Good web design has visual weight, is optimized for various devices, and has content that is prioritized for the medium.
The real problem is not whether machines think but whether men do
Good web design has visual weight, is optimized for various devices, and has content that is prioritized for the medium.
Any sufficiently advanced technology is indistinguishable from magic
Good web design has visual weight, is optimized for various devices, and has content that is prioritized for the medium.
Fintech firm BharatPe elevates Nalin Negi as CEO-Telangana Today
Under him as an interim CEO and CFO, BharatPe recorded 182 per cent increase in revenue from operations in FY23 and clocked October as the first EBITDA positive month.
Published Date – 16 April 2024, 11:46 AM
New Delhi: Fintech company BharatPe on Tuesday announced the elevation of Nalin Negi as its Chief Executive Officer (CEO).
Under him as an interim CEO and CFO, BharatPe recorded 182 per cent increase in revenue from operations in FY23 and clocked October as the first EBITDA positive month.
BharatPe said it will now search for a new CFO.
“Negi’s extensive experience in the fintech industry and the growth witnessed for BharatPe under his leadership, makes him a natural choice to lead the company,” said Rajnish Kumar, Chairman of the Board, BharatPe.
Negi joined BharatPe in 2022. As the CEO, he will focus on leading the company into its next phase of development, driving innovation to empower merchants across the country.
“Going forward, our strategic focus will be on sustained profitability, scaling lending businesses, and launching new merchant-centric products,” said Negi.
“We are committed to building on the strong foundation, fostering financial inclusion and delivering value to our merchants, partners, and stakeholders,” he added.
Prior to joining BharatPe, he held senior leadership positions at financial service companies including SBI Cards and GE Capital.
BharatPe has an entrenched network of over 1.3 crore merchants across more than 450 cities, and is one of the leading players in UPI offline transactions, processing over 370 million UPI transactions.
Sensex drops over 300 points amid global headwinds-Telangana Today
Sensex slides by 377 points to 73,867 on Monday. Hindustan Unilever, Tata Motors, ICICI Bank, Tech Mahindra, SBI, and Wipro dip over 1% in trading.
Updated On – 15 April 2024, 03:03 PM
Mumbai: BSE Sensex is trading down by more than 300 points as the markets face headwinds from global factors.
Sensex is trading at 73,867 points, down by 377 points on Monday. Hindustan Unilever, Tata Motors, ICICI Bank, Tech Mahindra, SBI, and Wipro are down more than 1 per cent in trade.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said that there are many headwinds that will weigh on markets on Monday including the renewed conflict in the Middle East, proposed changes in the India-Mauritius tax treaty and the hotter-than-expected US inflation.
“Partly these negatives are in the price since a retaliation from Iran was expected and the higher US inflation was discounted by the market on Friday. Signals from the crude market indicate that the Iran-Israel conflict is unlikely to escalate,” he said.
Investors have to be guarded since the element of uncertainty is high during a tense situation like this, he added.
IT stocks will be resilient on the back of better-than-expected numbers from TCS and a promising outlook for FY 25. Banking stocks will exhibit strength since the results will be good and valuations are fair, he said.
Devarsh Vakil – Deputy Head of Retail Research, HDFC Securities, said the Israel-Iran conflict, domestic and global economic macroeconomic data, crude oil prices, January-March quarter results for FY24, general elections 2024, and global cues are likely to keep investors on their toes and will guide market direction this week.
Zerodha’s Nikhil Kamath launches grant fund for young entrepreneurs-Telangana Today
The initiative targets individuals with the capacity to innovate their fields with creative ideas and compelling visions
Updated On – 15 April 2024, 03:06 PM
New Delhi: Leading stock broker Zerodha co-founder Nikhil Kamath on Monday launched a non-dilutive grant agnostic fund ‘WTFund’, dedicated to nurturing young, promising entrepreneurs aged 25 and under.
This initiative focuses on individuals who have the potential to revolutionise their industries through creative ideas and compelling visions.
“Today, young founders tend to create the most impact within entrepreneurship. At WTFund, our goal is to cultivate a culture that encourages young entrepreneurs to embrace risk by providing a comprehensive support system,” Kamath said in a statement.
The fund offers a comprehensive package including a non-dilutive grant of Rs 20 lakh, enabling founders to retain full equity in their ventures.
Additionally, the fund provides access to operator-first mentorship pods, a vibrant community through the WTFund ecosystem.
Forty young entrepreneurs will be selected for funding and mentorship over one year.
They will undergo a rigorous screening process and receive support until they secure their first institutional funding.
The WTFund is open to investing in all sectors. This initiative will provide a comprehensive growth platform for emerging founders, creators, makers, and dreamers, offering them financial support and a unique opportunity to engage with a vibrant community of like-minded individuals.
Gold prices surge amid middle east tensions-Telangana Today
At 11:30 a.m., gold futures maturing on June 5, 2024, were priced at Rs 72,302 per 10 grams on the MCX, marking a Rs 541 rise from Friday’s closing of Rs 71,843.
Updated On – 15 April 2024, 03:09 PM
New Delhi: Gold price rose on the Multi Commodity Exchange (MCX) on Monday tracking the global market for the precious metal which firmed up amid the worsening geopolitical crisis in the Middle East region following Iran’s drone and missile attack on Israel.
Gold futures, maturing on June 5, 2024, stood at Rs 72,302 per 10 grams on the MCX at 11:30 a.m., an increase of Rs 541 over Friday’s close of Rs 71,843.
In the international market, spot gold price is trading around $2,360 per troy ounce, which is around 0.70 per cent higher from its Friday close.
Gold prices have been driven up by the safe haven demand by investors in the wake of uncertainty caused by rising geopolitical tensions. Central banks of various countries have also been buying the precious metal in large quantities.
Gold prices have now risen by around 17 per cent in India over the last two months from around Rs 62,000 per 10 grams range to levels around Rs 72,700.
The price of 24-carat gold in Delhi on Monday was around Rs 72,690 per 10 grams while in Mumbai it was hovering around Rs 72,540. The gold price was the highest in Chennai at Rs 74,790 per 10 grams while in Kolkata and Bengaluru it was hovering around Rs 72,540.
Byju CEO Arjun Mohan resigns, Byju Raveendran to take hands-on role-Telangana Today
After Mohan’s resignation, Byju Raveendran, the company’s Co-founder and CEO, will assume a more hands-on role in leading daily operations. Mohan will remain with the edtech firm in an “external advisory role.”
Published Date – 15 April 2024, 11:54 AM
New Delhi: In an abrupt move, Arjun Mohan, who was elevated as the embattled edtech firm Byju CEO just about seven months back, has quit to pursue other opportunities, the company confirmed on Monday.
The company’s Co-founder and CEO Byju Raveendran will take a more hands-on approach in spearheading the daily operations of the company after Mohan’s resignation, who will be part of the edtech firm in an “external advisory role”.
The move is aimed at streamlining the operations and positioning the company for “long-term success”.
“Mohan has done an outstanding job steering Biju’s through a challenging period. We are grateful for his leadership and look forward to his continued contributions as a strategic advisor,” Raveendran said.
The company has now decided to consolidate its business into three “focused” divisions — The Learning App, Online Classes & Tuition Centres, and Test-prep.
Each of these units will have separate leaders who will independently run the businesses sustainably to ensure profitability, said the company.
“This reorganisation marks the start of BYJU’S 3.0 — a leaner and more agile organisation ready to quickly adapt to evolving market dynamics, especially in the realm of hyper-personalised education,” according to Raveendran.
Facing a severe cash crunch, the edtech company in September last year elevated Mohan as the CEO of its India operations.
Mohan succeeded Mrinal Mohit, founding partner and the outgoing head of India business at the company, who embarked on a new journey to pursue personal aspirations.
“By focusing on our core strengths with three specialised business units, we will unlock new growth opportunities while continuing to focus on profitability,” said Raveendran.
Rupee drops to 83.44 against US dollar-Telangana Today
Forex traders cited a robust US dollar in global markets and crude oil prices above USD 90 per barrel as factors dampening investor sentiment.
Published Date – 15 April 2024, 10:36 AM
Mumbai: The rupee declined 6 paise to 83.44 against the US dollar in early trade on Monday, tracking negative equity markets and withdrawal of foreign funds amid renewed concerns over geopolitical tensions in the Middle East.
Forex traders said a strong American currency in the overseas market and curde oil prices hovering above USD 90 per barrel also dented investor sentiments.
At the interbank foreign exchange, the rupee opened at 83.46 against the dollar and gained slightly to 83.44 in the initial trade, registering a fall of 6 paise over its previous close.
On Friday, the rupee closed 7 paise lower at 83.38 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength ag1111106ainst a basket of six currencies, was trading 0.08 per cent lower at 105.75.
The higher dollar index was attributed to diminishing expectations of an immediate rate cut by the US Federal Reserve.
Brent crude futures, the global oil benchmark, declined 0.31 per cent to USD 90.17 per barrel.
On the domestic equity market, the 30-share BSE Sensex was trading 569.05 points, or 0.77 per cent lower at 73,675.85 points. The broader NSE Nifty was down 178.95 points, or 0.79 per cent, to 22,340.45 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they sold shares worth Rs 8,027 crore, according to exchange data.
India’s forex reserves jumped by USD 2.98 billion to a fresh peak of USD 648.562 billion for the week ended April 5, the RBI said on Friday.
Indian aviation industry cleared for takeoff despite engine woes: ICRA report-Telangana Today
Despite facing supply chain challenges and engine failures, the industry is poised for significant growth in the coming years.
Published Date – 12 April 2024, 03:04 PM
New Delhi: The Indian aviation industry is set to scale new heights. Despite facing supply chain challenges and engine failures, the industry is poised for significant growth in the coming years, according to a recent report by the ICRA Limited, a leading credit rating agency.
“In FY2024, Go Airlines (India) Limited grounded half of its fleet due to faulty P&W engines, which led to the stalling of its operations. InterGlobe Aviation Limited (IndiGo) had also grounded more than 70 aircraft due to the Pratt & Whitney (P&W) engine issues, as of February 2, 2024, including an issue from powder metal (used to manufacture certain engine parts) contamination with its P&W fleet,” the report said.
It is estimated that 24-26 per cent of the total fleet of the Indian airlines in operations was grounded by March 31.
“Considering the bulk recall of the engines globally by P&W and other existing issues with the Original Equipment Manufacturer (OEM) engines, the testing by the P&W is likely to take longer at 250-300 days,” the report said.
“This will result in high operating expenses towards the cost of grounding, an increase in lease rentals due to an additional aircraft being taken on lease to offset the grounded capacity, rising lease rates and lower fuel efficiency (due to replacement with older aircraft taken on spot lease), which will adversely impact an airline’s cost structure,” it added.
However, healthy yields, high passenger load factor (PLF) and partial compensation available from OEM’s engines would help absorb the impact to an extent.
Meanwhile, the report also claimed that the capacity deployment for March 2024 was higher by 1.8 per cent over March 2023 (93,785 departures in March 2024 against 92,098 departures in March 2023).
“Further, the number of departures in March 2024 was higher by 9.2 per cent on a sequential basis,” ICRA said in its report.
The report said that for March 2024, domestic air passenger traffic stood at 135 lakh against 129 lakh in March 2023, implying a YoY growth of 4.9 per cent.
“However, on a sequential basis, domestic air passenger traffic in March 2024 was higher by 6.9 per cent, with February having a lower number of days than March,” it said.
The ICRA said that while some airlines have adequate liquidity and/or financial support from a strong parent, supporting their credit profiles, the credit metrics and liquidity profile of others will remain under stress over the near term, despite some improvement relative to the last few years.
With half of Go Airlines (India) Limited’s fleet grounded due to faulty P&W engines, it faced payment defaults with vendors, aircraft lessors and financial creditors.
Consequently, GoFirst filed for insolvency with the National Company Law Tribunal (NCLT), which imposed a moratorium on the airline’s assets and prohibited the lessors from repossessing their aircraft, which was upheld in the National Company Law Appellate Tribunal (NCLAT).
The airline lost its airline code ‘G8’ assigned by the International Air Transport Association (IATA) for being non-operational since May 2023.
The NCLT in, February 2024, extended the deadline for the completion of the resolution process of GoFirst by another 60 days. A two-member bench of the Delhi-based NCLT admitted the plea filed by the resolution professional (RP) of GoFirst seeking an extension of the timeline to complete the corporate insolvency resolution process (CIRP).
“The maximum period for completing the resolution process as per Section 12 of the IBC (Insolvency and Bankruptcy Code) is 330 days, which ended on April 4, 2024. However, the NCLT on April 8, 2024, granted an extension of another 60 days till June 3, 2024, to complete the CIRP,” the report said.
