Indian Oil to invest Rs 1 lakh crore in next 4-5 years to boost refining capacity

2021年7月27日 0 Comments

Indian Oil (IOC) on Friday said it will invest nearly Rs 1 lakh crore to raise its refining capacity by almost a third in the next 4-5 years. With the aim to strengthen its long-term future, IOC is also focusing on optimally integrating its current refining processes to yield more chemical products per barrel of oil, chairman SM Vaidya said on Friday. The company The project, with a capacity of 387 thousand metric tonne per annum, will be located in the company The INDMAX unit is being built under the refinery Exploring alternative energy options, IOC is working on solutions around compressed natural gas (CNG), liquefied natural gas, hydrogen-CNG, biofuels, hydrogen and e-mobility, Vaidya said, addressing the company The company recently said it will build the nations first Solar and wind plants can produce green hydrogen with the help of electrolysers, and the company intends to wheel electricity from its wind power project in Rajasthan to generate hydrogen in Mathura refinery. To leverage the abundant aluminium reserves in the country for the electric mobility sector, Indian Oil and Israeli company Phinergy have formed a JV to commercialise aluminium-air battery technology for Indian original equipment manufacturers. The company has already announced its intention of expanding the business scope of its existing joint venture with Malaysias state-run oil and gas firm Petronas to include LNG terminals, CNG stations, CGD projects, CBG business and retailing of transportation fuels.

IndusInd Bank rating – Buy: Vodafone-Idea provision plan is of import to earnings

2021年7月27日 0 Comments

IIBs FY21 annual report underlines progress on improving funding-mix Premium of rates to large-banks is falling there is scope for more that can help derisk loans. Asset growth slowed RWA\/asset fell back to 75%. Our recent conversation with mgmt indicates plan to build provs. for exposure to Vodafone-Idea (VIL) in FY22 that drives 20%+ cut to EPS est. Still FY23-24 estimates hold up as credit costs normalise towards 1.8%. Buy stays. Deposit book building up well; some distance yet to be covered: Annual report shows that IIB has done well in scaling up its deposit franchise with (i) 40% y-o-y growth in retail deposits to 34% of total (partly low base); (ii) balancing of ALM profile versus a wide gap until FY19; (iii) fall in share of Top-20 clients in deposits to 22%. Bank is targeting levels like 50%, but we also note that IIB has access to funding from NABARD\/SIDBI at cheaper rates that form 11% of total funding. IIB continues to offer higher rates on deposits, but has lowered the premium vs. large banks in past few months by around 50bps, reflecting the traction on their deposit franchise. Asset growth lower, RWA\/asset normalises: During FY21, asset growth lowered due to weaker demand for retail loans and loss of some share in the corporate credit. Unlike larger private banks, IIB had relatively modest growth in loans to PSUs (16% y-o-y), due to higher funding cost and sell-downs. RWA\/asset has normalised back to 75% in FY21 vs. 84% in FY20 and aging based split of NPLs shows that bank has raised buffer provisions on NPLs. Our recent conversations with mgmt. indicate business has improved further in August in vehicle sub-segments like LCV, cars, tractors CE. MFI collections in most states have improved except West Bengal and Kerala. Building provisions towards exposure to Vodafone-Idea: Management clarified that on their Rs 33-bn exposure to Vodafone-Idea (of which one-third funded) they plan to build 50-70% provision buffer towards potential haircuts. We understand the bank may use part of contingent provisions here and adjusted for that we build 65% coverage on this exposure in FY22 which drives a steeper cut Maintain Buy: We cut FY22 earnings estimates by 26% to factor in potential provisioning. We trim our FY23-24 EPS by 3%. Also impact on TP is lower as we were already factoring in some haircut on this exposure. We maintain Buy with revised TP of Rs 1,270 (from Rs 1,300) based on 1.9x Jun-23 adjusted PB.

Gatishakti scheme to provide framework for NIP plan and make Indian products more competitive, says Gadkari

2021年7月27日 0 Comments

The Modi governments Gatishakti scheme, worth Rs 100 lakh crore will provide a framework for the National Infrastructure Pipeline programme as well as make Indian products more competitive by reducing logistic costs and improving supply chains, Union Minister Nitin Gadkari said on Thursday. While addressing the AMCHAMs 29th AGM, the minister said that the government is soon going to launch the national master plan of Gatishakti scheme, which was announced by PM Narendra Modi during his speech on Independence Day. The initiative, according to a PTI report, is set to be launched this month. According to the Road Transport and Highways Minister, development of infrastructure will play a crucial role in the nations aim to become an economy of USD 5 trillion. The supply chain infrastructure of India is getting momentum. Through NIP, the government is investing USD 1.4 trillion in infra development, Gadkari said. The Union Minister also said that through National Highways Authority of India (NHAI), his ministry is planning to raise USD 15 billion through the highways monetisation in the next five years. Considering that there is huge economic potential in India and also there is viability available for pension and insurance funds in Indian road infrastructure, the minister said that they can offer good returns, (and) huge potential of projects that are economically viable. According to Gadkari, India is allowing 100% FDI in the road sector, and for joint ventures, there is a huge opportunity. He also noted that the country is ready to welcome investments in solar energy as well as green hydrogen. The minister claimed to be working for a more sustainable transport system such as ropeways and hyperloops. India is seeking the utilization of innovative technology and materials in construction of roads, and is open to adopting guidelines for use of new materials as well as technology, Gadkari added.

Medtronic and Stasis announce partnership to enhance access to patient monitoring in India

2021年7月27日 0 Comments

Medical technology company India Medtronic Private Limited, a wholly owned subsidiary of Medtronic plc has announced a strategic partnership with Stasis Health Private Limited, a wholly owned subsidiary of Stasis Labs Inc, for scaling up and expanding access for their state-of-the-art Stasis Monitor, a connected care bedside multi parameter monitoring system. The partnership is a strong strategic fit, leveraging the two companies The Stasis Monitor, which has FDA market clearance, is a centralized monitoring system that automates and digitizes monitoring, documentation, and communication of critical patient information. The addition of Stasis Monitor to the Medtronic portfolio expands the company The Stasis Monitor is used in Emergency lCUs, Surgical lCUs, High Dependency Units, Step Down Units, and Private Patient Rooms. Unlike conventional disconnected bedside monitors, the Stasis connected care monitoring system includes – a bedside monitor that monitors 6 vital signs, a tablet that enables intuitive monitoring, and the Stasis app that allows for remote monitoring across devices. Equipped to provide patient data to any device through the cloud, the system is appropriate for data driven insights. It includes battery backup to move patients between different areas of care and provides 24 hour vital-sign trend data along with AI powered proactive alerts. This is the first such partnership by Medtronic in India and we are proud to offer a solution that is completely manufactured in India, aligning with the Governments vision of Make-in-India. This system can turn any hospital into a smart hospital within hours and in the post-pandemic world, should help increase nursing productivity with the long-term goal of creating better outcomes, This partnership marks a significant milestone in Stasis We are excited to be partnering with Medtronic to digitally transform more hospitals and care facilities across India. We are confident that this will further bridge the gap between doctors and their patients, while improving patient management workflow and reducing in-person exposure between caregivers and patients, he added. Additionally, the Stasis Monitor uses patented predictive Artificial Intelligence (AI) and simplifies digital transformation in hospitals to help nurses and doctors identify patient deterioration and improves patient outcomes. The system has been aggressively tested by top hospital chains across India, with over 50,000 patients monitored to date.

Indian Railways to resume Bilimora-Waghai narrow gauge train in Gujarat with AC Tourist coach

2021年7月27日 0 Comments

Indian Railways is all set to resume Bilimora-Waghai narrow gauge section train services! Minister of State for Railways and Textiles Darshana Jardosh recently announced the resumption of the narrow gauge section between Bilimora and Waghai as a gift on the occasion of Janmashtami. According to the minister, the tribal people and local residents in Gujarats Dang district faced many problems due to the closure of trains because of the Covid-19 pandemic. Thus, Western Railways will restart Bilimora-Waghai narrow gauge heritage train services from Saturday (4 September 2021). The resumption of train services is said to be of great convenience to locals, those travelling for employment and business from this area as well as for the benefit of tourists and passengers. From Saturday, Train Number 09501 Bilimora-Waghai Special will depart from Bilimora on all days at 10.20 AM and the train will reach Waghai at 1.20 PM, the same day. While Train Number 09502 Waghai-Bilimora Special will depart from Waghai station daily at 2.30 PM and it will reach Bilimora at 5.35 PM, on the same day. En route both directions, the train will halt at Rankuva, Chikhli Road, Gandevi, Unai and Vansada Road, Anaval, Dholikuva, Kala-Amba, Kevdi Road and Dungarda stations. This narrow gauge heritage train comprises unreserved second class seating coaches and a fully reserved air-conditioned tourist coach. On 3 September 2021, the ticket booking of the air-conditioned tourist coach of Train Number 09501\/09502 will open at nominated PRS counters as well as IRCTC website with advance reservation period of seven days. The AC tourist coach will boast the following features: AC system with 04 tonnes capacity, sufficiently designed considering passenger comfort Warli paintings on trains exterior for beautification, representing the regions cultural landscape It has a capacity of 15 passengers, in configuration of 2+1 Each chair in the AC tourist coach provided with individual snacks table Provision of calling bell for hailing attendants Western style lavatory inside the coach with automatic odour control system Two fire extinguisher systems, each having 6 kg capacity

How gold-tech startups are making gold loans accessible and hassle-free

2021年7月20日 0 Comments

With the emergence of new-age fintech platforms offering instant and easy loan disbursal, securing a loan has never been easier. From offering e-KYC at the customer Typically, the same process would require the borrower to visit moneylenders, while carrying the collateral to be submitted with them. However, not anymore. In the past year, lenders have witnessed a significant surge in the demand for loans against gold as borrowers faced an immediate and temporary cash crunch. In most scenarios of an immediate financial crunch, the foremost step one takes is either liquidating or taking a loan against their valuable assets to keep the cash flow in motion. In the wake of the global pandemic, not only individuals but several businesses have also been impacted. With social distancing and safety protocols in place, securing gold could have been challenging if gold-tech startups did not step up. Let People who earlier had to commute to jewellers or bank branches while carrying their valuable ornaments with them can now use their smartphones and request for a customer relationship executive to visit their premises and explain the various gold loan schemes. With the branchless digital models of new-age fintech players, customers can apply for loans online or through apps. A loan manager visits the homes of borrowers, conducts due diligence on the borrower and their ornaments, and transfers the loan amount to the borrower Security checks The relationship manager visiting the borrower needs to ensure that the entire transaction is completed via digitally secured and reliable means. The identity verification of the manager, E-KYC, E-signing of the loan agreement and the digital disbursement of loan takes place through the means of a verified and secured network. Customer Additionally, the most critical part of the transaction is ensuring the safety of the customer Gold ornaments are packed in sealed packets that cannot be tampered with by the loan manager. The packets are also serial numbered and recorded in the transaction. They can only be opened by the banking partners for second audits and when customers release the gold. Therefore, gold-tech players ensure that these assets are securely managed through technologically driven checks and assessments to safeguard customers Easy Payments and Top Ups Further to the loan disbursement process, customers also have the option of making online transactions while re-paying the loan or while paying interest rates. Reliable, digitally-enabled processes are driving the popularity of these tech-enabled gold loan service providers. Additionally, taking a top-up on any loan usually requires a couple of documentation processes where borrowers need to visit the bank to close the deal. Gold-tech startups simplify the process through technologically driven means, where the borrower does not have to go anywhere, and the entire process can be completed from home. Low-Interest Rates and a Customer-First Approach Most fintech players in the gold loan industry offer low-interest rates owing to the less operational costs involved in managing branchless digital models. Additionally, gold-tech lenders in the industry offer flexible, customizable pre-payment and repayment schemes. This enables the borrower to be at an advantage with new-age fintech players and NBFCs in comparison to traditional lenders. More importantly, these lenders enable financial inclusion for small ticket borrowers who are often made to stand in long queues and go from desk to desk by making loans accessible and hassle-free. The process to avail of the loan digitally is fast, easy and convenient for the customer. Driving the way forward The use of technology has led to faster loan processing, accurate gold valuation, safekeeping, and cost-cutting. A robust customer service support is also a way in which these businesses ensure smooth gold loan delivery. Customers who face any issues can contact the customer care department who will resolve their issue within the stipulated time. Fintech startups are, therefore, playing a pivotal role in paving the way forward to make the industry more inclusive and convenient for the customer. by, Ankur Gupta, Founder and CEO, Ruptok Fintech

India is poised for exceptional EV growth, especially the 2W and 3W spaces – Rajat Verma, Lohum

2021年7月20日 0 Comments

The Lithium-ion battery market is huge, but how big? Express Mobility spoke to Rajat Verma, the Founder and CEO of Lohum, a comapny that reuses and recycles Lithium-ion batteries to give them a new lease of life for various applications. Please explain how did you come about forming this company, the net worth, investors and the backing? Justin and I were seeing two key trends starting around 2015 Though these trends were positive in our view, there were also many parallels to fossil fuels If we only trade one problem for another then we have failed. Our view was that with the right technology we could make batteries last forever in one form or another and, by doing so, greatly reduce costs and the environmental impact. So that Lohum was founded in 2018, as the only integrated lithium-ion battery manufacturer and recycler to lower costs of electrification Over the last three years, we have been able to create the technology and infrastructure to manufacture, reuse and recycle Li-ion batteries with a capacity of 300 MWh per annum. Our first-life battery manufacturing is by far our leading business unit, but we are already the global leader in battery reuse for mobility applications with over two million operational miles so far. We have also raised a $7mn investment from institutional investors led by Baring PE Partners India earlier this year. The company grew 7x over the last year, even amid a pandemic, and we have been profitable for the last two years. How much battery-making material is obtained from outside India? How big is the facility and who are the clients? The key raw materials required for manufacturing a Li-ion cell are Lithium, Cobalt, Nickel and Graphite. Barring Graphite, these resources are almost non-existent in India. India, like most of the world, relies on other countries such as Chile, Congo, China and Australia for sourcing these key materials. Looking at the faster adoption of EVs, there will be an exponential increase in demand for Li-ion batteries. Early forecasts project the demand for its raw materials to grow by 13X for Lithium and Nickel, about 12X for Graphite and 6X for Cobalt by 2028. Through the recycling processes and repurposing Li-ion batteries for their second life, Lohum is working towards providing solutions to the challenges of burgeoning demand for batteries and their raw materials. We operate two facilities in Delhi NCR, with a total capacity of 300 MWh across li-ion battery manufacturing for2W, 3W and stationary ESS. And due to demand, we have a third factory in progress. Our customers on the mobility side are the leading EV players in the 2W and 3W space for battery manufacturing, as well as large global OEMs for re-use and recycling. How do you manage to recycle or disposing of the old batteries? We believe you have the required clearances for the same from the government; How difficult is it to get the approval? The world is moving towards the adoption of cleaner forms of energy, and we need to explore the possibilities of acceleration of electrification through sustainability. Li-ion has become the mainstay of energy storage solutions in all forms of electrification, be it electronics or powering machines in the telecom sector to EVs across the globe. With the massive adoption of Li-ion batteries, there is a dire need for a new vision for sustainable production, consumption, and retirement of lithium-ion batteries, thus becoming part of the circular economy instead of becoming waste. The best option for the environment and reducing battery costs with used batteries is to re-use the battery and then recycle it when it has reached its end of life. Our goal is to keep the battery operating as long as possible and then recycle the materials. As a first step to build the Li-ion circular ecosystem, Lohum has a dedicated battery collection centre that gets a continuous supply of end-of-life batteries from a network of responsible suppliers. We minimize risk during this step by ensuring all regulatory standards and safety protocols are meticulously followed. During the next step, these batteries are carefully segregated according to form factors and chemistries to prepare them for cell and module testing. These cells are rigorously tested to help sort useable cells from non-useable cells. A useable cell still has a good amount of life left in them and can be successfully employed for battery reuse, as second-life batteries. The non-useable cells are sent for material extraction, to extract the maximum amount of critical battery materials and valuable metals. Finally, the extraction process begins with shredding, where the non-useable battery cells are shredded to separate plastics, copper, and aluminium foil from the black mass. The extraction process includes a mechanical shredding process combined with a hydrometallurgical process that produces lithium, cobalt, nickel, manganese, and graphite to be re-used in new batteries or other industrial applications. Lohum holds five provisional patents on this process. The extraction of these materials forms the pivot to Lohum The government has numerous compliance and regulatory requirements that we have completed. The government sees the value in recycling and is working to develop policies that help ensure it develops a domestic capability for generating speciality battery materials when no resources exist otherwise. How big is the battery disposing sector considering that not many want to talk about it? This will continue to grow exponentially as the transformation to battery accelerates. This is a testament to the size of the challenge being faced by the industry, and the possible impact on the environment, if these are left untreated.e. Lithium, Cobalt, Nickel, Manganese, and Graphite. Repurpose and recycle processes offer the opportunity to bring about multiple lifecycles out of the materials they hold. It is reuse and recycling that hold the key to bring down the carbon footprint of the industry, and the dependence on mining for these valuable materials to fuel sustainable electrification goals. At Lohum, we have the proprietary technology to bring about this change as we look forward to building India as the hub for the generation of these valuable finite materials, without an ounce of mining. It will be one of the top 5 global markets within the next decade. With a trillion-dollar opportunity in the EV space, India must move fast to gain a foothold in this segment, by augmenting supply-chain and domestic reuse and recycling capabilities. We don We are focused on designing and manufacturing the best products possible for our customers and ensure EV adoption accelerates even faster.

FinMin extends deadline for making payments under Vivad se Vishwas scheme till September 30

2021年7月20日 0 Comments

The government on Sunday extended by a month the deadline for making payments under the direct tax dispute resolution scheme Vivad Se Vishwas till September 30. The scheme provides for settlement of disputed tax, interest, penalty or fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee. The taxpayer is granted immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income Tax Act in respect of matters covered in the declaration. In a statement, the finance ministry said, Considering the difficulties being faced in issuing and amending Form no 3, which is a prerequisite for making payment by the declarant under Vivad se Vishwas Act, it has been decided to extend the last date of payment of the amount (without any additional amount) to September 30, 2021. The ministry had in June extended the deadline for making payments under the scheme till August 31. However, taxpayers have the option to make payments till October 31, with an additional amount of interest. It is, however, clarified that there is no proposal to change the last date for payment of the amount (with additional amount) under Vivad se Vishwas Act, which remains as October 31, 2021, the ministry said on Sunday. Earlier this month, Minister of State for Finance Pankaj Chaudhary informed Parliament that over 1.32 lakh declarations entailing disputed tax of Rs 99,765 crore has been filed under the scheme. The last date for making a declaration under the scheme was March 31, 2021. Payments of Rs 53,684 crore have been received by the government against disputed tax till August 9, and more is expected to come in based on the declarations already filed.

We charge zero surge pricing – Rachitta Juneja, Whide

2021年7月20日 0 Comments

In todays world, last-mile delivery has become a business by itself. While there are numerous digital services or aggregators for just about any product, the ease of such services is eventually lost. Thats where Whide steps in, a ride and delivery app that offers many services in a mobile application without surge pricing. Heres what Whide is all about. Earlier, when companies were growing, partners were growing with them. Today, they are worth billions of dollars, but their partners cannot even make their ends meet now. The big corporations wanted to eliminate the middleman. Instead, they became the middle man. So, we wanted to be the change. With this vision, Whide started the first Ride Delivery App to empower businesses without levying heavy commissions that kill businesses and their margins. The Bhagavat Gita says, We didnt create anything. Nothing belongs to us. We are part of creation, and everything else is part of creation. No idea is original. It is just a mix of existing ideas. If someone tries to take a part of creation and claims it as their own, they are not living the truth. We are looking to raise the first round after a decent number of transactions. To date, we have invested around 3.2 crores in the business. Lastly, we have 30 employees, which we are looking to increase periodically. How does the company earn revenue if it doesnt charge commission? We work on a nominal subscription to our total addressable market and the market opportunity is much bigger than competitors because of the unique model of our business. Mostly, they charge a nominal Monthly Subscription from just INR 299 to INR 1999. Now, the underdogs can compete with the technology giants of the world. Please elaborate on the services offered by the company? Is it safe to assume that Whide is more of a logistics company? Whide is a Subscription-based Mobile App and Web Platform for individuals and enterprises, which enables them to directly do business with their customers. For our end customers, like you and me, Whide is a Single app for Ride, Hire-Driver, Self-Drive, Parcel Food Delivery Shopping. How has the response been so far? Are you guys present on Android as well as Apple platforms? Whide has only launched RIDE, Anything from Anywhere Hire-Driver Service currently. We are present on both Android as well as Apple platforms. The response has been phenomenal, customers love that there is NO Surge Pricing, You get to choose and ride your favourite driver and that fares are lower but transparent and the same at all times. Drivers enjoy getting more money for the same ride. The customer pays less, the driver makes more. Even the key data points like users mobile numbers email ids are masked from the people having access to the databases. This is done using cloud-based databases with views of critical data. Every user can only access the systems by using a VPN Firewall, while all activities are logged at all times. Looking to move to electric if you guys already arent using electric vehicles? If yes, by when. We are vehicle agnostic, the founder is very conscious about the environment so we will encourage EV when the time is right. The fleet, does Whide own it, or do they have delivery partners who bring their vehicles? Whide doesnt own any fleet, drivers own the vehicles. We provide the service for the customers.

Petrol and diesel price today September 3: Fuel rates steady; Check price in Delhi, Mumbai, Kolkata here

2021年7月20日 0 Comments

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of petrol and diesel were left unchanged for the second day straight on Friday by oil marketing companies. Today, petrol in the national capital costs Rs 101.34 per litre, while diesel in the capital city is retailing at Rs 88.77 per litre. The previous cut in Petrol and diesel prices came on September 1. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates. Mumbai39 per litre. Diesel in the country33 per litre. The divergence in prices between Delhi and Mumbai is due to various local VAT factors in different cities. Petrol and Diesel prices are fixed on the basis of freight charges, local taxes, and VAT. Petrol has crossed the Rs 100-a-litre mark in Delhi, Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Ladakh, and some cities of Bihar and Punjab. Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Hyderabad, UP, Punjab, Haryana, Pune -Chennai: Petrol prices 08 per litre; Diesel prices 38 per litre -Kolkata: Petrol prices 72 per litre; Diesel prices 84 per litre -Pune: Petrol prices 95 per litre; Diesel prices 44 per litre -Bengaluru: Petrol prices 84 per litre; Diesel prices 19 per litre -Hyderabad: Petrol prices 40 per litre; Diesel prices 84 per litre -Noida (UP): Petrol prices 65 per litre; Diesel prices 34 per litre -Mohali (Punjab): Petrol prices 51 per litre; Diesel prices 84 per litre -Chandigarh: Petrol prices Rs 97.53 per litre; Diesel prices 48 per litre -Gurugram (Haryana): Petrol prices 07 per litre; Diesel prices 46 per litre Crude Oil price Crude oil prices were down on Friday. Crude oil price moved lower on Thursday after OPEC+ decided to stay committed to increasing the oil supply. According to Reuters, Brent crude futures were trading at $72.90 per barrel while the U.S. West Texas Intermediate futures traded at $69.75 a barrel.