Home Blog Page 10499

Centre Grants 3.5 Lakh ISRO-Made Transponders to Fishermen for Security and Business Promotion

In a bid to promote coastal security and improve business opportunities for fishermen across the coastal areas of India, the government has announced that they will be issuing 3.5 lakh free two-way communication transponders. These transponders have been manufactured by the Indian Space Research Organisation (ISRO). In the first phase, one lakh transponders will be fitted on boats which are less than 20-metres size, under the Pradhan Mantri Matsya Sampada Yojana.

The transponders not only allow tracking of the fishermen, but also provide two-way communication. This would also allow the agencies and fishermen to communicate in case of distress, as well as receive warnings about cyclones or other adverse weather conditions. The pilot project has already begun in Tamil Nadu, and going ahead, various government organisations along with the National Security Council, will implement the project across the entire coastal area.

Furthermore, the National Maritime Security Coordinator, Vice Admiral G Ashok Kumar and Prime Minister Narendra Modi, have been working to reduce the obstructions of doing business for fishermen. They are allowing them to take photocopies of identity documents such as Aadhar cards as carrying the originals would prove difficult for them.

An Automatic Identification System (AIS) was made compulsory for fishing vessels after the Mumbai terror attacks in 2008. Terrorists had sneaked into Indian waters in a stolen boat and had launched a coordinated attack on multiple targets.

The primary aim of this project is to allow easy communication between the fishing communities and the agencies, as well as regulating the various benefits and services associated with the schemes available to the fishing community. This is seen as an important step towards a more secure fishing industry, which will have greater opportunities for business growth.

Sun Pharma Announces Intention to Fully Acquire Taro Pharmaceutical Industries of Israel

Sun Pharmaceutical Industries on Saturday said it has proposed to fully acquire Israel-based Taro Pharmaceutical Industries through a reverse triangular merger. The Mumbai based drug major has issued a non-binding letter of indication to the Taro Board with this proposal. Sun Pharma has ownership in the Taro as it holds 78.48 percent of the outstanding ordinary shares.

As per the proposal, the purchase price for the remaining shares offered by Sun is USD 38 per ordinary share in cash. This purchase price indicates a premium of 31.2 percent to the share price of Taro on 25th May, a 41.5 percent premium over the average closing price of Taro in the past 60 days, offering a lucrative liquidity opportunity for Taro’s shareholders. According to the indicative proposal, Taro will become a wholly owned subsidiary of Sun Pharma and will be delisted from NYSE after the acquisition.

Sun Pharmaceutical Industries Limited is an Indian multinational pharmaceutical company founded by Dilip Shanghvi in 1983. Sun is the fifth-largest specialty generic pharmaceutical company in the world and is the largest pharmaceutical company in India. It is one of the most respected companies in India and has been recognized for its performance by the Dow Jones Sustainability Index and others.

Taro Pharmaceutical Industries is an international, science-based pharmaceutical company dedicated to meeting the needs of its customers in more than 90 countries. Taro operates a diversified portfolio of products across generics, specialty, branded generics, OTC and APIs. The company offers commercial, manufacturing and research and development, and other support services. Taro is a publicly traded company and has been listed on the New York Stock Exchange since 1985.

Alokitha Honours Rev. Ivulho Shohe with Meritorious Award

Alokithe H Kiho from M Tsugho village in Dimapur, was recently honoured with the 3rd Lt. Rev. Ivulho Shohe Meritorious Award for Academic Excellence. The award, initiated by Ashouh Loji Aphuyemi, carries a cash prize of INR 10,000 and a certificate. It is given to the HSLC topper from the Sumi Aphuyemi community.

The award ceremony was held in Chekiye village at the topper’s residence. It was attended by Ashouh Loji members and the topper’s family. Then Ngukato K Tsuipu, convenor of Ashouh Loji, highlighted about the award and also encouraged the topper to become the first IAS/ IPS among Sumi Aphuyemi. Shikato Shohe, former president of SAKD, also spoke on behalf of Lt. Rev. Ivulho Shohe’s family. The topper’s father, Heshika Kiho, encouraged his son in his new-found success.

It is worth mentioning here that Lt. Rev. Ivulho Shohe was the second person from the Sumi tribe to convert to Christianity. He was instrumental in translating the Gospel of Mark and 100 hymns into Sumi, which gave the early converts an important platform to follow their faith. Additionally, he is known to be the first literate of the Sumi tribe.

Ashouh Loji Aphuyemi is a non-profitable organization that strives to improve the education standards of the Sumi tribe. They have put in a lot of effort in creating and sponsoring the award for the accomplishments of the Sumi tribe’s HSLC toppers. By recognizing the academic excellence, they are motivating students to work even harder to achieve success in their lives.

Sunil Mittal Predicts India Will Become a USD 5 Trillion Economy by 2027

India is set to become a USD 5-trillion economy by 2027, according to Sunil Mittal, the chairman of Bharti Enterprises. He made this bold statement while speaking at a conclave held to celebrate nine years of the Narendra Modi government. Mittal pointed to the strong and decisive leadership of Prime Minister Modi and credited it for the country’s ability to march towards becoming a USD 5-trillion economy.

Currently, India stands at USD 3.5 trillion thanks to the addition of another USD 1.4 trillion in the past few years. Already the infrastructure and technology have taken a leap forward, with the country being the most advanced in telecom and having opportunities for growth in online/mobile banking, e-commerce, healthcare and more.

Mittal praised tech-savvy government for swiftly allowing the development of 5G networks, rolling out 2 lakh base stations and with the help of 5G users can now avail drone management and access to various advanced technologies. To make matters even better, by 2024 India will have 5G connectivity across the country.

Bharti Enterprises, founded by Sunil Mittal, is an Indian multinational company that deals in telecom, agribusiness, financial services, retail, manufacturing, and more. Bharti Airtel, the company’s flagship venture, is the third-largest telecom provider in the world and the second-largest in India. With a presence in 18 countries, the company boasts the title of the world’s largest communications company.

Sunil Mittal is an Indian billionaire entrepreneur and philanthropists who launched his multi-million dollar business, Bharti Enterprises in 1976. Mittal has long been a successful industrialist, launching various successful businesses in sectors ranging from telecom to agriculture. He has also received numerous awards for his outstanding contribution in the development of the Indian telecom industry, setting him apart as a leader in the business world.

Equitas Small Finance Bank and IBM partner for Digital Banking Platform

Equitas Small Finance Bank has recently collaborated with IBM Consulting to build a new digital banking platform. This aim of this collaboration is to provide a secure and enhanced digital experience to its customers. The platform is expected to be cloud-native and it also has an architecture which is intended to give customers an updated, modern banking experience.

Narayanan Easwaran, Chief Information Officer at Equitas, stated that this collaboration with IBM is a key step towards creating a more engaging and secure banking experience for customers. IBM Consulting India-South Asia Country Managing Partner, Kamal Singhani voiced his enthusiasm the partnership, and said that the partnership was formed so that they could provide Equitas Bank with a modern platform which will help in their digital journey.

Equitas Small Finance Bank is a subsidiary of Equitas Holdings Limited, a company managed to provide banking services to underbanked and unbanked segments of the population. Equitas also provides digital banking solutions which include credit, savings, and remittance services. IBM, on the other hand, is an American-based technological multination. It is one of the largest technology and consulting companies in the world and provides IT solutions for numerous organizations around the world.

This collaboration between Equitas Small Finance Bank and IBM Consulting is just the latest development in the former’s digital transformation journey. With it, the bank is expecting to provide its customers with a secure and modern experience to help them better manage their finances and stay connected.

OYO Founder Ritesh Agarwal Predicts India to be a Brilliant Global Power

India is set to become the world’s brightest shining light, with its young innovators driving an ambitious startup and tech boom, says OYO Founder & Group CEO Ritesh Agarwal. Speaking at a conclave to celebrate nine years of the Modi government, he discussed the dramatic progress India has made in the tech space since 2014 when OYO was founded.

Ritesh was quick to point out the emergence of brands such as Ola, OYO, and Paytm which are now indispensable life partners. He said, “ India has created a USD 300 billion market cap ‘out of nothing’. Young people from small towns are looking to making it big not just as entrepreneurs, but also as global innovators.”

When asked for his advice for the youth, Agarwal urged them to focus on excellence and not be discouraged by people who aim to deter them from achieving their dreams.

Biocon Executive Chairperson Kiran Mazumdar-Shaw also weighed in the topic with a video message where she touched upon the transformational initiatives that have powered people from all sections of the society over the period of past nine years. She said, “It was heartening to see what is happening in the startup ecosystem and was proud as a citizen to see vaccines being sent to other nations”.

About OYO: OYO is a hospitality and travel-tech firm, headquartered in Gurugram. Founded in 2013, it has become India’s largest hospitality chain with 6,00,000 plus of around 8,500 exclusive hotels spread across 800 cities in 80 countries, including the US, UK, UAE, China, India, Malaysia, Indonesia, Philippines, Saudi Arabia, Japan, Mexico, and Brazil.

About Ritesh Agarwal: Ritesh Agarwal is an Indian serial entrepreneur, investor and philanthropist who founded OYO in 2013. He is currently the founder and Group CEO of the company and was listed as the youngest self-made billionaire in the world by Forbes in 2020. He is a World Economic Forum Global Shaper and Young Global Leader and serves an advisor to the United Nations.

Court Takes Action on CBI Supplementary Charge Sheet Against Manish Sisodia Over Delhi Liquor Policy

The Rouse Avenue court in New Delhi, India recently took cognizance of the supplementary charge sheet filed by the Central Bureau of Investigation (CBI) against former Delhi Deputy Chief Minister Manish Sisodia and three other accused persons in connection with the Excise Policy Case. The court issued a summons to Manish Sisodia and the three other accused persons for June 2.

It is alleged that Manish Sisodia was the mastermind behind formulating and implementing the Excise policy, which facilitated monopolization and cartelization of the liquor trade in Delhi. The charges for which Manish Sisodia, Arjun Pandey, Butchi Babu and Amandeep Dhal were taken cognizance of include those of the Prevention of Corruption (POC) Act and criminal conspiracy, cheating and Disappearance of evidence under IPC.

The CBI filed a supplementary charge sheet against the accused persons on April 25 after taking the sanction under Section 19 of the PC Act. This supplementary charge sheet was accompanied by a list of witnesses, documents and articles, as well as a DVD containing the chargesheet, statement of witnesses and RUD.

The agency also stated that former Excise Commissioner Arava Gopi Krishna’s name was mentioned in the charge sheet as a suspect. Prior to his arrest on February 26, Manish Sisodia is said to have admitted to destroying two phones which he was using before July 2022.

The CBI’s investigation suggests that Manish Sisodia had used three mobile handsets from January 1, 2020 to August 19, 2022. The last handset, which was seized during the searches, was in his possession.

The Central Bureau of Investigation (CBI) is investigating the alleged irregularities in the framing and implementation of the excise policy of the National Capital Territory of Delhi (GNCTD).

The Central Bureau Of Investigation (CBI) is an Indian investigative agency responsible for investigations into fraud, bribery and corruption and is under the jurisdiction of the Government of India. It is headquartered in New Delhi and has offices spread throughout India. The CBI is headed by a Director who is an officer in the Indian Police Service. The primary mandate of the CBI is to investigate and prosecute cases of corruption and investigate cases of white-collar crime as assigned to it by the Central Government.

Info Edge India Reports Net Loss of Rs 503.19 Crore in Q4 FY2023

Info Edge (India) recently posted a net loss of Rs 503.19 crore in the fourth quarter of the financial year 2023 (Q4 FY23). The net consolidated profit after tax during the same period in the previous year had been Rs 719.51 crore. The company also saw a 75.76 percent year-on-year (YOY) drop in total income to Rs 169.68 crore.

In an effort to secure funds, Info Edge had invested Rs 532.25 crore in 4B Networks, a subsidiary of Allcheckdeals India, during the year ended March 31, 2022. During the following year, an additional investment of Rs 90 crore was made, resulting in a total shareholding of 65.03 percent. The company has reported that these investments have been fully impaired considering current state of affairs like high cash burn and scarcity of funding options. Info Edge is actively exploring various solutions in the interest of their shareholders.

The real estate venture of the company, 99acres, reported a billing of Rs 103.7 crore in Q4 FY23, representing a growth of 30.8 percent. For the entire financial year, their billing was Rs 311.6 crore, showing an annual growth of 34.78 percent. Additionally, the business segment recorded a revenue of Rs 75.5 crore in the quarter, showing a YOY growth of 23.3 percent. Its total revenue for FY23 was Rs 284.5 crore, signifying a 30.91 percent YOY growth. On the other hand, 99acres reported a quarterly loss in terms of earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss of Rs 19.1 crore while the overall operating loss for the year was Rs 107.4 crores.

Info Edge (India) is an India-based online classifieds business that predominantly operates in the real estate, education, recruitment and matrimony segments. It was founded by Sanjeev Bikhchandani, a renowned Indian investor and entrepreneur, and launched in April 1995. Since then, the company has grown exponentially and now operates in hundreds of cities in India. It has also established various other branches like Naukri.com, Jeevansathi.com, and Shiksha.com. Info Edge was listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in 2006, making it the first venture-funded internet business to be listed in India.

AbhiBus Rolls Out Tickets at INR 16 For 16-Year Celebrations

AbhiBus, India’s leading online bus-ticketing platform, is celebrating its 16th anniversary with an amazing offer for its loyal customers. The platform is rolling out an offer from 24th May – 31st May 2023, where 16000 lucky winners will be able to book bus tickets for just INR 16. Even those who can’t avail of this offer are eligible to win a jackpot cash prize of INR 1,00,000.

AbhiBus promises to make travel booking hassle-free for its customers and has extended its partnership with Telugu film superstar Mahesh Babu for the 6th consecutive time, to serve as their brand ambassador. Rohit Sharma, COO of AbhiBus, said, “We’re thrilled to roll out this INR 16 offer as a token of appreciation to our loyal customers. Mahesh Babu has been a great fit for our branding and we appreciate the dedication and professionalism he has brought to the AbhiBus’ name.”

AbhiBus is continuing to provide its customers with seamless travel services and reliable bus services. The company is the largest aggregator of private operators and State Road Transport Corporations (“SRTCs”), with over 2,500 private bus operators and 100,000 routes in India. Along with bus ticketing, they also provide an online passenger reservation system for 350 private bus operators and 5 SRTCs across India. Software solutions they offer include fleet management, vehicle tracking, passenger information systems, and logistics. AbhiBus earns revenue through convenience fees and commissions on bus tickets.

It is clear that, as AbhiBus enters its 17th year of operation, it is continuing to innovate and provide quality service to its customers. The company promises to stay dedicated to customer satisfaction, continue its partnership with Mahesh Babu, and provide software solutions and reliable bus services throughout India.

Bajaj Indef Achieves Record Revenue and Profitability Growth over Two Years

Bajaj Indef, a leading Indian in-plant unitized industrial material handling solutions manufacturer, achieved an impressive two-fold revenue growth and three-fold profitability growth in the two-year period between FY 20-21 and FY 22-23. The company set a notable milestone this fiscal year with revenue of INR 168 crores and profit before tax of INR 116 crores, with the latter figure including INR 86 crores from the sale of their Mulund land. Excluding the profit from the Mulund land sale, the company achieved an impressive operational profit of INR 30 crores, which is three times more than the FY 20-21 results.

Bajaj Indef’s success is not just down to its core business focus and competitive pricing, but also its strong customer-centric approach, intense commitment to innovation, and risk-taking abilities. President & CEO Mr Amit Bhalla and his team have worked tirelessly to realize this spectacular financial achievement despite challenges posed by the market. Moreover, investments were made in manufacturing and marketing, resulting in the sale of over 100 cranes and crane kits that fueled the company’s revenue growth.

The company has efficiently invested in customer and supplier partnerships, aiming for long-term growth and financial stability. With a robust digital presence and offline marketing activities, Bajaj Indef has kept an active and visible presence in the industry while expanding its reach to new customer bases. Additionally, its stellar track record of operational excellence has enabled it to optimize costs and remain competitive in the highly competitive market.

Close relationships with Authorized Business Partners (ABPs), Suppliers, and Employees have been a key factor in Bajaj Indef’s monumental success. The company has dedicated programs to recognize the hard work and loyalty of its partners and employees which not only shows their dedication towards maintaining these relationships, but also clues to their future plans of growth and progress.

By looking at their accomplishments in the past two years, it is quite clear that Bajaj Indef is on track to reaching Vision 500 and achieving a turnover of INR 500 crores by FY 26-27. This remarkable success story is yet another testament to their commitment to excellence and customer-centricity. The team expresses deep gratitude to its customers, partner, suppliers, and employees for their unwavering trust and support towards the brand. Here’s to their collective success and a future brimming with infinite possibilities!