Pages

Tuesday, June 25, 2024

Vodafone Group Plc planning to invest up to Rs 3,000 cr in Vodafone Idea after Indus stake sales.Vodafone Plc’s plans to invest equity into Vodafone Idea come on the back of a successful Rs 18,000 crore follow-on public offering by the telco in April, which saw participation from investors such as GQG Partners, Fidelity, HDFC MF, Motilal Oswal MF among others. DEBORSHI CHAKI & SWARAJ SINGH DHANJAL JUNE 25, 2024 / 04:15 PM IST Vodafone Plc planning to invest up to Rs 3,000 cr in Vodafone Idea after Indus stake sales Vodafone Plc planning to invest up to Rs 3,000 cr in Vodafone Idea after Indus stake sales After monetising its stake in telecom tower company Indus Towers Ltd, Vodafone Plc is looking to invest as much as Rs 3,000 crore of equity in its Indian telecom joint venture Vodafone Idea Ltd, according to people aware of the development. On June 19, Vodafone Plc announced that it had sold an 18 percent stake in Indus Towers for €1.7 billion (Rs 15,300 crore, approximately). Indus Towers shares were sold by Vodafone Plc in the price range of Rs 315.99 to Rs 325 per share. The company said that it will use the major portion of the proceeds to repay a large part of the €1.8 billion in outstanding bank borrowings secured against Indus Towers shares. It has not specified how much it will repay. On Monday, CNBC TV18 reported that Bharti Airtel is in talks with Vodafone Plc to buy an additional 3 percent stake in Indus Towers. Airtel had picked up a one percent stake in Indus last week in a block deal. According to the people cited, while the funds raised through the block deal were largely meant for repayment of loans taken against Indus shares as collateral, with further monetisation of its Indus stake, by way of the possible stake sale to Bharti Airtel, Vodafone Plc is planning to plough back a significant amount of capital into Vodafone Idea. If a transaction with Bharti Airtel is executed at the same price range as the block deal, Vodafone Plc could garner a further Rs 2,500 crore. You May Like Amazon CFD: Your Route to a Second Income CPX by Taboola Sponsored Links RELATED STORIES Spectrum auction to catalyse rapid rollout of 5G services, says COAI Spectrum auction to catalyse rapid rollout of 5G services, says COAI 5G spectrum auction begins: All you need to know 5G spectrum auction begins: All you need to know Bharti Airtel in talks with Vodafone to buy 3% more stake in Indus Towers; may merge with data unit Bharti Airtel in talks with Vodafone to buy 3% more stake in Indus Towers; may merge with data unit The persons cited added that Vodafone Plc is looking to invest as much as Rs 3,000 crore in the telco, with a large part of it coming from the Indus stake. Further the telecom player may also raise some amount in the form of debt to fund the investment in Vodafone Idea. An email sent to Vodafone Plc did not elicit a response till press time. Vodafone Plc’s plans to invest equity into Vodafone Idea come on the back of a successful Rs 18,000 crore follow-on public offering by the telco in April, which saw participation from investors such as GQG Partners, Fidelity, HDFC MF, and Motilal Oswal MF, among others. Story continues below AdvertisementRemove Ad The April fundraise is expected to help Vodafone Idea to fund the setting up of its 5G network, while also strengthening its 4G network coverage across key geographies in India. Also Read: How Vodafone Idea plans to spend its Rs 18,000 cr FPO proceeds Last week Moneycontrol reported that persistent pressure from lenders over an outstanding loan taken around five years ago were among the key reasons why the UK's Vodafone Group PLC sold its stake in Indus Towers. Moneycontrol reported that matters came to a head after a group of foreign banks, led by BNP Paribas, HSBC and Bank of America among others, refused to extend the tenor of the loan and demanded full repayment. The loan had been raised against Vodafone PLC’s 21.05 percent stake in Indus Towers for it to participate in Vodafone Idea’s rights issue in March 2019. Several domestic and foreign institutional investors, including Norges Bank, Jane Street, SBI Mutual Fund, and Millennium Funds, purchased shares of telecom towers operator Indus Towers from Vodafone PLC, according to data from stock exchanges and sources who spoke to Moneycontrol. DEBORSHI CHAKI SWARAJ SINGH DHANJAL TAGS: #Bharti Airtel #Indus Towers #Telecom #Vodafone Plc #Vodafone-Idea FIRST PUBLISHED: JUN 25, 2024 03:42 PM TOP TRENDS Budget 2024 Wipro Stock Radar Ixigo IPO Allotment IPO News Abhishek Bachchan Study in UK for < ₹15 Lakhs, No IELTS/TOEFL Required! Get FREE end-to-end counseling with Leverage Edu and plan your study abroad journey today Leverage Edu | Sponsored Pay for a few years, get covered for a lifetime ICICI Pru Life Insurance Plan | Sponsored See How a $249 Amazon Investment Can Benefit You (Apply Today) CPX | Sponsored Study MBA in UK - Scholarships Worth Up To ₹5 Lakhs Get FREE end-to-end counseling with Leverage Edu and plan your study abroad journey today Leverage Edu | Sponsored Faridabad City: Unlock Your New Income with Amazon CFD [Get Info] Great opportunity CPX | Sponsored As a school teacher, I can't afford my daughter's treatment. She was diagnosed with Gaucher's disease and needs ₹25 lakhs to live. Donate For Health | Sponsored Faridabad City: The price (& size) of these hearing aids might surprise you Hear.com | Sponsored Why Office 2021/2024 is a Game Changer A prime software suite with an unbeatable offer. (Secure Now) ps.sbs | Sponsored Seniors, do you have trouble hearing real conversations? These hearing aids will help Hear.com | Sponsored Empty Antarctica Cruise Cabins Cost Almost Nothing Antarctica Cruises | Search Ads | Sponsored Play War Thunder now for free Fight in over 2000 unique and authentic Vehicles. Fight on Land, on Water and in the Air. Join the most comprehensive vehicular combat game. Over 2000 tanks, ships and aircraft. War Thunder | Sponsored Why Your Tongue Turns White and 8 Ways to Get Rid of It vyls.top | Sponsored Crossout: New Apocalyptic MMO Check out the new Crossout 2.0 for free. Discover PvP and PvE in our upgraded Action MMO. Countless unique Vehicles, PvE and PvP, Trading. Are you ready? Destroy vehicles your opponent took hours to craft and enjoy. Join now for Free Crossout | Sponsored Sonakshi Sinha shares all her loved-up pictures with her husband, Zaheer Iqbal Moneycontrol KEAM Result 2024 likely today at cee.kerala.gov.in, check details here Moneycontrol A woman sells a ring given to her by her ex-boyfriend - the jeweller then tells her this Factsandfun.com | Sponsored The New Jeep Grand Cherokee 2024 Is Utter Perfection - See The Prices Jeep Grand Cherokee | Sponsored Luxury Condominiums in Gurugram. Starting @ 4.55 Cr 3.5 and 4.5 BHK Condos. Penthouses. Avail Inaugural Discount Signature Global Titanium | Sponsored The True Figure Of Beauty Queen less-game.net | Sponsored Unseen 2022 Unsold Car Prices in Haryana (Limited Time) Unsold Cars | search ads | Sponsored Cheap Italian Villa Prices [See Now] Italian Villa Offers | search ads | Sponsored Harry Potter Actress Stuns Fans With Grown up Pics Free Hub | Sponsored Faridabad City: Unsold Shipping Container Homes On Sale For Almost Nothing Shipping Container Homes | Search Ads | Sponsored Affordable Conveyor System for Any Industry (See More) Conveyor Systems | Search Ads | Sponsored Join new Free to Play WWII MMO War Thunder Fight in over 2000 unique and authentic Vehicles. Fight on Land, on Water and in the Air. Join the most comprehensive vehicular combat game. Over 2000 tanks, ships and aircraft. War Thunder | Sponsored ATS Triumph 4 BHK exclusive homes from 4.15 Cr* in Gurugram ATS Triumph presents exclusive 4 BHK residences with a family lounge and servant's quarters now starting from 4.15 Cr* at Sec 104, Gurugram . Ready to move in homes near IGI airport. Hurry ! Limited period offer. ATS Triumph, Gurgaon | Sponsored 3BHK Interiors starting at 4.5 Lakhs Get stunning interior solutions for your home with HomeLane, India's most trusted home interiors brand. HomeLane | Sponsored 2BHK Interiors starting at 3.5 Lakhs Building your dream home is now within reach. Take advantage of our easy EMI plan and start living your dream.Choose HomeLane, India's most trusted home interiors brand. HomeLane | Sponsored Average Cost To Rent A Private Jet May Surprise You (View Prices) Private Jet Rates | Sponsored Chronic pain? Consult our spine specialist now Don’t let chronic pain rule your life. Consult our multi-specialist team now. QI Spine Clinic | Sponsored The Price Of A Private Jet In Faridabad City (Search Here) Private Jet Rates | Sponsored Book your first free consultation Don’t let chronic pain rule your life. Consult our multi-specialist team now. QI Spine Clinic | Sponsored New 3BHK Flats In Faridabad City :(Take A Look At Prices) Flats for Sale | Search Ads | Sponsored New Needless Glucose Monitor: (Take A Look At Prices) Needless Glucose Monitor | Search ads | Sponsored India: Unsold Sofas for Every Style And Budget at Affordable Prices Luxury Sofa | Sponsored Empty Antarctica Cruise Cabins Up For Grabs (Take A Look) Antarctica Cruises | Search Ads | Sponsored India: Don't Miss Out on These Amazing Sofa Deals at Clearance Prices Luxury Sofa | Sponsored New Mobile Rubber Wall Tiles Require No Installation (Take a Look) Rubber Wall Tiles | Search Ads | Sponsored Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads | Sponsored 12 Most Expensive Colleges in the World Topexpensive.com | Sponsored AdvertisementRemove Ad WATCH AdvertisementRemove Ad MUST LISTEN Will markets break out of consolidation soon? Market Minutes Will markets break out of consolidation soon? Market Minutes DAILY-WEEKDAYS ESSENTIAL STORIES & INSIGHTS FROM THE STARTUP & TECH WORLD IN YOUR INBOX Your Email ID SUBSCRIBE AdvertisementRemove Ad AdvertisementRemove Ad Sponsored Links You May Like For people aged 20 to 67: how to start investing in companies like Amazon CPX Life Cover up to 99 years age. ICICI Pru Life Insurance Plan I lost my husband, I can't lose her too. Please save her! Donate For Health Ready to move in 4 BHK from 4.15 Cr* for a limited period ATS Triumph, Gurgaon by Taboola AdvertisementRemove Ad Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347 Forum Facebook Twitter Instagram Linkedin RSS Portfolio Markets Watchlist Live TV Show Currencies FREE Credit Score₹100 Cash Reward Commodities Fixed Income Personal Finance Mutual Fund Pre-Market IPO Global Market Budget 2024 Elections 2024 Gold Rate BSE Sensex Forum MC 30 News Business Markets Stocks Income Tax Calculator India News T20 World Cup Points Table ITR Filing 2023-24 T20 World Cup 2024 Economy Mutual Funds Personal Finance IPO News Startups Stocks: A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others Mutual Funds: A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z Visit the App Store to see all our apps: Download from Google PlayDownload from APP StoreDownload from Windows Phone ISO 27001 - BSI Assurance Mark Tools Retirement Planning EMI Calculator SIP Calculator SIP Planner Useful Links Crypto News Bank Holidays in India Gold Rate Today Silver Rate Today Trending News Startups National News MC Videos MC You Tube House Purchase Index Best Portfolio Manager Small Savings Schemes Bonds TopperLearning Clear Study Doubts Education Franchisee Opportunity Specials Master Your Money Game Changers Investment Watch PowerYourTrade MoneyBhai Focus SME Step Up Network 18 Sites News18 Firstpost CNBC TV18 News18 Hindi Cricketnext Overdrive Topper Learning About us | Contact Us | Advisory Alert | Advertise with Us | Support | Disclaimer | Privacy Policy | Cookie Policy | Terms & Conditions | Careers | Financial Terms (Glossary) | FAQs | Sitemap | RSS Feed | Investors Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited. :-money control news June 25 2024

 

After monetising its stake in telecom tower company Indus Towers Ltd, Vodafone Plc is looking to invest as much as Rs 3,000 crore of equity in its Indian telecom joint venture Vodafone Idea Ltd, according to people aware of the development.

On June 19, Vodafone Plc announced that it had sold an 18 percent stake in Indus Towers for €1.7 billion (Rs 15,300 crore, approximately). Indus Towers shares were sold by Vodafone Plc in the price range of Rs 315.99 to Rs 325 per share.

The company said that it will use the major portion of the proceeds to repay a large part of the  €1.8 billion in outstanding bank borrowings secured against Indus Towers shares. It has not specified how much it will repay.

On Monday, CNBC TV18 reported that Bharti Airtel is in talks with Vodafone Plc to buy an additional 3 percent stake in Indus Towers. Airtel had picked up a one percent stake in Indus last week in a block deal.

According to the people cited, while the funds raised through the block deal were largely meant for repayment of loans taken against Indus shares as collateral, with further monetisation of its Indus stake, by way of the possible stake sale to Bharti Airtel, Vodafone Plc is planning to plough back a significant amount of capital into Vodafone Idea. If a transaction with Bharti Airtel is executed at the same price range as the block deal, Vodafone Plc could garner a further Rs 2,500 crore.

The persons cited added that Vodafone Plc is looking to invest as much as Rs 3,000 crore in the telco, with a large part of it coming from the Indus stake. Further the telecom player may also raise some amount in the form of debt to fund the investment in Vodafone Idea.

An email sent to Vodafone Plc did not elicit a response till press time.

Vodafone Plc’s plans to invest equity into Vodafone Idea come on the back of a successful Rs 18,000 crore follow-on public offering by the telco in April, which saw participation from investors such as GQG Partners, Fidelity, HDFC MF, and Motilal Oswal MF, among others.

The persons cited added that Vodafone Plc is looking to invest as much as Rs 3,000 crore in the telco, with a large part of it coming from the Indus stake. Further the telecom player may also raise some amount in the form of debt to fund the investment in Vodafone Idea.

An email sent to Vodafone Plc did not elicit a response till press time.

Vodafone Plc’s plans to invest equity into Vodafone Idea come on the back of a successful Rs 18,000 crore follow-on public offering by the telco in April, which saw participation from investors such as GQG Partners, Fidelity, HDFC MF, and Motilal Oswal MF, among others.


Saturday, June 22, 2024

98 Indians among hundreds dead during Hajj pilgrimage in Mecca: MEA According to reports, more than 900 pilgrims have died this year during Haj that has been marked by heat waves._The Indian Express

 

Muslim pilgrims use umbrellas to shield themselves from the sun as they arrive to cast stones at pillars in the symbolic stoning of the devil, the last rite of the annual hajj, in Mina, near the holy city of Mecca. (AP/PTI)

As many as 98 Indians are among hundreds of pilgrims who have died during the annual Muslim pilgrimage to Mecca amid the scorching heat.

Addressing a press briefing, MEA Spokesperson Randhir Jaiswal said 175,000 Indian citizens are already on Hajj pilgrimage in Saudi Arabia, of which 98 have died. He added that the deaths have happened on account of natural causes, chronic illnesses, and also old age.

“Every year a large number of pilgrims from India attend Haj, and some of them unfortunately pass away during the Haj period. This year, 175000 Indian pilgrims visited Makkah for Haj,” Jaiswal said.

“The Haj period is from May 9 to July 22. This year, till now, 98 deaths have been reported. The deaths have been due to natural causes, chronic illnesses, and old age,” he added.

Last year, the number of of Indians who died during Hajj was 187, he said.



CA Amber Dalal duped over 2,000 investors of Rs 1,100 crore Police have recorded accounts of hundreds of witnesses, including of the staff who worked in Dalal's firm Ritz Consultancy Services’s office.:-The Indian Express

 

CA Amber Dalal (File Photo)

Mumbai-based CA and financial consultant Amber Dalal, who was arrested over an investment fraud, has duped 2,009 investors to the tune of Rs 1,100 crore in the past 14 years, according to a charge sheet prepared by the Economic Offences Wing (EOW) of Mumbai police .

The EOW, which has been probing the matter for three months, on Friday submitted the 44,000-page charge sheet against Dalal before a special Maharashtra Protection of Interest of Depositors (MPID) court. The charge sheet was taken to the court in Fort from EOW’s Mazgaon office in six trunks in a separate vehicle.

Police have recorded accounts of hundreds of witnesses, including of the staff who worked in Dalal’s firm Ritz Consultancy Services’s office.Since the police have included details of all the transactions of investors with accounts directly or indirectly belonging to Dalal’s, the chargesheet has run into thousands of pages. Police have also attached a preliminary audit report carried out by a forensic auditor and awaiting a final report.

Once received EOW may file a supplementary chargesheet against Dalal, the only arrested accused in the case. Police are also in the process of getting key witnesses’ accounts recorded under the provisions of Section 164 of the Code of Criminal Procedure.Promising monthly returns of 1.5 to 1.8 per cent on investments, Dalal allegedly duped investors under the pretext of further investing their money in trading of risk-free commodities. After 2016, he started accepting only investments above Rs 10 lakh. Till February this year, he has paid investors regular interests. After defaulting payment to investors between March 10-13, the 59-year-old Oshiwara resident went into hiding on March 14.

After dodging police for 12 days, he was finally arrested on March 26 from a hotel in Uttarakhand’s Rishikesh.The EOW, however, managed to identify properties worth only Rs 17 crore belonging to Dalal and this will be auctioned in further course of time to recover investors’ money, sources in the agency told The Indian Express.

These mainly include his current Oshiwara house where his family is staying. He also has two under-construction flats in Goregaon, two four-wheelers, gold jewelry worth Rs 28 lakh, and a plot in Thane.

The same would be attached under due process and would be auctioned under court’s supervision to recover the money of the investors under the provisions of the MPID Act.

An EOW source said that during interrogation, Dalal admitted before the investigators that his formulas and methods of trading on commodities have failed after slump in the market due to the Covid-19 outbreak, which is why he was unable to deliver money to his investors.cops

EOW officers said as details of more of his properties surface in future, supplementary chargesheets will be filed.

Dalal has been charged under relevant sections of the IPC and MPID Act for cheating, criminal breach of trust and investment fraud, among others.Under the guidance of senior officers, EOW unit-12 senior inspector Sachin Kadam and his team investigated the matter and prepared the chargesheet.

Dalal is currently in judicial custody.

First uploaded on: 22-06-2024 at 00:27 IST


Friday, June 14, 2024

Army gets its first indigenous man-portable suicide drones :-ET

 

The Indian army has integrated the Nagastra 1 loitering munition, designed by Economic Explosives Limited (EEL), as its first indigenous man-portable suicide drones. These drones enhance the army's precision strike capabilities against enemy training camps and infiltrators, with a focus on reducing dependence on imports and promoting self-reliance in defense technology. With the potential for exports to friendly nations, the Nagastra 1 showcases India's advancement in developing cost-effective solutions for modern warfare.

Why is there a Russian nuclear submarine just 200 miles off the coast of Florida?:-ET

 

‘The Russians are coming the Russians are coming’ is a movie that was released in the 1960’s which showcased the thriving cold war between the two super powers, the US and the USSR. The situation is somewhat similar in 2024 in the real world. Four Russian ships including a Russian submarine have reached Cuba on Wednesday and are located just 200 miles off the coast of Florida. Does this pose a threat to the security of the US and what are these joint naval exercises that are being conducted? 

Arrival in Cuba:


These massive ships were seen arriving in the Havana Bay and were welcomed by a 21- canon salute from the Cubans. The naval fleet comprises a frigate, a nuclear-powered submarine, an oil tanker and a rescue tag. They were immediately greeted by a round of applause with many Cubans who lined up to take pictures of these massive Russian ships. The ships will be a part of the joint naval exercises between Cuba and Russia, two long term allies. 


Ships:


The submarine has been identified as the Kazan, a Yazen class nuclear powered cruise missile submarine. It is generally equipped with Zircon hypersonic missiles. The Russian government news agency Tass reported that it was unclear if the ship was currently armed with these weapons. 

However, the US and Cuban officials clarified that there are no nuclear weapons on board any of the ships. 

US Concerns:


The US has not officially raised this issue with the Russians. National Security Advisor (NSA) Jack Sullivan while speaking to the reporters on Wednesday, said that the US is closely monitoring the situation and there was no evidence of any missile transfer to Cuba having taken place. 


Why Modi is at the G7 Summit, and why G7 needs him :-ET

 

On the first foreign trip of his third term, Prime Minister Narendra Modi is in Italy, attending the summit of the Group of Seven (G7) countries: Italy, Canada, France, Germany, Japan, the United Kingdom, the United States. The trip assumes significance as a re-elected Modi, albeit with a reduced mandate, will interact with leaders of the West most of whom are facing elections amid global turmoil with Russia and China at the centre of dominant issues. The Western world wants India by its side. Given the increasing economic heft of the country, India cannot be outside the major policy issues confronting the West. It will be India's 11th participation in the G7 Summit and PM Modi's fifth consecutive participation at the G7 Summit. 

Modi at G7: What's on agenda?
PM Modi will participate in the G7 Outreach Summit. "During the discussions at the Outreach session, the focus would be on artificial intelligence, energy, Africa, and the Mediterranean. It will be an opportunity to bring greater synergy between the outcomes of the G20 Summit held under India’s Presidency and the forthcoming G7 Summit, and deliberate on issues which are crucial for the Global South," PM Modi said in a statement. 


PM Modi will hold bilateral talks with major world leaders. India's strengthening ties with Italy, as Italian PM Giorgia Meloni emerges as a major world leader, will be in focus. "Prime Minister Meloni's two visits to India last year were instrumental in infusing momentum and depth in our bilateral agenda. We remain committed to consolidate the India-Italy strategic partnership, and bolster cooperation in the Indo-Pacific and the Mediterranean regions," PM Modi said. In an important gesture and an indicator of India's centrality to the G7, Italian PM Meloni greeted several heads of government with a ‘namaste’. Among other bilaterals, the most significant will be with US President Joe Biden. PM Modi has already held bilateral discussions with the UK PM Rishi Sunak and French President Emmanuel Macron on the sidelines. PM Modi will also hold bilateral meetings with Japanese PM Fumio Kishida, German Chancellor Olaf Scholz and Italian PM Giorgia Meloni. He is also likely to talk to Pope Francis who will address the outreach session. 

Why G7 needs Modi
Under PM Modi, India has been a regular invitee to the G7 meets in the past few years. India's increasing economic heft puts it at the centre of major global issues while its robust democracy, which has been underlined by the recent elections, makes it an important partner for the West. India is set to become the fourth largest economy in the world soon, overtaking Japan, which will make India's economy bigger than all the G7 countries except the US and Germany. 

After the G20 Summit in Delhi last year, India is trying to emerge as the leader of the global south, a position which has gained significance amid debates on climate change. In a symbolic gesture, Meloni decided to host the summit in the Apulia region in southern Italy, indicating a commitment to engage with the Global South. "India's participation at this G7 Summit acquires particular salience in context of India's recently held, not so recent, presidency of the G20, where India took a leading role in building global consensus on a number of contentious issues," said Foreign Secretary Vinay Kwatra. "As you are also aware, India has so far organized two sessions of the Voice of the Global South Summit, which have been aimed at bringing the interests, priorities, and concerns of the Global South on the global stage. At G7 also, we have always brought the issues of the Global South to the forefront." 

When the West is trying to contain China economically as well as geopolitically, India's importance grows because it is seen as a counter to China. India stands to gain majorly from G7 countries trying to shift their economic ties away from China to friendly countries. G7 leaders have called out China for "dangerous" incursions in the South China Sea, amid fears of escalation in the contested Asia Pacific region, according to a draft summit statement seen by AFP. The G7 leader also criticized China's "harmful" industrial overcapacity, according to the draft statement seen by AFP, amid rising trade tensions between Beijing and the West. "We express our concerns about China's persistent industrial targeting and comprehensive non-market policies and practices that are leading to global spillovers, market distortions and harmful overcapacity in a growing range of sectors," they said in the document. 

When the West is ranged against Russia after its invasion of Ukraine, India stands as a neutral country. The increasing Western concerns over China's strengthening ties with Russia and possible military cooperation make India a key Western ally despite its neutrality. PM Modi has met Ukrainian President Volodymyr Zelenskyy on the sidelines of the G7 Summit. 

Meeting Biden, avoiding Trudeau
PM Modi is likely to meet US President Joe Biden on the sidelines of the G7 Summit . This is the first time the leaders will meet after their bilateral talks over dinner at Modi’s residence in Delhi, on the eve of the G20 summit India hosted last year in September. While a formal bilateral meeting isn’t ruled out in Italy, it’s possible that the leaders might just have a pull-aside because of scheduling constraints. 

The meeting with Biden might not have the same bonhomie witnessed during Modi's state visit to the US last year. US NSA Jake Sullivan has said that the foiled murder-for-hire plot against Khalistan separatist and US national Gurpatwant Singh Pannun will be “a continuing topic of dialogue between the US and India, including at very senior levels”. Diplomatic sources did not rule out the possibility of the issue coming up in the Modi-Biden meeting. 

There was no meeting scheduled between Canadian PM Justin Trudeau and PM Modi. The ties between India and Canada have remained tense. A recent exchange on X, in which Trudeau greeted Modi after the election results and Modi replied to him, indicated no thaw in India-Canada relations. 

However, PM Modi and Trudeau are set to come face to face at the G7 summit, Modi might take up the separatists issue. The government has reiterated that India’s main issue with Canada remained the political space given to anti-India elements who advocate violence and extremism.



Read more at:

https://economictimes.indiatimes.com/news/india/why-modi-is-at-the-g7-summit-and-why-g7-needs-him/articleshow/111001625.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst .. 

t 

Vodafone looks to sell entire $2.3 bn stake in Indus Towers Read more at: https://economictimes.indiatimes.com/industry/telecom/telecom-news

 

Vodafone Group is looking to sell its entire $2.3 billion stake in India's Indus Towers through stock market block deals next week, two sources with direct knowledge said, as part of the British firm's effort to repay debt.

Vodafone owns 21.5% of mobile-tower operator Indus via various group entities. As of Friday's closing stock price in Mumbai, the investment is worth $2.3 billion. 

The final size of the stake sale is yet to be decided and could be lower than 21.5% if demand, which is still being assessed, is insufficient, said the sources, who declined to be named as the discussions were private 



Thursday, June 13, 2024

Adani Group’s concrete plan: $3 billion buyouts in cement space :-ET

 

Mumbai: The Adani Group is evaluating multiple cement companies for acquisition including Hyderabad-based Penna Cement, Gujarat-headquartered Saurashtra Cement and the cement business of Jaiprakash Associates as well as ABG Shipyard-owned Vadraj Cement, according to people familiar with the matter.

It is keeping aside a war chest of $3 billion for these acquisitions, these people said. The group is aggressively pursuing an inorganic strategy to boost capacity and emerge as the largest cement manufacturer within the next three to four years, overtaking the Aditya Birla Group’s UltraTech. India’s cement giants are betting on a surge in demand as the Centre pushes ahead with its infrastructure development plan, driven by record capital expenditure. Penna Cement could be valued at around Rs 9,000 crore, the people said. The valuation could go up depending on the progress of capacity expansion from 10 MTPA (million tonnes per annum) to 15.5 MTPA.

Saurashtra Cement has a market capitalisation of Rs 1,487 crore. Dalmia Bharat had in April 2022 signed a definitive agreement with Jaiprakash Associates to acquire the latter’s cement, clinker and power plants for Rs 5,666 crore.

The deal got stuck because of shareholder disputes. ET has learnt that the group is looking to offer $85-120 enterprise value (EV) per ton for these mid-sized cement businesses and is open to paying a premium if the target company has potential for capacity expansion, possesses limestone mines and has a packing terminal. The Adani Group’s acquisition, announced late last year, of Sanghi Cement with a capacity of 6.1 MTPA was at $100 EV per ton.

Penna Cement also has a packing terminal capacity of 2.8 MTPA. Saurashtra Cement has a capacity of around 5 MTPA, that of JP Associates is 9.5 MTPA while Vadraj Cement is at 6 MTPA. Both Jaiprakash Associates and Vadraj Cement are in the midst of bankruptcy proceedings.

The Jaiprakash Associates insolvency was triggered by ICICI Bank. The National Company Law Appellate Tribunal (NCLAT) has refused to stay the process although it has told ICICI Bank it may consider a one-time settlement proposal submitted by the company.

Ambuja Cement would be the preferred route for acquisitions by the group, considering it had cash and cash equivalents of `24,338 crore on its books at the end of April, having got warrant money of `8,339 crore from the promoter. The company does not have any debt. Adani may choose ACC if synergies are better, particularly in southern India, where the group has a lower market share.

Adani declined to comment. Penna Cement and Saurashtra Cement didn’t respond to queries. The email sent to the resolution professional of Vadraj Cement remained unanswered till press time and the secretarial department of JP Associates didn’t respond to ET queries.


Faking an honest woman: Why Russia, China and big tech firms use faux females to get clicks :-ET

 

WASHINGTON: When disinformation researcher Wen-Ping Liu looked into China's efforts to influence Taiwan's recent election using fake social media accounts, something unusual stood out about the most successful profiles.

They were female, or at least appeared to be. Fake profiles that claimed to be women got more engagement, more eyeballs and more influence than supposedly male accounts. "Pretending to be a female is the easiest way to get credibility," said Liu, an investigator with Taiwan's Ministry of Justice.

Whether it's Chinese or Russian propaganda agencies, online scammers or AI chatbots, it pays to be female - proving that while technology may grow more and more sophisticated, the human brain remains surprisingly easy to hack thanks in part to age-old gender stereotypes that have migrated from the real world to the virtual.

People have long assigned human characteristics like gender to inanimate objects, so it makes sense that human-like traits would make fake social media profiles or chatbots more appealing. However, questions about how these technologies can reflect and reinforce gender stereotypes are getting attention as more voice assistants and AI-enabled chatbots enter the market, further blurring the lines between man (and woman) and machine.

"You want to inject some emotion and warmth and a very easy way to do that is to pick a woman's face and voice," said Sylvie Borau, a marketing professor and online researcher in France, whose work has found that internet users prefer "female" bots and see them as more human than "male" versions. People tend to see women as warmer, less threatening and more agreeable than men, Borau told AP.

When OpenAI CEO Sam Altman was searching for a new voice for the ChatGPT AI program, he approached Scarlett Johansson, who said Altman told her that users would find her voice - which served as the eponymous voice assistant in the movie 'Her' - "comforting". Johansson declined Altman's request and threatened to sue when the company went with what she called an "eerily similar" voice. OpenAI put the new voice on hold. Feminine profile pictures, particularly ones showing women with flawless skin, lush lips and wide eyes in revealing outfits, can be another online lure for many men.



Tuesday, June 11, 2024

COMPLETE LIST OF MINISTERS AND THEIR RESPECTIVE PORTFOLIOS IN MODI NEW CABINET


Prime Minister
Shri Narendra Modi
Prime Minister and also in-charge of:
Ministry of Personnel, Public Grievances and Pensions;
Department of Atomic Energy;
Department of Space;
All important policy issues; and
All other portfolios not allocated to any Minister.
CABINET MINISTERS
1.Shri Raj Nath SinghMinister of Defence.
2.Shri Amit ShahMinister of Home Affairs; and
Minister of Cooperation.
3.Shri Nitin Jairam GadkariMinister of Road Transport and Highways.
4.Shri Jagat Prakash NaddaMinister of Health and Family Welfare; and
Minister of Chemicals and Fertilizers.
5.Shri Shivraj Singh ChouhanMinister of Agriculture and Farmers Welfare; and
Minister of Rural Development.
6.Smt. Nirmala SitharamanMinister of Finance; and
Minister of Corporate Affairs.
7.Dr. Subrahmanyam JaishankarMinister of External Affairs.
8.Shri Manohar LalMinister of Housing and Urban Affairs; and
Minister of Power.
9.Shri H. D. KumaraswamyMinister of Heavy Industries; and
Minister of Steel.
10.Shri Piyush GoyalMinister of Commerce and Industry.
11.Shri Dharmendra PradhanMinister of Education.
12.Shri Jitan Ram ManjhiMinister of Micro, Small and Medium Enterprises.
13.Shri Rajiv Ranjan Singh alias Lalan SinghMinister of Panchayati Raj; and
Minister of Fisheries, Animal Husbandry and Dairying.
14.Shri Sarbananda SonowalMinister of Ports, Shipping and Waterways.
15.Dr. Virendra KumarMinister of Social Justice and Empowerment.
16.Shri Kinjarapu Rammohan NaiduMinister of Civil Aviation.
17.Shri Pralhad JoshiMinister of Consumer Affairs, Food and Public Distribution; and
Minister of New and Renewable Energy.
18.Shri Jual OramMinister of Tribal Affairs.
19.Shri Giriraj SinghMinister of Textiles.
20.Shri Ashwini VaishnawMinister of Railways;
Minister of Information and Broadcasting; and
Minister of Electronics and Information Technology.
21.Shri Jyotiraditya M. ScindiaMinister of Communications; and
Minister of Development of North Eastern Region.
22.Shri Bhupender YadavMinister of Environment, Forest and Climate Change.
23.Shri Gajendra Singh ShekhawatMinister of Culture; and
Minister of Tourism.
24.Smt. Annpurna DeviMinister of Women and Child Development
25.Shri Kiren RijijuMinister of Parliamentary Affairs; and
Minister of Minority Affairs.
26.Shri Hardeep Singh PuriMinister of Petroleum and Natural Gas
27.Dr. Mansukh MandaviyaMinister of Labour and Employment; and
Minister of Youth Affairs and Sports.
28.Shri G. Kishan ReddyMinister of Coal; and
Minister of Mines.
29.Shri Chirag PaswanMinister of Food Processing Industries.
30.Shri C R PatilMinister of Jal Shakti.
MINISTERS OF STATE (INDEPENDENT CHARGE)
1.Rao Inderjit SinghMinister 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 Culture.
2.Dr. Jitendra SinghMinister of State (Independent Charge) of the Ministry of Science and Technology;
Minister of State (Independent Charge) of the Ministry of Earth Sciences;
Minister of State in the Prime Minister’s Office;
Minister of State in the Ministry of Personnel, Public Grievances and Pensions;
Minister of State in the Department of Atomic Energy; and
Minister of State in the Department of Space.
3.Shri Arjun Ram MeghwalMinister of State (Independent Charge) of the Ministry of Law and Justice; and
Minister of State in the Ministry of Parliamentary Affairs.
4.Shri Jadhav Prataprao GanpatraoMinister of State (Independent Charge) of the Ministry of Ayush; and
Minister of State in the Ministry of Health and Family Welfare.
5.Shri Jayant ChaudharyMinister of State (Independent Charge) of the Ministry of Skill Development and Entrepreneurship; and
Minister of State in the Ministry of Education.
MINISTERS OF STATE
1.Shri Jitin PrasadaMinister of State in the Ministry of Commerce and Industry; and
Minister of State in the Ministry of Electronics and Information Technology.
2.Shri Shripad Yesso NaikMinister of State in the Ministry of Power; and
Minister of State in the Ministry of New and Renewable Energy.
3.Shri Pankaj ChaudharyMinister of State in the Ministry of Finance.
4.Shri Krishan PalMinister of State in the Ministry of Cooperation.
5.Shri Ramdas AthawaleMinister of State in the Ministry of Social Justice and Empowerment.
6.Shri Ram Nath ThakurMinister of State in the Ministry of Agriculture and Farmers Welfare.
7.Shri Nityanand RaiMinister of State in the Ministry of Home Affairs.
8.Smt. Anupriya PatelMinister of State in the Ministry of Health and Family Welfare; and
Minister of State in the Ministry of Chemicals and Fertilizers.
9.Shri V. SomannaMinister of State in the Ministry of Jal Shakti; and
Minister of State in the Ministry of Railways.
10.Dr. Chandra Sekhar PemmasaniMinister of State in the Ministry of Rural Development; and
Minister of State in the Ministry of Communications.
11.Prof. S. P. Singh BaghelMinister of State in the Ministry of Fisheries, Animal Husbandry and Dairying; and
Minister of State in the Ministry of Panchayati Raj.
12.Sushri Sobha KarandlajeMinister of State in the Ministry of Micro, Small and Medium Enterprises; and
Minister of State in the Ministry of Labour and Employment.
13.Shri Kirtivardhan SinghMinister of State in the Ministry of Environment, Forest and Climate Change; and
Minister of State in the Ministry of External Affairs.
14.Shri B. L. VermaMinister of State in the Ministry of Consumer Affairs, Food and Public Distribution; and
Minister of State in the Ministry of Social Justice and Empowerment.
15.Shri Shantanu ThakurMinister of State in the Ministry of Ports, Shipping and Waterways.
16.Shri Suresh GopiMinister of State in the Ministry of Petroleum and Natural Gas; and
Minister of State in the Ministry of Tourism.
17.Dr. L. MuruganMinister of State in the Ministry of Information and Broadcasting; and
Minister of State in the Ministry of Parliamentary Affairs.
18.Shri Ajay TamtaMinister of State in the Ministry of Road Transport and Highways.
19.Shri Bandi Sanjay KumarMinister of State in the Ministry of Home Affairs.
20.Shri Kamlesh PaswanMinister of State in the Ministry of Rural Development.
21.Shri Bhagirath ChoudharyMinister of State in the Ministry of Agriculture and Farmers Welfare.
22.Shri Satish Chandra DubeyMinister of State in the Ministry of Coal; and
Minister of State in the Ministry of Mines.
23.Shri Sanjay SethMinister of State in the Ministry of Defence.
24.Shri Ravneet SinghMinister of State in the Ministry of Food Processing Industries; and
Minister of State in the Ministry of Railways.
25.Shri Durgadas UikeyMinister of State in the Ministry of Tribal Affairs.
26.Smt. Raksha Nikhil KhadseMinister of State in the Ministry of Youth Affairs and Sports.
27.Shri Sukanta MajumdarMinister of State in the Ministry of Education; and
Minister of State in the Ministry of Development of North Eastern Region.
28.Smt. Savitri ThakurMinister of State in the Ministry of Women and Child Development.
29.Shri Tokhan SahuMinister of State in the Ministry of Housing and Urban Affairs.
30.Shri Raj Bhushan ChoudharyMinister of State in the Ministry of Jal Shakti.
31.Shri Bhupathi Raju Srinivasa VarmaMinister of State in the Ministry of Heavy Industries; and
Minister of State in the Ministry of Steel.
32.Shri Harsh MalhotraMinister of State in the Ministry of Corporate Affairs; and
Minister of State in the Ministry of Road Transport and Highways.
33.Smt. Nimuben Jayantibhai BambhaniyaMinister of State in the Ministry of Consumer Affairs, Food and Public Distribution.
34.Shri Murlidhar MoholMinister of State in the Ministry of Cooperation; and
Minister of State in the Ministry of Civil Aviation.
35.Shri George KurianMinister of State in the Ministry of Minority Affairs; and
Minister of State in the Ministry of Fisheries, Animal Husbandry and Dairying.
36.Shri Pabitra MargheritaMinister of State in the Ministry of External Affairs; and
Minister of State in the Ministry of Textiles.

Saturday, June 8, 2024

Modi good not just for India but for entire South Asia: Pakistani-American businessman :-ET

 

Prime Minister Narendra Modi guarantees stability not only in India but in the entire South Asia region, a prominent Pakistani American businessman said Friday as he congratulated the people of India on the peaceful and successful conduct of the world's largest democratic exercise.

"I have always said that Modi's leadership is necessary for India's future stability, preventing multiple parties from coming and destabilizing the constitution. Modi's leadership is a guarantee of India's stability and future of India," Pakistani-American businessman Sajid Tarar told PTI in an interview.

With Modi coming to power for a third term, people in Pakistan hope that this will result in an improvement in its relationship with India, he said.Responding to a question, Tarar said he was expecting that Pakistan Prime Minister Shehbaz Sharif would participate in the swearing-in ceremony of Modi and added that it was "disappointing" that so far there has been no congratulatory message from him.
"...Modi is not only good for India, but he is also good for Pakistan as well. The allegations against him that he is anti-Islam and anti-Pakistan is politically motivated," he said adding that the relationship with Pakistan would improve and there would be an increase in trade between the two South Asian nations.

"Today, Pakistan is facing political instability and is in the midst of an economic crisis. Observing that Pakistan has been China's proxy against India, he hoped that Islamabad would try to move away from that and improve its ties with New Delhi," Tarar said.

He said like India, Pakistan also needs strong leadership to handle political instability and economic issues. No Prime Minister has completed a full term, contributing to the country's problems, Tarar added.

"Modi is a seasoned and experienced leader who has dealt with various international forums like BRICS and G20," he said, adding that Modi's continued leadership could help steer India towards greater economic and political stability, which would, in turn, have positive implications for regional stability.

Calling for a pragmatic approach to resolving issues between India and Pakistan, he said, "The most crucial step is to open up trade. When products and cultures exchange, misunderstandings and historical grievances can begin to heal," he said.

Congratulating India on the successful completion of its elections, he said, "This is a remarkable achievement and a testament to the strength and resilience of Indian democracy."

The elections have silenced critics who doubted the robustness of India's democratic process, he added.

"India's democracy has proven to be strong, even more robust than that of the United States," he said. Tarar praised Modi for his respect for the Indian Constitution and the nation's democratic institutions. "When Modi lifted the Constitution and kissed it, it was a powerful gesture that underscored his commitment to democratic principles," he said.

Japan's birth rate hits record low, Tokyo introduces government dating app to boost marriage rates :-ET

 

TOKYO: Japan faces a daunting demographic challenge as its birth rate plunges to an unprecedented low, prompting governmental initiatives to reverse the trend, including the rollout of a state-backed dating app, CNN reported.

In a nation with a population of 123.9 million, a mere 727,277 births were recorded last year, a stark decline revealed by data from the ministry of health, labour and welfare. This downward spiral in fertility is underscored by a drop in the fertility rate, now standing at 1.20, down from 1.26.

A stable population demands a fertility rate of 2.1. Yet, Japan has struggled to meet this benchmark for over five decades, a trend exacerbated by the 1973 oil crisis, which precipitated economic recessions globally.
The repercussions are profound. With deaths outnumbering births, Japan faces a shrinking population, fueling concerns regarding its workforce, economy, and societal structure. In 2023 alone, the nation witnessed 1.57 million deaths, doubling the birth rate, as reported by CNN.

Marital unions, too, are on the decline, with a notable decrease of 30,000 marriages last year juxtaposed with a rise in divorces. Experts anticipate this decline to persist for decades, given the nation's demographic imbalance.

Efforts to mitigate these challenges are underway, with the government establishing specialized agencies to address the issue. Initiatives include the expansion of childcare facilities, housing subsidies for parents, and, in select regions, financial incentives for couples to have children.

In Tokyo, a novel approach emerges: a government-operated dating app. Currently undergoing preliminary testing, the app aims to facilitate connections among individuals seeking marriage.

Described as "the first step" towards matrimony, the app employs an AI matchmaking system provided by the Tokyo Metropolitan Government. Users undergo a "values diagnostic test" to ascertain compatibility, with an option to specify desired traits in a partner.

However, experts caution against apocalyptic scenarios, asserting that demographic shifts, while transformative, will not result in the disappearance of nations like Japan.

The dating app underscores the government's commitment to fostering marital bonds, urging individuals with a desire for marriage to take the initial leap. Eligibility criteria mandate users to be single, over 18, and residing or working in Tokyo.

Furthermore, the app promotes additional support measures, including guidance on work-life balance, childcare, and housing assistance, as well as promoting men's involvement in domestic responsibilities and career counselling.

The endeavour seeks to redefine the notion of couplehood, encouraging contemplation on the significance of marital commitment. Through these multifaceted efforts, Tokyo aims to catalyze a cultural shift towards marriage, offering hope for a revitalized demographic landscape, CNN reported.