MapMyIndia plans Rs 1,200 crore IPO: Sources

2017年5月30日 0 Comments

Homegrown digital mapping company MapMyIndia is looking to raise around Rs 1,200 crore through an initial public offering, according to sources. The company, which is backed by chip company Qualcomm and payments major PhonePe, is expected to file the DRHP (Draft Red Herring Prospectus) in the next few days, two sources close to the development said. MapMyIndia did not respond to an e-mailed query. Headquartered in the national capital, the company has presence across India, Japan and the US. MapMyIndia (C.E. Info Systems Ltd) was founded in 1995 and offers digital map data, APIs, GPS navigation, telematics, location-based SaaS, and GIS solutions. It operates across four broad themes The mapping segment in India is dominated by tech giant Google. One of the sources said MapMyIndia is among the few profitable internet companies that are going for an IPO. Last month, Zomato made a stellar debut on the Dalal Street with its shares zooming nearly 53 per cent against the issue price of Rs 76, and its market valuation crossing the Rs 1-lakh-crore mark. Recently, CarTrade also made its debut on the stock market. A number of internet-led businesses are gearing up to launch their IPOs, including Nykaa, Paytm, PolicyBazaar and Droom. Earlier this month, MapMyIndia announced its partnership with Drone Federation of India (DFI) for the Drone Innovation Challenge 1.0 that will provide go-to-market support, business opportunities and funding support to startups working in this space. At that time, Rohan Verma, CEO and Executive Director of MapMyIndia, said the company has been focused on accelerating the advent of a Sarvottam Bharat, bringing the benefits of best-in-class, indigenously and in-house developed, digital maps and location technologies to all Indians. MapMyIndias Location APIs also enable real-time data availability on Amazon Alexa for providing COVID-19-related information, including details of nearest testing centres and vaccination points. Application Programme Interface or API is a set of functions and procedures for building software. MapMyIndia Maps and APIs are also integrated with Umang App to help citizens find government facilities nearest to their location such as mandis and blood banks, among others. It provides details around driving distance, turn-by-turn voice and visual guidance to those locations, including traffic and road safety alerts during navigation.

Separation of Powers: Don’t break up social media, bifurcate it

2017年5月30日 0 Comments

By Luigi Zingales After being celebrated for their role in the Arab Spring, social-media platforms are now blamed for any outcome that traditional media dislike Growing disenchantment has led to growing demands for regulation. The pressure is now great enough that Facebook, fearful of being shackled by the state, has sought to lead the regulatory effort itself, advertising heavily to express its own support for such policies. But what type of regulation do we need? To answer that question, we first must appreciate the transformational nature of social media, which is arguably comparable to that of the printing press in 15th-century Europe. Before the printing press, books were unaffordable, and their production had to be subsidised by the Catholic Church, which thus maintained a monopoly over knowledge. But once the printing press arrived, books become affordable for the merchant class. And because most merchants were not fluent in Latin, demand for Bibles printed in the vernacular surged. The printing press thus changed not only the language of the books but also the style and tenor of debate. While Middle Ages scholastic debates were fierce, they had always been educated and elevated. But with the printing press came the Reformation, which featured theological debates full of insults and theatre. Then as now, everyone understood that highly charged intellectual wrestling would produce greater sales. The Catholic establishment Within its Index were many of the most important works of Western culture, from Niccol While the printing press broke a monopoly, social media infringed on a cozy oligopoly. Before social media, everybody was free to speak, but not everybody had the right to a megaphone. While printing texts was relatively cheap, distributing them was not As a result, access to megaphones was limited to those expressing ideas that advertisers found palatable. To administer this cozy oligopoly, a new class of journalists emerged. They chose the topics to discuss, the books to read, and the music to listen to. They also preselected presidential candidates, helped swing elections, and even advised governments. Elite journalists were the priests of the new order. When social media shattered this clannish cartel, the incumbent power The general process is the same: certain topics are proscribed on Facebook and other platforms, and certain users are excommunicated. And yet, we should know from history that this approach does not work. Martyrdom is the best form of publicity; being To regulate social media effectively, we should focus on separating the effects of technology, which are here to stay, from the effects of a particular business model, which regulation can alter. The problem is not that people are allowed to post crazy things online; as long as they are not committing any crime, they should be free to express themselves. The problem, rather, is social media refracted through a business model that maximises profit by promoting the craziest, most inflammatory ideas.This model is facilitated by social-media platforms Newspapers have long been held responsible But owing to Section 230 of the US Communications Decency Act of 1996, social-media companies have avoided legal liability for what appears on their platforms. And when they draw criticism for promoting the craziest content, they routinely deflect the blame to an algorithm (even though they themselves have designed their algorithms to maximise the time users spend on a platform). Social-media platforms play two roles: they operate networks connecting billions of users, and they decide what content those users see. Newspapers have played this kind of editorial role for centuries, but they have done so in a highly competitive environment. The same can With around 72% of the US market, Facebook is effectively a monopolist, with all of the negative consequences that this entails. This is where regulation can help: by separating the In the same way, we should separate social media Network externalities make the first activity a natural monopoly, while the editorial function would benefit from competition. Importantly, the company managing the virtual grid should not be allowed to enter the editorial business. That would allow it to kill off any competition by subsidising one activity with the other How would these two separate layers make money? The competitive layer offers many options: firms could advertise, sell data, or charge customers for content or for the privilege of not receiving ads and not having their data sold. The virtual grid These kinds of changes should be made not through litigation or technocratic rulemaking but with legislation. In a democratic society, key political decisions affecting the flow of information should be made by elected representatives. No, I am not optimistic that such a law could pass any time soon in the US. Elected representatives who are reliant on social media to win re-election are not going to bite the hand that feeds them. But do not be fooled: this is the solution. Everything else is a palliative or, worse, a way to strengthen the current monopoly. Professor of finance at the University of Chicago, and co-host of the podcast Capitalisn\u2019t Copyright: Project Syndicate, 2021

Battery, fuel cell startup Log9 Materials raises $8.5 million in series A funding

2017年5月23日 0 Comments

Log 9 Materials, a Bengaluru-headquartered battery-tech and deep-tech startup, has announced an equity partnership and collaboration with Amara Raja Batteries (ARBL), a manufacturer of industrial and automotive batteries. Notably, Log 9 has raised an investment of $5 Million from Amara Raja Batteries during its ongoing Series A+ funding round. ARBLs investment in Log 9 Materials is a part of its Energy Mobility strategy announced by the company in June this year, which focuses on entering into new green technologies and solutions. These initiatives will include expansion and investments that will help the company maintain technological and business leadership in the Energy Mobility space, apart from creating new growth avenues. While providing an impetus to the research and development work at ongoing projects of Log 9, ARBL is expected to be the primary partner for scaling up the manufacturing operations of Log9s battery and fuel cell technologies. Log 9 In the upcoming months of 2021, we at Log 9 are looking to take our breakthrough rapid charging battery-tech to end-users at scale; on the other hand, the development and advancements of our Aluminum Fuel Cells will also continue to happen in parallel – including pilots and OEM-level vehicular integrations, Akshay Singhal, Founder CEO, Log 9 Materials, said. In this fast-changing technology landscape, we do not believe in a We believe that Log 9 has made great progress in developing a range of technologies that will prove very promising in emerging mobility applications, Vikramadithya Gourineni, Executive Director at ARBL, said.

GST: E-way bill generation maintains momentum in August

2017年5月23日 0 Comments

Daily e-way bill generation for goods transportation under the Goods and Services Tax (GST) system came in at 20.7 lakh in the first 22 days of August, 4.4% higher than the daily average for the first 25 days of July, indicating continued momentum in economic activities. Going by the trend, the daily average is expected to pick up further in August. Between August 1 and 22, as many as 4.56 crore e-way bills were generated. Thanks to easing of lockdowns, e-way bill generation by businesses rose to 6.42 crore in July from 5.5 crore in June and 4 crore in May. GST collections came in at Rs 1.16 lakh crore in July (largely June transactions), up a third on year and a quarter on month, reflecting a smart economic recovery after the second Covid-19 wave.

SC refuses to stay NCLAT order that discoms can’t terminate PPAs during insolvency process

2017年5月23日 0 Comments

The Supreme Court on Monday refused to stay the National Company Law Appellate Tribunal A bench led by Justice LN Rao while refusing to grant any relief to electricity distribution and trading company The NCLAT had dismissed the GUVNL Upholding the NCLT The ruling had come in the CIRP process of Lanco Infratech that is facing liquidation as it had failed to clear its dues, including Rs 63 crore to Yes Bank. NCLT had admitted the insolvency plea of IDBI Bank against Lanco Infratech in August 2017. The issue relates to the PPA of April 2010 for purchase of power by GUVNL from Lancos solar power project, the asset in liquidation. As Lanco went into liquidation and liquidator was appointed, GUVNL had issued default notice to the former for terminating the PPA, the appeal stated. The termination notice, which was set aside by the NCLT in May last year, was upheld by the NCLAT relying on the another case filed by GUVNL vs Amit Gupta, GUVNL said in its appeal, adding that the appeal in the Amit Gupta case is pending before the SC. Stating that the NCLAT has failed to appreciate that termination is the commercial decision of GUVNL to enforce its right under the PPA, senior counsel CU Singh, appearing for GUVNL, argued that the NCLAT had ignored the fact that there was no provision in the IBC to extinguish or adversely affect its right to terminate the PPA. Opposing the appeal, senior counsel MG Ramachandran disputed the amount sought by GUVNL, saying that no bills were raised on the basis of the state energy account. The NCLT and NCLAT had set aside the termination notice on grounds that it would be perverse to the objective of maximisation of the value of the asset under the IBC, it said, adding that there is no specific provision in the Code which prohibits the termination of the PPA and in the absence of such provision, it cannot be held that the termination is contrary to the Code. GUVNL stated that having exercised its right under the PPA, it cannot be forced to continue the PPA or sacrifice its contractual rights. If Lanco feels that a PPA is necessary or beneficial, it can enter into agreement with any other entity. There is no bar, legal or technical, for Lanco or any other purchaser of power project to enter into an agreement with any consumer\/licensee or entity for supply of power from the power project,

Power producers seek clearance of Rs 3,184-crore dues from Madhya Pradesh discoms

2017年5月23日 0 Comments

Stating that it is becoming difficult to sustain operations without receiving payments for past dues, independent thermal power producers have written to the head of Madhya Pradesh According to the Union power ministry Separately, complaining about non-payment of bills the state discom for more than a year, wind power developers supplying electricity to the state have requested chief minister Shivraj Singh Chouhan to intervene in the matter. The In a letter written to Akash Tripathi, managing director of state-run Madhya Pradesh Power Management Company (MPPMCL), the Association of Power Producers (APP) said that the cash is needed to procure coal through advance payment, The power producers want the payment at a time when more than 95,500 mega-watt (MW) of power plants across the country have fuel stocks to last for less than eight days. As on August 26, more than 6,500 MW of generating capacity were already shut down, citing This caused massive power supply shortage of 77.7 million units (MU) on August 28, of which 25.9 MU shortage was reported from Madhya Pradesh itself. Deprived of bill payments from MPPMCL for more than a year, wind power developers supplying electricity to the state have requested the state The industry had also written to the chief minister earlier in August, intimating about the irregularities in payment and seeking his intervention. Madhya Pradesh However for renewable energy, the dues constitute about 10% of the overall receivables of the country Irregular payments to renewable energy based power producers has been cited as one of the main roadblocks which can potentially impede the growth of the major FDI-earning sector in the country. There are around 2,520 MW of wind power plants currently in the state, which has a potential to accommodate more than 15,000 MW of wind assets.

KPMG to advise govt on IDBI Bank sale, expression of interest in October

2017年5月16日 0 Comments

The government has appointed KPMG India as the transaction adviser for strategic disinvestment of its 45.48% stake in IDBI Bank. It would seek expression of interest (EoI) from potential buyers in October, in line with the plan to complete the transaction in the current financial year, official sources said. As per the plan, the government will exit the bank by divesting its entire stake worth about Rs 18,500 crore at the current market prices and promoter Life Insurance Corporation will offer to sell a portion of its 49.24% stake with an intent to relinquish management control. Discussion will soon start with the Reserve Bank of India on the structuring of the transaction in terms of glide path (of the new promoters holding), voting rights, etc, Even though RBI will allow the new promoter of IDBI Bank to hold more than 51%, the promoter has to ultimately bring down its holding to the regulatory limit of 15% (a RBI panel had suggested last year to increase it from 15% to 26% for promoters and from 10% to 15% for non-promoters) in a prescribed time period. Also, the stipulation in the Banking Regulation Act, 1949 is that no shareholder of a banking company After a failed attempt a few years ago, the government diluted its stake in IDBI Bank in January 2019 in favour of LIC, which then became the promoter in the bank with 51% stake. Under a special dispensation, the Insurance Regulatory and Development Authority has allowed LIC to hold 51%, against the norm of 15%. The insurer will, however, have to pare its stake to 15% in due course. Success in IDBI Bank sale may be indicative of broader investor appetite in state-owned banks with adequate loan-loss reserves. After a gap of five years, IDBI Bank starting making profits in FY21 Following improvement in asset quality, the bank exited the prompt corrective action (PCA) framework on March 10. It can resume corporate lending which was stopped after it came under PCA. The bank reported over 300% jump in its net profit to Rs 603 crore for the June 2021 quarter, aided by higher growth in net interest income (NII) and improvement in asset quality. Of the Rs 1.75-lakh-crore disinvestment target for FY22, the government has budgeted Rs 1 lakh crore from disinvestment of government stake in public sector financial institutions and banks such as LIC IPO and IDBI Bank strategic sale.

Subscribers joining NPS after 65 years of age can take up to 50% equity exposure

2017年5月16日 0 Comments

Making the National Pension System (NPS) more attractive for subscribers joining it after 65 years of age, the PFRDA has permitted them to allocate up to 50 per cent of the funds in equity, besides easing the exit norms. The Pension Fund Regulatory and Development Authority (PFRDA) has revised the guidelines on entry and exit following an increase in the maximum age for joining the NPS from 65 year to 70 years of age. The entry age for NPS has been revised to 18-70 years from 18-65 years. Any Indian citizen and Overseas Citizen of India (OCI) in the age group of 65-70 years can also join NPS and continue up to the age of 75 years, according to a PFRDA circular on the revised guidelines. It added that those subscribers who have closed their NPS accounts have also been permitted to open a new account as per increased age eligibility norms. The maximum equity exposure, however, will be only 15 per cent if subscribers joining NPS beyond the age of 65 years decide to invest under the default Auto Choice. The subscriber, joining NPS beyond the age of 65 years, can exercise the choice of PF (pension fund) and asset allocation with the maximum equity exposure of 15 per cent and 50 per cent under Auto and Active Choice, respectively, it said. An NPS subscriber has the freedom to allocate his\/her contributions to different asset classes through Active Choice or Auto Choice. Under Active Choice, a subscriber has more say on allocation of funds across asset classes, while in Auto Choice the funds gets invested in pre-determined proportion as per the age of the subscribers. The contributions of subscribers are invested by the PFs (chosen by subscribers) in compliance with the investment guidelines for each asset class – equity, corporate bonds, government securities and alternate assets. Subscribers joining the social security scheme beyond the age of 65 years can allocate only 5 per cent of the funds to alternate assets under Active Choice. This asset class is not available under the Auto Choice option. The PF can be changed once per year, whereas the asset allocation can be changed twice. On the exit conditions for subscribers joining NPS beyond the age of 65 years, the circular said normal exit shall be after 3 years. The subscriber will be required to utilise at least 40 per cent of the corpus for purchase of annuity and the remaining amount can be withdrawn as lump sum, it said. However, if the corpus is equal to or less than Rs 5 lakh, the subscriber may opt to withdraw the entire accumulated pension wealth in lump sum, it said. The PFRDA further said exit before the completion of three years will be treated as premature exit. Under premature exit, the subscriber is required to utilise at least 80 per cent of the corpus for purchase of annuity and the remaining can be withdrawn in lump sum. In the case of premature exit, if the corpus is less than Rs 2.5 lakh, the subscriber may opt to withdraw the entire accumulated amount in one go. The PFRDA further said that in case of death of the subscriber, the entire corpus will be paid to the nominee as lump sum. Other NPS subscribers having a specified corpus at the time of retirement or attaining the age of 60 years need to buy an annuity, offered by insurance companies, on a mandatory basis.

IIFL Group front running case: Sebi refuses to lift market ban on 6 individuals

2017年5月16日 0 Comments

Sebi on Tuesday refused to lift the capital market ban imposed on six individuals for front running the trades of India Infoline Group (IIFL Group). In the case, a dealer of India Infoline Group and his connected entities used mule accounts. At this stage there is no reason to interfere with the prima facie findings of the interim order, Sebi noted. In its confirmatory order, Sebi said the prima facie findings in the interim order against the individuals who acted in contravention to the provisions of Sebis PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) stand confirmed. Accordingly, the regulator has confirmed the directions of the interim order dated October 1, 2020. Sebi, through the interim order, barred six individuals from buying, selling or dealing in the securities market or associating themselves with the securities market, either directly or indirectly, in any manner whatsoever till further directions. It was also observed that these individuals were front running the trades of IIFL Asset Management and several alternative investment fund schemes under IIFL Wealth Management, part of the India Infoline Group. The regulator had examined KYC details, call data records, bank statements of the suspected individuals to probe relationships between various individuals under its scanner in the case, after Sebis own internal surveillance system generated front running alerts against Virendra Pratap Singh and Neha Virendra Singh between December 2019 and March 2020. In its interim order, Sebi had said the trading pattern showed deployment of BBS (Buy-Buy-Sell) or SSB (Sell-Sell-Buy) strategies. These are two typical modes of front running under which front runners place buy or sell orders just before the final buy or sell order of the big client and then place sell or buy orders, respectively, after the price of the stock has risen or fallen following execution of the final order by the client. Big client here refers to IIFL Asset Management and alternative investment fund schemes. Sebi had found that Santosh Brijraj Singh, a dealer of IIFL Group entities, after becoming privy to the non-public information of the impending orders of the big clients, communicated the same, directly or indirectly, to his connected entity Adil Gulam Suthar. Subsequently, both of them used the mule account sets to carry out the front running trades. They earned significant profits to the tune of Rs 58 lakh while front running the trades. It had further said Santosh B Singh and Adil Gulam Suthar placed orders from the trading accounts of the mule account holders – Virendra Pratap Singh, Neha Virendra Singh, Gulammohammed Gulamabbas Shaikh and Mohammedidrish A Shaikh. Once the proceeds were credited into the bank accounts of the four front runners by Santosh B Singh, Adil Gulam Suthar withdraw the same in cash from an ATM within a few days from the credit, Sebi had said in its 66-page order. Following the bank account statements of these entities, it was found that cash deposits were made in the front running bank accounts to undertake the front running activity. Subsequently, the proceeds generated from such activity were withdrawn in cash through ATMs in order to circumvent the audit trail. By indulging in such activities, they violated the provisions of PFUTP norms, Sebi had said.

Chris Wood raises India weight by pruning China exposure; remains bullish despite lofty valuations

2017年5月9日 0 Comments

Domestic benchmark indices corrected nearly 2% from their all-time highs last week when global markets witnessed a sell-off. The extraordinary resilience of the Indian stock market has been driven by growing retail investor activity and easy liquidity, according to Chris Wood, global head (equity strategy), Jefferies, who has increased India weightage in his Asia Pacific portfolio this week. Sensex and Nifty recorded a marginal fall last week even though other emerging market peers such as South Korea, Brazil and even Hong Kong corrected more than 8% each and Morgan Stanley Factors that aid D-Street 5 times 12- month forward earnings which creates a certain vertigo, The pro-growth stand taken by the central government is also counted as a positive by the market strategist. Risks seen ahead for Indian stock markets include the arrival of a new covid-19 variant, but that is a risk the country shares with the rest of the world. Meanwhile, the other risk stems from any change in RBI The Reserve Bank of India raised its inflation forecast recently but is yet to signal a change in policy. 7% in its policy meeting in August, up from 5.1% projected in June. Still, the RBI RBI has reiterated its support for the growing economy over the last few months. With India Keeping this in mind, Chris Wood has increased India Meanwhile, China would be a natural outperformer in a tapering scare were it not for the continuing regulatory noise, Stocks in Asia Portfolio India1% – a 2.9% mismatch from the benchmark. Some of the Indian stocks in the Asia Portfolio include Reliance Industries, HDFC, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, Godrej Properties, and ICICI Bank.