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Industry body ISMA on Wednesday said the Rs 5 per quintal hike in the fair and remunerative price of sugarcane will not overburden millers, but demanded an increase in the minimum selling price of sugar to Rs 34.5-35 per kg from the current Rs 31 per kg to boost the liquidity of the millers. Earlier in the day, the government had announced to increase the sugarcane FRP by Rs 5 per quintal to Rs 290 per quintal to boost the income of about 5 crore cane growers. In a statement, Indian Sugar Mills Association (ISMA) Director General Abinash Verma said the sugar industry would not feel overburdened with the governments decision to increase sugarcane FRP for 2021-22 marketing year by Rs 5\/quintal to Rs 290 The current decision to increase the FRP for 2021-22 by 1.75 per cent seems quite reasonable. It is not a major increase, as compared to the past when the government had in a couple of years increased cane FRP by Rs 25 to Rs 40\/quintal of the cane, he added. With the increase in the FRP, Verma said, the industry will expect that the government would also increase the minimum selling price (MSP) of sugar to help millers accommodate the higher cane price payment to farmers in the current as also the next season. MSP of sugar has remained static for over 30 months, even though the cane FRP was increased by Rs 10\/quintal in 2020-21, he said. He further said the Group of Ministers, Niti Aayog, Committee of Secretaries and several state governments had asked for an increase in MSP of sugar between March and July 2020 last year. .we hope that the government will pay heed to these recommendations and increase the MSP of sugar to Rs 34.50-35 That MSP will be adequate then to cover the increase in cane FRP and the cost of producing the sugar, the ISMA DG said. The association further said the all-India average ex-mill sugar price is prevailing currently at around Rs 35\/kg, and therefore, the increase in sugar MSP to Rs 34.50-35\/kg will not have any impact on the sugar price and certainly not lead to any inflation.
Chinese technology stocks listed on Wall Street are now attempting a comeback after witnessing a free-fall for more than a month. Big names Alibaba, Pinduoduo, JD.Com, Baidu, and DiDi Global have all surged sharply so far this week, jumping more than 10% each. The up-ward march in Chinese stocks, listed in the US, comes as investors jumped in to buy shares after the sharp correction. The up-move was also aided by strong quarterly earnings reported by these firms. On Wednesday Chinese companies did see some corrections but still remain positive on a weekly basis. This week Cathie Wood has picked up shares of JD.Com, JD Logistics, Pinduoduo, and Tencent Holdings. ARK Investment Management According to Wood, the Chinese government is not looking to stop growth and progress while adding more rules and regulations. Alibaba is still down 26% from the end of June. Baidu is down 25% during the same period while Tencent Holdings is down 20%. Major US-listed Chinese stocks gain -Alibaba Group Holding ADR – Up 7.22% so far this week, trading at $169.10 apiece -Pinduoduo Inc – ADR – Up 26.59% so far this week, trading at $97.84 -JD.com – Up 19.68% so far this week, trading at $76.14 per share -NetEase – up 14.04% this week, trading at $91.95 apiece -Nio Inc – Up 5.56% so far this week, now trading at $38.95 per share -Baidu Inc – Up 12.70%, trading at $155.13 apiece -DiDi Global – Up 10.29%, trading at $8.25 per share
A two-day industry conclave hosted by Maharashtra Industrial development Corporation (MIDC) and Marathi mainline daily Loksatta will bring together lawmakers and industry representatives to discuss ways to boost the economy in a post-pandemic environment. Growth and industrial development will be the key themes at the summit at which Maharashtra chief minister, Uddhav Thackeray, will deliver the key-note address on Thursday, August 26. Representatives of the Maharashtra government, including Subhash Desai, minister for industries and mining, will unveil a slew of reforms aimed at fostering development with the objective of providing jobs and livelihoods to many more people. Even as it rolls out policies that are aimed at facilitating business activity, the state government will assess the challenges faced by businesses and attempt to address them. Top corporate executives will be present at the conclave to share their perspective. CII is partnering with Loksatta and MIDC and top members of the industry body will put forth their views at the various panel discussions. The dialogue between industry, state government officials and lawmakers is expected to be a fruitful one, with a free exchange of views. A series of panel discussions, focusing on areas like infrastructure, will feature experts who will deliberate on important issues. MIDC will showcase the new-age infrastructure facilities that it has created in Maharashtra to facilitate industrial activity. Among the topics in focus is With a total readership of over 41 lakhs, Loksatta is one of the most widely read and respected Marathi news daily.
Samsung is launching a slew of accessories to go along with its new batch of folding phones in India today. The most interesting of the lot, expectedly, are the S Pen Fold Edition and S Pen Pro. For those unaware, the Galaxy Z Fold 3 5G supports stylus input though due to its unique form factor and flexible OLED screen, Samsung had to design a special soft-tip S Pen for it. The stylus bundled with the Galaxy Note devices won Here One called the S Pen Fold Edition works exclusively with the Galaxy Z Fold 3. The other called S Pen Pro is more versatile and works with other compatible Samsung phones as well including the Note series, S21 Ultra, Tab S7 FE and more in addition to the Galaxy Z Fold 3 letting you switch between multiple devices with a dedicated button. The S Pen Pro also supports Bluetooth connectivity. The S Pen Fold Edition and S Pen Pro India prices were not revealed at the time Samsung launched the Galaxy Z Fold 3 in the country for some reason. Both the models are now listed on Samsung.com and available for pre-booking alongside the Galaxy Z Fold 3 (and Galaxy Z Flip 3). The S Pen Fold Edition India price is Rs 3,999. The S Pen Pro will set you back by Rs 9,999. Only the S Pen Pro comes with a holding pouch though and since there The cover has been launched in India simultaneously at a price of Rs 6,099. Herecom and across leading retail stores. Sales start September 10 onwards.
Vaccination and ration distribution centres set up in schools in the national capital will still be operational after they reopen for classes 9 to 12 from September 1, Delhi Chief Minister Arvind Kejriwal said on Saturday. Following a marked improvement in the COVID-19 situation in the city, the Delhi government on Friday announced that schools for classes 9 to 12, colleges and coaching institutions will reopen from September 1. There are plenty of classrooms and no dearth of space. Vaccination and ration distribution will continue in schools where it is underway, Kejriwal said, responding to a question on the subject. Since students of only four classes are being called in the first phase, space will not be a major issue. The vaccination area will be kept separate from where students are allowed, he told reporters on the sidelines of an event here. Asked about concerns of a possible third wave of the pandemic, the chief minister said, Today the Covid situation in Delhi is under control. Earlier, parents were reluctant too but now parents also want their children to go to schools and study in a classroom setup. We will be reopening schools slowly. If the need to close them arises again, we will see, he added. Following the decision by the government to reopen schools, Deputy Chief Minister Manish Sisodia reiterated that no student will be forced to attend physical classes. We will soon issue detailed SOP and guidelines for reopening. No student will be forced to attend physical classes, they will have the option to continue with online classes, he said. While majority of schools have welcomed the decision to reopen, parents are still divided about the idea amid concerns of an imminent third wave of COVID-19.
The Army has foiled an infiltration bid along the Line of Control (LoC) in Jammu and Kashmirs Poonch district, defence officials said on Friday. This is the second infiltration bid foiled by the Army in the last five days. There was an infiltration attempt (by terrorists) along LoC in Poonch sector last night, said the PRO defence. The infiltration bid has been foiled with effective fire by the troops on our side of the LoC, he said. Further details are awaited, the PRO added. He, however, denied any ceasefire violation along the LoC. Earlier in the week on Monday, two terrorists were killed as Army troops foiled a similar infiltration attempt along the LoC in Poonch district.
Himachal Pradesh is going to be felicitated by Prime Minister Narendra Modi for becoming the first state in the country to have inoculated 100 percent 18+ population with at least one dose of Coronavirus vaccine on September 6. In the success story of the northern Himalayan state lies the contribution of innumerable health workers including one Karmo Devi whose efforts stand out. The 52-year old health worker Karmo Devi has administered a whopping 21,881 doses of Coronavirus vaccine alone at the government hospital of Una district. The exceptional contribution of Devi single-handedly could be gauged from the fact that out of the 35k odd doses administered at the hospital, Karmo Devi alone inoculated 21,881 doses which is almost two-third of the entire inoculation conducted at the centre, the Indian Express reported. Dr Nikhil Sharma, medical officer and in-charge of the vaccination centre told the Indian Express that the staff was extremely scared before the beginning of the vaccination drive but Karmo Devi came forward and readily agreed to vaccinate the beneficiaries. Sharma further said that when CoWin portal was facing glitches initially, it was Devi who manually wrote the beneficiaries records and later helped store the same data on the portal. Speaking to the Indian Express, Devi said that she was not scared of the vaccination drive as she knew that vaccines are the sole safeguard against the virus. She further said that after taking due precautions, she went on to complete her job everyday. From the beginning of March till May, Devi went on relentlessly vaccinating scores of beneficiaries at the hospital. She mentioned that her work did not stop even on Sundays and the gazetted holidays as there was mounting fear of the second wave of Coronavirus and the administration wanted to administer vaccines to as many beneficiaries as possible. In addition to the fear of the deadly virus, what made the journey harder for Devi was a small accident in which she fractured her leg on July 4. While the hospital administration advised the rest of about four weeks, Devi was back on duty after the passage of eight days. Dr Raman Kumar Sharma, chief medical officer told the Indian Express that Devi was one of the most dedicated staff members of the hospital team and she continued her job despite being unwell. Overwhelmed by the news of her likely conversation with Prime Minister Modi, Devi said that she would be honoured to speak to the Prime Minister.
The IPO rush will continue in September with two more companies Vijaya Diagnostic Centre and Ami Organics launching their initial share-sales on Wednesday to raise a total of Rs 2,465 crore. This comes after eight companies including Devyani International, Nuvoco Vistas Corporation and CarTrade Tech floated their initial share-sales last month to mobilise Rs 18,243 crore. So far in the current fiscal, a total of 20 companies have mopped up more than Rs 45,000 crore through IPOs. This is much higher than Rs 31,277 crore raised by 30 firms in the entire 2020-21. Going forward, market analysts expect the IPO environment to remain buzzing during the entire financial year 2021-22. The initial public offer (IPO) of healthcare chain Vijaya Diagnostic Centre and specilalty chemicals maker Ami Organics will open for subscription on September 1 and conclude on September 3. Vijaya Diagnostics IPO is entirely an offer for sale of 35,688,064 equity shares by the promoter, S Surendranath Reddy, and investors Karakoram Ltd and Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I. As a part of the offer for sale, Reddy will sell 50.98 lakh equity shares, Karakoram will offload 2.95 crore equity shares and Kedaara Capital will divest 11.02 lakh shares. The initial share-sale will see stake dilution of 35 per cent by the promoter and existing shareholders. At present, promoter and promoter group own 59.78 per cent shareholding in the company. This included Reddys 37.78 per cent stake. Karakoram and Kedaara Capital hold 38.56 per cent and 1.44 per cent stake, respectively, in Vijaya Diagnostic. The company has fixed a price band of Rs 522-531 a share for its IPO. At the upper end of the price band, the initial share-sale is expected to fetch about Rs 1,895 crore. Vijaya Diagnostic Centre offers a one-stop solution for pathology and radiology testing services to customers through its extensive network, which consists of 80 diagnostic centres and 11 reference laboratories across 13 cities and towns in the states of Telangana and Andhra Pradesh, and the National Capital Region and Kolkata. The IPO of Ami Organics comprises fresh issue of equity shares worth Rs 200 crore and an offer for sale of up to 6,059,600 equity shares by existing shareholders. The company has reduced its fresh issue size to Rs 200 crore from Rs 300 crore after raising Rs 100 crore in a pre-IPO placement. The price band has been set at Rs 603-610 a share for the public issue. At the upper end of the price band, the initial share-sale is expected to fetch Rs 569.63 crore. Proceeds from the fresh issue will be used towards repayment of certain debt and funding working capital requirements. Ami Organics is one of the leading RD driven manufacturers of specialty chemicals with varied end usage, focussed towards the development and manufacturing of pharma intermediates for regulated and generic APIs (active pharmaceutical ingredients) and NCE (new chemical entity) and key starting material for agrochemical and fine chemicals. The equity shares of both companies will be listed on BSE and NSE.
The Supreme Court on Thursday directed immediate transfer of former Unitech directors Sanjay Chandra and Ajay Chandra from Delhi A bench led by Justice DY Chandrachud directed shifting of the two accused after the ED informed it that the duo was trying to scuttle an ongoing probe by influencing witnesses and tampering with evidence. The brothers are in Tihar jail since August 2017 in an alleged 2015 forgery case filed by flat buyers of Unitech They had moved the SC against the Delhi High Court The ED, which is probing money-laundering charges against the brothers, said during one of its searches and seizures, it found a The office was being visited by his sons, Sanjay and Ajay, while on parole or bail. They (Chandras) have been operating from inside the jail premises. They have rendered the entire judicial custody otiose. They are freely communicating and passing on instructions with the help of people deputed outside the jail premises. ED has found that they have even tried to influence a dummy director when he was being interrogated by the agency, She further argued, While stating that the ED had submitted two status reports in sealed cover to the SC and had provisionally attached Unitech However, senior advocate Vikas Singh, appearing for the brothers, said that nothing is done against the jail manual. He claimed that ED was giving prejudiced arguments to deny them their right to bail despite they fully cooperating in the probe. The SC in June had granted 15-day interim bail to Sanjay Chandra to attend the last rites of his father-in-law after which he had surrendered. The judges also came down heavily on the Superintendent of the Tihar jail for allegedly colluding with Unitech promoters. Terming the conduct of jail authorities as The Delhi Police has been asked to act against its errant officers and file a report in four weeks. Asking the investigative agency to speed up the probe, the top court clarified that no special facilities should be given to Chandras in jail besides whats accorded to all other prisoners.
By Vipul Tuli India is the world National power demand has already set new records twice this year, even crossing 200,000MW mark. Consumption is gaining momentum, necessitating massive investment in generation, storage, transmission, and distribution But this investment will need to materialise in a never-before world. Renewables, with their intermittency, are already ~10% of Indias electricity supply, and will grow towards 15-20%. For renewables to thrive, conventional generation, no longer a magnet for capital, will also need to invest in capacity even as its share declines, to ensure reliability for India For a highly regulated sector like power, robust regulations are critical, and they must meet five objectives discussed below. The all-important legislative measure that can strengthen the sector is the Electricity (Amendment) Bill. Strong, independent regulatory oversight: Despite Electricity Regulatory Commissions (ERCs) in every state, the sector is mired in disputes and overdue payments. Discoms faltering on contractual obligations and appealing against ERC orders are the primary reason. The proposed amendments The proposal on eligibility of members for the regulatory commissions can be reviewed with an aim to further strengthen regulatory independence. Timely and cost-reflective tariff determination: The financial distress in the sector stems from the inability of discoms to recover sufficient revenue, largely due to lack of cost-reflective tariffs and delays in subsidy payments from state governments. Harmonisation of policies and Acts and clear directions to states to implement cost-reflective and affordable tariffs, backed by actual payment of promised subsidies is urgently required. Mandating ERCs to initiate tariff revision in case discoms do not apply for it in a specified time, and the timeframe of 90 days for ERCs to finalise or adopt tariffs can greatly help in improving the financial viability of discoms as well as generators. Clearing long-standing generator dues: Approximately Rs 90,000 crore of payments is overdue from discoms to private generators alone, despite several rounds of liquidity injection. These are a crippling ball-and-chain on the industry. Rules to enforce timely payments have been recently enacted. However, effective and timely enforcement of these rules will require the proposed amendments that link payment security to grid stability and empower the central grid operator to intervene if even state grid connected plants are denied their dues. Promoting renewables and enforcing RPO compliance: India RPO compliance remains low across most states when compared to the goal of 175,000 MW by 2022. The proposed amendment to prescribe higher RPOs and attach higher penalty in case of continued non-compliance augurs well for the national commitment to grow renewables and attract investments. Demonopolising distribution: Competition catalyses change. Delicensing of distribution and supply will enable competition, unlocking several benefits. It will give consumers choice, improve access to power, discom efficiency, and encourage innovation for emerging consumer-needs. For delicensing to succeed, adequate reform of rules would be needed ahead of implementation. Here, Tariff Policy and Rules will be key, thereby paving the way for implementation of provisions related to delicensing in the Amendment. A key pillar for India A strong, enforceable Electricity (Amendment) Bill is the foundation for this. The author is Chairperson, FICCI Power Committee