very mindful of it. However, the worst thing would be to have inflation in the US out of control because that would then require them to go even higher (interest rates),” he said.

Also Read: Davos 2023 | Adar Poonawalla to launch vision fund for startups, begin with Rs 1,000 cr

Moynihan thinks people are sort of used to the rate structure now and it would normalise back to a positive slope and rate curve and as it does, he said some of the pressures would likely come off. “But there is no question about people borrowing US dollars, and when it strengthens because its interest rates are higher, they have to pay more money back at the local currency. That’s tough,” he added.

On hiring

Moynihan said that people are now pulling back on hiring. He said there are certain industries that are laying off people, but that is because their business model is different. “But in general, the industry is just sort of pulling back and being more careful,” he said.

Giving Bank of America’s example, he said that it has already slowed down its hiring. “This time last year we had hired 4,000 people to keep up with the ones that leave, now we have only 2,000 people leaving,” he said giving a sense of how fast the hiring has come down. He added that it is a different hiring practice though.

“Even with a 10 percent turnover rate we have to hire 20,000 people just to have a neutral head count, so we are out there hiring all the time. New people, experienced people and everything in between. But most companies like that, what you do is you aim, you keep that head count right in line a little tougher on managers and overhead and things like that it’s just the way good managers manage,” he added.

Watch video for entire interview

Also Read: Davos 2023 | Raghuram Rajan highlights problem of overinvestment in chips

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

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

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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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Media report on ‘multiple side-effects of Covid vaccines’ ill-informed, erroneous: Health Ministry

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

 Listen to the Article (6 Minutes)

Summary

In line with the policy of the Union Ministry of Health of proactive disclosure aligned with global scientific evidence in the public domain, the ICMR provides responses to questions under the RTI Act related to the advantages and disadvantages of COVID-19 vaccines.

The Union Health Ministry on Tuesday said media reports claiming admission of ‘multiple side-effects of COVID-19 vaccines’ by Indian Council of Medical Research (ICMR) and Central Drugs Standard Control Organisation (CDSCO) officials are ill-informed and erroneous.

Citing an RTI response, a recent news report claimed that ICMR and CDSCO officials have admitted to side effects of COVID-19 vaccines, citing a plethora of ramifications arising out of them.

“It is clarified that the news report is ill-informed and provides erroneous information,” the ministry said, referring to the report.

In line with the policy of the Union Ministry of Health of proactive disclosure aligned with global scientific evidence in the public domain, the ICMR provides responses to questions under the RTI Act related to the advantages and disadvantages of COVID-19 vaccines.

Also Read: Daily COVID-19 cases in India lowest since March 2020

The ICMR response simply provided links of reputed websites of the World Health Organization (WHO), Center for Disease Control (CDC) and the Ministry of Health where compiled global evidence on various COVID-19 vaccines is available, the ministry said in a statement.

As is the case with all other vaccines, those who get vaccinated with different COVID-19 vaccines may experience mild symptoms like injection site tenderness, pain, headache, fatigue, myalgia, malaise, pyrexia, chills, arthralgia etc. Rarely, few individuals may experience severe adverse events depending upon certain pre-disposing conditions, the statement stated.

Global research studies have shown that COVID-19 vaccination has helped in reducing the severity of the disease by preventing hospitalisations and deaths due to COVID-19 and the benefits of the vaccines overwhelmingly outweigh any adverse effects.

Also Read: Omicron new variant in India: What are high-risk states up to

In India, the NTAGI (National Technical Advisory Group on Immunization) has periodically reviewed the benefits and side effects of Covid vaccines used in the country and has endorsed the above findings.

In addition, the CDSCO stated as part of the RTI reply that the list of COVID-19 vaccines approved by the National Drugs Controller General is available on the website cdsco.gov.in. The CDSCO also informed us that it has no other information on the subject.

It may be noted that the ICMR has not commented on any of the documents, links of which have been shared as part of the RTI response, the statement stated.

Also Read: Kerala mandates face masks in public places amid COVID scare

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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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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Should Elon Musk be able to buy Twitter?