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Domestic steel giant Tata Steel will invest Rs 8,000 crore in capital expenditure on its India operations during the current financial year, the companys CEO and Managing Director T V Narendran said. The amount will be spent mainly towards completion of the expansion of the Kalinganagar plant, and expansion of mining operations and recycling business, he told PTI replying to a question related to Tata Steels plans for India business in the financial year 2022. This is in addition to the Rs 3,000 crore the company will spend on its European operations to make the business strong, sustainable and enhance product mix. Our capex will be broadly Rs 8,000 crore for India. We stand by that guidance. A lot of it will be going towards Kalinganagar expansion. We will also be spending on our raw material because we continue to expand our iron ore mining capabilities to support the Kalainganagar expansion. So, in raw material and Kalinganagar.we will cover this Rs 8,000 crore, Narendran said. Tata Steel is in the process to expand the capacity of its plant in Kalinganagar, Odisha, by five million tonne per annum (MTPA) to eight MTPA. Recently, the CEO informed that Tata Steel has outlaid a capital expenditure of Rs 3,000 crore for its operations in Europe. When asked if Tata Steel will explore markets to set up recycling plants and part of the Rs 8,000-crore capex will be utilised for the same, he said the company follows a different business model in scrap. It is in partnership, he added. Whatever we need to spend, it will be part of that; but we also have a different model operating in scrap. There are partners dealing to set up the facilities. They will set up, we will manage the quality and sell the steel. It will be a partnership model, he said. Narendran also said Tata Steel is looking at western and southern regions as more scrap is available there. We have to set up these facilities where more scrap is available. The work is being done by the team, he said. On August 18, Tata Steel announced commissioning its first steel recycling plant in Rohtak, Haryana. The plant, having an annual capacity of 0.5 MTPA, has been set up in collaboration with Aarti Green Tech Ltd as a build-own-operate partner.
Homegrown micro-blogging app Koo has crossed 10 million downloads since its launch in March 2020. The platform now has people from all walks of life The brainchild of serial entrepreneurs Aprameya Radhakrishna and Mayank Bidawatka, Koo has an India-first approach to building the platform. It has introduced a slew of technological features that enable more Indians to engage in online conversations, empowering them to express themselves freely through the platform. The social media platform is committed to thinking India-first and releases several features catering to Indians over the next few months. A Koo We have achieved 1 crore downloads now. Our growth in the future will be at an even faster pace than what we We are both humbled and excited to pave the way for homegrown digital companies to go global as India aspires to make the The Twitter rival has several prominent people on the platform and is now host to a plethora of Government departments and individuals who use it to showcase developments and share updates with people in Indian languages. The app facilitates active conversations as creators can express themselves and users can follow creators of their choice to create a customised feed. It is a one-of-a-kind, multi-lingual India-first platform. It has received appreciation from all quarters, having won the Aatmanirbhar App Innovation Challenge in 2020 held by the Indian government. It was also named Google PlayStore
In a significant step towards making the journey of passengers more comfortable and seamless, Delhi International Airport will offer excess baggage delivery service to the passengers. The Delhi International Airport Limited (DIAL) has recently launched the excess baggage delivery service called Avaan Excess to facilitate seamless movement of excess luggage to the desired location across the country, the Indian Express reported. The facility will help the passengers to deliver the excess baggage at an economical rate to the desired location across the country. How will Avaan Excess service work? Passengers can avail the service at the Avaan Excess service counter at terminal 3 of the international airport and get their excess baggage booked for delivery to its desired location. Passengers have also been provided two options for the delivery of the baggage. Passengers can either book the air transport route that will deliver the package within 72 hours or they can opt for the road transport delivery option that will deliver the baggage within four to seven days from the date of booking. While passengers who want to deliver some perishable item or who want instant delivery can opt for the air route, passengers who are in no hurry can opt for the road route which is cheaper than the former. Cost of Avaan Excess service If one has opted for the road route, one will need to shell out Rs 101 per kilogram of baggage(up to 7 kg) and Rs 67 per kilogram (up to 15 kg). The delivery charges via air route are slightly high with Rs 236 per kg (up to 7 kg) and Rs 183 per kg(up to 15 kg). With the launch of the Avaan Excess service passengers who are encumbered with their heavy luggage and ruining their sleep over it will be able to enjoy their journey in a hassle-free manner. So far as the safety of the excess package is concerned, the concessionaire providing the service is taking full responsibility for the safe delivery of the package and has also insured the same for the passengers. A DIAL spokesperson was quoted as saying that the Avaan Excess service will be provided by GATI, a premium logistics company which will also insure the baggage to enhance its safety.
Vedanta Ltd on Thursday said it has spent Rs 331 crore in 2020-21 fiscal on its corporate social responsibility (CSR) programmes that positively impacted the lives of 4.23 crore beneficiaries. Releasing its maiden social impact – CSR report, the company said it has spent Rs 331 crore in the last financial year on various CSR activities with a focus on pandemic relief works, childrens well-being and education, women empowerment, healthcare, sustainable agriculture and animal welfare, environment protection and restoration, development of community infrastructure, among others. Vedanta Ltd has positively impacted the lives of 4.23 crore people across the country through its various social development initiatives, the company said in a statement. As part of its many interventions, Vedanta said it also extended significant support towards fighting the COVID-19 pandemic. Vedanta has committed Rs 201 crore in the battle against COVID-19, including Rs 101 crore donation to PM-CARES Fund and an additional Rs 100 crore corpus for supporting communities, daily wage workers, preventive healthcare and welfare of employees, contract partners or business partners. As many as 15 lakh have benefitted from Vedantas Covid Care initiatives. Additionally, this year under Vedanta Cares, field hospitals were set up with 100 critical care beds with oxygen and ventilator support across 10 locations, and over 20 lakh litres of oxygen to Covid-affected patients were supplied. Earlier this year, Vedanta announced the social development roadmap through the Anil Agarwal Foundation (AAF) and pledged Rs 5,000 crore as part of their Give Back towards its rural upliftment programmes. The company said AAFs Swasth Gaon Abhiyaan will provide end-to-end healthcare services across 1,000 villages in 12 states, impacting the lives of more than 2 million people. AAF is also running its flagship Nand Ghar programme, in partnership with the Ministry of Women Child Development (MoWCD), that aims to provide critical access to nutrition, healthcare, education and women empowerment. Around 2,400 Nand Ghars have been set up across 11 states with the vision of transforming the lives of 7 crore children and 2 crore women across 13.7 lakh Anganwadis in India, it added. On the occasion of the release of the report, Vedanta Resources Chairman Anil Agarwal, said, Over the years, Vedanta has been positively impacting lives, through healthcare, education, skilling, and livelihood providing inclusive development of our communities and developed trust with our communities. We will continue to scale this up as much as possible?. Vedanta Resources Director Priya Agarwal Hebbar said the company has built over the years one of the most impactful CSR programmes in India, but this time around the company went beyond its scope of traditional activities with a stronger focus on protecting lives during the pandemic. We believe every mother and child should get the opportunity they deserve to grow and with this purpose in mind we developed the Nand Ghars program, she said. The company is also launching a first-of-its-kind animal welfare project, which will provide world-class infrastructure, veterinary services, training facilities and shelters in partnership with global academic institutions and knowledge partners, she added.
Zerodha, India Zerodha Zerodha had applied for the same in February of 2020. Zerodha is the country While announcing the news of Zerodha getting approval from capital markets regulator SEBI (Securities and Exchange Board of India) for AMC business, Nithin Kamath quoted his previous tweet on the matter clearly outlining the discount brokerage firm 5 crores and address those who currently dont invest (Millennials), we think mutual fund as a product needs to be reimagined, Also Read: 2 stocks to buy for medium-term gains while bulls race to take Nifty to 17500-17750 Currently, Zerodha offers its users the option to invest in mutual funds directly through its Coin platform, which was launched in 2017. Coin is a free platform with nearly Rs 5,500 crore in assets under management (AUM), according to various reports. Through Coin, Zerodha offers investors the option to invest in direct mutual funds, eliminating the distributor commission. Zerodha entered the stockbroking industry in 2010. The company has garnered the largest customer base, offering discounted brokerage services at Rs 20 per order. Zerodha Zerodha claims to control more than 15% of all India trading volumes. With the mutual fund license in place, Nithin Kamath aims to increase investor participation in Indian markets. 78 crore. 1.5 crore already invest, so more than 25% of the target audience. We cant look at 130 crore Indians and assume only ~1% penetration, Currently, around 44 mutual fund houses in India have over Rs 35 lakh crore worth of assets under management.
Cristiano Ronaldo Having flirted with crosstown rivals Manchester City for a while, Ronaldo But it also raises several questions. Did United sign their former star just to keep him from the clutches of the Goal threat United But what it lacks is inconsistency. Ole Gunnar Solskjaer has experimented with both Marcus Rashford and Anthony Martial upfront, but neither guarantees the 25-30 goals a championship-chasing side craves. Edinson Cavani has been there and done it all but, at 34, cannot be relied upon to deliver every week during a long campaign. Mason Greenwood, on the other hand, is still in his teens and has a long way to go before he can be the focal point of United Ronaldo guarantees those goals. In his three years at Juventus, the Portugal captain scored 81 goals in 98 league appearances To put the number into perspective, Ronaldo scored 29 goals in the 2020-21 Serie A season. Chelsea5-million signing Romelu Lukaku scored 24. Greenwood development While questions are being raised about Ronaldo Greenwood, like Ronaldo, is two-footed and plays out wide, occasionally being deployed in a central role. Ronaldo Leadership Ronaldo not only guarantees goals, but also fills the gaping leadership-shaped hole in United The 36-year-old is a proven winner but still remains as driven and hungry for success as he was in his youth when he proclaimed himself to be the best player in the world in a television interview. Tactical flexibility The signing of Ronaldo also adds another dimension to the United attack, which has relied heavily on midfield runners such as Bruno Fernandes and Paul Pogba. Ronaldo No longer the lightning-quick winger who lit up Old Trafford on his debut against Bolton Wanderers in 2003, Ronaldo has reinvented himself as box striker who now scores goal for fun. Commercial value When Juventus signed Ronaldo for Ronaldo4 million. That stardust was evident once again as United The club5 million likes, the most for a sports team in Instagram history. The stock surge means Ronaldo has already paid off his measly With Ronaldo taking up a new number at United (his preferred No. 7 is occupied by Cavani), the club is certain to ship more than a few shirts and add a few million pounds to its coffers. Calming the fans The Glazer family that has owned United since 2005 has been hugely unpopular with the supporters. Fan groups, former players, and managers have all criticised the owners for their lack of interest in the football side of things and running the club like a business. Their highly-leveraged buyout saddled United with millions of pounds in debt, while taking out a lumpsum amount every year as dividend payout. The decision to join the breakaway European Super League with 11 other clubs was the final straw as fans revolted at the idea of a closed league. That made the Glazers loosen the purse strings, sanctioning over The signing of Ronaldo, that too from the under the noses of the club For a 36-year-old still at the peak at his powers, Ronaldo brings back the aura and stardust that had been missing from Old Trafford since 2013. And if he can be even half the player he was during his first stint, Cristiano Ronaldo in 2021 could still turn out to be Manchester United
Finance Minister Nirmala Sitharaman has called a meeting of the Financial Stability and Development Council (FSDC) on September 3 to discuss the state of the financial sector and a strategy to support the nascent recovery of the pandemic-hit economy. This would be the 24th meeting of the FSDC and the first during the current financial year. The last meeting was held on December 15, 2020. The meeting is to be held soon after first-quarter GDP numbers projected around 20 per cent growth against a contraction of 24.4 per cent recorded in the same quarter of the last financial year. Nascent recovery is seen in some of the macroeconomic indicators including improvement in tax mobilisation, credit growth, manufacturing uptick in certain sectors and pick up in exports. The FSDC meeting will be held via video conferencing on Friday, sources said. Sources also said that the finance minister may ask financial sector regulators to relax and harmonise investment norms for instruments like infrastructure investment trusts (InvITs) to be used to monetise public assets like highways, power and railway tracks. Earlier this month, Sitharaman announced a Rs 6 lakh crore National Monetisation Pipeline (NMP) that will look to unlock value in infrastructure assets across sectors ranging from power to road and railways. Union Budget 2021-22 had identified monetisation of operating public infrastructure assets as a key means for sustainable infrastructure financing. Towards this, the Budget provided for the preparation of a National Monetisation Pipeline of potential brownfield infrastructure assets. NITI Aayog in consultation with infra line ministries has prepared the report on NMP. The aggregate asset pipeline under NMP over the four-year period is indicatively valued at Rs 6 lakh crore. The estimated value corresponds to 14 per cent of the proposed outlay for the Centre under the National Infrastructure Pipeline (Rs 43 lakh crore). Senior officials from the finance ministry will also attend the meeting. The FSDC is expected to review various aspects associated with the stimulus packages announced by the government to tide over the economic crisis induced by the pandemic. The Reserve Bank of India Governor, and the heads of the Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority, and International Financial Services Centres Authority are also members of the FSDC.
Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 posted record closing highs for the second straight day on Friday. BSE Sensex surged 277 points or 0.48 per cent to 58,130, while the Nifty 50 index surged to end at 17,320. Reliance Industries Ltd (RIL) shares were the top index contributor, rising over 4 per cent. Titan Company, Bajaj-Auto, Tata Steel, Maruti Suzuki, Dr Reddys Laboratories, Asian Paints were among top index gainers. On the contrary, Bharti Airtel was the worst performer, falling 1.20 per cent. Hindustan Unilever Ltd (HUL), HDFC Bank, Housing Development Finance Ltd (HDFC), IndusInd Bank, Axis Bank were among Sensex losers. Nifty sectoral indices ended mixed. Nifty Oil and gas index gained over 2 per cent. Bank Nifty fell 0.19 per cent to end at 36,762
WPP has announced that it has acquired Satalia, a technology company offering artificial intelligence (AI) solutions for clients. The acquisition is aligned with WPP Satalia is a name in enterprise AI whose clients include BT, DFS, DS Smith, PwC, Gigaclear, Tesco and Unilever. Combining machine learning and optimisation, it builds technologies that help clients transform their business strategies and radically improve operational efficiency. The company was founded by CEO Daniel Hulme in 2008 who has over 20 years of experience in AI, having received his Masters and PhD in AI from UCL where he is currently Entrepreneur in Residence. He is also a lecturer for LSE Satalia will join Wunderman Thompson Commerce and strengthen the global ecommerce consultancy It will also act as a hub of AI expertise for all WPP agencies. In addition to his role as CEO of Satalia, Satalia will become chief AI officer of WPP, working closely with WPP Clients are looking for end-to-end solutions that harness these technologies to grow their business. I Read Also: Parle Agro signs Varun Dhawan for its dairy offering Smoodh Follow us onTwitter,Instagram,LinkedIn,Facebook
All international passengers arriving in Maharashtra will have to carry a negative RT-PCR report even though they are fully vaccinated, the state government has said. All international passengers arriving in Maharashtra, including those from the European countries, Middle Eastern countries and South Africa, will be in line with the above-mentioned guidelines issued by the Union ministry of health and family welfare, said the order issued by Maharashtra Chief Secretary Sitaram Kunte on Friday night. The Maharashtra government later issued a statement mentioning that fresh rules of the Central government mandate a negative RT-PCR test report before arriving in India. Same rule is applicable for international passengers arriving in Maharashtra. Although the passenger has taken two doses of vaccine against COVID-19, the negative report of RT-PCR is mandatory, the statement said. Maharashtra on Friday reported 4,654 new coronavirus cases and 170 fresh deaths, taking the infection tally to 64,47,442 and the toll to 1,36,900, a state health official had said.