Russia says it will drastically cut military activity near Kyiv, Chernihiv

 

Russia's military said on Tuesday it would fundamentally" cut back operations near Ukraine's capital and a northern city, potentially a significant concession by Moscow since it invaded its neighbour more than a month ago.

Deputy Defense Minister Alexander Fomin said the move was meant to increase trust in talks aimed at ending fighting, as negotiators met face-to-face after several rounds of failed negotiations. But Russia's troops have been bogged down and struggling to make major advances recently.

The talks in Istanbul raised flickering hopes there could be progress toward ending a war that has ground into a bloody campaign of attrition. Fomin said Moscow had decided to fundamentally ... cut back military activity in the direction of Kyiv and Chernihiv to increase mutual trust and create conditions for further negotiations."

Ukraine's military said it had noted withdrawals around Kyiv and Chernihiv, though the Pentagon said it could not corroborate the reports.

An adviser to the Ukrainian president said the meeting in Istanbul was focused on securing a cease-fire and guarantees for Ukraine's security issues that have been at the heart of previous unsuccessful negotiations.

Sri Lanka seeks additional $1-bn credit line from India: Report

 

Sri Lanka has sought an additional credit line of $1 billion from India to import essentials amid its worst economic crisis in decades, two sources said on Monday, as the Indian foreign minister began talks with the government of its neighbour. Sri Lanka faces an economic crisis as it struggles to pay for essential imports of food and fuel after a 70% drop in foreign exchange reserves since January 2020 led to a currency devaluation and efforts to seek help from global lenders. New Delhi has indicated it would meet the request for the new line, to be used for importing essential items such as rice, wheat flour, pulses, sugar and medicines, said one of the sources briefed on the matter. "Sri Lanka has requested an additional $1 billion credit line from India for imports of essentials," the second source said.

"This will be on top of the $1 billion credit line already pledged by India." Both sources declined to be identified as the discussions were confidential. The finance and foreign ministries of Sri Lanka, as well as India's foreign ministry, did not immediately respond to requests seeking comment. Sri Lankan Finance Minister Basil Rajapaksa signed the earlier credit line of $1 billion in the Indian capital of New Delhi this month to help pay for critical imports by the Indian Ocean island nation.

Anarock to facilitate sale of 5,400 flats of Amrapali for Rs 2k cr in NCR

 

Homegrown housing brokerage firm Anarock, which has got the mandate to sell around 5,400 unsold flats of erstwhile Amrapali group, on Thursday said it has facilitated the sale of 150 units for Rs 70 crore in the last one month and expects a total sales bookings of over Rs 2,200 crore in the next four years. The state-owned NBCC has undertaken the completion of many residential projects in Noida and Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and supervision of the Supreme Court of India. The proceeds from unsold units will be utilised to complete the stalled projects of Amrapali group. "We have got the mandate as exclusive channel partner for the sale of around 5,400 unsold homes in projects by the erstwhile Amrapali Group.

The total sales bookings in value terms is estimated at about Rs 2,200 crore," Anarock Vice Chairman Santhosh Kumar told PTI. ADVERTISING The company has already facilitated sales of 150 units for Rs 70 crore within just 30 days, the property consultant said in a statement. Anarock, which was founded by Anuj Puri in April 2017, said it would deploy proprietary PropTech marketing tools to market these projects. NBCC Chairman and Managing Director (CMD) P K Gupta said: "41,000+ sold and 5,000+ unsold units in 20+ stalled projects, together accounting for 46,000+ units, will be delivered by NBCC in tranches by June 2024. It is the beginning of the biggest customer redressal initiative in the history of Noida/Greater Noida's real estate market." In the first phase, the properties on offer range from 1 BHKs to penthouses priced between Rs 20 lakh to Rs 1.5 crore in 20 projects in Noida and Greater Noida. According to Anarock, all included projects of Amrapali group will be completed and delivered by June 2024 at an estimated project cost of Rs 8,189.82 crore.

MDH denies any move to sell business to Hindustan Unilever

 

Leading spice maker MDH Ltd has refuted the reports of a possible sale of its business to FMCG maker HUL. The reports suggested that MDH promoters are in talks to sell their business to HUL. Terming such reports as "completely false, fabricated and baseless", MDH in a message posted on its official Twitter account urged people "not to believe such rumours". "MDH Pvt Ltd is a legacy, which Mahashay Chimi Lal Ji and Mahashay Dharampal Ji nurtured all their lives, and we are committed to taking that legacy forward with all our heart," said a message from MDH Chairman Rajeev Gulati.

FMCG major HUL, which owns popular household brands such as - Lux, Lifebuoy, Surf Excel, Rin, Wheel, Ponds - declined to comments on the issue. "We do not comment on market speculation," said an HUL spokesperson. A report had claimed HUL is in talks with the Delhi-based Mahashian Di Hatti Pvt. Ltd (MDH) to buy a majority stake. It had further claimed that the value of this deal may be anywhere between Rs 10,000 to Rs 15,000 crore. However, MDH declined any such considerations. Recently several leading FMCG players such as ITC and Tata Consumers Pvt Ltd have increased their play into the spices segment, which is considered to be a high margin business.

HDFC approves retail home loans to the tune of Rs 2 trillion in FY22

 

India’s largest mortgage financier, HDFC Ltd, has approved retail home loans to the tune of Rs 2 trillion in FY22 so far, signifying the huge demand for home loans in an otherwise subdued credit market. This is the highest ever home loan approval by the mortgage financier in a financial year. Interest rates for housing loans are, perhaps, at the lowest levels they have ever been and are one of the key reasons why there is a huge demand for housing loans in the market with all lenders, including public sector banks, private sector banks, and housing finance companies competing to offer the cheapest rates to gain market share.

The low interest rate is a consequence of the liquidity injected into the system by the central bank to tide over the coronavirus (Covid-19) pandemic. The demand for housing loans is being driven by first time homeowners as well as by those who are looking to move up the property ladder. Geographically, the demand for housing loans is coming both from metros and non-metros. And, if one were to look at the segments, demand is being driven by affordable housing as well as high-end markets. The sweet spot for housing is still in the price range of Rs 50 lakh to Rs 1 crore, the lender said in a statement.

HC allows Invesco appeal against order on EGM to remove Zee's Punit Goenka

 

The Bombay High Court on Tuesday allowed an appeal filed by Invesco Developing Markets Fund, the largest shareholder of Zee Entertainment Enterprises Limited (Zee), against a single-judge order granting interim injunction on holding an EGM to remove Zee's CEO Punit Goenka. A division bench of Justices S J Kathawalla and Milind Jadhav quashed and set aside the single bench order of October 2021.

"The appeal is allowed. The single bench order is quashed and set aside. We have held that the requisition notice (sent by Invesco to Zee) is neither illegal nor incapable of being set aside," the court said. Senior counsel Aspi Chinoy, appearing for Zee, sought the court to direct for a status quo to be maintained. The court then directed for the status quo to be maintained for a period of three weeks. The bench also said it has quashed all the observations made by the single bench in its order. In September 2021, Invesco had put out a requisition to the Zee Board of Directors to hold an extraordinary general meeting (EGM) on the grounds that it felt the company was not running as smoothly as desired.

SoftBank-backed Oyo to weigh 50% smaller IPO amid market turmoil: Report

 

Oyo, the high-profile affordable lodging startup that filed for an initial public offering last year, is considering slashing its fundraising target by half or even shelving the debut, according to people familiar with the matter. Faced with headwinds including slumping stock markets, Oyo-operator Oravel Stays Ltd. could clip its Indian IPO from the nearly $1 billion initially sought to half that, the people said, declining to be identified discussing internal matters. It’s considering also halving its expected valuation from the $12 billion originally targeted, they said. Oyo could even decide to suspend its IPO plans, the people said. The deliberations underscore investors’ reluctance to buy into IPOs during a time of extraordinary market turmoil.

The Airbnb Inc.-backed startup had already considered lowering its target valuation to $9 billion earlier this year after Paytm’s disastrous debut -- but that was before the Ukraine conflict and inflationary concerns ignited a global tech selloff. Oyo, backed by investors including SoftBank Group Corp and Sequoia, made preliminary filings in September aiming for an IPO in early 2022. Nearly six months later, the initial documents, known as a draft red herring prospectus, have yet to get a green light from India’s stock market regulator.

Accenture posts strong Q2, warns of potential impact from Ukraine conflict

 

IT consulting firm Accenture Plc said on Thursday its operations could be adversely impacted if the Russia-Ukraine conflict escalates, as the sanctions on Moscow increase the level of economic and political uncertainty. Accenture forecast third-quarter revenue above Wall Street estimates, but it excluded the impact of the war. The company said its forecast did not include "assumptions for a significant escalation or expansion of economic disruption or the conflict's current scope." Shares of the Dublin, Ireland-based company rose nearly 5% in premarket trading.

The stock has fallen nearly 22% so far this year. Earlier this month, Accenture said it was discontinuing business in Russia in response to the country's invasion of Ukraine. The company's revenue in Russia stood at $120 million during fiscal 2021. New bookings for the second quarter stood at $19.6 billion, lifted by demand for its cloud and security-related services as more businesses transform to hybrid work model. Analysts have also suggested that the enterprise software markets that include players such as Oracle and Salesforce are showing more positive trends in client spending. Revenue for the second quarter stood at $15.05 billion, compared with analysts' average estimate of $14.65 billion, according to Refinitiv IBES data. Accenture, whose clients include more than three-quarters of the Fortune Global 500 companies across communications, media & technology as well as financial services industries, is also strategically investing in cloud, acquisitions and partnerships to gain more market share.

Resolution talks between Future Group-Amazon failed: Lawyers tell SC

 

An out-of-court dialogue between Future Group, Reliance Industries and Amazon to resolve the legal battle for Future Group's assets has not led to a resolution, Future Coupons and Amazon's counsels told the Supreme Court (SC). On March 3, Amazon had proposed a dialogue with Future Group and Reliance Industries to end the legal deadlock and SC had given them time till March 15 to come up with a settlement. Also, Amazon told SC that it would like to begin arbitration proceedings in Singapore which were put on hold by the Delhi High Court. Future Group agreed to this.

Amazon’s counsel argued that the highest court has been told that no assets will be transferred; it's been recorded and during pendencey the orders have been flouted. Future Group’s counsel said that nothing had been transferred and that rents had not been paid for over two years. Future Group’s counsel also argued that the company had no money and landlords were terminating its leases. The SC Bench also said that it was getting a feeling that by adjourning the matter, it was being lenient. On Tuesday, the SC allowed Amazon to file an interim application and the case was adjourned until March 16.

Yes Bank must decide if it is Dish TV investor or a lender: Subhash Chandra

 

Breaking his silence over the Essel group’s dispute with Yes Bank, group patriarch Subhash Chandra said the bank should decide its role as shareholder of satellite TV broadcaster Dish TV India, or a lender, so that the group can accordingly take steps to settle the pending issues with the bank. In an interview, the founder of Zee group said the family's settlement offer is in Yes Bank’s court and the lender has not taken any steps yet to take the matter forward. “We are willing to give up control of Dish TV to Yes Bank, if the bank is interested in running the day to day operations of Dish TV as a shareholder. But if it’s a lender, then we are ready to negotiate to settle the account,” Chandra, 71, said.

After Yes Bank seized Chandra family's pledged shares following a default, the family’s stake fell to six per cent. The bank currently owns 25.63 per cent in Dish TV worth Rs 713 crore, as on Tuesday. The bank claims it has extended loans of Rs 5,270 crore to 10 different Essel Group entities between 2015 and 2018. According to Chandra, the promoter entities of Essel group owe Rs 4,200 crore but the bank has bunched several loans to other group companies, taking the total amount to Rs 5,270 crore. “We have already paid back 91 per cent of our lenders and we are ready to settle with Yes Bank by paying back more than what is the bank's stake in Dish TV,” Chandra said. “Our offer will be far better than other accounts where the bank has settled with a larger haircut.” A haircut is the amount the banks forego to settle a default account.

BHEL dispatches nuclear steam generator to NPCIL for Rajasthan project

 

State-owned BHEL has dispatched its 42nd nuclear steam generator to NPCIL for installation at a 700 MWe unit in Rajasthan Atomic Power Project. The steam generator was flagged off from BHEL's Trichy plant in the presence of senior officials of BHEL and NPCIL. "Bharat Heavy Electricals Ltd (BHEL) has achieved a major milestone with the despatch of its 42nd nuclear steam generator to Nuclear Power Corporation of India Ltd (NPCIL)," a company statement said. BHEL has been catering to the nation's nuclear programme since 1976 by way of design, manufacture, testing and supply of critical nuclear components like reactor headers, steam generators, steam turbine generators, among others. ADVERTISING The first stage of the indigenous nuclear power programme of the country has attained maturity with 18 operating Pressurised Heavy Water Reactors (PHWRs). As many as 12 PHWRs accounting for 74 per cent of the indigenous nuclear power capacity are equipped with BHEL-supplied steam turbine generator sets.

Top headlines: Feb inflation rises to 6.07%; Chandra named AI chairman

 

Retail inflation inched up to 6.07% in February mainly due to an uptick in food prices, remaining above the tolerance limit of the central bank for a second month in a row, showed the government data released on Monday. The Consumer Price Index (CPI) based retail inflation was 5.03% in February 2021 and 6.01% in January this year. According to the data released by the National Statistical Office (NSO), the rate of price rise in the food basket was 5.89% in February, up from 5.43% in the preceding month. The Reserve Bank of India mainly factors in the CPI-based inflation while arriving at its bi-monthly monetary policy.

Inflation printed at 6.07% in February, slightly higher than our estimates. This print, although does not reflect the increase in commodity prices due to Russia-Ukraine crisis. We expect inflation to rise further above 6% in March. For FY23, if oil prices average at $110 pbl in Q1 and moderate thereafter, inflation could still average at 5.7% in the year, taking into account the direct and indirect impact. That said, we do not expect the RBI to change its stance or policy rate at its April meeting," said Sakshi Gupta, senior economist, HDFC Bank. Asia's third-largest economy expanded 5.4% in the October-December quarter, slower than the 6% predicted by economists in a separate Reuters poll. Focusing on growth, not inflation, the Reserve Bank of India has held its interest rates steady at record lows for nearly two years but is due to increase borrowing costs next quarter. ndustrial production expanded by 1.3% in January on an annual basis, mainly on account of improved performance of mining and manufacturing sectors, official data showed on Friday. The Index of Industrial Production (IIP) had contracted by 0.6% in January 2021.

Putin says Russia to welcome volunteers from Middle East to fight Ukraine

 

Russian President Vladimir Putin gave the green light on Friday to bring in thousands of fighters from the Middle East to fight against Ukraine. At a meeting of Russia's Security Council, Defence Minister Sergei Shoigu said there were 16,000 volunteers in the Middle East who were ready to come to fight with Russian-backed forces in the breakaway Donbass region of eastern Ukraine. "If you see that there are these people who want of their own accord, not for money, to come to help the people living in Donbass, then we need to give them what they want and help them get to the conflict zone," Putin said. Shoigu also proposed that Western-made Javelin and Stinger missiles that were captured by the Russian army in Ukraine should be handed over to Donbass forces.

"As to the delivery of arms, especially Western-made ones which have fallen into the hands of the Russian army - of course I support the possibility of giving these to the military units of the Lugansk and Donetsk people's republics," Putin said. "Please do this," he told Shoigu. Russia invaded Ukraine on Feb. 24 soon after Putin recognised the breakaway territories as independent states, in an action condemned internationally as illegal. Russia says its "special military operation" in Ukraine was a forced response to what it calls genocide by Ukraine against Russian-speakers in the east of the country - a pretext rejected by Kyiv and the West as baseless war propaganda. Shoigu said the Russian military planned to strengthen its Western border after what he said was an increase in Western military units on Russia's border

Sebi tightens IPO valuation scrutiny, jolts startups eyeing listing: Report

 

India has tightened scrutiny of IPO-bound firms by questioning how key internal business metrics are used to arrive at valuations, unsettling bankers and companies which fear delays in listing plans, sources with direct knowledge told Reuters. India's push comes after the flop listing of SoftBank-backed payments firm Paytm's $2.5 billion IPO in November which sparked criticism of lax oversight of how loss-making companies price issues at what some say are lofty valuations.

The Securities and Exchange Board of India (SEBI) last month flagged concerns in proposing stricter disclosures, saying more and more new-age tech firms which "generally remain loss making for a longer period" were filing for IPOs, and traditional financial disclosures "may not aid investors." But even before the proposal is finalised, SEBI has in recent weeks asked many companies to get their non-financial metrics -- KPIs, or key performance indicators -- audited, and then explain how they were used to arrive at an IPO's valuation, five banking and legal sources said. Typically for a tech or app-based startup, KPIs could be figures like the number of downloads or average time spent on a platform -- metrics sources said are disclosed but difficult to audit or link to a company's valuation. SEBI is asking us to "justify the valuation," said one Indian lawyer advising several companies eyeing IPOs, adding it was "creating uncertainty and increasing cost of compliance." SEBI did not respond to a request for comment.

AAP crosses majority mark in early trends in Punjab Assembly poll results

 

In early trends, the AAP crossed majority mark with 79 seats at 9 Congress' Navjot Singh Sidhu was trailing at second place, SAD's Bikram Majithia trailing in Patiala Assembly constituency, and Punjab Lok Congress leader and former Punjab CM Captain Amarinder Singh place in after results of the second round of counting. Charanjit Singh Channi was trailing from Chamkaur Sahib. As per ECI, Congress had 14 followed by SAD (7). ADVERTISING Punjab Congress chief Navjot Singh Sidhu was trailing on the second position in Amritsar East constituency behind AAP's Jeevan Jotbkaur. Counting for 117 assembly seats in Punjab began at 8 am across state on Thursday. Exit polls on Monday predicted a clear victory for the Aam Aadmi Party (AAP) in Punjab with the scale of the party's victory varying across various surveys.

AAP's Chief Ministerial candidate Bhagwant Mann residence in Dhuri is decorated with flowers ahead and Jalebi preparation had begun even before the counting had started. If AAP wins Punjab, it will be the party's maiden victory in the state and a vast improvement from its performance in the 2017 elections when it had finished second behind Congress. Congress went into the polls having battled factionalism and anti-incumbency. The party changed its chief minister in September last year even as new Congress chief Navjot Singh Sidhu hinted about his own chief ministerial ambitions. The Congress finally declared Charanjit Singh Channi, the first Dalit Chief Minister of Punjab, as its chief ministerial candidate days before the polling on February 20.

Fought hard but failed to send Adityanath 'back to Gorakhpur': Akhilesh

 

While the BJP threw a pantheon of star campaigners, Akhilesh Yadav's was virtually the lone face of his Samajwadi Party in the Uttar Pradesh elections. From distributing tickets to choosing allies, it was the SP president's one-man show. At 48, he is a year younger to Yogi Adityanath, the UP chief minister and the man he hoped to send back to Gorakhpur. That didn't happen and the BJP appeared set for another term in office. Yadav fought hard, but his party trailed well behind the BJP. Born in Saifai on July 1, 1973, Yadav entered politics in 2000, winning a Lok Sabha bypoll from Kannauj and is now the MP from Azamgarh.

He contested his debut assembly election this time, picking Karhal, a segment in his father's Mainpuri parliamentary constituency. ADVERTISING The SP president, who burnt his fingers by partnering with the Congress in the 2017 UP polls and had joined hands with Mayawati's Bahujan Samaj Party in last general election, this time chose to enter into an alliance with a string of small regional parties. Briefly, he outmanoeuvred the BJP by inducting ministers Swami Pradesh Maurya, Dara Singh Chauhan and Dharam Singh Saini in an attempt to get the Other Backward Classes (OBC) on his side.

BJP's win in UP due to communalism, control of media, money power: CPI(M)

 

The CPI(M) on Thursday said the BJP's emphatic victory in the Uttar Pradesh Assembly polls is due to communal polarisation, control of sections of media and money power. The BJP raced towards a second straight win in politically crucial Uttar Pradesh and dominated the score chart in three other states, while the Aam Aadmi Party announced its national presence with a landslide victory in Punjab. "The BJP has won a second successive victory in the UP elections. With intensified communal polarisation, control over large sections of media and immense money power, the BJP retained government with a reduced majority.

Despite the immense economic hardships faced by the people, relief measures like provision of free foodgrains have had an impact," a statement by the CPI(M) said. On the Punjab results, the Left party said it is a "decisive change" to reject traditional parties. "In Punjab, the Aam Aadmi Party (AAP) secured a sweeping victory. The people of Punjab have voted for a decisive change, rejecting the two traditional parties -- Congress and Akali Dal," it said. The party added that democractic forces have to redouble their efforts to fight the BJP. "Overall, these results indicate the continuing dominance of right-wing politics. The Left and democratic forces will evolve fresh strategies and redouble their efforts in the fight against the Hindutva-Corporate regime, its policies and growing authoritarianism," it added. 

Tata group to name Air India CEO in few days after Ilker Ayci says no

 

The Tata group is likely to announce a new chief executive officer for Air India in the next few days after its first pick, Turkey’s Ilker Ayci, refused the job due to controversy over his relationship with that country’s president. “The name of the new CEO is being finalised. Since it is an important appointment and as a part of good corporate governance the appointment would be discussed with the board of Tata Sons. There is no decision yet but it will happen in a few days,” said a person familiar with the matter. Tata Sons, the holding company of the group, did not comment. The group took over Air India from the government on January 27 and working on its revamp. While steps have been initiated to improve in-flight service and punctuality, Tata Sons chairman N Chandrasekaran aims to make Air India the most technologically advanced network carrier. A five-member committee is overseeing the airline now. Tata group nominees too will be appointed on Air India board shortly and the government has already cleared their appointments. These include Chandrasekaran, HUL chairman Sanjiv Mehta and former chairman of General Insurance Corporation Alice Vaidyan.

Shipping Corp says war in Ukraine needs to abate for stake sale to move

 

Shipping Corp. of India Ltd.’s proposed privatization may need to wait until the market turbulence triggered by Russia’s invasion of Ukraine blows over and investors regain confidence. “Globally markets are facing impact of the crisis, I don’t think this is the right opportune moment,” Shipping Corp. Chairperson and Managing Director Harjeet Kaur Joshi said in an interview to Bloomberg Television on Tuesday. The performance of the market will “majorly” drive the timing for the divestment, she said, adding that is not the government’s view. The war in Ukraine is sparking supply crunch concerns as Russia is a key supplier of energy, metals and crops. Moves to isolate Moscow has led to a surge in commodities prices from crude, nickel to aluminum and wheat. Oil freight transportation costs from Russian ports are surging as shipowners avoid business with the nation. Over a thousand seafarers and about hundred ships are stranded near Ukraine as the war shut ports. The war hasn’t affected Shipping Corp.’s operations as Indian refiners buy very little crude from Russia, Joshi said. The deadline for financial bids for privatizing Shipping Corp. was extended from January 18 as bidders sought a more detailed due diligence given the mammoth size of the firm, she said, adding the company is in the process of providing data. Shipping Corp. is simultaneously demerging its non-core assets as part of the divestment transaction, she said.

Citigroup plans 900 hires for commercial banking unit in Asia Pacific

 

Citigroup Inc's commercial banking unit will hire 900 staff over the next three years, a large part of which will be for the U.S. bank's Asia Pacific business, as it plans to fast-track growth. The U.S. lender said on Monday that along with launching in new markets and expanding its digital capabilities, the Citi Commercial Bank (CCB) unit is looking to ramp up its presence in high-growth and emerging markets. The bank, which currently operates in 60 countries and focuses on lending to mid-sized companies, said a bulk of the hires are expected to be in areas where it sees an increase in business activity, particularly the United States, China, Brazil, India and countries in Western Europe. The move comes at a time when the Wall Street institution has been cutting down its international footprint by exiting non-core markets. Chief Executive Jane Fraser, who took the helm last year, has looked to simplify the bank and bring its profitability more in line with its peers. In a separate statement on Tuesday, Citi said, as part of its global headcount expansion plan, it would hire close to 350 people, including nearly 200 commercial bankers, over the next three years to accelerate growth in the Asia Pacific region. The hiring represents the largest investment in headcount across the bank globally, it said. A majority of these hires will be placed in China, Hong Kong, India and Singapore. China and India will each get around 80 new hires. Hong Kong will add close to 100 people, while another over 30 will go to Singapore. The arrangement will strengthen Citi's services, including treasury and trade solutions, securities, and its collaboration with global wealth management. In 2021, the Asia Pacific business contributed 41% to the bank's global revenues of $2.7 billion.

Delhi school students pitch ideas to investors at Business Blasters expo

 

It is a warm Saturday spring afternoon, and the air is almost electric at Delhi’s Thyagaraj stadium as queues form outside the gates. The excitement isn’t for a sports event. Those who’ve turned up at the stadium on March 5 are here for a unique expo-style exhibition. Inside is an army of students from Delhi’s government schools. They are here to pitch their ideas to investors and venture capitalists and seek both capital and mentorship. The mega event — the Business Blaster expo — is the next step of Delhi government’s entrepreneurship mindset curriculum, launched in September 2021 wherein some 300,000 students received Rs 2,000 each as seed money to build on their proposed business ideas. Now 775 of those students, split in 126 teams, have made it to the expo in the hope of taking their entrepreneurial dreams to the next level. In a separate meeting room, investors sit down with team leaders of projects they are interested in, working out deals. At the end of the day, 200 Letters of Intent are signed. But first, the investors get a demo on the business ideas. At the end of the hall, a siren goes off from time to time. Turns out the sound is emerging from a stall selling security alarms for home. A few metres away, at Stall No 68, visitors sample a healthy powder made from date seeds but which tastes like coffee. Among them is marketing professional Ritesh Jain, whose mother saw the project on the Business Blasters TV show and was intrigued by the concept. “It seems interesting and I am keen on seeing what their business plan and total addressable market is,” says Jain.

Investors' wealth slumps over Rs 5.59 trn in three days of market fall

 

Investors' wealth tumbled more than Rs 5.59 lakh crore in three days of market fall as sentiments remained muted amid the Russia-Ukraine conflict and its impact on the global economy. Continuing its decline for the third day on Friday, the BSE gauge plummeted 1,214.96 points or 2.20 per cent to 53,887.72 during the day. It settled at 54,333.81, a decline of 768.87 points or 1.40 per cent. In three days, the benchmark index tanked 1,913.47 points or 3.40 per cent. Tracking decline in equities, the market capitalisation of BSE-listed companies plunged Rs 5,59,623.71 crore to Rs 2,46,79,421.38 crore in three days. "Markets ended the week with a sharp cut, reflecting the feeble global sentiment. After the sharp reaction in early trade, the benchmark oscillated in the broader range to finally settle around the day's low," Ajit Mishra, vice-president (research) of Religare Broking Ltd, said. In Friday's trade, Titan, Maruti Suzuki India, Asian Paints, Mahindra & Mahindra and Hindustan Unilever Limited were the biggest drags on the Sensex, tumbling up to 5.05 per cent. In the broader market, the BSE midcap and smallcap indices also faced heavy selling, tumbling up to 2.36 per cent.

Vodafone Idea board approves Rs 14,500-cr fund-raising plan

 

Telecom major Vodafone Idea's board on Thursday approved proposal to raise funds up to Rs 14,500 crore. The board approved issuance of up to 3.38 billion equity shares at issue price of Rs 13.30 per share to promoters on preferential basis. "Issuance of upto 3.38 billion equity shares of face value of Rs 10 each at an issue price of Rs 13.30 per equity share (including a premium of Rs. 3.30 per equity share), which is at a 10% premium to the floor price of Rs 12.08 for an aggregate consideration of up to Rs 4,500 crore to Euro Pacific Securities Ltd. and Prime Metals Ltd. (Vodafone Group entities and promoters of the company), and Oriana Investments Pte. Ltd (Aditya Birla Group entity forming part of the promoter group)," the telco said in a stock exchange filing. The board also approved issue of equity shares or securities convertible into equity shares, Global Depository Receipts, American Depository Receipts foreign currency convertible bonds, convertible debentures, warrants of up to Rs 10,000 crore in one or more tranches. The board also approved convening of an extraordinary general meeting of the company on March 26. Shares of Vodafone Idea (Vi) surged 6% to Rs 11.08 on the BSE on Thursday in an otherwise slippery market ahead of the board meeting. The stock of telecom services provider quoted higher for the fourth straight day, and has rallied 16% during the period. The stock had hit a 52-week high of Rs 16.79 on December 10, 2021.

Leave Kharkiv immediately: Indian embassy in Ukraine to Indians

 

In an urgent advisory, the India embassy in Ukraine on Wednesday asked all Indians stranded in Kharkiv to leave the conflict zone immediately. The embassy asked Indians to proceed to settlements in Pesochin, Babaye and Bezlyudovka as soon as possible. "For their safety and security, they must leave Kharkiv immediately repeat immediately in the light of the detriorating situation. They should proceed to Pesochin, Babaye and Bezlyudovka as soon as possible for their safety," the embassy said. "Under all circumstances, they must reach these settlements by 1800 hours (Ukrainian time) today," it said. The advisory did not specify where these places are but according to Google Maps, they appear to be on the outskirts of Kharkiv. The advisory came amid raging fighting between Russian and Ukrainian forces in Kharkiv. Naveen Shekarappa Gyanagoudar, a fourth-year medical student at the Kharkiv National Medical University, was killed in intense shelling in Kharkiv on Tuesday. The Ukrainian government's center for strategic communications released images Wednesday of strikes hitting Kharkiv, with balls of fire lighting up the city skyline over populated areas. Kharkiv resident Marina Boreiko described strikes hitting a neighbouring building Tuesday, and her shock at seeing bodies lying in the rubble.