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A dispute between the above100 years old Calcutta Club and the heirs of renowned Bengali writer Nirad C Chaudhuri threatens to escalate into a major scandal. In 2000, Chaudhuri Prithvi acknowledges that there was no written agreement as it was done in good faith. A special Nirad Chaudhuri corner was created in the library. The expensive items on display included paintings by Claude Monet, Nandalal Bose, Sarat Chandra Bose, among others. In the author The crown jewel of the collection is an original first folio of Shakespeare. (A first folio of similar vintage was auctioned last year in New York for $10 million.) Prithvi, who spends much of his time in Dehradun, received word from Kolkata some time back that the Nirad Chaudhuri corner had been temporarily closed for repairs. He got suspicious when the club refused to permit the loaned items to be even photographed to facilitate a well-known producer who is making a documentary on Choudhuri for his 125th anniversary. The club In its last reply to Prithvi, the club suggested that it would first vet the documentary script before proceeding, forgetting it does not own the pieces, which were presented as a loan. Different Strokes The Indian government is said to be completely out of the loop in Afghanistan, with Pakistan trying to ensure that there is no rapprochement with the Taliban. Nevertheless, till the Kabul airport bomb blasts, India managed its large-scale emigration operations fairly smoothly. Although the Kabul airport is guarded on all sides by the Taliban, the Indian government managed to sneak in batches of evacuees seeking shelter in India. The refugees were brought from a shelter where they are being temporarily accommodated. However, there are differences between the MEA and the Home Ministry as to who should be granted asylum in India, apart from Hindus and Sikhs. The HM insists that extra caution is necessary, which is why e-visas were introduced. In the turmoil after Kabul was taken over, a large number of Indian passports went missing and are feared to be in Pakistani hands. Pot vs Kettle Narayan Rane, arrested by the Maharashtra government for a speech threatening to Uddhav once threatened to beat up UP Chief Minister Yogi Adityanath with slippers for failing to remove his footwear before paying homage to Chhatrapati Shivaji. Maharashtra has a long tradition of outstanding orators, with author-poet Acharya Pralhad Keshav Atre setting a high standard even before Independence. But in recent times Maharashtra leaders get so carried away, their utterances can make audiences blush with embarrassment. Bal Thackeray Leaders from all parties have got into hot water because of colourful language. The late Pramod Mahajan once compared Sonia Gandhi to Monica Lewinsky. Maharashtra NCP minister Chhagan Bhujbal, when in the Sena, wanted statues of Nathuram Godse all over the country. Innovative Schemes Finance Minister Nirmala Sitharaman One innovative suggestion is for private parties to handle rail operations to tourist destinations. Another is for urban municipalities to hire out little-used stadia, which are in urgent need of repair. Risky Business Poll surveys of the mood of the nation have been embarrassingly inaccurate in the past and consequently many media barons have abandoned this expensive exercise. A major media group which commissioned a Mood of the Nation survey before Independence Day perhaps developed cold feet after seeing the ratings. The survey indicated that the support for Modi as PM had plummeted from 66% to 24% in a year and that Yogi Adityanath had an 11% rating, making him the second most popular prime ministerial candidate, although his home state, UP, is still recovering from the after effects of the Covid pandemic. The group The group
Ami Organics, specialty chemicals maker, IPO will open for subscription next week on 1 September and close on 3 September. The issue comprises a fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of up to 60.59 lakh equity shares, constituting up to 7 lakh shares by Parul Chetankumar Vaghasia, up to 15 lakh equity shares by Girishkumar Limbabhai Chovatia, up to 30.50 lakh shares by Kiranben Girishbhai Chovatia, up to 1.74 lakh shares by Arun Jayantkumar Panya, among others. Ami Organics, in consultation with book-running lead managers, has undertaken a pre-IPO placement of equity shares worth Rs 100 crore. The size of fresh issue has been reduced by Rs 100 crore. The company in its draft red herring prospectus had mentioned the fresh issue of shares worth Rs 300 crore. This is the Ami Organics In 2018, Ami Organics had filed preliminary papers with SEBI and received the capital markets regulator However, it did not float the IPO. Intensive Fiscal Services Pvt Ltd, Ambit Pvt Ltd and Axis Capital Ltd are the book running lead managers to the issue. Link Intime Private Ltd is the registrar to the issue. Upon successful listing, Ami Organics will join the likes of Aarti Industries, Hikal Ltd, Valiant Organics, Vinati Organics, Neuland Organics and Atul Ltd. The industry peer group P\/E ratio stands at 48.91x and the weighted average return on net worth is 29.09 per cent. Ami Organics has planned to utilise the net proceeds and the proceeds from the pre-IPO placement towards repayment of certain indebtedness availed by the company worth Rs 140 crore, funding working capital requirements of the company worth Rs 90 crore, and for general corporate purposes. The company derives a significant portion of its revenue from the sale of pharmaceutical intermediates used in active pharmaceutical ingredients (API), which primarily comprises the sale of products in the therapeutic areas of anti-psychotic, anti-retroviral, anti-cancer, anti-depressant, anti-Parkinson Recently, Ami Organics has completed the acquisition of two additional manufacturing plants operated by Gujarat Organics Ltd (GOL) in line with its inorganic growth strategy of foraying further into the specialty chemicals sector. Specifically, subsequent to the acquisition, it has acquired the preservatives (parabens and parabens formulations which have end usage in cosmetics, animal food and personal care industries) and specialty chemicals business of GOL (with end usage in inter alia the cosmetics, dyes and agrochemicals industries).
Indias month-long Presidency of the powerful UN Security Council has ended with substantive outcomes on key global issues including a strong resolution on the situation in Afghanistan that reflected Indias views and concerns, and demanded that the Afghan territory not be used to threaten any country or shelter terrorists. India, currently serving a two-year term as a non-permanent member of the 15-nation Security Council, assumed the rotating Presidency of the UN body for the month of August. The Presidency ended with the first resolution being adopted by the Council on the situation in Afghanistan following the takeover of Kabul by the Taliban on the penultimate day of Indias Presidency of the Security Council for the month of August. As we wind down our Presidency of UN #SecurityCouncil, we thank all colleagues in #UNSC for their tremendous support to make our Presidency a success with many substantive outcomes, Indias Permanent Representative to the UN Ambassador T S Tirumurti tweeted on Tuesday. I @IndiaUNNewYork wish incoming Presidency @irishmissionun Amb Geraldine Nason all success, he said. US Ambassador to the UN Linda Thomas-Greenfield congratulated India for a successful presidency of the UN Security Council for the month of August. Your leadership and resilience saw us through many challenging issues – especially the situation in Afghanistan, she said. Thanks to @IndiaUNNewYork for a successful presidency during August. Highlights included: meeting on maritime security chaired by PM @narendramodi; and focus on peacekeeping technology, and on counter-terrorism. Which can only mean 1 thing, were up next! Irelands mission to the UN said. Foreign Secretary Harsh Vardhan Shringla chaired the UNSC meeting on Afghanistan in which the resolution was adopted. I was in particular very happy to preside over the adoption of todays important resolution on Afghanistan, which has unequivocally conveyed that Afghanistans territory should not be used to threaten or attack any country or to shelter, train terrorists or plan or finance terrorist acts. It underlines terrorist individuals and entities designated by UN Security Council (resolution) 1267. This is of direct importance to India, Shringla said on Monday. Under Indias Presidency, the Council held three sessions on Afghanistan and issued three press statements on August 3, 16 and 27, the last one strongly condemning the deplorable attacks near the Hamid Karzai International Airport in Kabul on August 26. On the penultimate day of Indias Presidency, the Council issued the strong resolution on Afghanistan demands that Afghan territory not be used to threaten or attack any country or to shelter or train terrorists, or to plan or to finance terrorist acts, and reiterates the importance of combating terrorism in Afghanistan, including those individuals and entities designated pursuant to resolution 1267 (1999), and notes the Talibans relevant commitments. India began its Presidency with a high-level signature event on maritime security presided over by Prime Minister Narendra Modi, with Tirumurti describing it as path-breaking in many ways since this was the first time the Prime Minister of India chaired the Security Council. The event was the first time when there was a comprehensive debate on the holistic concept of maritime security. There was also a Presidential Statement on maritime security which incidentally was also the first Presidential Statement on the concept. The Presidential Statement deals with important issues relating to Maritime Security, including the place of UNCLOS (United Nations Convention on the Law of the Sea) in Maritime Security, freedom of navigation, terrorism, especially at sea like Mumbai attacks, trafficking in arms, drugs and humans, the place of regional and sub-regional organisations in this context, piracy, Tirumurti had said. External Affairs Minister S Jaishankar chaired the two other signature events on Peacekeeping and Technology on August 18 and the briefing on ISIL\/Daesh on August 19. Tirumurti had underlined that the event on peacekeeping showcased Indias strong commitment to peacekeeping, besides reflecting our age-old tradition in this field. India exchanged an MoU with the UN in support of the Partnership for Technology in Peacekeeping initiative and to UN C4ISR Academy. Highlighting the several historic firsts that India achieved through this event as well, he had said for the first time, India drafted a resolution on peacekeeping focused on ensuring accountability for crimes against peacekeepers. The resolution was sponsored by 80 member states, including all 15 members of the Security Council, ?which is not often seen in the Security Council, Tirumurti had said. Also for the first time, the Security Council held an Open Debate focused exclusively on how technology can aid in peacekeeping and for the first time, the Security Council adopted a Presidential Statement on the topic of technology and peacekeeping, he had said. Following the August 19 ministerial-level briefing on ISIL\/Daesh, the Council unanimously issued a press statement that reiterated that they condemn in the strongest terms all instances of terrorism and noted with concern that ISIL (Daesh) could regain the ability to launch or orchestrate international terrorist attacks. Under Indias presidency, the Council successfully steered the discussions on various peace and security issues that are on its agenda, including Afghanistan, Myanmar, Syria, Yemen, and the Middle East Peace Process. Several UN member states tweeted to express gratitude to India for its leadership of the Council during the month. Brazil extends its warm congratulations to the whole team of @IndiaUNNewYork our partner in BRICS and IBSA for presiding over the @UN Security Council in a specially critical month. As an incoming Council member, we look forward to working together next year, Brazils Mission to the UN said. Permanent Representative of Qatar to the UN Ambassador Alya Ahmed Saif Al Thani and UAE Mission to the UN congratulated India for the successful presidency of the UNSC during August. Switzerland Mission at the UN thanked @ambtstirumurti for todays wrap up of a successful #UNSC presidency. This month underscored the need to Respect #HumanRights #IHL in Afghanistan, Improve measures to protect #peacekeepers, Strengthen intl response to humanitarian crises. Thank you India for your dedicated leadership spirit of transparency as President of the #SecurityCouncil in August. In addition to an interesting agenda many adoptions, #NorwayUNSC will certainly miss the tasty social part of your programme, Norway Mission to the UN said. P
State-owned CIL on Thursday said it has launched a multi-pronged effort to help build up coal stocks at power plants, and stressed that supply to the electricity units carrying stock of zero to six days has been prioritised by preparing a contingency supply plan to increase their stock. The statement assumes in the wake of the countrys power stations grappling with depleting stocks at their end. Launching a multi-pronged effort to help build up stocks at power plants, CIL has offered coal on as is where basis through rail-cum-road mode from sources where high stock is available. Twenty-three such mines carrying 40.3 MT (million tonnes) of stock as of August 16 were identified, Coal India Ltd (CIL) said in a statement. Supply to the power plants carrying stock of zero to six days has been prioritised by preparing a contingency supply plan to increase their stock, it said. In the case of availability issue at linked mines, alternative sources have already been allocated for smooth running of the plant. With plans to ramp up production, strengthening evacuation infrastructure and adequate coal stock at our pitheads, we are prepared to meet any surge in coal demand from the power sector, the company said. CIL supplied 44 MT more coal to the power sector during April-August, as compared to the year-ago period. The company despatched about 206 MT of dry fuel to the coal-fired power plants during the first five months of the FY22, posting a 27 per cent growth as against 162 MT a year ago. Even compared to a pandemic-free period of April-August 2019 when despatches to the power sector were 190.7 MT, CIL logged an eight per cent growth. The companys urgency in shoring up supplies to power plants was evidenced in 104 per cent materialisation during the last week of August at an average per day supply of 1.36 MT against the requirement of 1.31 MT given by the Central Electricity Authority. The last three-day average loading to power went up to 1.4 MT, it said. The total offtake by the PSU at 259.3 MT during the April-August period jumped nearly 51 MT as compared with 208.5 MT a year ago, clocking a 24.4 per cent growth. CILs offtake held steady at 1.7 MT per day in the last week of August. Never in August of any previous year, the companys despatches have exceeded 1.6 MT a day. With the monsoon receding, CIL is aiming to elevate despatches to 1.8 MT a day and beyond in September. CIL produced 209.2 MT of coal progressive till August, the increase in absolute terms being 13.6 MT logging a seven per cent growth. During the last week of August, CIL ramped up its output at an average of 1.45 MT per day. The average August production has never been higher than 1.25 MT per day during the past four years. CIL accounts for over 80 per cent of domestic coal output.
Power Global, clean energy and mobility products provider based in Noida has launched its first swappable battery for light vehicles, called eZee. The launch of eZee marks the global debut of Power Global, founded by Romeo Power co-founder and former SpaceX engineer, Porter Harris, and industry veteran Pankaj Dubey, with a mission to provide electric vehicle and clean energy products to global markets that have been left behind in the world Power Global will focus on three-wheelers first, which rely on either internal combustion engines or lead-acid batteries, both of which are harmful to the environment. eZee will offer a simple solution to three-wheelers, by offering energy-as-a-service membership program. Three-wheelers will receive swappable eZee units through a subscription program and when the charge runs low, rickshaws can either recharge the batteries or swap them for a fully-charged one at a Power Global Kiosk. Commenting on the product, Pankaj Dubey said, While the eZeeTM will give light mobility vehicles new life, it also represents a path to help build local economies with direct and indirect job creation, while supporting evolving regional environmental goals, such as India The swappable eZeeTM battery module will also power future product lines, including upcoming applications for second-life stationary storage and automotive sectors. The lithium-ion batteries are made in India, at the factory located on the site of a former Honda Logistics centre in Greater Noida, India, and its RD lab and battery manufacturing facility in Pasadena, California, which will focus on new product innovations for electric vehicles and stationary storage applications. Porter Harris, CEO and founder of Power Global said, With our team\u201d
By Manish M Suvarna The average yields on 10-year state development loans (SDL) fell to a nine-week low on August 31, after yields on government securities (G-Sec) moderated. Lower borrowing by states against what was indicated in the calendar also helped yields on SDLs become lower. On a weekly basis, the average 10-year borrowing cost on SDL has moderated by 7 basis points to 6.90%. Yields on SDLs have softened as they continue to provide attractive spreads, especially on the 10-year curve, as against PSU bonds, Since last week, yields on benchmark government securities cooled off due to a dovish speech by Powell, improved demand for securities at the weekly bond auction on August 27 and absence of devolvement in past few auctions. The 10-year benchmark bond 6.10%-2031 yields eased almost 6 basis points since last week and closed at 6.199% on Wednesday, as against 6.2539% on August 27. Meanwhile, reductions in US Treasury yields have also boosted the appetite of traders. Traders who were on the sidelines became active due to positive cues. Lower US Treasury yields usually prompt investors to move to emerging markets in search of higher yields on debt securities. In the last one week, the yields on 10-year US Treasury notes have moderated almost 5 basis points. Traders also got comfort from the comment of the central banks governor that they don Additionally, the devolvement has stopped in the last few weeks due to improved demand from investors and good FPI inflows in August. The market saw the last devolvement on July 30 and the auction was cancelled on August 6. The other auctions were subscribed fully at almost market levels. So far in 2021-22, the total devolvement to primary dealers is Rs 76,000 crore, almost 14% of total borrowings. The highest devolvement so far this year has been in the 5-year G-Sec, followed by a 10-year bond, according to a CARE Ratings report. FPIs have purchased debt securities worth $1.635 billion in August, data on National Securities Depository showed. Market participants said lower borrowing by the states than the indicative calendar also softened yields on SDL in the previous auction. The borrowing so far in FY22 between April 8 and August 31, was 13% lower than the indicative borrowing calendar for this period.
As the stock markets are scaling new highs, experts are advising investors to hedge their portfolios to weather volatility in case of corrections in the markets. In fact, the mid-cap and small-cap indices witnessed some corrections in the last few days triggered after additional surveillance measures were announced by the Bombay Stock Exchange. A momentum-driven rise in the markets is an indication to be cautious as valuations surpass the fundamentals and any negative news flow will provoke a sell-off. Mutual fund investors must ensure to invest in quality funds which have performed well across bull and bear markets and invest in schemes that are well-diversified instead of those chasing momentum bets. They should avoid investing in new fund offers (NFOs), increase allocation to debt, continue investing through systematic investment plans (SIPs) and do rebalancing of their portfolio by profit booking in equity. Brijesh Damodaran, managing partner, BellWether Associates, says investing goals need to be based on time horizon. And if one has not set the return expectation, then allocating the profits to a lower volatile asset class can be considered, Avoid NFOs Investors must be cautious of NFOs as most of them come during a surging market. As investors are more confident in investing during these times, asset management companies feel they can capitalise on this optimism. Investors must analyse if the NFO is just cashing on a particular theme which is in vogue and the theme is sustainable in the long run. Experts say in the current situation, it is better to invest in an ongoing fund instead of NFO unless the NFO offers an unique opportunity to invest that does not exist in current products. An existing fund which has seen bull and bear market cycles will be better placed to give higher returns in the long run. So, just diversifying by investing in too many funds and that too, in NFOs, will not help in lowering the market risk. Continue SIPs For a long-term investor, the impact of correction in the markets will reduce because of the cost averaging. If one has set a financial goal which is more than five years away, he should continue the SIP as any market position now will not matter much in the long run. In case the markets fall, the net asset value of the fund will also fall and investors will gain more units with the same amount of investment. So, instead of timing the market, one should invest through SIP in a disciplined manner. However, if an investor has set an SIP with a financial goal in mind and if that is nearing, then one can redeem now. They must keep in the mind the tax impact Long-term capital gains accrued from selling equity-related investments after one year of holding are taxed at 10% for the amount over `1 lakh in a financial year. If sold within 12 months of purchase, short-term capital gain tax at 15% will be applicable. So, if an investor is planning to redeem units from SIP investment, he should redeem those units which are over one year. Increase allocation to debt Experts suggest investors should gradually move a part of the portfolio to debt to hedge against any correction in the equity markets. In fact, when the markets turn volatile, a right mix of equity and debt can build a strong portfolio and earn higher returns in the long run. Increasing the debt allocation, when the stock markets are volatile and prices driven by flush of global liquidity can help cushion the market correction. Damodaran suggests investing in ultra short-term\/liquid mutual funds, and if the risk appetite is higher, consider corporate bond funds with a holding period of over two years. Rebalance portfolio As the stock prices have moved up, investors can do some profit booking by selling those funds or stocks which have not performed well. Also, this will help investors to move a part of their portfolio from asset classes which are overweight to other asset classes which are underweight in the portfolio. In a research note to clients, Credit Suisse has recommended investors to cut beta of their portfolio, especially by bringing down the exposure to mid-cap and small-cap stocks, while increasing exposure to large-cap stocks.
By Rahul Chhabra, Apart from bringing good news to millions of kidney patients, the latest article in the Saudi Journal highlights the gains from the Narendra Modi government The Saudi Journal published the study, The research not only examined the impact of the herbal extract of NEERI-KFT prepared by the AIMIL Pharma interventions on patients, but also dwelled in detail on the adverse events of the modern medicine used for the management of the kidney ailments. The findings Also, the number of chronic kidney ailments has more than doubled in India in the past 20 years. AIMIL Pharma The study published in the Saudi Journal demonstrated that NEERI-KFT it can be effective to reduce the number of dialyzes or even transplantation of an end-stage renal disease (ESRD) patient. The authors of the study said that the NEERI-KF has been found to correct oxidative as well as inflammatory stress known for reducing bodys immunity. The authors had drawn data on the formulation for kidney ailments from more than five electronic databases such as Science Direct, Google Scholar, Elsevier, PubMed, Springer, ACS publication from published database between 2000 and 2020.
By Sameet Chavan We began the inaugural week of the September series with an upside gap on Monday, tad above 16750 and as we progressed, fresh buying kept pushing the benchmark index towards 16950. This wouldn On the subsequent day, the momentum extended further to reach and eventually surpassed the milestone of 17000. The impetus was so strong that we could hardly see any intraday dip to offer a fresh buying opportunity for traders. The Nifty rallied to almost touch 17200 on the same day but the follow-up buying was missing in the banking index. The day ahead of weekly expiry, we had a cheerful start and the benchmark index clocked fresh record highs of 17225.75 in the early morning trade but unfortunately failed to sustain at higher levels. This profit booking move not only wiped-off all the intraday gains but also dragged the index in the negative territory to eventually conclude the day below 17100. The Bank Nifty showed some outperformance in the initial hour of trade to almost touch the 37000 mark but due to decent profit booking there also; it eventually concluded the day with gains of merely fourth tenth of a percent. However on the weekly expiry day, Nifty shrugged off this mild negativity and had a steady move to close at new highs. Now let On the net basis, the majority of the positions formed in first trading sessions were on the long side. Stronger hands too participated by adding longs in equities and stock futures; however, their positions in index futures remained mixed. It would be interesting to see Thursday As far as Option data is concerned, we can see maximum open interest in 17000 puts followed by 17200 and 17100 strikes; whereas on the higher side, there are no significant positions before 17500 call options. Nifty has been enjoying a strong Bull run since the last 16 Although the recent momentum has been extremely strong, we can see some extreme levels in the benchmark index now. If we take a broader view, we can see the Nifty reaching the 200% Also timewise, Nifty has entered 7th zone as per We do not want to sound pessimistic but since a couple of important key ratios are coinciding at current levels, becoming too complacent is not a wise ploy. To be on the safer side, we advise traders to keep booking profits in the rally and avoid taking aggressive longs for a while. Yes, momentum traders can still continue with their stock specific trades; but needs to follow strict stop losses and booking timely profit is advocated. (Sameet Chavan is Chief Analyst Views expressed are the author)
iPhone 13: Though nothing is officially confirmed, the launch of the new phone by Apple, dubbed iPhone 13, is likely to be held soon, and now, just days before the expected confirmation of the new lineup, we have seemingly been given a glimpse of the next-gen phone that Cupertino could announce. In the latest episode of comedy series Ted Lasso on Apple TV+, a next-gen phone consisting of a notchless design has been seen, and it is believed to be the iPhone 13. The basis for this speculation is the fact that Ted Lasso cast often uses various Apple products in the series. Also read | Apple So far, as per the rumour mill, the speculation has been that the new iPhone lineup would have a smaller notch design. The notchless iPhone – seemingly – was spotted in the episode titled Post this, some users shared screenshots of the phone on Twitter. During the episode, the phone seemed to have no notches, while having rounded corners. Moreover, the phone Till now, Cupertino has never used entertainment shows as a medium to reveal anything about its upcoming devices, even though it is possible that the company could use the main characters of the show for promotion of its flagship product. What is more out of character in this scenario is the fact that Apple always maintains secrecy around its upcoming devices, much in contrast to what Google and Samsung do. Well, Cupertino does have a flair for dramatics and it makes sense that it would keep things under the covers to do a big reveal at an event while keeping everyone on their toes for months. This makes it hard to believe that Apple would let such a reveal be carried out through a series. It is likely that this was caused by editing errors on the show. Another aspect is that Ted Lasso is among the shows on Apple TV+ that uses computer-generated imagery or CGI to a large extent, which means that the phone could be a result of CGI editing. This could make sense since, as mentioned before, Apple likes to make things dramatic, and with leaks and rumours doing rounds for months now (which Apple does not like), the editing could have been done to throw users off the trail and then reveal a phone that looks different than anticipated. So far, the rumour mill has only indicated towards smaller notches on the new iPhone lineup, and not a completely notchless experience.