Today's Paper - 17/06/2021+ Print Archive

INTERVIEW| Recovering lost sales first aim of liquor industry: CIABC director general Vinod Giri

Sales of Indian made foreign liquor (IMFL) declined by 12% year-on-year during FY21 due to the pandemic-induced lockdown and increase in taxes, according to the Confederation of Indian Alcoholic Beverage Companies (CIABC).

Vinod Giri

GeM portal facilitates public purchases of Rs 1.1 lakh crore

The Government e-Market (GeM) portal is designed to facilitate online purchases of goods and services by ministries/departments and entities belonging to the central and state governments to better ensure transparency in public procurement system.

GeM

Amit Mitra fears SAIL’s Bengal units are being sold off, writes to Dharmendra Pradhan

SAIL’s raw material division, headquartered in Kolkata, runs 15 mines including iron ore mines, flux mines and coal mines.

amit mitra

Lanco Infratech declared as ‘fraud’ account by Punjab & Sind Bank

“It is informed that an NPA account Lanco Infratech Limited with outstanding dues of Rs 215.17 crore has been declared as fraud and reported to RBI today as per regulatory requirement,” the lender said .

The bank also stated that it had fully provided for Lanco Infratech.

We’re betting on pick-up in capital expenditure; bullish on SME sector: Rajiv Anand, executive director wholesale banking, Axis Bank

Globally, the stimulus that central banks have pumped in, a part of it will go into consumption and a part of it will go into building infrastructure.

Rajiv Anand, executive director — wholesale banking, Axis Bank

Small Finance Banks receive fresh credit requests from MFIs after RBI’s PSL classification

After getting the proposals from MFIs, SFBs have started the process of offering fresh credit facilities under priority sector lending (PSL).

Notably, the PSL dispensation will be valid up to March 31, 2022. However, loans thus disbursed will continue to be classified under priority sector till the date of repayment/maturity, whichever is earlier.

L&T Infotech to acquire digital engineering firm Cuelogic for $8.4 million

Cuelogic will be integrated with the digital practice of LTI; this is the seventh acquisition by LTI since the company got listed in 2016

In its filing on the NSE, LTI has said the transaction will be completed in two-fourweeks.

Analyst Corner — DLF: Maintain ‘hold’, increase TP to Rs 280

We expect this to be a medium-term drag on the stock as new net leasing will likely be slow in the medium term.

With new launches planned again, we will need to monitor positive cash flow generation. However, the elevation of the Group CFO to the CEO role gives us more confidence on the cash flow focus.

Valued at $570 million, Apna raises $70 million from Insight Partners, Tiger Global & others

“Existing investors that include Sequoia Capital India, Lightspeed India, Greenoaks Capital and Rocketship VC have also participated in the round,” Apna said in a statement.

Aid to Maharashtra wind power units: Supreme Court admits regulator’s plea against Aptel order

It stayed Appellate Tribunal order that asked Maharashtra Electricity Regulatory Commission to decide the matter within 3 months

Maharashtra State Electricity Distribution Company (MSEDCL) moved the SC against Aptel’s April 27 judgment that asked it to grant open access facility to wind generators and also compensate them for the banked energy till the full quantum of open access is granted.

Advance tax collections rise 150% in Q1 on low base

The net direct tax collections include corporation tax (CIT) at Rs 74,356 crore and personal income tax (PIT), including security transaction tax (STT), at Rs 1,11,043 crore as on June 15.

Refunds declined 32% to Rs 30,731 crore as on June 15 of FY22 compared with Rs 45,143 crore in the year-ago period.

HPCL plans 215-km LPG pipeline from Haldia port to Panagarh

As much as 1.06 million tonne per annum of product is estimated to be transported through the pipeline by FY26

HPCL currently operates 3,775 km of hydrocarbon pipelines across the country.

Through the Looking Glass: Attracting large pools of capital for green transition

Large funding requirements in India require support from policymakers to crowd-in private investment from other countries, companies and carbon markets

As we head into the 26th meeting of the Conference of the Parties (COP 26) later this year, pressure on such commitments by countries will increase. (Representative image)

New Unicorn: BrowserStack raises $200 million in funding

The investment, which is part of the SaaS (software-as-a-service) start-up’s series B financial round, also saw participation from Insight Partners and existing backer Accel.

BrowserStack claims to have more than tripled its employee base to over 750 across seven countries and opened ten new data centres worldwide in the last three years.

On freeing up micro-finance industry space, caution must match intent

The income ceiling for for defining MFI loans, the proposal to free NBFC MFIs from the current cap on spread, etc, need a rethink

However, it is good RBI is calling for all lenders to make the same disclosures so that a price comparison is easier.

The judiciary’s use of AI will be transformative

AI should assist the judiciary, help aid access to material, but remain non-intrusive when it comes to decision making

The responsible use of AI has been explored extensively, including both by NITI Aayog, and recently by the Vidhi Centre for Legal Policy in its paper titled ‘Responsible AI for the Justice System.’

Reliance Industries AGM may unveil prices of Jio-Google smartphones

However, according to analysts, phones are unlikely to be available immediately. “In our view, the phones are unlikely to be available for the next two months at least,” analysts at BofA Securities said in a report.

It is also expected that RIL may introduce a new affordable laptop to tap into the massive demand for work from home machines. “We don’t consider this to be material news from a stock perspective even if the pricing is aggressive,” BofA analysts said.

India Growth: SaaS, cloud to be major growth drivers for Trend Micro

The IT security firm has one of the largest cybersecurity teams, serving enterprises across different verticals

Vijendra Katiyar, country manager, India & Saarc, Trend Micro

Covaxin does not contain newborn calf serum, says Bharat Biotech

The company explained that different kinds of bovine and other animal serum were standard enrichment ingredient used globally for vero cell growth. Vero cells are used to establish cell lines that help in the production of vaccines.

The usage of newborn calf serum was transparently documented in many publications over the last nine months, it added.

Business recovery: Malls, restaurants pin their hopes on faster Covid-19 vaccination

A quick recovery will also help some malls support their staff, many of whom had been temporarily taken off payrolls due to stretched finances. Viviana Mall, for instance, had to cut about 50% of its employee strength during the lockdown. All of them are

If a shopper earlier spent Rs 1,000 on an average, he is spending Rs 1,600 now. Among product segments, electronics has already seen a near 100% recovery while departmental stores and active wear categories are clocking significant sales.

Covid-19 vaccine: Govt defends 12-16 week interval for Covishield doses

The dissenting members had reportedly pointed to the lack of data to support extension of the gap beyond 12 weeks and were more comfortable with a gap of 8-12 week between the two doses.

Around 90% of the total Covid-19 vaccines administered in the country are Serum Institute of India's Covishield vaccines.

Gold jewellery: Govt eases norms for mandatory hallmarking

He also did not rule out possibility of jewellers selling non-hallmarked jewellery in 256 districts by arranging some “dummy receipts”. Consumer affairs minister Piyush Goyal had met jewellery industry representatives on Tuesday evening, a day before

Besides, the government has also waived penalty for violation of hallmarking till end of August.

Virtual event platforms: Now technology helps connect with your remote audience

VouchPro has enabled over 15,000 live internal and external events for more than 200 large-scale firms

VouchPro co-founders Anubhav Bajpai (L) and Manish Singh

Tax automation: Easing GST compliance and taxation with technology solutions

Leveraging Artificial Intelligence, Avalara aims to make a mark in the Indian market by addressing dynamic taxation and accounting needs of businesses

Manjula Muthukrishnan, MD —India operations, Avalara

NHAI to mop up Rs 15,000 cr via monetisation this fiscal

The NHAI InvIT, the second one promoted by a public sector entity after PGlnvlT, sponsored by power transmission utility PGCIL, was launched in late April. It will be out of bounds for retail investors.

NHAI has raised around Rs 17,000 crore through the ToT model so far by granting in long-term lease in three bundles out of the five attempted so far. The sixth bundle could also have taken off by now but for the subdued traffic on roads.

P&K fertilisers: 140% hike in subsidy to cost govt Rs 15,000 crore

The Budget allocation for subsidy of P & K fertilisers for FY22 is Rs 20,720 crore against Rs 37,372 crore spent in FY21.

The total fertiliser bill for the current financial year is pegged at Rs 79,530 crore, against Rs 1.28 lakh crore, with urea being the most commonly used and the most subsidised fertiliser.

IT rules: Twitter deliberately chose the path of defiance, says IT minister Ravi Shankar Prasad

Prasad said that the rule of law is the bedrock of Indian society and India’s commitment to the constitutional guarantee of freedom of speech was yet again reaffirmed at the G7 summit.

It is pertinent to mention here that an FIR has been filed against Twitter over an incident in UP's Ghaziabad district where an elderly man was allegedly assaulted.

Smart TVs with built-in Alexa: Hands-free voice control, now on your TV

You can play music hands-free, control your smart home just by using voice, or watch your favourite content by asking Alexa or other voice assistants on these TVs.

We take a look at some of the Alexa built-in Smart TVs

Green hydrogen: MNRE mulls purchase obligations on fertiliser firms, refineries

Solar and wind plants can produce green hydrogen through electrolysis, a process wherein the electricity generated is put in water to create hydrogen and oxygen.

The government is looking for ways to increase the penetration of domestic green hydrogen in industries which otherwise import natural gas and ammonia to produce hydrogen. (Representative image)

ICICI Bank launches holistic digital offering for corporates

Vishakha Mulye, executive director, said, “With an objective to cater to the ecosystem of every corporate, we have launched a digital ‘ICICI Stack for Corporates’ with many industry-first features. We look forward to partnering with our customers fo

On whether the bank expected revenues from fees or interest income, she said the lender is not looking at it from a line-by-line perspective and expects the initiative to play into overall profits.

Covid-19 vaccines protected over 95% of healthcare workers: Apollo study

Dr K Hariprasad, president, hospitals division, Apollo Hospitals Group said, “This is one of the largest cohorts of vaccinated healthcare workers (HCWs) analysed in the country, so far. The HCWs covered various categories including doctors, nursing, par

Apollo Hospitals on Wednesday released the results of a multi-centre study of healthcare workers across India to evaluate the incidence of post-vaccination infections (PVIs). The
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