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Engineers India to work on MRPL’s Bio-ATF plant, shares rise

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

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Summary

The bio-ATF plant, having non-edible oils and used cooking oil as feedstock, shall be the first of its kind in India.

[wealthdesk shortname=”EngineersInd” isinid=”INE510A01028″ bseid=”532178″ nseid=”ENGINERSIN” sector=”Infrastructure – General” exchange=”nse”]

State-owned Engineers India Ltd. (EIL) on Friday announced that it has been awarded an order by Mangalore Refinery and Petrochemicals Ltd. (MRPL) for its Bio-ATF plant at Mangaluru in Karnataka.

The project assigned to EIL includes the preparation of BDEP (basic design and engineering package), DFR (design for reliability), and pre-project activities for MRPL’s Bio-ATF plant. However, details about the order value were not disclosed by the company.

The bio-ATF plant, having non-edible oils and used cooking oil as feedstock, shall be the first of its kind in India and would be based on technology developed by the Council of Scientific and Industrial Research – Indian Institute Of Petroleum (CSIR-IIP) and EIL.

The company added that bio-ATF, also known as sustainable aviation fuel (SAF), would not only contribute to India’s Net Zero Carbon Emission target but also help in fulfilling the Prime Minister’s vision of reducing crude oil and indirectly providing livelihood to farmers.

Also Read: Engineers India shares trading at a 52-week high 

Earlier this week, EIL announced that it had bagged another order from Chennai Petroleum Corp. Ltd. for overall project management and engineering, procurement, and construction management (EPCM) services.

EIL had said that it would offer EPCM services and related off-site facilities for the Group-II project at Chennai Petroleum’s Manali refinery. The total size of the contract was undisclosed.

For the September quarter, EIL reported consolidated net sales of Rs 793.06 crore compared to Rs 656.78 crore a year ago. Net profit stood at Rs 75.16 crore compared to Rs 17.04 crore in the same period a year ago.

The Engineers India stock is currently trading at Rs 80.60, up 1.64 percent.

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

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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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Constitution Day: History and significance

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

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Summary

Constitution Day or ‘Samvidhan Diwas’ is celebrated on November 26 every year. The day was chosen to honour the adoption of the Indian Constitution which came into force two months later on January 26, celebrated as the Republic Day in India.

November 26 is marked as Constitution Day or ‘Samvidhan Diwas’ in India every year. The day was chosen to honour the adoption of the Indian Constitution which was drafted by the Indian Constituent Assembly after almost three years. The Constitution came into force two months later on January 26, which is celebrated as the Republic Day in India.

History

After India’s independence, the country was in need of a Constitution in order to establish the rule of the land. In December 1946, the Constituent Assembly was formed of 299 members who were elected by the members of the provincial assembly. The Constituent Assembly created the initial draft of India’s Constitution.

The first draft was created by Benegal Narsing Rau, while the seven-member drafting committee of Alladi Krishnaswami Ayyar, N Gopalaswami, BR Ambedkar, KM Munshi, Mohammad Saadulla, BL Mitter and DP Khaitan made thousands of amendments over the next few years until the Indian Constitution was finalised.

India’s Constitution makers were inspired by the constitutions of the United Kingdom, the United States, Ireland, Australia, France, Canada, Germany, the Soviet Union, South Africa and Japan. On November 26, 1949, Articles 5, 6, 7, 8, 9, 60, 324, 366, 367, 379, 380, 388, 391, 392, 393, and 394 of the Indian Constitution came into force as the Constitution was adopted. The rest of the Constitution came into force on January 26, 1950.

Significance

In 2015, on the 125th birth anniversary of BR Ambedkar, the Union government announced its plans to mark November 26 as Constitution Day. The aim of the day was to encourage people to inculcate constitutional values in their lives. While the day is not a national holiday, the government organises various events on the day. In 2021, Prime Minister Narendra Modi also addressed the nation on the day.

Also Read: National Milk Day: Who was Dr Verghese Kurien, the father of the White Revolution?

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

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

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

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Supreme Court seeks Centre’s response on same sex marriage

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

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Summary

The bench comprising Chief Justice of India (CJI) DY Chandrachud and Justice Hima Kohli was hearing pleas filed by two gay couples seeking to strike down of provisions of the Special Marriage Act that bar same sex marriage.

The Supreme Court on Friday issued a notice to the Centre and Attorney General R Venkataramani seeking their responses on same-sex marriage. The apex court agreed to hear a plea seeking recognition of the right of same-sex couples to marry.

The bench comprising Chief Justice of India (CJI) DY Chandrachud and Justice Hima Kohli was hearing pleas filed by two gay couples seeking to strike down of provisions of the Special Marriage Act that bar same-sex marriage. “Issue notice returnable in four weeks. Liberty to serve the central agency. Notice be also issued to the Attorney General for India,” the bench said.

The lead petition was by Supriyo Chakraborty and Abhay Dang, and another by gay couple Parth Phiroze Mehrotra and Uday Raj.

The petitioner said, “Being able to marry has implications for individual liberty, finance, succession rights, adoption. Every facet of our existence is dependent on formalising union through legal marriage. How can I protect my family without legal recognition of rights flowing from a formal marriage.”

A five-judge Constitution bench of the Supreme Court in 2018 unanimously decriminalised part of the 158-year-old colonial law under Section 377 of the IPC which criminalises consensual unnatural sex.

With inputs from PTI

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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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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Uniparts India sets IPO price band at Rs 548-577

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

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Summary

The Uniparts India IPO is entirely an Offer for Sale (OFS) of 14,481,942 equity shares by promoter group entities and existing investors.

Engineering systems and solutions provider Uniparts India on Friday said it has set a price band of Rs 548-577 a share for its Rs 836-crore initial public offering (IPO).

The three-day initial share sale will open for public subscription on November 30 and conclude on December 2. The bidding for anchor investors will open on November 29, the company announced in a virtual press conference.

The IPO is entirely an Offer for Sale (OFS) of 14,481,942 equity shares by promoter group entities and existing investors.

Those offering shares in the OFS are promoter group entities — The Karan Soni 2018 CG-NG Nevada Trust, The Meher Soni 2018 CG-NG Nevada Trust, Pamela Soni — and investors — Ashoka Investment Holdings Ltd and Ambadevi Mauritius Holding Ltd.

At the upper end of the price band, the public issue is expected to fetch Rs 836 crore.

Since the IPO would be entirely an OFS, the company will not receive any proceeds from the public issue. Half of the issue size has been reserved for qualified institutional investors, 35 percent for retail investors and the remaining 15 percent for non-institutional investors.

Also Read: Market capitalisation of PSU banks crosses Rs 10 lakh crore for the first time ever

Investors can bid for 25 shares and in multiples thereof.

This would be the company’s third attempt to go public. Earlier, Uniparts had filed its IPO papers with SEBI in December 2018 and in September 2014. It also obtained the regulator’s clearance to launch the IPO on the two occasions but did not go ahead with the initial share sale.

Axis Capital, DAM Capital Advisors and JM Financial are the book running lead managers to the issue.

Shares of the company will be listed on the stock exchanges on December 12.

Uniparts India is a global manufacturer of engineered systems and solutions. It is one of the leading suppliers of systems and components for the off-highway market in agriculture and construction, forestry and mining and aftermarket sectors on account of its presence across over 25 countries.

It is a concept-to-supply player of precision products for off-highway vehicles with presence across the value chain. The company’s product portfolio includes core product verticals of 3-point linkage systems and precision machined parts as well as adjacent product verticals of power take off, fabrications and hydraulic cylinders or components thereof.

Also Read: PNB shares hit 52-week high after govt nod for UTI AMC stake sale

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

3 Mins Read

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

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

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today's market

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

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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FIFA World Cup 2022, Day 6 Highlights: Iran’s last gasp win, Qatar’s elimination, England and Netherlands held to draws

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

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Summary

FIFA World Cup 2022, Wales vs Iran Live Updates: Catch all the live updates from the Qatar World Cup 2022 Group B match between Wales and Iran being played at Ahmed bin Ali Stadium. That match will be followed by Group A match between Qatar and Senegal at Al Thumama Stadium. Later in the day, Netherlands and Ecuador lock horns at Khalifa International Stadium. Finally, England and USA will face off in a crucial Group B encounter at Al Bayt Stadium.

Day 5 of the 2022 FIFA World Cup delivered what was promised. Xherdan Shaqiri and Breel Embolo combined to help Switzerland beat Cameroon 1-0 in their Group G encounter at the Al Janoub Stadium. Group H kicked off with a goalless draw between Uruguay and South Korea at the Education City Stadium. A five-goal thriller at the Ras Abu Aboud Stadium saw Portugal scrape past Ghana with a 3-2 win in Group H. In the final game of the evening, a debut double for Richarlison saw Brazil nab a comfortable 2-0 victory against robust Serbia in Group G at the Lusail Iconic Stadium. 

Check: FIFA World Cup 2022 Race to Golden Boot

The second round of fixtures will commence on Day 6. Some will book their spots for the knockout rounds, while others will bid adieu to the tournament.

Gareth Bale will lead Wales onto the Ahmed bin Ali Stadium pitch to face Iran in a crucial Group B encounter. Both sides desperately need three points to keep their knock-out round qualification hopes alive.

After licking the wounds they suffered against England, the Lions of Persia will be looking to make things right and bounce back with a win. Coach Carlos Queiroz will have an injury-free squad as he tries to tweak his system to counter the Welsh.

Wales, on the other hand will be looking for more attacking prowess. Bale’s late penalty against the USA earned a point for The Dragons. Against Iran, Coach Robert Page’s men will be looking to stamp their authority on the game.

After that game, the focus will shift to the Al Thumama Stadium where 2019 AFC Asian Cup winners and 2022 FIFA World Cup hosts Qatar will be in action against the 2021 AFCON champions Senegal in a do-or-die Group A encounter.

Both sides will be looking to bounce back from their respective 2-0 defeats in the opener and eye three points in this must-win tie. Coach Felix Sanchez will have no injury concerns as he goes to the drawing board to work out a new plan for the Maroons.

Senegal may be without key midfielder Cheikhou Kouyate and left-back Abdou Diallo. The probable absence of two important players will put coach Aliou Cisse in a dilemma as he looks for reinforcements in those areas.

The third match of the day will involve one of the favourites of the tournament as the Netherlands will jog onto the pitch to face Ecuador in the other Group A tie of the day at the Khalifa International Stadium.

Both sides emerged victorious in the first round and will be looking to register back-to-back wins to strengthen their stance. Oranje coach Louis van Gaal will hope for early goals this time as the Netherlands left it late in their last encounter when they scored twice in the final quarter.

Ecuador coach Gustavo Alfaro will want Enner Valencia at the top of his game if La Tricolor want to penetrate the solid Oranje defence of Matthijs de Ligt, Virgil van Dijk and Nathan Ake. Astuteness will be essential in the defensive third too, to keep Memphis Depay and Cody Gakpo at bay.  

The day will come to a close at the Al Bayt Stadium where England and the USA will lock horns in the battle of Group B. Another victory seals a Round of 16 spot for England. The Three Lions are firing on all cylinders and it will be difficult to silence them.

England buried six past a hapless Iran in their last match, while the USA were held to a frustrating 1-1 draw by Wales. Will the frustration fuel the fire for the Yanks, or will the Three Lions book their Round of 16 berth with one game to spare?

There are a few injury concerns for England coach Gareth Southgate involving Harry Kane, Callum Wilson and Harry Maguire. However, these are said to be slight niggles and both Harrys will be fit to start the game in their respective positions.

From frustration to elation, Day 6 promises it all. At the end of the day, we will find out who is staying for the knockouts and who is headed back home.

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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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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Gold prices today: Yellow metal rates drop by Rs 33, Silver prices touch Rs 61,800

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

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Summary

Gold prices today, November 25: On MCX, yellow metal prices slid by 0.06 percent to Rs 52,638 per 10 grams on Friday.

Domestic gold prices were marginally down even as the dollar retreated on a perceived dovish tilt in the US Federal Reserve’s interest rate hike strategy. On MCX, yellow metal prices slid by 0.06 percent (Rs 33) to Rs 52,638 per 10 grams on Friday. Meanwhile, Silver prices eased by Rs 153 to Rs 61,840 per kg.

Globally, Spot gold gained 0.3 percent to $1,760.15 per ounce by 0413 GMT, having risen 0.6 percent so far this week.

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

Besides, the US Dollar Index Futures – Dec 22 was trading 0.02 percent lower at 105.748. The dollar’s retracement has kept gold well-supported as “the slower pace of rate outlook is being looked upon as a sign of peak hawkishness to further unwind the bearish positioning in the yellow metal built up since the start of the year,” IG market strategist Yeap Jun Rong was quoted by Reuters as saying.

Meanwhile, the rupee depreciated to 81.67 vs dollar on Friday amid gain in global crude oil prices. Brent crude futures were up 0.3 percent to $85.4 per barrel at the last count. WTI futures were up 0.3 percent at $78.2 per barrel at the last count.

Indian equity benchmarks BSE Sensex and NSE Nifty50 began the first session of December series with minor gains on Friday. The indices ended at record closing highs in the previous session.

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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Latest study in mice paves way for developing universal flu vaccine

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

 Listen to the Article (6 Minutes)

Summary

According to the study, even with increased global surveillance, it is difficult to predict which flu strain will cause the next flu pandemic, making a universal vaccine important.

Scientists have developed an mRNA lipid nanoparticle vaccine containing antigens from all twenty known subtypes of influenza A and B viruses, a strategy which may serve as the basis for universal flu vaccines, according to a study.

The vaccine, developed by the researchers from the US and Canada, produced high levels of cross-reactive and subtype-specific antibodies in mice and ferrets and could protect animals against disease symptoms and death after infection with both antigenically matched and mismatched strains of influenza, the study said.

According to the study, even with increased global surveillance, it is difficult to predict which flu strain will cause the next flu pandemic, making a universal vaccine important.

The approach by the scientists differed from previous attempts to craft a universal flu vaccine by including antigens specific to each subtype, rather than just a smaller set of antigens shared among subtypes, the study published in the journal Science said.

Also Read: FAQ on measles outbreak — Vaccinations, advisories and areas affected

Following on the success of mRNA vaccines against SARS-CoV-2, the researchers prepared 20 different nanoparticle encapsulated mRNAs, each encoding a different hemagglutinin antigen – a highly immunogenic flu protein that helps the virus enter cells, the study said.

Antibody levels remained mostly stable four months after vaccination in the mice, the study said.

Multivalent protein vaccines produced using more traditional methods elicited fewer antibodies and were less protective compared to the multivalent mRNA vaccine in the animals, said the study.

Also Read: Bharat Biotech’s COVID-19 nasal vaccine gets emergency use authorisation

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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Amazon faces Black Friday protests in 40 countries for better wages and working conditions

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

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Summary

Employees in the US, UK, India, Japan, Australia, South Africa and across Europe are demanding better wages and working conditions as the cost-of-living crisis deepens, in a campaign dubbed “Make Amazon Pay.”

Thousands of Amazon warehouse workers across about 40 countries plan to take part in protests and walkouts to coincide with Black Friday sales, one of the busiest days of the year for online shopping.

Employees in the US, UK, India, Japan, Australia, South Africa and across Europe are demanding better wages and working conditions as the cost-of-living crisis deepens, in a campaign dubbed “Make Amazon Pay.” The campaign is being coordinated by an international coalition of trade unions, with the support of environmental and civil society groups.

“It’s time for the tech giant to cease their awful, unsafe practices immediately, respect the law and negotiate with the workers who want to make their jobs better,” said Christy Hoffman, general secretary for UNI Global Union, one of the campaign’s organisers.

Also Read: Veranda Learning partners with IIM Raipur, SHRM to launch online MBA course

Tension with workers has been a long-running issue at the e-commerce giant, which has faced complaints of unfair labour practices as well as employee activism and union drives at some facilities. In what was seen as a watershed moment, workers at a warehouse in Staten Island, New York, voted earlier this year to join an upstart union.

“While we are not perfect in any area, if you objectively look at what Amazon is doing on these important matters you’ll see that we do take our role and our impact very seriously,” Amazon spokesman David Nieberg said. 

He cited the company’s target to reach net zero greenhouse gas emissions by 2040 and that it’s “continuing to offer competitive wages and great benefits, and inventing new ways to keep our employees safe and healthy.”

Unions in France and Germany — CGT and Ver.di — are spearheading the latest collective action, with coordinated strikes in 18 major warehouses, intended to disrupt shipments across key European markets.

Also Read: IIT in Tanzania could serve as an African base for technological education, says Dharmendra Pradhan

Monika di Silvestre, head of Ver.di’s Amazon committee in Germany, said that workers were particularly concerned about the way their productivity was closely monitored by computers, with algorithms determining targets, for example, the number of packages they need to handle per hour.

“The workers are under a lot of pressure with these algorithms,” she said. “It doesn’t differentiate between workers, whether they are old or have limited mobility. Workers stay awake at night thinking only of their productivity stats.”

She called on European politicians to strengthen labour rights across the bloc. “We don’t have a right to strike around Europe — on the European level,” she said.

In the UK, workers associated with the GMB union have planned protests outside several warehouses, including Coventry.

“Amazon workers in Coventry are overworked, underpaid and they’ve had enough,” said Amanda Gearing, a senior GMB organiser, adding that “hundreds” will assemble to demand a wage increase from 10.50 euros an hour to 15 euros.

Also Read: Indians overtake Chinese as largest group of foreign students in UK

Any workers who walk out during a shift could lose out on the second half of a 500 euro bonus that Amazon announced for UK warehouse workers last month. The final payment is contingent on staff taking “no unauthorised absence” between November 22 and December 24. The GMB has said linking payments to attendance could be interpreted as an unlawful inducement not to strike.

In the US, protests and rallies will take place in more than 10 cities and outside an apartment block on 5th Avenue, New York, where Amazon founder Jeff Bezos has a condo. Multiple rallies are also planned in India while in Japan, members of a recently created union will protest in front of the company’s national headquarters in Tokyo. In Bangladesh, garment workers in Amazon’s supply chain will march in Dhaka and Chittagong.

Some demonstrations will focus on Amazon’s environmental and social footprint, for example in Ireland where people will gather outside the company’s Dublin offices to push back against two new planned data centres in the city. In South Africa, protesters will gather near Amazon’s new offices in Cape Town, which is being developed on land that indigenous people consider being sacred.

Some unions expressed concern about the current economic climate amid a warning from Amazon that its peak Christmas season might not be as busy as usual. The company’s decision to lay off 10,000 staff will also make wage negotiations more challenging.

Also Read: Apple supplier Foxconn offers staff $1,400 to leave after hiring blunder at COVID-hit China plant

Laurent Cretin, a delegate for the CFE-CGC union in France, said the company will have 880 workers in a warehouse in Chalon-sur-Saône this Christmas season, down from 1,000 before Covid, which he linked to tightening consumer spending and the transfer of activity to robotised warehouses.

“The projections are not great, we are not sure we will do as good as last year saw a post-Covid surge,” he 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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Explained: How does the switch on and off feature work in a motor insurance policy

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

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Summary

Motor insurance: With the Meter add-on, the insurance company allows users to pay for the insurance only when the vehicle is in use. Read more here

Did you know that you can switch on and switch off your car insurance policy as per usage and save some extra bucks? Yes, insurance companies provide this unique motor insurance scheme that allows users to pay the premium only on the days they use the vehicle. In other words, vehicle owners can switch their car insurance coverage ON and OFF based on usage, at the click of a button.

How does the feature work?

This add-on feature i.e. Meter or Switch On/Off feature is based on vehicle usage.

“This means that the insurers allow the insured to only pay for the coverage when the vehicle is under use. The owner of the vehicle can simply put the motor coverage to the off mode when it is not being used,” said Rakesh Goyal, Director at Probus Insurance Broker while talking to CNBC-TV18.com.

Who can benefit?

This add-on feature works well on the budgets of vehicle owners who drive less or drive safely.

“Under this feature, the customers are awarded reward day if the coverage is in off mode for a continuous 24 hours span i.e. one reward day each for every inactive day,” Goyal said.

ALSO READ | Can job loss insurance help if you get laid off? Here’s the answer

The pay-as-you-use model is expected to change the erstwhile industry standard of determining the premium for Motor OD (by age, make and model of the vehicle), to premiums based on usage and driving experience

How can reward days be used?

The reward days can later be redeemed either through discounts/cashback/certain percentage of Own Damage (OD) premium at the end of policy tenure (as mentioned in the policy term).

Having this innovative feature along with motor insurance helps the customers not only save on premiums while they are not driving but also promotes safe driving.

Which companies are offering it?

Kotak Mahindra General Insurance Company has recently announced the launch of its add-on Meter (switch on/switch off) cover with the private car insurance policy. Following the launch, Kotak General Insurance has become India’s first company to offer cashback via an add-on for a private car insurance policy.

Earlier this year, Edelweiss General Insurance (EGI) also launched the Switch Pay as you Drive (PAYD) add-on for its private car package policy.

ALSO READ | LIC launches ‘New Jeevan Amar’ and ‘Tech Term’ insurance plans — Check key features here

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

3 Mins Read

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

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

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today's market

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

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Castrol India to acquire 7% stake in a TVS Mobility Group company for Rs 487 crore

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

 Listen to the Article (6 Minutes)

Summary

Castrol said that the said acquisition will take place in two tranches and will be completed by January 2023.

[wealthdesk shortname=”Castrol” isinid=”INE172A01027″ bseid=”500870″ nseid=”CASTROLIND” sector=”Lubricants” exchange=”nse”]

Mobility fuel manufacturer Castrol India Ltd. announced on Friday that it will acquire 7.09 percent stake in TVS Mobility Group’s ki Mobility in two tranches.

The first tranche will see Castrol subscribe to 4.8 percent of the total share capital for Rs 325 crore in December 2022, while the second tranche will see Castrol subscribing to an additional 2.4 percent of Ki Mobility’s total shares for Rs 162.5 crore in January 2023.

Total consideration of both the tranches comes up to Rs 487 crore.

The strategic investment will expand Castrol India’s presence in the aftersales service & maintenance segment.

Both Castrol and Ki Mobility will explore business and technology collaborations under this partnership, to bring transformative disruption within the automotive service sector and focus on EV readiness.

Ki Mobility was incorporated in September 2018 and is one of the leading players in the automotive service, maintenance and repair sector in India. The TVS Mobility Group-unit aims to provide an end-to-end vehicle life cycle management and connected vehicle propositions for consumers on its tech platform.

Over the last three financial years, Ki Mobilty has had revenue of Rs 545 crore, Rs 819 crore and Rs 1,207 crore respectively.

Shares of Castrol India is trading 1.4 percent higher at Rs 132.05.

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

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

3 Mins Read

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

 Daily Newsletter

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

Previous Article

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

Next Article

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

LIVE TV

today's market

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

Currency

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

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

Answer Anonymously

Should Elon Musk be able to buy Twitter?