Business Samachar

  Teachers will start evaluation of HSC papers, say 'demands met' HSC examination is conducted by Maharashtra State board of secondary and higher Secondary examination and over 15 lakh students have appeared for the examination Pune: After a long meeting with education minister Deepak Kesarkar, Maharashtra State Federation of Junior College teachers association (MFUCTO) has called off its boycott to evaluate the Higher Secondary Certificate (HSC) question papers. According to the board, their demands have been met and thus they took back the boycott. Among the main demands, the old pension scheme and recruitment of the teachers were met with. The boycott began on February 21. HSC examination is conducted by Maharashtra State board of secondary and higher Secondary examination and over 15 lakh students have appeared for the examination. Evaluation of papers is yet to start The examination began from February 22 in the State. Till today no paper was evaluated. Board has directed ...

Wielding  Influence, Nurturing Trust’ study by ASCI and Futurebrands Posted by S Kumar ASCI and Futurebrands launch ‘Wielding Influence, Nurturing Trust’ study at the #GetItRight Brand Influencer Summit Study offers a new paradigm of informed trust in the context of influencer marketing  Identifies opportunities for brands and influencers to partner more meaningfully and deeply  Daylong summit hosted sessions led by some of the most influential digital creators, influencer agencies and CMOs  Mumbai:  The Advertising Standards Council of India (ASCI), in partnership with Futurebrands, unveiled the ‘Wielding Influence, Nurturing Trust’ report at the #GetItRight ASCI Brand Influencer Summit 2023 in Mumbai on Monday. The report discusses the best ways for influencers to build lasting relationships with consumers so that influencer-led brand growth is equitable and profitable for all stakeholders. The study brings together multiple perspectives that offer new insight...

Divgi TorqTransfer sets IPO price band at Rs 560-590 Posted by S Kumar Mumbai:  Divgi TorqTransfer Systems sets IPO price band at Rs 560-590 per share The IPO will open on Wednesday and conclude on Friday Pune-based auto component manufacturer Divgi TorqTransfer Systems has priced its initial public offering (IPO) between Rs 560 to Rs 590 per share. The IPO will open on Wednesday and conclude on Friday.    The IPO comprises a fresh issue of Rs 180 crore and an offer for the sale of up to Rs 232 crore by Oman India Joint Investment Fund and Nandan Nilekani ( Family Trust. At the upper end of the price band, the issue could raise up to Rs 412 crore.  The company plans to utilise the net proceeds of the fresh issue for funding capital expenditure requirements, and for the purchase of equipment for its manufacturing facilities. The company manufactures and supplies torque transfer systems, and synchronizer systems for manual transmissions. The company has three manu...

Giving direction to 'women power' W20 meeting begins in Chhatrapati Sambhajinagar, discussion on giving direction to 'women power' Posted by Shubham kumar New Delhi: The two-day 20 Inception meeting began on Monday in Maharashtra's Chhatrapati Sambhaji Nagar. The meeting was inaugurated by Union Minister for Women & Child Development and Minority Affairs Smriti Zubin Irani. During the meeting, it was discussed to focus on giving direction to 'women power' in all aspects of life. 150 women delegates from G20 countries participated during the event. Addressing the inaugural session, the Union Minister said that the W20 can provide guidance on how to use best practices to create greater empowerment for women. Indian Presidency's G20 Sherpa Amitabh Kant said that women-led development should be a key focus of India's Presidency for growth and greater prosperity, therefore India has made women-led development a very integral part of the G20 Presidency...

 Children's talents and leadership skills at ELEVATE 2023 700 Children from government schools across nine cities showcase talents and leadership skills at ELEVATE 2023 in Mumbai Shri. Gopal Shetty, Member of Parliament, inaugurates two-day fest hosted by ‘Enabling Leadership’ and featuring more than 700 children aged 9-15 years ELEVATE 2023 takes place in Mumbai, 25-26 February at Balasaheb Thackeray Udyan in Borivali – West “Our government has prioritized sports like never before” - Shri. Gopal Shetty, Member of Parliament at ‘Enabling Leadership’s’ flagship event ELEVATE 2023 Mumbai: Mr. Gopal Shetty, Member of Parliament, Mumbai – North, inaugurated ELEVATE 2023, a two-day children’s festival held 25-26 February at Balasaheb Thackeray Udyan in Borivali – West, Mumbai.  The event features 700 children aged 9-15 years from government-run schools in nine Indian cities and towns who will participate in football matches, music concerts, and LEGO exhibitions. All the children a...

“Entrepreneurs need to establish unique solutions in the marketplace” says N. R. Narayana Murthy  “I am a foreigner, it is not proper on my part to advise a Prime Minister of a foreign country.” “I don’t support work from home, home is for family and office is for work. Moonlighting is unethical.” Posted by Shivam kumar  Mumbai: "Today the funding has dried up therefore our entrepreneurs need to realize that the threshold for obtaining funding has been raised and now entrepreneurs need to establish unique solutions in the marketplace. Once it is established, there will be enough venture capitalists interested to look at those ideas”Infosys co founder and former chairman, N. R. Narayana Murthy said here today. He further added, “An idea which has true value in India and is handled by the entrepreneurs who have the desire to control the cost, they will soon reach a positive cash flow situation." Also read IPO NEWS:  https://1newsbusiness.blogspot.com/2023/02/ipo.html Speaki...

  Employment is the Biggest Solution to Drug Problem in Punjab: Bhagwant Mann   The Chief Minister of Punjab was speaking at the second edition of ABP Network’s ‘Ideas of India’ summit   Shubham waghela  Mumbai:  “We want to push the youth of Punjab in the right direction and are implementing proper measures to increase employment in the state”, said the Chief Minister of Punjab, Bhagwant Mann. Speaking at ABP Network’s second edition of the ‘Ideas of India’ summit on the topic of “Naya Bharat – Reinventing Punjab Beyond Guns and Drugs”, he said, “When the people of Punjab will be working, they won’t have time to indulge in ill habits such as drugs as they will be focused towards work and spending time with their families.”   In the session, Bhagwant Mann discussed the efforts made by the Punjab government to fight the drug problem in the state. “We have announced recruitment of 2100-2200 Constables and around 500 Sub-Inspector positions every year for citi...

  US may impose further sanctions on Russia: Janet Yellen The US and its allies will look to impose further sanctions on Russia, Treasury Secretary Janet Yellen said on Thursday, days after President Joe Biden’s visit to Ukraine, and the war in Europe entering its second year. “We will continue to work with our partners to impose further sanctions on Russia,” Yellen said on the sidelines of the Group of 20 (G20) meeting of finance ministers and central bank governors (FMCBG). Her statement was backed by some of the partners later in the day, the other members of Group of Seven (G7) — Canada, France, Germany, Italy, Japan, and the UK.

  Mitsu Chem's Total Income Up 23% Mumbai:  Mitsu Chem Plast Limited (Mitsu) (BSE:540078), One of the largest manufactures of Blow Molding, Injection Molding and Customized Molding, announced its unaudited Financial Results for Q3 & 9M FY23. Key Financials at a Glance: 9M FY23 ·         Total Income for 9M FY23 at ₹. 226.16 Cr ·         EBITDA for 9M FY23 at ₹. 19.02 Cr ·         PAT for 9M FY23 at ₹. 8.51 Cr ·         EPS for 9M FY23 at ₹. 7.05 Q3 FY23 ·         Total Income for Q3 FY23 at ₹. 71.65 Cr ·         EBITDA for Q3 FY23 at ₹. 5.25 Cr ·         PAT for Q3 FY23 at ₹. 1.81 Cr ·         EPS for Q3 FY23 at ₹. 1.50 Commenting on the performance, Mr. Jagdish Dedhia, Chairman of Mitsu Chem Plast Limited said, “Increase in Raw material prices continues to be the concern for the quarter which are increasing due to ...

  HUL TO EXITS ATTA AND SALT BIZ Hindustan Unilever WILL SELL ANNAPURNA AND CAPTAIN COOK BRANDS FOR RS 60.4 CRORE New Delhi: FMCG major HUL on Friday announced selling of its Annapurna and Captain Cook brands to Singapore-based Uma Global Foods for Rs 60.4 crore to exit from non-core atta and salt business. It has signed an agreement for the sale of its atta and salt business carried out under the brands ‘Annapurna’ and ‘Captain Cook’, respectively, the company said in a statement. “HUL’s decision to divest is in line with the stated intent of exiting non-core categories while continuing to drive its growth  agenda in the packaged foods business of dressings, scratch cooking and soups,” said HUL. About consideration received from sale of the two brands, HUL said it is Rs 60.4 crore. In the financial year 2021-22, both the brand had a turnover of Rs 127 crore and had contributed less than one per cent of HUL’s turnov...

  Us follows India: decides to switch to  T+1 trade settlement cycle  Shivam waghela  MumbaI; The US has announced a transition to a shorter T+1 (trade plus one day) settlement cycle. The US Securities and Exchange Commission (SEC) decided to shorten its settlement cycle to one day by May 28, 2024. Growing pressure on global regulators to shorten settlement cycle, say experts India is among the firsts in the world to go for such a faster trading settlement cycle, putting itself ahead of the US. The T+1 settlement was proposed recently with implementation timelines of 24 months by the US Securities Exchange Commission (SEC).  The Securities and Exchange Commission (SEC) last year voted to propose rule changes to reduce risks in the clearance and settlement of securities, including by shortening the standard settlement cycle for most broker-dealer transactions in securities from two business days after the trade date (T+2) to one business day after the trade date ...

  Cressanda  appoints Manohar Iyer as MD & CEO ;  Saugat Mahapatra as Director and CTO Mumbai: Cressanda Solutions Ltd – leading company providing IT solutions, digital media and IT enabled services has appointed Mr. Manohar Iyer as its Managing Director and CEO vide board meeting held on 10th February, 2023. Board has also appointed Mr. Saugat Mahapatra as a Director and Chief Technology Officer. Manohar Iyer has over 22 years of experience being associated with companies like Dell, Accenture, Capco, Capgemini and AC Nielsen. He has been instrumental in running large programs, Delivery Centers and start-ups across FinTech, Retail, Manufacturing, Telecom, IT, Pharma, Banking and Hospitality domains in India, US, Europe, Africa, Australia and South-East Asia.  Cressanda board also appointed Mr. Saugat Mahapatra as a Director and Chief Technology Officer as on 10th February 2023. Mr. Mahapatra is an accomplished leader with 19 years of experience in multinational o...

 Adani vs Hindenburg:  FM says 'India's regulators are very experienced and that she would prefer to leave the matter to them' New Delhi: FM says 'India's regulators are very experienced and that she would prefer to leave the matter to them'  The Reserve Bank of India's (RBI) Central Board of Directors met today for its customary post-Budget meeting, which had Finance Minister Nirmala Sitharaman in attendance, along with the two ministers of state for finance, after the Union Budget 2023-24. The RBI Governor, Shaktikanta Das, was also present at the meeting. Sitharaman reacted to the Adani controversy when asked about the matter during the address. The Union Finance Minister on Supreme Court concern on Adani-Hindenburg row said, "India's regulators are very experienced and they are experts in their domains. They are on their toes as always, not just now." She explained that India's regulators are very experienced and that she would prefer t...

  Patel Engineering 9M FY23 Consolidated Net Profit Up 109.89% Mumbai: Patel Engineering Limited (NSE – PATELENG & BSE – 531120), One of the most integrated infrastructure and construction services conglomerates in India has announced its limited reviewed Financial Results for Q3 & 9M FY23. Key Highlights (Standalone): For Q3 FY23 Debt Equity Ratio stood at 0.79. Sector wise Revenue contribution for Standalone Q3 FY23 stood at Hydro 52%, Tunnel 21%, Irrigation 13%, Road 6%, and Others 8%. Commenting on the performance, Mr. Rupen Patel, Chairman & Managing Director of Patel Engineering Limited said, “The performance of our company has improved significantly in the quarter due to growth in our operations. Our profitability for 9 months has more than doubled as compared to corresponding previous year surpassing all targets. Infrastructure is the prime focus of the government with increased allocations in budget and we expect to continue growing our order book. Hydro power ...

 

 

 

  Adani Enterprises FPO fully subscribed : retail portion only 11% Institutions invested Rs 5500 crore (including anchor investors and FIIs) and Ultra HNIs and NIIs including family offices put in close to Rs 5000 crore in AEL FPO by Neil Waugh  Mumbai:The Follow-on Public Offer (FPO) of Adani Enterprises was fully subscribed on January 31, 2023, the last day of subscription, according to data on BSE. The highest interest was seen from the Non-Institutional Investors (NIIS), who have subscribed to the issue 3.26 times their quota. According to the company's announcement, the NII portion got bids amounting to 31.3 million shares, and the highest contribution has been by family businesses of ultra-high-net individuals (UHNIs). This includes names like Ambanis, Sajjan Jindal, Sunil Mittal, Sudhir Mehta and Pankaj Patel. The interest from retail individual investors (RIIs) has been low, with only 11 per cent subscriptions (2.5 million shares out of their quota of 22.9 million shar...