Prime Minister Narendra Modi on Saturday released Rs 20,946 crore to 10.09 crore farmers across India as the 10th installment of financial aid under the PM-KISAN scheme and said there was a need for innovation in agriculture along with promotion of natural farming. Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, a financial benefit of Rs 6,000 per year is provided to the eligible farmer families, payable in three equal installments of Rs 2,000. The PM-KISAN scheme was announced in the February 2019 Budget.
The government on Wednesday approved a production-linked incentive (PLI) scheme for the pharmaceutical sector, entailing an outlay of Rs 15,000 crore. The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the scheme which will benefit domestic manufacturers, help create employment and is expected to contribute to the availability of a wider range of affordable medicines for consumers. The duration of the scheme would be from 2020-21 to 2028-29 and is expected to promote the production of high value products in the country and increase the value addition in exports, an official release said.
Postman, a leading application programming interface platform, has secured $225 million in a Series D round, placing its valuation at $5.6 billion. With this, Postman has emerged as the most-valued software-as-a-service (SaaS) firm started by Indian founders, overtaking web and mobile testing firm BrowserStack, which was valued at $4 billion in June. The valuation of the San Francisco-headquartered firm with offices in Bengaluru, where it was founded, has almost trebled in just about one year and risen multi-fold since 2019. Postman, with team members spread across four continents, had secured $150 million in a Series C investment round led by Insight Partners at a $2-billion valuation last summer.
The number of times public sector undertakings (PSUs) have held conference calls with investors, their capital management, and debt financing are among the parameters that the Centre will use to judge their performance for the first time, a senior official in the know said. The government will evaluate PSUs for FY22 based on new parameters that were finalised by the Department of Public Enterprises (DPE) in consultation with the Department of Investment and Public Asset Management (DIPAM) last year, the official said. The government had included more conditions in the memorandum of understandings (MoUs) - used to set annual targets - that public sector enterprises sign with the DPE every year. These included a consistent dividend policy, which seeks to transfer dividends by PSUs every quarter; and market capitalisation or share price improvement over the sectoral index on an annual average basis for listed companies.
The country's largest lender State Bank of India (SBI) will revamp its banking application (app) YONO and position it as a complete digital bank (DB) under a new rubric 'Only YONO' for enhancing customer experience and ease of use. The bank plans to bring in a consultant to help draw up the project plan, keeping in mind business goals for the next five years. With 54 million monthly active users (MAUs), SBI YONO has seen growth of over 35 per cent in MAUs in 2021.
In a statement, Modi said he will be visiting Berlin on May 2 at the invitation of German Chancellor Olaf Scholz, following which he will travel to Copenhagen on May 3-4 at the invitation of his Danish counterpart Mette Frederiksen to hold bilateral engagements and also participate in the Second India-Nordic Summit.
Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world's second-largest internet market begins to recover from the COVID-19 crisis.
'To set up a successful business, one must have a solution to an existing problem or a better way of addressing the current solution.'
Challenge the status quo, question the why behind processes, and push yourself and your organisation. That's how you will win, even if you 'lose' is Neha Sampat's advice to wannabe entrepreneurs.
Billionaire Mukesh Ambani-run Reliance Industries Ltd's retail arm on Thursday raised Rs 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia, taking total fundraise in the last two months to Rs 47,265 crore. PIF will take a 2.04 per cent stake in Reliance Retail Ventures Ltd (RRVL), the Indian firm said in a statement. The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of Rs 4.587 lakh crore.
From March 3, investors in India will be able to trade in select US stocks through the NSE International Exchange (NSE IFSC), a wholly owned subsidiary of the National Stock Exchange (NSE). Investors can invest in NSE IFSC receipts on US stocks, which will be in the form of unsponsored depository receipts (DRs). For a start, this will include DRs of 50 US stocks such as Apple, Alphabet, Amazon, Tesla, Microsoft, Morgan Stanley, Nike, P&G, Coca-Cola, and Exxon Mobil. Indian retail investors will be able to transact on the NSE IFSC platform under the Liberalised Remittance Scheme (LRS) limits prescribed by the Reserve Bank of India (RBI), which currently stand at $250,000 per year.
Two US lawmakers have introduced a bill in the House of Representatives that aims at granting an automatic right to H-4 visa holders to work in the country, a move which will benefit the spouses of thousands of foreigners, including Indians, and also address the labour shortage affecting American businesses. H-4 visas are issued to dependent spouses and children who accompany H-1B, H-2A, H-2B, and H-3 visa holders to the United States. Many H-4 visa holders are highly skilled people in their own right and previously had careers of their own or worked to support their families.
HCL Technologies on Monday said its founder Shiv Nadar will take on the role of Chairman Emeritus and Strategic Advisor to the company's board. Nadar, chief strategy officer and managing director of the company, on completing 76 years of age, has tendered his resignation as the MD as well as the Director with effect from close of business hours on July 19, according to a regulatory filing. "In order to continue to benefit from his vast knowledge, experience, and wisdom in an advisory role, the Board of Directors in its meeting held today, after considering the recommendations of the Nomination & Remuneration Committee, has approved the appointment of Shri Shiv Nadar as the 'Chairman Emeritus and Strategic Advisor to the Board' for a term of five years with effect from July 20, 2021," it added.
'High-value homes are designed and built on slum lands and slums are given residue. They do not have access to free air and live in close proximity of others.'
Apart from fulfilling banking services, one can access more than 100 e-commerce sites, book tickets, and even pay for small value groceries through the app. The bank is now proposing to allow other banks to use this to serve their own customers.
London Marathon race director Hugh Brasher said on Friday that organisers are working to ensure the rescheduled race is held on Oct. 4 despite the cancellation of September's Great North Run due to the COVID-19 pandemic. The cancellation of the annual half marathon had raised doubts about the London Marathon going ahead due to the challenges faced by organisers in implementing social distancing protocols.
'Every day, after 'pack-up', Khansaab and Deepika would come for dance practice and rehearse till around 1-1.30 am.' 'The weather was a challenge because while on screen, it looks warm and sunny, it was actually bitterly cold, with a sharp, stinging wind which had the actors and dancers shivering in their summer clothing.'
10 stocks which are most popular with brokerages right now and are expected to deliver maximum upside over the next 12 months.
'There is no such thing as ultimate survivability.'
'It's all comparative -- who outperforms, who uses tactics, who optimises technology to the best is what makes the difference.'
Finance Minister Nirmala Sitharaman on Tuesday said monetisation of Central Public Sector Enterprises (CPSE) assets is based on the principle of value creation for the government and investors and would bring about a paradigm shift in infrastructure augmentation and maintenance. Chairing the National Workshop with the states/UTs on Asset Monetisation organised by Niti Aayog, the minister sought the collaboration of states for the holistic development of infrastructure. She said India can become a $5 trillion economy, while striking the right balance between fiscal imperatives and socio-economic welfare, through active collaboration between the public and private sector.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries
Four-nation grouping Quad on Tuesday launched a major new initiative for the Indo-Pacific that allows the partner countries to fully monitor the waters on their shores and help ensure peace and stability in the region, a move that comes amid China's increasingly intimidatory behaviour.
'Antiviral treatment will have no change. Spike protein change may affect the immunity protection.'
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced the buyout of British battery maker Faradion Ltd for an enterprise value of 100 million, as the oil-to-retail conglomerate continued with the acquisition of end-to-end technology for its multi-billion-dollar clean energy portfolio. Reliance New Energy Solar Ltd (RNESL), a unit of the nation's most valuable company, signed definitive agreements to acquire 100 per cent shareholding in Faradion for an enterprise value of 100 million and will invest an additional 25 million as growth capital to accelerate the commercial roll-out, the company said in a statement. Based out of Sheffield and Oxford in the UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies.
'The company's transition from an individuals-driven private firm to a board-driven listed public one will be carried out in a well-thought-through and well-executed manner.'
'We're seeing major Bollywood celebrities, fashion icons, and even movie studios all wanting to build Metaverse experiences'
'If India has to emerge as the world's laboratory and a global innovation hub, the minds of our youngsters must get an opportunity to flourish.'
Zomato has the potential to be an equally important milestone for Indian equity markets, notes Akash Prakash.
'If we go in the same direction as them, we cannot expect a different result from them.' 'Our fall is going to be very swift.' 'Within a decade, we can expect the situation to change for the worse.'
Trifacta's investors include Accel, Greylock Partners, Ignition and Cathay Innovation
Employers are now increasingly looking for candidates with a wide range of nuanced skills that will be crucial to have an edge in a competitive market, says Shekhar Bhattacharjee.
Indian industry snubbed Google Play's decision to cut by half its commission for developers when they make $1 million in annual revenue for in-app purchases, saying the US tech giant may continue its "abrasive & monopolistic abuse" as it owns the Android system. Google Play said Tuesday that beginning July 1 it would slash its 30 per cent billing fee to 15 per cent for developers globally when they make the first $1 million of their annual revenue.
... As the world swings from 'financialisation' to 'artificial intelligence', asks Ajit Balakrishnan.
The country's largest software services firm, Tata Consultancy Services (TCS) on Monday reported a 14.9 per cent rise in consolidated net profit to Rs 9,246 crore for the March 2021 quarter.
'The Russian attack might be a wakeup call for Europe.'
The department for promotion of industry and internal trade has rejected Walmart-backed Flipkart's proposal seeking approval for entry to the food retail sector, citing a regulatory issue, an official said on Monday. The government permits 100 per cent foreign direct investment in food retail for food produced and manufactured in India.
"For the next 25 years we need to focus on the five resolves - developed India, removing every trace of bondage from our mind, taking pride in our glorious heritage, unity, and fulfilling our duties," he said.
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
India has helped the world discover the true potential of democracy and the keyword for the country today is compassion for the downtrodden, needy and those on the margins, President Droupadi Murmu said on Sunday.
This makes it the most valued fintech company in the country after Paytm and Walmart-owned PhonePe.
