Business

IIT Hyderabad, Kathmandu University to offer joint doctoral programme-Telangana Today

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Many more decisions to strengthen the ties between the two Institutes were taken during the recent visit of the IIT-H delegation to KU.

Updated On – 11:14 AM, Mon – 7 August 23


IIT Hyderabad, Kathmandu University to offer joint doctoral programme



Sangareddy: The Indian Institute of Technology Hyderabad (IIT-H) and Kathmandu University (KU) have agreed to offer a Joint Doctoral Programme (JDP) at the Ph.D. level in all areas of research. Many more decisions to strengthen the ties between the two Institutes were taken during the recent visit of the IIT-H delegation to KU.

Under this JDP program, bright and motivated students from India and Nepal will have the opportunity to work on frontier areas of science, technology, design, and medical innovations. The students admitted to the JDP at KU will have an opportunity to spend up to one year at IIT-H, supported by an IIT-H scholarship during their stay at IIT-H and vice versa.

This association is aimed at developing successful academic and research collaborations in the areas of common interest and complementary capabilities. It seeks to harness the synergy at both institutions to propel excellent research.

Further, IIT-H will host 10 BTech students from KU in the final year (4th year) from the August 2023 cycle with an aim to provide much-needed research exposure among undergraduate students. IIT-H also agreed to host undergraduate students from KU for a short research internship.

To take the mutual academic and research collaboration to newer heights, both Institutes also agreed to exchange their faculty to work collaboratively on the grand challenges which are common to both countries. Both Institutes agreed to further foster their ongoing collaboration, especially in the area of Medical Technology, Yoga and Heritage Science.

Prof Bhola Thapa, Vice-Chancellor, KU, and Director IIT-H Prof BS Murthy spoke.

Business

Vijay Shekhar Sharma, Paytm promoter, to repurchase 10.3% stake from Antfin for USD 628 million-Telangana Today

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Vijay Shekhar Sharma has entered into an agreement to acquire 10.3 per cent of the company’s shares from Antfin (Netherlands) Holdings.

Published Date – 11:01 AM, Mon – 7 August 23


Vijay Shekhar Sharma, Paytm promoter, to repurchase 10.3% stake from Antfin for USD 628 million

Vijay Shekhar Sharma has entered into an agreement to acquire 10.3 per cent of the company’s shares from Antfin (Netherlands) Holdings.

Mumbai: Vijay Shekhar Sharma, Founder, Managing Director, and CEO of One 97 Communications Limited, Patym’s parent company has entered into an agreement to acquire 10.3 per cent of the company’s shares from Antfin (Netherlands) Holdings BV for USD 628 million.

The transaction will be conducted through Vijay’s 100 per cent owned overseas entity, Resilient Asset Management BV, based in the Netherlands.

Upon completion of the off-market transfer, Sharma’s overall shareholding in Paytm, both direct and indirect, will increase to 19.42 per cent.

In contrast, Antfin’s shareholding will reduce to 13.5 per cent, making it no longer the largest shareholder in the company.

The acquisition will be carried out at the prevailing market price, with the 10.30 per cent stake valued at 628 million USD based on the closing price as of August 4, 2023.

To facilitate the transaction, Resilient will issue Optionally Convertible Debentures (OCDs) to Antfin, allowing the latter to retain economic value from the 10.30 per cent stake.

Vijay Sharma will continue as the Managing Director and CEO, and the existing Board remaining intact.

“I am proud of Paytm‘s role as a true champion of made-in-India financial innovation, and our achievements in revolutionizing mobile payments and contributing to formal financial services inclusion in the country. As we announce this transfer of ownership, I would like to express my sincere gratitude to Ant for their unwavering support and partnership over the past several years,” Vijay Shekhar Sharma said in a statement.

He also expressed his gratitude to Antfin for their unwavering support and partnership over the years.

Business

OYO to add 50 hotels, homestays in Rameswaram, Ramanathapuram-Telangana Today

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Hospitality technology platform OYO on Monday said it plans to add 50 hotels and homestays by the end of this year in Rameswaram and Ramanathapuram.

Published Date – 12:49 PM, Mon – 7 August 23


OYO to add 50 hotels, homestays in Rameswaram, Ramanathapuram



New Delhi: Hospitality technology platform OYO on Monday said it plans to add 50 hotels and homestays by the end of this year in Rameswaram and Ramanathapuram.

Aimed at unlocking the untapped tourism potential of Rameswaram, the plan seeks to project and promote Rameswaram as a major tourist attraction while ensuring the preservation of the town’s rich cultural heritage, OYO stated.

Most of the homestays will be near Ramanathaswamy Temple.

OYO will also train homestay owners on earning opportunities by enhancing guest experience and efficiently operating their property, besides creating awareness on homestays using various marketing tools.

The hospitality platform also plans to initiate and develop tourism activities such as water sports, marine biodiversity exploration, walking trails and outdoor camping.

“OYO is excited to play a supporting role in the development of Rameswaram as a tourist hotspot. We plan to unveil the hidden gems, showcase the unique experiences, and elevate the tourism potential of this iconic destination through a sustainable tourism development plan.

“We are committed to working closely with government authorities, local stakeholders, and the community to implement this tourism development plan effectively,” Ritesh Agarwal, Founder & CEO, OYO, said.

Business

Zinc futures down on muted demand-Telangana Today

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Zinc prices on Monday fell by 0.05 per cent to Rs 224.20 per kilogramme in the futures trade as speculators reduced their exposure taking negative cues from the spot market.

Published Date – 02:39 PM, Mon – 7 August 23


Zinc futures down on muted demand



New Delhi: Zinc prices on Monday fell by 0.05 per cent to Rs 224.20 per kilogramme in the futures trade as speculators reduced their exposure taking negative cues from the spot market.

On the Multi Commodity Exchange, zinc contracts for August delivery traded lower by 5 paise or 0.05 per cent at Rs 224.20 per kg in 3,660 lots. Analysts said offloading of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.

Business

LIC delivers dividend cheque of Rs 1,831 crore to Finance Ministe-Telangana Today

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The dividend was approved by the shareholders in the annual general meeting held on August 22, it said.

Published Date – 08:08 PM, Thu – 14 September 23


LIC delivers dividend cheque of Rs 1,831 crore to Finance Ministe



New Delhi: Life Insurance Corporation of India (LIC) on Thursday presented a dividend cheque of Rs 1,831.09 crore to Finance Minister Nirmala Sitharaman.

LIC Chairman Siddhartha Mohanty presented the dividend cheque as the government’s share of dividend in the presence of Department of Financial Services Additional Secretary MP Tangirala, the insurer said in a statement.

The dividend was approved by the shareholders in the annual general meeting held on August 22, it said.

LIC has completed 67 years since its incorporation and beginning with an initial capital of Rs 5 crore in 1956, LIC as of March 31, 2023, has an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 lakh crore, it noted.

Despite two decades of opening up of the insurance sector, LIC continues to be the market leader in the Indian life insurance market, the statement claimed.

Business

Guar seed futures rise on spot demand-Telangana Today

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Guar seed prices increased Rs 304 to Rs 5,953 per 10 quintals in futures trade after speculators widened their positions following a firm trend in the spot market.

Published Date – 02:42 PM, Mon – 7 August 23


Guar seed futures rise on spot demand



New Delhi: Guar seed prices on Monday increased Rs 304 to Rs 5,953 per 10 quintals in futures trade after speculators widened their positions following a firm trend in the spot market.

On the National Commodity and Derivatives Exchange, guar seed contracts for August delivery rose Rs 304 or 5.38 per cent to Rs 5,953 per 10 quintals with an open interest of 19,170 lots.

According to marketmen, raising of bets by speculators, tracking a firm trend in the spot market and thin supplies from growing belts mainly led to the rise in guar seed prices.

Business

3,085 recognised startups engaged in fintech sector: Govt-Telangana Today

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As many as 3,085 recognised startups are engaged in the finance technology (fintech) sector till April 2023

Updated On – 07:09 PM, Mon – 7 August 23


3,085 recognised startups engaged in fintech sector: Govt



New Delhi: As many as 3,085 recognised startups are engaged in the finance technology (fintech) sector till April 2023, the Parliament was informed on Monday.

Minister of State (Independent Charge) of the Ministry of Statistics and Programme Implementation; Minister of State (Independent Charge) of the Ministry of Planning and Minister of State in the Ministry of Corporate Affairs Rao Inderjit
Singh said the Government has undertaken various efforts to promote startups in the country across multiple sectors including startups engaged in the fintech sector.

The Pradhan Mantri Jan Dhan Yojana (PMJDY) has been targeted at increasing financial inclusion in India by helping in new bank account enrollment of beneficiaries for direct benefits transfer and accessibility to a host of financial services applications. This has enabled Fintech startups to build technology products to penetrate the large consumer base in India, the minister said in his written reply in Lok Sabha.

In order to build a strong ecosystem for nurturing innovation, and startups and encouraging private investments in the startup ecosystem of the country, the Government launched the Startup India initiative on 16th January 2016.

The usage of the Unified Payments Interface for payments is another enabler. UPI payments system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.

Unified Payments Interface (UPI) is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer.

Business

Equity markets extend rally, settle higher for 2nd day-Telangana Today

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The 30-share BSE Sensex climbed 232.23 points or 0.35 per cent to settle at 65,953.48. During the day, it jumped 346.65 points or 0.52 per cent to 66,067.90

Published Date – 07:10 PM, Mon – 7 August 23


Equity markets extend rally, settle higher for 2nd day



Mumbai: Benchmark equity indices ended with gains on Monday, extending their previous day’s rally, unfazed by a weak trend in global markets amid buying in Mahindra & Mahindra, Infosys, Tata Consultancy Services and Reliance Industries.

However, continuous foreign fund outflows prevented markets from registering a sharp rally.

The 30-share BSE Sensex climbed 232.23 points or 0.35 per cent to settle at 65,953.48. During the day, it jumped 346.65 points or 0.52 per cent to 66,067.90.

The NSE Nifty advanced 80.30 points or 0.41 per cent to end at 19,597.30.

From the Sensex pack, Mahindra & Mahindra jumped over 4 per cent, emerging as the biggest gainer. Sun Pharma, Bajaj Finserv, Tata Consultancy Services, Infosys, Hindustan Unilever, JSW Steel, Wipro, Maruti, HCL Technologies, Tech Mahindra and ICICI Bank were the other major gainers.

State Bank of India, Tata Motors, Axis Bank, Kotak Mahindra Bank, Bajaj Finance, Tata Steel, Nestle and HDFC Bank were the laggards.

“The Indian market began the data-centric week with modest gains, primarily propelled by strong performances in pharma and IT sectors. Global markets portrayed a mixed picture, with US futures exhibiting positivity in response to a moderation in bond yields, while European markets experienced declines due to weak economic data. Caution prevailed in the market due to the anticipation of upcoming inflation data and the RBI’s monetary policy,” said Vinod Nair, Head of Research at Geojit Financial Services.

In the broader market, the BSE midcap gauge climbed 0.56 per cent and smallcap index advanced 0.26 per cent.
Among the indices, healthcare jumped 1.61 per cent, telecommunication climbed 1.28 per cent, IT (1.07 per cent), teck (0.91 per cent), realty (0.63 per cent), auto (0.32 per cent) and commodities (0.28 per cent).

Utilities, bankex, metal and power were the laggards.

In Asian markets, Tokyo settled in the green while Seoul, Shanghai and Hong Kong ended lower.
European markets were trading in the negative territory. The US markets ended lower on Friday.

Global oil benchmark Brent crude declined 0.73 per cet to USD 85.63 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,892.77 crore on Monday, according to exchange data. After five months of sustained buying, foreign investors have turned net sellers and pulled out over Rs 2,000 crore from the Indian equities in the first week of August.

After three days of decline, the BSE benchmark on Friday climbed 480.57 points or 0.74 per cent to settle at 65,721.25. The Nifty advanced 135.35 points or 0.70 per cent to end at 19,517.

Business

Spain’s Insud Pharma sets up research, production centre in Hyderabad-Telangana Today

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The facility, which has been inspected and approved by the USFDA, Spanish Health Agency, Drug Control General of India and other international customers, was inaugurated by Industries Minister KT Rama Rao

Published Date – 07:22 PM, Thu – 14 September 23


Spain’s Insud Pharma sets up research, production centre in Hyderabad



Hyderabad: The Spain-headquarted Insud Pharma on Thursday opened the first-of-its-kind research and production centre in India focused on Oligonucleotides research and commercial production at Genome Valley here on Thursday.

The facility, which has been inspected and approved by the USFDA, Spanish Health Agency, Drug Control General of India and other international customers, was inaugurated by Industries Minister KT Rama Rao.

The company said Oligonucleotide-based drugs represent the latest in medical technology. These drugs employ small nucleic acid molecules to interact with DNA or RNA, regulating gene expression and treating conditions such as neurodegenerative diseases. The new plant will be capable of producing a novel antisense Oligonucleotide for the treatment of Spinal Muscular Atrophy (SMA). The products developed and manufactured at this centre will be exported to various global markets.

“I had the pleasure of meeting the leadership of Chemo and Insud during World Economic Forum in Davos 2022, wherein we announced their plans to expand in Hyderabad. Among other things, this Oligonucleotides facility was also discussed, and I am delighted that in a short period of time, the centre is fully functional in Hyderabad. I congratulate the team of Insud Pharma and wish them continued growth and success here. I am extremely proud to note that Hyderabad will now host the first facility for the research and manufacturing of Oligonucleotides in India and the fifth one globally,” Rama Rao said.

“Chemo India’s mission is simple – to improve global health for everyone through innovative, affordable medicines. We have made and continue to make significant investments in this facility to increase capacities and bring new scientific initiatives. Moreover, our vision is to offer global innovative solutions to deliver better health for everyone, devoting our passion, creativity, and responsiveness to making the unimaginable possible,” Insud Pharma Chief Executive Officer Lucas Sigman said in a press release.

Business

Sebi’s refund to Sahara investors reach to Rs 138.07 cr in 11 yrs-Telangana Today

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In its previous update, Sebi had put the total amount refunded by it as of March 31, 2022 at Rs 138 crore concerning 17,526 applications

Published Date – 07:35 PM, Mon – 7 August 23


Sebi’s refund to Sahara investors reach to Rs 138.07 cr in 11 yrs



New Delhi: Sebi has made refunds of Rs 138.07 crore to investors of two Sahara companies in 11 years, while the amount deposited in specially-opened bank accounts for the repayment has surged to more than Rs 25,000 crore.

These disclosures have been made by the Securities and Exchange Board of India (Sebi) in its latest annual report.

In the absence of claims from a majority of the bondholders of the two Sahara companies, which were asked to return the money to nearly 3 crore investors along with interest in August 2012 through a Supreme Court order, the total amount refunded by Sebi inched up by just about Rs 7 lakh during the last fiscal, 2022-23, while the balance in Sebi-Sahara refund accounts rose by Rs 1,087 crore during the year.

In its annual report, Sebi said it received 19,650 applications involving 53,687 accounts as on March 31, 2023. Of these, “refunds have been made with respect to 17,526 applications involving 48,326 accounts for an aggregate amount of Rs 138.07 crore including the interest amount of Rs 67.98 crore.” The remaining applications were closed either due to their records not being traceable in the data provided by two Sahara Group firms — Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL).

In its previous update, Sebi had put the total amount refunded by it as of March 31, 2022 at Rs 138 crore concerning 17,526 applications.

Further, Sebi said pursuant to various orders passed by the Supreme Court and the attachment orders passed by the regulator, an aggregate amount of Rs 15,646.68 crore has been recovered by it as of March 31, 2023.

“This amount along with the accrued interest after due refunds to the eligible bondholders, was deposited in nationalised banks in terms of the judgment dated August 31, 2012 of the Supreme Court. As on March 31, 2023, the total amount deposited in nationalised banks is around Rs 25,163 crore,” Sebi said.

This amount stood at Rs 24,076 crore, Rs 23,191 crore and Rs 21,770.70 crore as of March 31, 2022, March 31, 2021 and March 31, 2020, respectively.

Sebi had ordered SIREL and SHICL in 2011 to refund the money raised from investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs) after the regulator ruled that the funds were raised by the two firms in violation of its rules and regulations.

After a long process of appeals and cross-appeals, the Supreme Court on August 31, 2012 upheld Sebi’s directions asking the two firms to refund the money collected from investors with 15 per cent interest.

Sahara was eventually asked to deposit an estimated Rs 24,000 crore with Sebi for further refund to investors, though the group has been maintaining that it had already refunded more than 95 per cent of investors directly.

Last month, the Centre started the process to refund Rs 5,000 crore of depositors whose funds are struck in four cooperative societies of Sahara Group.

On March 29, the government had said money will be returned to 10 crore investors of the four cooperative societies within 9 months. The announcement followed a Supreme Court order directing transfer of Rs 5,000 crore from Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS).