National coal production up 12% in September, says government

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

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India’s overall coal production rose by 12.01 percent in September to 57.93 million tonnes (MT) from 51.72 MT in the same month, last year.

The country’s overall power generation was also 13.77 percent more last month, compared to the power generated in September 2021.

According to the coal ministry’s provisional statistics, Coal India recorded a 12.35 percent growth by producing 45.67 MT coal, whereas SCCL reported an 8.43 percent growth by producing 4.93 MT coal. Captive mines/others registered an increase of 12.35 percent with the production of 7.33 MT coal.

“Of the top 37 mines, 25 mines production level has been more than 100 per cent and another five mines’ production stood between 80 and 100 per cent during September,” the Coal Ministry said in a statement.

Coal dispatch was up 1.95 percent at 61.16 MT,  from last year’s 60.02 MT in the same month.

While Coal India registered a growth of 1.03 percent by dispatching 48.88 MT, SCCL recorded a 4.13 percent growth with the dispatch of 4.77 MT coal. Captive mines/others saw a 6.84 percent increase by dispatching 7.53 MT coal.

“Power utilities dispatch has increased to 51.71 MT during September 2022 as compared to 50.16 MT, in the same time last year. Coal-based power generation has registered a 13.40 percent growth in September, as compared to the same time last year. The overall power generation in September 2022 has been 13.77 percent higher than the power generated in September 2021,” the coal ministry said in a statement.

Meanwhile, state-owned Coal India Limited last week reported a 19.7 percent growth in its coal production at 299 MT in the April-September period of the current fiscal. The company accounts for over 80 percent of domestic coal output.

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

Trade setup for Oct 4: Nifty50 could test crucial support at 16,750 soon

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

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52-week highs

As many as 14 stocks in the BSE 500 universe — the broadest index on the bourse — touched the milestone on Monday, including Bharti Airtel, Cipla, Sun Pharma and Eicher Motors.

52-week lows

On the other hand, three stocks in the 500-scrip pack hit 52-week lows: Johnson Controls-Hitachi AC, OFSS and Sona BLW Precision.

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

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

Government to set up 100 5G labs in the country, says Ashwini Vaishnaw

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

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After the launch of 5G services in India, Union Minister ​​for Communications, Electronics & Information Technology, Ashwini Vaishnaw said the government is going to set up 100 5G labs across the country. He was speaking on the second day of the sixth edition of the India Mobile Congress (IMC).

The Minister also invited comments for the draft of the Indian Telecommunication Bill, 2022. He added that the government is working significantly towards simplifying the licensing regime for all telecom players and urged the telecom industry to convert a minimum of 12 of these labs into incubators to train students, promote innovation, research and experiment. The second day of the ongoing edition was also attended by Union Commerce and Industry Minister Piyush Goyal.

Vaishnaw said, “We are going to set up 100 5G labs across the country. I request the telecom industry to come together and convert at least 12 of these 100 labs into telecom incubators to train students and do experiments. ​​The government is working significantly towards simplifying the licensing regime for all telecom players. I am really happy to see the energy of startups and MSMEs who are going to rural areas to benefit people.”

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During his visit, Piyush Goyal​ said,​ “We are now indigenously designing, developing and manufacturing goods and showing the world the scale and speed with which we will take 5G through the length and breadth of India. I must compliment the startups for the way in which they are finding very practical solutions to the day-to-day problems of business and people’s living.”

The key highlights of Day 2 were sessions including ‘Automated Networks for 5G workloads’, ‘Startups: From ideas to executions’, Security: A business priority in the connected world,’ ‘5G test beds: From lab to the field,’ and many others.

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

Deltatech Gaming, Pristine Logistics get SEBI’s go-ahead to float IPO

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

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Deltatech Gaming Ltd and Pristine Logistics & Infraprojects Ltd have received SEBI’s go-ahead to raise funds through an initial public offering (IPO). The two companies, which filed their preliminary IPO papers with SEBI in May and June, obtained their observation letter on September 30, an update with the markets watchdog showed on Monday.

In SEBI’s parlance, its observation implies its nod to launch an IPO. Going by the draft papers, Deltatech Gaming’s Rs 550-crore IPO comprises a fresh issue of equity shares worth up to Rs 300 crore and an offer-for-sale (OFS) of Rs 250 crore by promoter Delta Corp Ltd.

Proceeds worth Rs 150 crore from the fresh issuance will be utilised for organic growth through marketing and business promotion activities, to attract new gamers and retain the existing ones, Rs 50 crore will be used for strengthening the technology infrastructure to develop new capabilities, maintain and manage its existing platform and general corporate purposes. The Gurugram-based company is one of the earliest companies in the real money gaming segment in India. Over the years, the digital gaming company has developed its own platforms, which it continues to evolve.

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Pristine Logistics & Infraprojects’ initial share sale comprises fresh issuance of equity shares worth Rs 250 crore and an OFS of 20,066,269 equity shares by promoters and existing shareholders, according to the Draft Red Herring Prospectus (DRHP). Proceeds from the fresh issuance will be used to repay debt and for general corporate purposes.

Pristine provides logistics infrastructure and services, and pivoted around rail transportation networks. It also offers synergetic logistics infrastructure and services across the spectrum, including non-container, container, rail transportation and road transportation services.

It also helps in areas such as integrated logistics solutions by offering warehousing, storage and cargo handling, rail transportation, road transportation, and third-party logistics (3PL) services and identifies these services as the company’s key revenue streams.

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Equity shares of both companies will be listed on BSE and NSE. Meanwhile, Mukka Protein, which filed its IPO papers with SEBI in March this year, withdrew its DRHP on September 27, an update with SEBI showed.

The company is engaged in the manufacturing of fish meal, fish oil and fish soluble paste which is widely used as a raw material in aqua feed, poultry feed, soap manufacture, leather tanneries and paint industries globally.

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

Watch: Chris Gayle, Virender Sehwag show off garba skills during Navratri celebrations in Jodhpur

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

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Chris Gayle is known for his bold demeanour and flamboyant personality. The Jamaican cricketer is in India for the Legends League Cricket 2022. But since the Navratri festival is on, the 43-year-old decided to take part in the vibrant festivities alongside Virender Sehwag. Both Gayle and Sehwag celebrated the Navratri festival on the sidelines of Legends League Cricket in Jodhpur.

A delightful video of Gayle taking part in the Garba night has emerged on social media. In the video, Gayle can be seen doing garba with a group of dancers dressed in traditional attire.

The universal dancer @henrygayle 🥳#जोधपुर में गुजरात जॉइंट्स के डांडिया कार्यक्रम में कालबेलिया कलाकारों के साथ नृत्य का लुफ्त उठाते हुए 🕺💃#ChrisGayle #Navratri2022 #Dandia #Jodhpur pic.twitter.com/OzFm75I7Ew

— Jodhpur (@Jodhpur_suncity) October 3, 2022

Netizens have praised Chris Gayle for his dancing skills. Gayle and Sehwag are not the only sporting icons who have taken part in Garba in the past few days. Last week, sporting icons like PV Sindhu and Neeraj Chopra were also spotted taking part in Navratri celebrations in Gujarat.

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Chris Gayle and Virender Sehwag are playing for Gujarat Giants in the ongoing Legends League Cricket. Both of them will be back in action on October 3 when Gujarat Giants take on Bhilwara Kings in the eliminator at the Barkatullah Khan Stadium in Jodhpur.

Gujarat Giants qualified for the playoffs when they defeated the Bhilwara Kings in game 11 of the tournament. The Gujarat Giants won the match, courtesy of a blistering knock by Chris Gayle. Gujarat Giants will hope that Gayle comes up with the goods in the all-important Eliminator as well.

Chris Gayle has featured regularly in the Indian Premier League (IPL) for more than a decade now. The swashbuckling batter has been one of the most consistent performers in the Indian Premier league. Consequently, Gayle has developed a deep connection with India.

Gayle’s die-hard fans were disappointed when he withdrew from this year’s IPL. It remains to be seen if Gayle will return to the IPL next year.

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

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

ED cracks down on part-time job fraud with Chinese link, seizes Rs 5.85 crore

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

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The Enforcement Directorate (ED) on Monday, October 3, seized Rs 5.85 crore in raids on the 12 Bengaluru-based companies involved in a part-time job fraud case.

This comes after the agency initiated a money laundering investigation on the basis of one FIR registered in South CEN Police Station, Bengaluru City, in the matter related to part-time job fraud.

Investigations under the Prevention of Money Laundering Act (PMLA) revealed that gullible individuals, mostly young people, were cheated by some Chinese persons through a mobile app namely ‘Keepsharer,’ which promised them part-time jobs and collected money from them, the agency stated.

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“These Chinese persons formed companies in India and recruited many Indians as directors, translators (for translating Mandarin to English and vice versa), HR manager, and tele callers. They obtained the documents of Indian persons and opened bank accounts by using their documents,” ED said.

The accused Chinese persons developed a mobile app called Keepsharer, and started its advertisement through WhatsApp and Telegram by offering part-time job opportunities to the youngsters. This app was linked with an investment app. For registration on this app, they collected money from them. Further, they collected money from the public also in the name of investment through this app,” the ED said in a statement.

The ED said the youth were given the task of liking the videos of celebrities and uploading them on social media. When the task was completed, they used to pay Rs 20 per video, which would be credited to the Keepsharer wallet.

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For some time the money even got credited to their wallet, but later, the app was removed from the Play Store. Thus, the individuals were cheated of crores of rupees.

Crypto connection

The money collected through the scam was routed from the bank accounts of some Bengaluru-based companies and then converted into cryptocurrency and transferred to China-based crypto exchanges, ED said.

All the transactions were under the control of Chinese persons through phone and WhatsApp groups. As per the charge sheet filed by the police, out of 92 accused persons, six persons are citizens of China and Taiwan who were controlling the entire scam, ED added.

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

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

UAE changes visa rules: Here is what you need to know

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

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The United Arab Emirates (UAE) had recently changed its rules for visa application and processing. The country’s Advanced Visa System, which was introduced last month by the Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP), finally came into effect on October 3. The changes are aimed at reforming the country’s residency and immigration policies.

Among the new changes are longer tourist visas, an expanded Green Visa scheme, and a revamped 10-year Golden Visa scheme. Under the new Green Visa scheme, foreign freelancers, skilled workers and investors will be able to sponsor themselves without the need of any Emirati companies. Additionally, Green Visa holders will also be able to sponsor the visas of their family members and upon expiry of the visa, they will have a period of six months to stay in the country to renew their visa or apply for a new one.

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The 10-year Golden Visa scheme has been expanded as well. The expanded residency visa is offered to foreign investors, entrepreneurs, and individuals with exceptional talents. Now, holders of the visa will be able to sponsor their own family members. More importantly, those sponsored by the holder of the Golden Visa will be able to stay in the UAE even after the death of the holder of the visa. The tenure of the extended stay will be equal to the remaining time on the visa. Holders of the Golden Visa will also be able to hold 100 percent of any business they set up or own.

For those looking to work in the UAE, the new job exploration visa will help professionals and job-seekers to come to the country to find a job without any sponsor or offer in hand.

Finally, the new tourist visa allows visitors to stay in the country for up to 60 days while the five-year multi-entry tourist visa allows stays of up to 90 days in a row.

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

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

AI-powered drones to save people from drowning at sea

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

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Researchers at the Centre for Aerospace Research (CASR) of the Anna University are planning to develop artificial intelligence-powered drones to help in rescue operations at sea, especially in drowning cases, said a report

The high-tech drones, equipped with cameras, will be able to detect people drowning and drop a folded flotation device near the victim to save him.

At least 10 drones will be manufactured and supplied by the Tamil Nadu Drone Corporation to the state police department to be inducted into the ‘Marina Beach Life Guard Unit’, New Indian Express reported. The unit was launched by the police on Saturday.

The CASR has provided one drone on a pilot basis to the Life Guard Unit, which was showcased during the launch ceremony.

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As these devices require an operator, four police officials were trained by CASR in flying drones and also provided DGCA licences. These officials only need to initiate the take-off as the drone will be able to navigate on its own when it is 20 metres into the sea.

The AI-powered drone will come with a lifebuoy, which will be dropped when the drone identifies a victim. However, CASR wants to introduce a canister that will automatically inflate once it touches the water instead of a lifebuoy, New Indian Express quoted K Senthil Kumar, director of CASR, as saying. One adult will be able to use the inflatable canister, Senthil Kumar said.

Last month, the Greater Visakhapatnam Municipal Corporation in Andhra Pradesh said it would introduce a battery-operated robotic boat called Lifebuoy that would aid in rescuing people drowning at sea.

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The robotic boat would be able to cover a distance of 30 metres in 5 to 6 seconds, IANS reported.

Earlier this year, a drone lifeguard service was able to rescue a 14-year-old boy from drowning in the sea in Spain’s Valencia. The drone dropped a life vest as the boy struggled amid the powerful tides. A physical lifeguard team later saved the boy from the spot, Indian Express reported.

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

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

Customs department probes tax evasion by Chinese goods importers

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

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In a yet another crackdown on imports from China, the government is keeping a close watch on importers who are gaming the rules of origin norms, misusing the Free Trade Agreement (FTA) route to evade duties.

“As India has FTAs, which give the benefit of concessional duties, importers are routing their goods via the FTA route to evade duties. This is more common is southeast Asian countries. The customs department has been noticing this trend and has now decided to take strict action,” people in the know of the matter said.

Some of the measures that have already been put in place on-ground include intense physical inspections of all consignments imported from China, Vietnam, Indonesia, Taiwan, etc, the sources said. “Large- scale dumping and duty evasion have been two red flags that have got highlighted in the recent internal analysis of the customs department,” the sources added.

Modus Operandi

The sources said that the importers are getting in finished goods in the garb of raw materials and the intermediates violating the norms are getting concessional duty access to the country without adding any value. “Major product categories in violation of the norms include garments, cosmetics, shoes, plastic products, suitcases, handbags, furniture, household items, electronic goods, mechanical and electrical products, mobile phones, tabs and laptops,” the sources added.

Despite re-routing of goods, imports from China too have been surging in the past, India’s imports from China alone have surged by 34 percent to over $78.5 billion during the January to April period this year.

Expressing concerns over such a trend, Najib Shah, Former CBIC Chairman said, “FTAs were conceived to promote exports and enable domestic industries to become part of the Global Value Chain. They help reduce the costs by reducing tariffs. The danger of course is in the goods which are not eligible for such benefits coming under the guise of FTA goods from partner countries. Hence the CAROTAR regime was put in place. In terms of these rules, a mere certificates-of-origin will not be sufficient, importers will have to exercise due diligence and satisfy the FTA benefit requirements. These rules are necessary to curb misuse. But the customs administration will have to ensure that they exercise these provisions cautiously and ensure that the consignments where benefits are due are not stopped.”

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

3 Mins Read

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

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