Union Bank of India net profit up 255% to Rs 1,181 crore in June quarter

 Net interest income rose by 9.53 per cent year-on-year in Q1FY22 to Rs 7,013 crore

Public sector lender Union Bank of India on Thursday reported a net profit of Rs 1,181 crore for the June quarter, a 254.9 per cent rise over Rs 333 crore last year, helped by improvement in interest margins and other income.

The lender’s stock ended 6.9 per cent higher on the BSE at Rs 37.95 per share. The bank in a statement said its net interest income rose by 9.53 percent year-on-year (YoY) in Q1FY22 to Rs 7,013 crore versus Rs 6,403 crore in the quarter ended June 2020 (Q1FY21).

Net interest margin improved to 3.08 per cent for Q1 against 2.78 per cent in the year-ago period.

Rajkiran Rai G, managing director & chief executive of the bank, said it was a Covid disrupted quarter (Q1FY22) with a second wave impacting life and livelihood. Encouragingly high-frequency data has signaled revival inactivity as mirrored in googled mobility indicators, power consumption, rail freight, and UPI.

Micromax In 2b all set to launch on Friday; check expected price, features

 The Micromax In 2b event will begin at 12 noon tomorrow

Home-grown electronics manufacturer Micromax is all set to launch the Micromax In 2b on Friday at 12 pm IST. The upcoming device is going to be the fourth IN-series handset after the IN Note 1, IN 1b and In 1 smartphone.

The company made a comeback to India’s price-conscious smartphone market with the launch of IN Mobile series in November last year. The firm is also reportedly working on its In 2C smartphone with its launch scheduled for the next month.

Micromax In 2b will be available on the e-commerce site Flipkart and Micromaxinfo.com.

Ahead of the launch of the new In 2b smartphone, Micromax released a teaser revealing its color variants and design. According to the promotional video, Micromax In 2b will be available in three different colors; blue, black, and green.

Going to some media reports, the device is likely to be more suitable for entry-level smartphone users. It is also said to deliver at least 30 per cent improved graphic performance as compared to its predecessor Micromax In 1b.

Micromax In 2b launch details

The Micromax In 2b launch event will begin at 12 noon tomorrow. It will be live-streamed on Micromax’s handle on social media platforms, including Twitter, Facebook, and Instagram. Besides, the event live stream will be available on the official YouTube account of the company.

iPhone, iPad users must update operating software: India's cyber agency

 Attackers could take control of an affected device, says CERT-In in an advisory

Older versions of Apple's mobile operating software are vulnerable to "remote attacks", India’s cybersecurity agency has said in an advisory for users to make updates.

"Apple has released security updates to address vulnerabilities in multiple products. An attacker could exploit some of these vulnerabilities to take control of an affected device,” said the Computer Emergency Response Team (CERT-In) on Wednesday.

"A remote attacker could exploit some of the vulnerabilities such as memory corruption etc,” said the advisory that labeled the threat to be “high".

The agency said “this vulnerability is currently being exploited” and users are advised to “apply patches urgently,” according to the 'Economic Times'.

Ashwini Vaishnaw, India’s IT and telecom Minister, told Parliament that CERT-In has issued alerts to over 700 organizations across several sectors.

India equity deals set to pick up pace as investors hunt post-pandemic bets

 The fundraising boom in India by firms, ranging from an e-comm platform to a food delivery apps, comes even as the country's economic rebound, already weakened in recent months, faces risk from Covid

Cash-laden investors are set to step up the hunt for Indian firms, mainly tech start-ups, likely to benefit in the post-pandemic world, after pumping in a record $30 billion via public and private equity deals this year, bankers and analysts said.

Eyeing India's large middle class with access to cheap smartphones and the internet, global investors have flocked to online platforms in the country and helped swell the ranks of unicorns, or start-ups valued at $1 billion or above.

In addition, a regulatory clampdown by China on its technology firms is spurring some foreign investors to turn to the world's second-most populous nation instead, analysts said.

The fundraising boom in India by companies, ranging from an e-commerce platform to a food delivery app operator, comes even as the country's economic rebound, already weakened in recent months, faces risk from coronavirus variants.

In private equity capital deals, which include placements and pre-IPO funding rounds, $22 billion has been raised so far this year, according to Pitchbook data, putting India on track to exceed 2020's record of $37 billion.

Of the amount raised in 2021, foreigners invested $13.21 billion in the first half of this year - the most ever - compared with $4.99 billion in the same period last year, separate Refinitiv data showed.

In addition to that, there was $5.4 billion raised via 43 initial public offerings (IPOs) year to date, making it the busiest period ever, the Refinitiv data showed, up sharply from $1.24 billion during the same time last year.

IIHB OTT Survey: Pankaj Tripathi grabs top spot, Nawazuddin Siddiqui second

 All the leading male actors on OTT were rated on more than 33 attributes, including confidence, unconventionality and versatility

Indian Institute of Human Brands (IIHB) survey "OTT Badshahs" has ranked versatile actor Pankaj Tripathi in the top spot. He is followed by Nawazuddin Siddiqui and Pratik Gandhi ranked at No 2 and No 3, respectively.

According to the IIHB study, Tripathi's personality and performances stand out. “He has style, he has panache. At the same time he has maturity and gravitas. His choice of roles too is well-curated and carefully calibrated to show the enormous range of his histrionic skills. For now, Pankaj Tripathi is the undoubted King of Kings in OTT today” says Dr. Sandeep Goyal, chief mentor of IIHB.

While Nawazuddin and Rajkumar Rao are no surprises in the top rungs, it is Amit Sadh who surprises with his name near the top. The fact that he ranks ahead of big names like Vicky Kaushal, Saif Ali Khan, Manoj Bajpayee, and Anil Kapoor is a clear indication of his talent and prowess.

All the leading male actors on OTT were rated on more than 33 attributes, including confidence, unconventionality and versatility.

When only the Top 10 attribues (out of the 33 parameters) of OTT are taken into account, Nawazuddin Siddiqui narrowly noses ahead of the entire pack. Saif Ali Khan and Manoj Bajpayee also jump the queue somewhat.

ED arrests Ambience group promoter Raj Gehlot in money-laundering case

 The ED has arrested Raj Singh Gehlot, promoter of the Ambience group, in a money-laundering case linked to an alleged bank loan fraud of Rs 800 crore, officials said on Thursday

The ED has arrested Raj Singh Gehlot, promoter of the Ambience group, in a money-laundering case linked to an alleged bank loan fraud of Rs 800 crore, officials said on Thursday.

They said Gehlot was arrested on Wednesday under the provisions of the Prevention of Money Laundering Act (PMLA).

He was produced before a court here on Thursday that sent him to Enforcement Directorate (ED) custody till August 5, they said.

The central probe agency had raided Gehlot, his company Aman Hospitality Private Limited (AHPL), some other firms of the Ambience group, director in the company Dayanand Singh, Mohan Singh Gehlot and their associates in July last year.

The ED case against Gehlot, who is also a promoter of the Ambience Mall in Gurugram, is based on a 2019 FIR of the Anti-Corruption Bureau of Jammu against AHPL and its directors for alleged money laundering in the construction and development of the five-star Leela Ambience Convention Hotel located at 1, CBD, Maharaj Surajmal Road, near the Yamuna Sports Complex in Delhi.

The ED probe found that "a huge part of the loan amount of more than Rs 800 crore, which was sanctioned by a consortium of banks for the hotel project, was siphoned off by AHPL, Raj Singh Gehlot and his associates through a web of companies owned and controlled by them".

"A substantial part of the loan money was transferred by AHPL to several companies and individuals on the pretext of payment of running bills and advance for supply of material and work executed," the agency had alleged.

The employees of the Ambience group and Gehlot's associates were made directors and proprietors in these companies and Gehlot was the "authorised signatory" in many of these entities, it had said.

Amazon's recent numbers don't look good: should investors start worrying?

 E-commerce sales are clearly slowing, foreshadowing more lackluster revenue results for the rest of the year

Jeff Bezos stepped down as a chief executive officer of Amazon.com Inc. earlier this month after one of the most legendary runs in the history of business. The big question now is whether his successor, Andy Jassy, can keep the momentum going. Judging from the company’s latest earnings results, he has his work cut out for him.

E-commerce sales are clearly slowing, foreshadowing more lackluster revenue results for the rest of the year. Of course, part of the issue is the company’s outperformance in 2020 during the height of the pandemic. Amazon was a big beneficiary of the shift toward online purchasing. But as the economy reopens, consumers are likely to return to their previous habits and pre-Covid activities — including frequenting physical stores. Spending may also ratchet back as government stimulus payments dissipate.

The most recent e-commerce numbers don’t look good. Bank of America credit-card data shows online sales growth so far in July declined from a year earlier after rising 7% in the second quarter and jumping 62% in the first quarter. With Amazon representing about 40% of US online sales, according to eMarketer, there is no way for the company to avoid the overall category drop.
What about Amazon Web Services, the company’s cash cow? The cloud-computing unit that rents computing power to corporations is widely regarded as the technology giant’s most valuable business. But here again, its momentum is slowing relative to the competition. It’s been happening for a while: Amazon’s cloud services grew slower than the overall market and its peers last year, according to Gartner. It happened again in the June quarter, with AWS revenue rising by 37% on a constant currency basis, compared with growth of roughly 50% for Microsoft Corp.’s Azure and Alphabet Inc.’s Google Cloud during the same period. Clearly, AWS’s two main competitors are gaining ground and establishing themselves as credible alternatives. It’s a trend that is not likely to reverse anytime soon.

There are other areas of uncertainty for the coming year. With 1.3 million employees, Amazon faces profit margin pressures if labor pressures force wages higher. Amazon is also likely to face more scrutiny for its anti-competitive business practices from regulators appointed by the Biden administration.

WhatsApp privacy case must be decided in a month, says EU watchdog

 EU privacy watchdog EDPB on Wednesday gave the Irish data protection agency a month to issue a long-delayed decision on compliance by WhatsApp after its peers objected to its draft finding

(Corrects in first and fifth paragraphs to remove reference to EDPB siding with national enforcers)

By Foo Yun Chee

BRUSSELS (Reuters) -EU privacy watchdog EDPB on Wednesday gave the Irish data protection agency a month to issue a long-delayed decision on compliance by Facebook's WhatsApp after its peers objected to its draft finding.

The agency, which leads oversight of Facebook because the company's European headquarters are based in Ireland, has been investigating WhatsApp to see if it complies with transparency obligations specified by EU privacy rules known as GDPR.

It sought feedback from its peers in December but was unable to find a consensus regarding its draft decision.

The other national watchdogs objected to the type of infringements identified by the Irish, whether the specific data in question was personal data and the appropriateness of the proposed sanctions.

The Irish agency said it would not follow the objections and referred them to the EDPB, which on Wednesday adopted a decision addressing the merits of the disagreements but did not provide details.

"The IE SA shall adopt its final decision, addressed to the controller, on the basis of the EDPB decision, without undue delay and at the latest one month after the EDPB has notified its decision," the EU watchdog, which acts as a referee in disputes among the national agencies, said.

Tesla hikes prices of Model 3, Model Y in US; holds line in China

 Tesla showed signs this week of divergent strategies in the world's two biggest automotive markets, raising prices to boost profit margins in the United States while keeping prices steady in China

(Corrects second paragraph to say price hikes, adds the dropped word "to")

By Eva Mathews, Nivedita Balu, and Hyunjoo Jin

(Reuters) -Tesla Inc showed signs this week of divergent strategies in the world's two biggest automotive markets, raising prices to boost profit margins in the United States while keeping prices steady in China and hoping to grow sales there.

Tesla raised prices for the most affordable versions of Model 3 and Model Y about a dozen times this year in the United States, according to data tracked by Reuters. At the same time, Tesla recently introduced an affordable Model Y version in China, where it refrained from price hikes.

Tesla posted record vehicle deliveries in the second quarter, and the price increases in North America boosted quarterly profits to a record.

But in China, the world's biggest electric vehicle (EV) market, Tesla faces fierce competition from local rivals and problems that include product recalls, high-profile protests by consumers and pressure from regulators.

Bernstein analyst Toni Sacconaghi said introduction of the lower-priced Model Y in China "may make sustained margin improvement difficult" for Tesla and raises questions about "the health of Chinese demand."

A study by Bernstein analysts found Tesla owners in China were less enthusiastic and had lower repurchase intentions than owners in the United States and Europe.

Tesla raised prices for Model Y Long Range at least six times in the United States this year, bumping by $5,500 to $53,990. In China, the world's most valuable carmaker raised prices of the Model Y SUV and Model 3 sedan only once this year.

Tencent becomes world's worst stock bet with $170 billion wipeout

 China’s unprecedented crackdown on its technology industry has turned Tencent Holdings Ltd. from a market darling into the world’s biggest stock loser this month.

The Chinese Internet giant had tumbled 23% in July as of Wednesday, set for its worst month ever after erasing about $170 billion of market value. That marks the fastest evaporation of shareholder wealth worldwide during this period, Bloomberg data shows. Nine of the top 10 losers in shareholder value this month are Chinese companies, including Meituan and Alibaba Group Holding Ltd.

Tencent’s shares rebounded by 7.1% on Thursday morning, tracking broader gains in Chinese stocks after Beijing intensified efforts to alleviate concerns about its crackdown on the private education industry.

The Shenzhen-based firm is one of the key casualties of an official campaign that targets some of the nation’s tech behemoths considered posing a potential threat to China’s data security and financial stability. The selloff in its shares intensified earlier this week after Beijing broadened the regulatory clampdown to include other once high-flying industries such as private education.

“I don’t see an end to the regulatory crackdown. Data security is a top priority to policy makers in the coming years. It’s a new normal,” said Paul Pong, managing director at Pegasus Fund Managers Ltd. “Valuations will have to be adjusted to cope with that, especially for technology giants like Tencent.”

The regulatory storm has resulted in penalties such as the loss of exclusive music streaming rights and anti-trust fines for Tencent. This week, the company said it was also suspending new user registration for its popular WeChat services and was ordered to fix mobile app-related issues.

Despite concerns about further punitive measures from regulators, the company’s stock is starting to look cheap and most analysts have refrained from cutting their price targets: Among the 68 analysts who have a rating on Tencent, 62 still recommend the stock as a “buy.” The average target price among analysts is HK$736.3, representing a 65% premium over Wednesday’s close of HK$447.2, Bloomberg data shows.

Skincare brand Minimalist raises Rs 110 crore through multiple investors

 The round was led by Sequoia Capital India, with participation from Unilever Ventures, the venture capital arm of British multinational consumer goods company.

Minimalist, a homegrown skincare brand, has raised Series A funding of Rs 110 crore ($15 million) through multiple international investors in just nine months of its inception. This milestone, the company said validates the brand as a forerunner in the personal care segment. The round was led by Sequoia Capital India, with participation from Unilever Ventures, the venture capital arm of a British multinational consumer goods company.

The brand plans to utilize the funds to enhance its infrastructure and R&D capabilities, and launch in global markets. It would also double down on its content creation efforts by sharing well-researched knowledge about skin care with its consumers.

Minimalist was launched in 2020 by Mohit Yadav and Rahul Yadav. The firm said it is a mission-driven brand committed to bringing high levels of efficacy and transparency to the personal care segment and is rapidly gaining popularity due to its values and ethos.

“Consumers today are looking beyond marketing claims and are seeking efficacy-based skincare products,” said Mohit Yadav, co-founder, Minimalist. “Our growth so far proves that a radical change in the skincare industry is underway. Together with our customers, we are creating ‘Skincare 2.0’ by offering proven solutions driven by scientific innovations.”

So far, Minimalist has served over 1 million customers. The firm said its products are popular among both women and men looking for solutions to acne, pigmentation, excess sebum and dull skin.

Having a portfolio of diverse skincare and hair care products, the brand retails through its own website, along with e-commerce giants like Amazon, Nykaa, Flipkart, Myntra, and numerous other marketplaces. Minimalist currently offers 20 products ranging from serums, toners, face acids, and moisturizers. The company said their products are well researched, backed by proven science, safe, effective, mindfully created, and suited for all skin types.

Sebi revising risk management framework for mutual funds: Official

 Capital markets regulator Sebi is in the process of issuing a revised risk management framework for the mutual fund industry in view of the changes in the industry landscape which will define the roles

Capital markets regulator Sebi is in the process of issuing a revised risk management framework for the mutual fund industry in view of the changes in the industry landscape which will define the roles and responsibilities of officials, a senior official said on Wednesday.

The new framework will have policies regarding risk management incorporating a risk management culture within the organization, and principles for identification and management of risk at the level of MF schemes and overall functions of AMCs (asset management companies), its executive director SV Murali Dhar Rao said.

"In view of changes in the landscape of the MF industry and financial markets in general, SEBI is in process of issuing a revised risk management framework for MF (which will) cover the aspects of the governance of risk management framework including roles and responsibilities of Board of Trustees, Board of AMC, management and key personnel, Rao said.

He reiterated that the pipeline of other proposals being worked on includes ways to increase confidence in the corporate bond market and modalities for the same are being finalized now.

A limited purpose clearing corporation (LPCC) for clearing and settling repo debt transactions in corporate debt securities will be launched with a share capital of Rs 150 crore and AMCs will contribute as per their assets under management, he said.

It is also looking at debt schemes to be classified in terms of potential risk matrix and determine the risk profile of a scheme by December 2021 onwards, he said.

Digital taxation: How a consensus-based approach may benefit Indian economy

 The government has taken a balanced stance by committing to the multilateral approach for addressing tax challenges of digitalization

In the past decade, India has emerged as a key voice in the international tax debate, spearheading developing countries’ source and market-based taxation rights (examples include India’s source rules for taxation of indirect transfers and expansion of withholding taxes to the fee for technical services under India’s tax treaty network). Through its participation in the G20 and OECD’s BEPS initiative, India has committed to a multilateral approach for securing a fairer, stable, and non-discriminatory international tax policy regime for developing nations. It was only natural that India recently backed OECD’s Inclusive Framework, which (amongst other things) aims to address tax challenges arising from digitalization of the economy and reallocates taxing rights for large businesses to market jurisdictions. In its Press Release of July 1, 2021, the Ministry of Finance noted that India was in favor of a consensus-based solution, which is simple to implement and allocates meaningful revenues to market jurisdictions. As India commits to walk the line, this article evaluates how a multilateral consensus-based approach to digital taxation may indeed be beneficial for the Indian economy and the need of the hour.

Admittedly, unilateral digital services tax, such as equalization levy (EL), is an imperfect tax, a makeshift arrangement at best. Notably, their validity has been questioned because of their application to revenues as against net income and inconsistency with existing international tax principles. Moreover, disjointed unilateral taxes have imposed a disproportionate burden on businesses in terms of compliance costs and double taxation. These arguments have also been the mainstay of the USTR investigations, which led to trade and tariff actions globally. According to OECD, the absence of a consensus-based solution could lead to a proliferation of unilateral digital services taxes and an increase in damaging tax and trade disputes, which would undermine tax certainty and investment. The failure to reach an agreement could reduce global GDP by more than 1 per cent annually. The hope is that once a multilateral solution is reached through the Inclusive Framework, unilateral taxes will be withdrawn preventing the threat to international trade and commerce. As Rashmi Ranjan Das, joint secretary, CBDT, recently noted in an interview “We are part of the inclusive framework where there is a general agreement that once there is a consensus, all such unilateral measures will be withdrawn,” Indeed, India’s support to multilateral solution and success of global tax agreement will lay a strong foundation for its trade negotiations. A senior official from the Ministry of Commerce was also recently reported to have said that the success of global tax discussions will pave the way for the India-US trade negotiations. Moreover, once a global consensus is reached, any outlier nation is bound to feel the heat of trade and tariff disputes amidst allegations of breach of international tax principles and trade law.

Ashok Leyland draws up EV road map, plans to launch first e-LCV in Dec

 The company's EV push will be done through UK-based Switch Mobility - a combined entity of Ashok Leyland's electric CV operations and erstwhile Optare of UK

Commercial vehicles (CV) major Ashok Leyland lined up its electric vehicle (EV) road map on Wednesday, setting a target of becoming one of the world’s top 10 CV brands.

The company’s EV push will be done through UK-based Switch Mobility — a combined entity of Ashok Leyland's electric CV operations and the erstwhile Optare of the UK.

Switch Mobility will be launching its first electric light commercial vehicle (e-LCV) in India by the end of December; it has secured 2,000 orders. These vehicles will be manufactured in India and sold under the Switch brand. The group has plans to invest $150-200 million in the EV space in the next few years.

Ashok Leyland said on Wednesday it has invested around $136 million in Switch Mobility and expects the new entity to raise its own capital in the future.

"Investors and strategic partners keen to tie up. We do not see any immediate fund requirement from Ashok Leyland," said Dheeraj Hinduja, chairman, Ashok Leyland and Switch Mobility.

It was in 2013 that the Hinduja flagship company Ashok Leyland first evinced an interest in the EV space by acquiring British busmaker Optare Plc, while it lined up EV plans in India three years ago. The company already has expertise - it has more than 280 EVs in service covering over 26 million miles on a test basis.

SBI, Axis Bank, ICICI Bank, others buy stakes in fintech firm IBBIC

 Six banks State Bank of India, Axis Bank, Indian Bank, Yes Bank, IDBI Bank, and ICICI Bank on Tuesday said they have bought equity stakes in financial technology platform IBBIC.

SBI, Axis Bank, Indian Bank, Yes Bank and IDBI Bank picked up 5.55 per cent stake each, representing 50,000 shares in IBBIC, for cash at Rs 5 lakh each.

In their separate regulatory filings on Tuesday, these lenders said they have subscribed to 50,000 equity shares of a face value of Rs 10 each fully paid up of IBBIC Private Ltd for a consideration of Rs 10 per equity share constituting 5.55 per cent of the issued and paid-up capital of IBBIC.

The equity is acquired for a cash consideration of Rs 5 lakh by each of them.

Apart from these lenders, ICICI Bank bought 49,000 shares (5.44 per cent) for Rs 4.9 lakh.

Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector.

The equity ownership of IBBIC is aimed at providing DLT solutions for the financial services sector, the banks said.

DLT, more commonly known as blockchain technology, is a protocol to enable secure functioning of a decentralised digital database. It stores information securely using cryptography.

IndusInd Bank clocks 99% rise in consolidated net profit at Rs 1,016 crore

 Net interest income was up 8 per cent YoY to Rs 3,564 crore, from Rs 3,309 crore in Q1FY21

Private sector lender Ind­usInd Bank’s consolidated net profit almost doubled year-on-year (YoY) to Rs 1,016 crore in the June quarter compared to Rs 510 crore. Its standalone profit more than doubled to Rs 974.95 crore, aided by lower provisions and higher other income.

Net interest income was up 8 per cent YoY to Rs 3,564 crore, from Rs 3,309 crore in Q1FY21. Net interest margin was at 4.06 per cent, from 4.28 per cent for Q1FY21, due to lower credit offtake and surplus liquidity placed under repo with the RBI. Other income was up 18 per cent YoY to Rs 1,788 crore and the total income rose 11 per cent to Rs 5,352 crore.

Provisions and contingencies were down 18.4 per cent YoY to Rs 1,844 crore against Rs 2,258.88 crore. In the March quarter, it had provided Rs 1,865.69 crore. It holds standard contingent provisions of Rs 2,050 crore. Asset quality weakened as gross NPAs rose to 2.88 per cent, up 21 basis points from the March quarter and 35 bps from Q1FY21. Net NPAs rose 15 bps to 0.84 per cent over Q4.

IL&FS floats EOI from investors for selling 100% stake in wind farm project

 Infrastructure Leasing and Financial Services (IL&FS) on Tuesday invited expressions of interest (EOI) from eligible investors

Infrastructure Leasing and Financial Services (IL&FS) on Tuesday invited expressions of interest (EOI) from eligible investors for its 100 per cent stake in Ramagiri Renewable Energy Ltd (RREL) and purchase of fixed assets of IL&FS Energy Development Company (IEDCL).

IL&FS and its group companies collectively hold 95.54 per cent of the total issued, subscribed and paid-up share capital of IEDCL. RREL is a 100 per cent subsidiary of IEDCL.

RREL owns a 6.5 MW wind farm project with 26 wind turbines having a capacity of 250 KW each at Ramagiri, district Anantapur, Andhra Pradesh.

IEDCL also owns a wind mast, situated at the wind farm site of RREL, and solar irradiation measurement equipment mounted on the wind mast (together 'Fixed Assets') that are used for gathering meteorological and solar data respectively.

Expressions of Interest (EOI) are invited from eligible applicants for - acquisition of the total issued, subscribed and paid-up shares of RREL and purchase of the Fixed Assets, IL&FS said in the EOI.

The last date for submission of the EOI and other required documents by 5 PM on August 10, 2021, the EOIs read.

GMR, Groupe ADP likely to jointly bid for future airport projects

 Two companies have finalized a business agreement under which both will collaborate on multiple sectors

Airport De Paris (ADP) and GMR Airports are likely to jointly bid for future airport projects, that is, greenfield, brownfield or management of airports.

Last year, the GMR Group concluded a deal to complete a 49 per cent stake sale in its airport arm to Paris-based Groupe ADP — the operator of Paris airport and one of the largest airport companies in the world — for Rs 10,780 crore.

The Centre is looking to privatize at least 13 airports immediately and the GMR-Groupe ADP combine is set to be a strong contender in this field.

The two companies have finalized a business agreement under which both will collaborate on multiple sectors, including engineering and project management, airport operations, and passenger experience.

GBS Raju, chairman, airports, GMR Group, said the partnership between GMR and ADP will build an airport alliance in the world that will handle 325 million passengers annually.

“Together, we seek to bring unique experiences and concepts to the aviation industry that will build upon the combined expertise, innovation, and vision of both partners. We believe this partnership will strengthen our respective airport platforms and enhance our competitiveness to seek opportunities for profitable growth of both ADP and GMR,” he said.

Industry experts said that with Groupe ADP and GMR Airports forming a loose joint venture, it will help GMR attract more European airlines to Delhi, and make it an Asia hub for all European travelers.

Four funds invested in Adani firms have history of bets gone wrong: Report

 The Mauritius-based funds invested in firms that ended up defaulting or were investigated for wrongdoing.

Four Mauritius-based funds that have attracted attention for parking almost all their money in companies controlled by Indian billionaire Gautam Adani have a history of investing in firms that ended up defaulting or were investigated for wrongdoing.

Before they put about 90% of their $6.9 billion under management in the Adani empire, the funds -- Elara India Opportunities Fund, Cresta Fund, Albula Investment Fund, and APMS Investment Fund -- held significant stakes in two companies whose founders fled India and have since been probed for money laundering, another that went bankrupt, and a fourth that was liquidated after sparring with the Ethiopian government.

Because the funds are registered in the tax haven of Mauritius, their ownership structure is opaque. Cresta, Albula, and Elara have been subject to at least one probe for alleged round-tripping, the Firstpost website reported in 2018. This is a process illegal under Indian rules where money is transferred typically to a shell company before being returned, giving the impression the funds originate from a clean source. Indian authorities struggled to identify who ultimately controls the money, according to the report.

Some lawmakers are now seeking an investigation into whether the Mauritius funds are being used as a shell for Adani’s own money. Mahua Moitra, an opposition lawmaker and former investment banker, questioned the ultimate ownership of the funds in parliament last week, saying that the information should be public given the Adani group holds stakes in strategic Indian infrastructure like ports, airports and power plants.

“We want to know whose money is it,” Moitra said in a text message to Bloomberg News. “If it is Adani’s money, then minority shareholders are being screwed. If it is not, then which foreign actors have so much say in our strategic assets?”

Flipkart eyes 2X growth in 'Pay Later' offering, aims to cross 100 mn

 Walmart-owned Flipkart is working on expanding its 'Pay Later' credit offering and aims to clock 2X growth over the next six months.

Walmart-owned Flipkart is working on expanding its 'Pay Later' credit offering and aims to clock 2X growth over the next six months.

Currently, there are over 2.8 million customers who have adopted Flipkart Pay Later and have made more than 42 million transactions on the platform to date.

"Owing to the growing reliance on digital payments, Flipkart Pay Later has seen a 70 per cent adoption rate among customers at the time of check-out, and (it) plans to cross the 100 million transaction benchmark by the end of the year," Flipkart said in a statement.

The online platform said its Pay Later offering has seen an increase of over 50 per cent in the number of registered users as of July 2021 in comparison to the previous year.

Customers have used the offering mainly for purchases across categories of beauty and general merchandise, home and lifestyle, it added.

In categories such as lifestyle, Flipkart Pay Later has exceeded the credit card transactions, making it the top prepaid instrument used by consumers for the category, it noted.

Pay Later offering is a 30-day credit product that does not have an interest fee. It has end-to-end digital KYC, a seamless checkout process for items priced up to Rs 10,000, and a single-click payment mechanism.

"As a homegrown platform, enabling accessibility and affordability for customers is at the heart of all our offerings.

The success of Flipkart Pay Later so far has shown the benefits that the construct is able to provide to millions of customers and made us confident of its market-readiness for a much wider adoption - both on and outside Flipkart Group's platforms," Flipkart Head Fintech and Payments Group Ranjith Boyanapalli said.

DRL stock falls 10% after missing Q1 estimates, probe by US SEC

 The stock fell 10.4 per cent to Rs 4,844.35 (hitting the lower circuit) on Tuesday after reporting lower-than-expected quarterly earnings for Q1FY22

Dr Reddy’s Laboratories has reported a consolidated net profit of Rs 570.8 crore in the first quarter of FY22, a 1.5 per cent dip on a year-on-year basis (YoY), while revenue from operations grew by 11.4 per cent to Rs 4,919.4 crore during the quarter.

Dr Reddy’s said it had received a subpoena (written order to attend court to give evidence) from the American market regulator Securities and Exchange Commission (SEC) for producing documents concerning the Commonwealth of Independent States (CIS) geographies.

The stock fell 10.4 per cent to Rs 4,844.35 (hitting the lower circuit) on Tuesday after reporting lower-than-expected quarterly earnings for Q1FY22 and the US market regulator’s subpoena on documents for CIS geographies.

Kunal Randeria of Edelweiss Securities said the disappointing numbers, the big margin miss, and the subpoena by the US SEC following an investigation into practices in Ukraine were the reasons behind the stock fall.
“The company has commenced a detailed investigation into an anonymous complaint. The complaint alleges that healthcare professionals in Ukraine and potentially in other countries were provided with improper payments by or on behalf of the Company in violation of US anti-corruption laws, specifically the US Foreign Corrupt Practices Act. A US law firm is conducting the investigation at the instruction of a committee of the company’s board of directors,” it said in the exchange filing.“The financial performance of the quarter has been driven by healthy sales growth,” said G V Prasad, co-chairman and MD.

Tesla beats profit and revenue estimates, delays Semi launch; shares up 1%

 Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share

Electric carmaker Tesla Inc on Monday beat Wall Street expectations for second-quarter profit and revenue as record deliveries offset the impact of a prolonged global shortage of chips and raw materials.

Shares of the world's most valuable automaker were up 1.3% in extended trade.

The company said it expected to launch production this year of Model Y SUV in Texas and Germany, but would delay the launch of the Semi until 2022. Still, despite the pandemic and the supply chain crisis that have marred the auto industry, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Y crossovers.

The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its U.S. factory was shut down for more than six weeks due to local lockdown orders aimed at curbing the spread of the coronavirus.

Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.

Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.

Tesla said operating income increased mainly due to volume growth and cost reduction, which offset "additional supply chain costs, lower regulatory credit revenue" and other items including $23 million in losses on investment in cryptocurrency bitcoin.

Tesla said it is "on track to build our first Model Y vehicles in Berlin and Austin in 2021." But it said it has delayed the launch of the Semi truck program to 2022,"to better focus on these factories, and due to the limited availability of battery cells and global supply chain challenges."

IPOs of India's Paytm, South Korea's Kakao reveal Gen Z's banking vision

 Internet-based businesses are raising funds at a record pace, making use of the boost given by the pandemic to all things digital

India’s biggest-ever initial public offering can’t be chalked up solely to the zeitgeist. Like most markets, irrational exuberance and easy money will no doubt play a part in Paytm’s upcoming $2.2 billion share sale. But above all, investors will be placing bets on what a 12-year-old, unprofitable fintech firm backed by SoftBank Group Corp. and Ant Group Co. could yet become.

As for what that might be, look toward South Korea.

There, KakaoBank Corp., an affiliate of Ant-backed Kakao Pay Corp., is going public at the top of its indicated price range after institutions bid $2.25 trillion, more than 1,700 times the shares offered to them. Retail participation ends Tuesday.

Internet-based businesses are raising funds at a record pace, making use of the boost given by the pandemic to all things digital. Additionally, exposure to a Korean new-age virtual bank or an Indian fintech gives yield-starved global investors a hiding place from Beijing’s unpredictable regulatory action against China’s tech titans, including Ant.

But there’s more going on at KakaoBank, something that might also be relevant to Paytm. The tempo is being set by customers in their 20s and 30s who don’t care much about banks as brick-and-mortar institutions but want to consume banking online like any other service, customized to their spending patterns and investment priorities.

When younger tenants approach the internet-only KakaoBank for loans to lease apartments — known in Korea as “jeonse” — they don’t have to show up at a branch, which doesn’t exist anyway. Face-to-face contact offers little additional information to the lender, given that 90% of the population is on KakaoTalk. From within the popular, 11-year-old messaging service — parent Kakao Corp.’s first big success — users can access the Kakao Pay wallet for cashless person-to-person and in-store payments.

Facebook, tech giants to target manifestos, far-right militias in database

 Over next few months, group will add attacker manifestos - often shared by sympathizers after white supremacist violence - and other publications and links flagged by UN initiative Tech Against Terror

By Elizabeth Culliford

(Reuters) - A counterterrorism organization formed by some of the biggest U.S. tech companies including Facebook and Microsoft is significantly expanding the types of extremist content shared between firms in a key database, aiming to crack down on material from white supremacists and far-right militias, the group told Reuters.

Until now, the Global Internet Forum to Counter Terrorism's (GIFCT) database has focused on videos and images from terrorist groups on a United Nations list and so has largely consisted of content from Islamist extremist organizations such as Islamic State, al Qaeda and the Taliban.

Over the next few months, the group will add attacker manifestos - often shared by sympathizers after white supremacist violence - and other publications and links flagged by U.N. initiative Tech Against Terrorism. It will use lists from intelligence-sharing group Five Eyes, adding URLs and PDFs from more groups, including the Proud Boys, the Three Percenters and neo-Nazis.

The firms, which include Twitter and Alphabet Inc's YouTube, share "hashes," unique numerical representations of original pieces of content that have been removed from their services. Other platforms use these to identify the same content on their own sites in order to review or remove it.

While the project reduces the amount of extremist content on mainstream platforms, groups can still post violent images and rhetoric on many other sites and parts of the internet.

Chinese education stocks tumble in 'panic selling' amid broad crackdown

 Stocks slumped on the mainland and in Hong Kong, with the benchmark CSI 300 Index and the Hang Seng Index both tumbling more than 3 per cent

A selloff in Chinese private education companies sent shockwaves through the nation’s equity market on Monday, as investors scrambled to price in the growing risks from an intensifying crackdown by Beijing on its industries.

Stocks slumped on the mainland and in Hong Kong, with the benchmark CSI 300 Index and the Hang Seng Index both tumbling more than 3 per cent. Education stocks plunged in the wake of a sweeping overhaul that threatens to upend the $100 billion sector and jeopardize billions of dollars in foreign investment.

“I see panic selling in the market now as investors are pricing in a possibility that Beijing will tighten regulation on all sectors that have seen robust growth in recent years,” said Castor Pang, head of research at Core Pacific Yamaichi. “I don’t think investors can do any bottom fishing at this point. We don’t know where the bottom is.” New Oriental Education & Technology Group plunged as much as 40 per cent in Hong Kong, extending Friday’s record 41 per cent fall. It warned in a filing that the regulations will have a material adverse impact on the company. Koolearn Technology Holding tumbled as much as 35 per cent, the biggest decliner on the Hang Seng Tech Index, which fell as much as 7.1 per cent, its biggest fall ever.

China Maple Leaf Educational Systems Ltd. dropped 16 per cent. Chinese regulators on Saturday published reforms that will fundamentally alter the business model of private firms teaching the school curriculum, as Beijing aims to overhaul a sector it says has been “hijacked by capital.” The new regulations ban firms that teach school curriclums from making profits, raising capital or going public. Friday was already a bloodbath for the sector in both Hong Kong and the US, after a leaked document circulated on social media.

The “worst-case became a reality,” wrote JPMorgan Chase & Co analysts including DS Kim in a note, saying it was uncertain whether the companies could remain listed. “It’s unclear what level of restructuring the companies should undergo with a new regime and, in our view, this makes these stocks virtually un- investable.”

Beauty brand MyGlamm raises Rs 355 crore in funding from Accel, others

 MyGlamm on Tuesday said it has raised Rs 355 crore in fresh funding from Accel, along with participation from existing investors, taking the total funds raised in this round to Rs 530 crore

Direct-to-consumer beauty brand MyGlamm on Tuesday said it has raised Rs 355 crore in fresh funding from Accel, along with participation from existing investors, taking the total funds raised in this round to Rs 530 crore.

MyGlamm had started its series C funding in March this year with a Rs 175 crore investment from Ascent Capital, Amazon, and Wipro.

The series C round has now been closed with an additional Rs 355 crore being infused, a statement said.

Accel led the round along with participation from Bessemer Venture Partners, L'Occitane, Ascent, Amazon, Mankekar family, Trifecta, and Strides Ventures, it added.

MyGlamm will utilise its latest funding to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements and expand content creation capabilities and digital reach of POPxo and Plixxo.

The company has raised Rs 650 crore in funding till date.

While it is digital-first, MyGlamm also has over 10,000 offline points of sales across 70 cities in India.

"Their (Accel) track record and expertise on what it takes to build a consumer internet business in India is something that we look forward to tapping into.

"We are delighted to have closed our series C and are excited to focus on execution and fulfilling our vision of creating India's largest beauty company, with great brands and products built on the back of DTC, digital and data," MyGlamm founder and CEO Darpan Sanghvi said.

Aptus Value Housing, CarTrade, 4 others get Sebi's go-ahead to float IPO

 As many as six companies including Aptus Value Housing Finance, CarTrade Tech, and Supriya Lifescience have received capital markets regulator Sebi's go-ahead to float initial share sales.

The other firms that received the regulator's nod are-- Krsnaa Diagnostics, Vijaya Diagnostic Centre, and Ami Organics.

The six firms, which had filed their respective preliminary IPO papers with the markets regulator between May and June, obtained their observations during July 19-23, an update with Sebi showed on Monday.

Aptus Value's initial public offer (IPO) comprises a fresh issue of equity shares aggregating to Rs 500 crore and an offer for sale of up to 64,590,695 equity shares by the promoter and existing shareholders, draft red herring prospectus (DRHP) showed.

Proceeds from the fresh issue will be utilized towards augmenting the company's capital base and meeting future growth requirements.

According to merchant banking sources, the IPO is expected to fetch Rs 2,600-3,000 crore.

Online auto classifieds platform CarTrade Tech IPO will be entirely an offer for sale (OFS) of 12,354,811 equity shares.

Among the investors participating in the OFS are CMDB II (16.07 lakh equity shares), Highdell Investment Ltd (53.79 lakh shares), Macritchie Investments Pte Ltd (35.68 lakh shares), Springfield Venture International (11.24 lakh shares), and Bina Vinod Sanghi (1.83 lakh shares).

Currently, CMDB II holds an 11.93 percent stake in CarTrade, Highdell Investment owns 34.44 percent stake, MacRitche Investment has 26.48 per cent shareholding, and Springfield Venture International holds a 7.09 percent stake in the company.

Vision Fund's bet on Didi Chuxing falls $4 billion into the red

 More than one-quarter of the Vision Fund's portfolio is the Japanese group's heavy investment in China's tech sector.

SoftBank’s Vision Fund’s single largest bet on Chinese tech is now $4 billion in the red. This has followed Beijing’s actions against ride-hailing group Didi Chuxing, punishing it for alleged data security lapses on the back of its blockbuster New York listing.

The Vision Fund had paid $11.8 billion in 2019 for its 20.1 percent stake in the taxi app that is now worth $7.8 billion after Chinese regulatory pressure hit Didi’s business prospects, cutting its market value almost in half.

Softbank founder Masayoshi Son has for some time now intended to diversify the group’s geographical footprint as he acknowledged the need to reduce the group’s heavy exposure to China, especially with its Alibaba stake accounting for 43 percent of its total equity holdings. That rings especially true for the $100 billion Vision Fund.

More than one-quarter of the Vision Fund’s portfolio is the Japanese group’s heavy investment in China’s tech sector. This has left the fund heavily exposed to shifting regulatory winds in the country.

Days after initiating the Didi probe, China’s cyberspace regulators turned to scrutinise Vision Fund-backed Full Truck Alliance, causing its US-listed shares to fall 43 percent since the start of July.

Other Vision Fund investments in China are facing regulatory pressure. Keep, the country’s most popular fitness app, recently withdrew plans for a US initial public offering.

Vijay Diwas: Kargil hero's father recalls India's triumph of 'toughest war'

 Gopichand Pandey, father of late Captain Manoj Pandey said that the Kargil War was one of the toughest wars in the world where the enemy has an advantage of the altitude

As India celebrates Kargil Vijay Diwas on Monday, Gopichand Pandey, father of late Captain Manoj Pandey said that the Kargil War was one of the toughest wars in the world where the enemy has an advantage of the altitude, but the Indian Army fought hard and reclaimed our peaks.

Speaking to ANI, Pandey said he is proud of his son, and as he lived up to his responsibilities as an Army man. I'm proud that my son gave his life for his motherland, and became an inspiration for many."

"He made the entire nation proud. He lived up to his responsibilities as an Army man. Happy to share that UP Sainik School has been renamed after him," he added.

Recalling the 1999 Kargil war, Pandey said the situation was very bad, as the terrorists have made bunkers at the peaks of our mountains.

"They were attacking our Army from the top. But our soldiers had put in all their efforts and reclaimed our mountains and land. As many as 527 army men died in the quest," he said.

The martyr's father added that the Indian Army is capable of dealing with all the threats to the country and all Indians are proud of it. "It is because of our army that we sleep peacefully at night," he added.

Expressing pride and happiness, Pandey also informed that a Sainik School in Uttar Pradesh has been named after Captain Manoj Pandey.

The Indian armed forces had defeated Pakistan on July 26, 1999. Since then, the day is celebrated as 'Kargil Vijay Diwas' to rekindle the pride and valour of the soldiers who took part in Operation Vijay.

Captain Pandey was posthumously awarded the Param Vir Chakra for his audacious courage and leadership during the Kargil War in 1999. An officer of the 1st battalion, 11 Gorkha Rifles (1/11 GR), he sacrificed his life during the attack on Jubar Top of the Khalubar Hills in Batalik Sector of Kargil. .

The family in a pandemic: Will we ever be able to travel with young kids?

 A year and a half into the pandemic, policymakers have given little thoughtful guidance to families.

As countries around the world attempt to reopen their borders, officials have come up with an ever-changing list of labyrinthine policies to allow travel. A range of entry restrictions has been deployed, from home quarantines for vaccinated adults to spending up to three weeks in government-authorized facilities, with multiple tests along the way. The best strategy isn’t yet clear, but one thing in common: Few are taking into consideration families as a unit.

Acknowledging the difficult balance between the realities of employment and family demands could become one of the most important steps to opening up economies. But until parents have more clarity about how to cross borders with their young children or the hoops they have to jump through to be with them, there’s little hope of a full recovery.

Before the pandemic, travel had become an economic necessity for millions of people, who crossed borders every day to go to work and come back to their families. Globally, there are over 250 million international migrants. These aren’t just C-suite executives gallivanting between financial hubs. Foreign domestic workers, corporate employees, and economic nomads move around the world when better shots at employment emerge. Such migration rose manifold in the years before the pandemic. Knowing that loved ones were just a flight away was a critical piece of that equation.

All this has been thrown off by Covid-19. While rising vaccination rates are helping, many parts of the world remain shut to travel. This has created a huge emotional burden for families that have been separated. There’s an economic toll, too. Those who had to leave their jobs to be with their families are facing monetary consequences.

Substantial sums are at stake: Remittances, or money sent home, totaled over $550 billion in 2019. Spending on business travel is worth at least $1.4 trillion a year--and that doesn’t even account for all the informal sectors that require mobility for employment, such as domestic workers, startups, or freelancers.

Human Connect: Here to stay forever in the hospitality business

 The most troubling question which perhaps is still unanswered by the industry remains - "Can we afford to belittle people in a people-first business?"

Like every volcano settles after spewing hot dangerous lava and causing irretrievable destruction, so will this unsolicited phase of Covid-19. The fastest vaccine developed to date has infused a new oomph in masses to get back to their normal work-life schedules. There are signs of life on the horizon as the country starts to reopen gradually. Plummeted economies are improving, trade is recuperating and travel is progressively gaining pace –thanks to pioneering offerings by destinations and hotel brands.

It’s no secret that the hospitality industry was amongst the hardest hit in the wake of coronavirus. Hotels - a major CRE vertical, were hit by two distinct elements of the spread of Covid-19: the freeze of global economic movement and the government-mandated social distancing norms. March 2020 saw the worst ever abrupt decline in occupancies and hotel revenues due to incremental restrictions on domestic as well as international travel. The sputtering of travel caused a thousand cuts to the hospitality industry and the economy at large. Budgets were similarly fatigued. The situation got worsened when the owners and their asset managers started running out of CAPEX and FFE reserves and the effects of cash crunch started percolating down to retrenchment of staff for keeping businesses afloat.

Hospitality think tanks across the globe came up with innovative corporate, operational, and technological solutions for minimizing OPEX and keeping the show alive. Many entities are looking at technology to replace labor resources to promote contactless service and other service concepts that presumably will require lesser people to operate and manage. Yes, robots are already being put to work in hotels and restaurants for serving, cleaning and other functions and androids are next to follow. Virtual assistants and software applications such as BOTs have certainly raised the bar of a customized service landscape. The fact cannot be ignored that the pandemic has highlighted the vulnerability of the hotel industry and there is growing evidence that a certain percentage of jobs will never return. However, the most troubling question which perhaps is still unanswered by the industry remains - “Can we afford to belittle people in a people-first business?”

Here come the miners, with record profits & blockbuster dividends

 Five big miners could report combined earnings of $85 billion; Rio Tinto, Vale, and Anglo are due to report financial results this week

The world’s biggest mining companies are about to start revealing how much cash they’re churning out from this year’s commodity boom. Look out for record profits followed by eye-watering dividend payouts.

The top-five western diversified miners may have earned a combined $85 billion for the first half of the year, according to analyst estimates, more than double the level from a year ago. Rio Tinto Group, the first to report on Wednesday, is expected to announce $22 billion of profit for the six months, on a par with its total for all of 2020.

The mining sector has been one of the biggest beneficiaries of the world’s efforts to emerge from the pandemic. The trillions of dollars poured into recovery packages have ignited demand for commodities like steel, iron ore, and aluminum, driving prices sharply higher and sending inflation pressures rippling through the global economy.

And while previous rallies lured the industry into ambitious investment plans to build and expand mines, many producers this time appear content to return their profit windfalls to investors. The two biggest — Rio and larger rival BHP Group — have already been funneling record returns to shareholders.

Each of the group of five majors — which also includes Glencore Plc, Anglo American Plc, and Vale SA -- are expected to report their biggest-ever earnings for the six months through June, according to average analyst estimates compiled by Bloomberg. Rio could pay out 60 percent of its underlying earnings, according to some analysts.

Biocon likely to seek full marketing authorisation for Covid-19 drug

 Expects results from phase 4 study of itolizumab by end of this quarter

Bangalore-headquartered Biocon may consider applying for full marketing authorization for itolizumab, a novel antibody product used to treat Covid-19 patients, in India.

If the Drugs Controller General of India (DCGI) gives a nod for marketing authorization, itolizumab (brand name Alzumab) will become the first drug to have full authorization for use in Covid-19 patients. So far, repurposed drugs, such as Gilead’s remdesivir (an antiviral) or Roche’s tocilizumab (an antibody), have emergency use authorizations in different countries.

Arun Chandavarkar, managing director of the Bengaluru-headquartered company, said: “We expect results from the phase 4 study on itolizumab by the end of this quarter. This would be real-world data from around 300 patients.”

A phase 4 study is studying the use and impact of the drug in real-world scenarios. This happens after a drug has been approved and is available in the market. Phase 4 studies help to answer key questions like whether the drug has many side effects that were missed in the clinical trials, or how well the drug or treatment works over a long period.

“Based on these results, we may evaluate options to file for full authorization of the drug for use in Covid-19 patients. As of now, Alzumab has an emergency use authorization (EUA) from the DCGI. The data from the phase 4 study may help to get a full marketing authorization contingent to DCGI approval,” Chandavarkar said.

Doctors have used Itolizumab across the country during the second wave of the pandemic. Biocon said dosing the right patient at the right time was extremely critical for favorable outcomes with itolizumab.

The results from the phase 4 study may also help the drug to be included in the standard of care (SoC) protocol for Covid-19. The Indian Council of Medical Research (ICMR) protocol for Covid-19 treatment does not include the drug at the moment. The drug already has a marketing authorization for treating psoriasis, an auto-immune disorder, since 2013.

Zomato, Paytm, others face temporary disruption after Akamai outage

 Fintech major Paytm had tweeted that "some Paytm services are affected due to global outage at Akamai".

Various online platforms in the country, including Zomato and Paytm, faced temporary disruption in services late Thursday evening due to a global outage at internet infrastructure company Akamai Technologies.

In a tweet around 10 PM IST, Akamai said it was experiencing a service disruption. It said it was actively investigating the issue, and clarified that this was not the result of a cyberattack on its platform.

In a later update at 10.42 PM IST, Akamai said it has implemented a fix for the issue, and based on current observations, the service is resuming normal operations.

"We will continue to monitor to ensure that the impact has been fully mitigated," it added.

Fintech major Paytm had tweeted that "some Paytm services are affected due to global outage at Akamai".

In a later tweet, Paytm said all its services "are back online and working smoothly like before."

Zomato too attributed the outage on its app to the "widespread Akamai outage". "Phew! We are back!" read its latest tweet.

Several users have reported outages on the internet outage tracker website DownDetector.

Last month too, several major websites across the world, including the UK government's Gov.uk, had crashed for some time due to an outage at global website hosting service Fastly.

Reports of unused ventilators 'factually incorrect', says government

 It said the reports were "less than adequately informed and without any basis".

The Centre on Thursday dismissed as "without any basis and factually incorrect" media reports which claimed that the government kept 13,000 unused ventilators during the COVID-19 second wave crisis and that these were not delivered to the states/UTs.

"There are no ventilators which have been kept in the inventory by the central government and not given to states that needed them. Every lot of ventilators which is ready for dispatch is getting dispatched to the states and UTs promptly. Therefore, the observations and interpretations drawn in the article are not based on facts," the health ministry said in a statement.

It said the reports were "less than adequately informed and without any basis".

The Ministry of Health had placed the order for procurement of ventilators at the beginning of the pandemic itself, the statement stated.

The orders were placed between March 27 and April 17, 2020 for procurement of 58,850 ventilators, it said.

These were all Make-In-India ventilators considering the fact that there was a minimum possibility of sourcing imported ventilators from abroad in view of the fact that the global demand of ventilators had increased and the ventilator manufacturing countries had also imposed export restrictions.

The domestic capacity of manufacturing ventilators was very limited and these manufacturers were encouraged to ramp up production, which they carried out by sourcing technology as well as undertaking tie ups with companies who could assist them in augmenting the production, the statement said.

The health ministry said based on recommendations of the Empowered Group-III (meant for ensuring adequate supply of essential medical devices), these procurement orders were placed by the central dispensation.

Nearly two-thirds of global drowning deaths in Asia Pacific: WHO report

 New Delhi [India], July 23 (ANI): Nearly two-thirds of global drowning deaths occur in the Asia Pacific, said a World Health Organization (WHO) report.

WHO on Friday launched its first Regional Status Report on Drowning Prevention in the South-East Asia and Western Pacific regions.

During the launch of the report, Dr Poonam Khetrapal Singh, Regional Director, South-East Asia, WHO said, "Drowning is the third leading cause of unintentional injury death worldwide, accounting for 7 per cent of all injury-related deaths."

Low and middle-income countries account for more than 90 per cent of unintentional drowning deaths, and over half of the world's drownings occur in the South-East Asia and Western Pacific regions, according to WHO.

In 48 of the 85 countries with serviceable data on drowning, drowning is among the top five causes of death for children under the age of 15 years. Drowning accounts for 75 per cent of all deaths in flood disasters, which many countries in the South-East Asia and Western Pacific regions are particularly vulnerable to, the report says.

For the first time ever, these reports provide knowledge on the status of drowning prevention and water safety in each of the regions, giving a snapshot of the scale of the problem, efforts that are underway to take action, and opportunities to address what is an entirely preventable cause of mortality and morbidity.

EU is donating more than 200 million doses of vaccines by end of year

 The European Union announced on Thursday that it will donate more than 200 million doses of vaccines against Covid-19 to countries with average and low incomes before the end of this year

The European Union announced on Thursday that it will donate more than 200 million doses of vaccines against COVID-19 to countries with average and low incomes before the end of this year.

That is twice the initial amount the 27-nation bloc planned to deliver, mostly through COVAX, an UN-backed program to provide vaccines to the poorest parts of the world.

European Commission President Ursula von der Leyen said the EU had "taken on its responsibility in helping the world fight the virus".

"Vaccination is crucial - that is why it is essential to ensure access to COVID-19 vaccines around the world," she said.

According to EU data, COVAX has so far delivered 122 million doses of vaccines to 136 countries.

The EU said it had provided assistance to African countries to help them produce vaccines and medicines to reduce the continent's dependence on imports, the Associated Press reported.

Cash-strapped Vodafone Idea gets nod for FDI up to Rs 15,000 crore

 Fund-raise set to help cash-strapped telco cut debt and pay AGR dues

Cash-strapped telco Vodafone Idea’s proposal for the investment of up to Rs 15,000 crore through foreign direct investment (FDI) has been approved by the Union government, according to officials. A top-level group, comprising representatives from the ministries of home affairs, external affairs, finance and commerce, and industry, took the decision.

The nod, which is an enabling provision, would help the financially stressed company raise funds to pay up some of its dues linked to adjusted gross revenue (AGR), reduce debts, and use the money for operational expenses. This comes at a time when the company has approached the government seeking relief in payment of certain dues. An official in the Department of Telecom (DoT) said it’s a move indicating that the government does not want Vodafone's Idea to go under.

Vodafone Idea shares ended the day 2.8 percent higher at Rs 9.25 on BSE.

The company did not respond to queries. But, last September, it had said in a regulatory filing that the board of directors of the company had approved raising of Rs 15,000 crore each through the issue of equity shares of various forms and debt, with the total aggregate amount not exceeding Rs 25,000 crore.

Stuck with debt amounting to Rs 1.8 trillion (including deferred spectrum payment obligations of Rs 96,270 crore, AGR liability of Rs 60,960 crore, and loans of Rs 23,080 crore) as of March 31, 2021, Vodafone Idea had recently asked the government for a one-year moratorium to clear spectrum installment of over Rs 8,200 crore payable in April 2022. During a hearing in the Supreme Court, it cited the steep AGR payout and accumulating dues for its inability to make the payment. It had also mentioned challenges it was facing in raising funds as investors were wary about the low consumer tariffs and resulting in poor health of telcos. The company was arguing its case in court that the AGR dues calculated by the DoT were much higher than what they should have been.

B2B e-comm platform Indiamart's Q1 net profit rises 19% to Rs 88 cr

 B2B e-commerce platform Indiamart Intermesh on Thursday posted a 19 per cent increase in consolidated net profit at Rs 88 crore for the quarter ended June 30, 2021.

B2B e-commerce platform Indiamart Intermesh on Thursday posted a 19 per cent increase in consolidated net profit at Rs 88 crore for the quarter ended June 30, 2021.

The company had posted a net profit of Rs 74 crore in the same period a year ago.

"We have been able to navigate the disruptions caused by the second wave of COVID, much better than the last year, and have sustained profitable growth in this quarter.

"Our focus had been to continue supporting customers as well as employees in the times that had been personally challenging to many," Indiamart Chief Executive Officer Dinesh Agarwal said in a statement.

Revenue from operations rose 19 per cent to Rs 182 crore during the reported period, compared to Rs 153 crore in the corresponding quarter of 2020-21.

"As the overall demand environment improves, because of our strong network effect, financial position, and investments in strengthening the value proposition, we will continue supporting businesses transforming themselves to online and capitalize on the new growth opportunities arising from the accelerated adoption of the internet," Agarwal said.

Indiamart also filed a "statement of deviation or variation in utilization of funds raised through QIP by the Company, for the quarter ended June 30, 2021, reviewed by the Audit Committee".

The statement was with respect to the fund utilisation from proceeds of Rs 1,051.2 crore that the company had raised from qualified institutional placement (QIP) on February 22, 2021.

US private equity fund Lone Star lays off majority of Asia staff: Sources

 Texas-based private equity firm Lone Star Funds has laid off most of its investment team in Asia outside Japan in a major retreat from the region

(This July 21 story corrects to remove Singapore in paragraph 2, and corrects percentage in paragraph 3)

By Kane Wu and Chibuike Oguh

HONG KONG/NEW YORK (Reuters) - Texas-based private equity firm Lone Star Funds has laid off most of its investment team in Asia outside Japan in a major retreat from the region, three people familiar with the situation told Reuters.

The firm let go of around 25 investment professionals in its mainland China, Hong Kong, India offices on July 8, effective immediately, said two of the people, who declined to be named due to the sensitivity of the issue.

The people accounted for nearly 60% of its total workforce in the offices affected, one of the people said.

The retreat mainly resulted from the firm not finding much investment opportunity in Asia outside Japan, the people said.

It comes at a time when private equity dry powder in the region was at a record-high $384.9 billion in June, according to data provider Preqin, with global and local firms raising ever bigger funds, and shows some of them are struggling to put the funds to work due to increasing competition and regulatory uncertainty.

Lone Star, which mainly focuses on distressed opportunities, has retained a small number of people in asset management in its Asia offices who manage the firm's current portfolio, they said.

Pegasus row: No proof who targeted 50,000 phone worldwide, says Haryana CM

 Haryana Chief Minister Manohar Lal Khattar said that there was no proof as to who targeted the 50,000 smartphone numbers in 'Pegasus' spyware row, adding that even his number could be on the database

Haryana Chief Minister Manohar Lal Khattar on Wednesday said that there was no proof as to who targeted the 50,000 smartphone numbers in the 'Pegasus' spyware row, adding that even his number could be on the database.

Khattar's remarks came after various reports said that Pegasus has been linked to a list of 50,000 phone numbers, including those of politicians, journalists, activists, and business executives around the world.

The names of over 40 Indian journalists appeared on the leaked list of potential targets for surveillance by an unidentified agency using Pegasus spyware, according to a report published in The Wire on Sunday.

"Even my mobile number could be on the database which is the source of media reports. Those 50,000 mobile numbers released worldwide could have been targets. But there is no proof as to who targeted these numbers," Khattar said.

Responding to the claim that the Israeli spy software, Pegasus is only sold to government agencies, Khattar said that it might be a possibility that private agencies are procuring it secretly.

"Private agencies also procure it from them. Now, it may be that private agencies take it from them privately and not declare it," added Khattar.

Pegasus malware, created by Israel's NSO Group, has been hogging the limelight since at least 2016 when researchers said it had been used to spy on a dissident in the United Arab Emirates.

Oil prices keep overnight gains as demand hopes offset US stock build

 Oil prices held on to most of their gains from the previous session on Thursday, as signs of stronger demand helped offset an unexpected rise in US inventories

By Jessica Jaganathan

SINGAPORE (Reuters) - Oil prices held on to most of their gains from the previous session on Thursday, as signs of stronger demand helped offset an unexpected rise in U.S. inventories.

Brent crude slipped 21 cents, or 0.3%, to $72.02 a barrel at 0133 GMT, after rising 4.2% in the previous session. U.S. West Texas Intermediate (WTI) crude fell 18 cents, or 0.3%, to $70.12 a barrel, after rising 4.6% on Wednesday.

"The market shrugged off a rise in (U.S.) commercial inventories ... with most of the gains occurring on the West Coast, a distribution system that is separate from the rest of the country," analysts from ANZ Bank said in a note.

"Supplies at Cushing, the WTI pricing point, fell to their lowest level since January 2020," they added.

Crude inventories in the world's top oil consumer rose unexpectedly by 2.1 million barrels last week to 439.7 million barrels, up for the first time since May, U.S. Energy Information Administration data showed.

Analysts had expected a 4.5 million-barrel drop.

Still, gasoline and distillate inventories posted draws of 121,000 barrels and 1.3 million barrels, respectively, indicating higher demand due to the summer driving season.

With OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies like Russia, unlikely to get to the market soon and Iranian negotiations delayed, the most relevant risk to market fundamentals remains a deterioration of demand due to new restrictions, analysts from Citi said.