Food delivery giant Zomato on June 16 clarified through a communication to the exchanges that it is in discussion to acquire Paytm's movie ticketing and events business.

The clarification came after media reports said negotiations over a Rs 1,500-crore deal between One97 Communications Ltd, the parent company of Paytm, and Zomato were in advanced stages.

"We acknowledge that we are in discussions with Paytm for the transaction, however, no binding decision has been taken at this stage that would warrant a Board approval and subsequent disclosure in accordance with applicable law," Zomato said in the statement.

This strategic move aligns with Zomato's plan to expand its 'going out' offerings. "The discussion is being undertaken with an intent to further strengthen our going-out business and is in line with our stated position of focusing only on our four key businesses," the company said.

Zomato's interest in Paytm’s events and movie ticketing business is a strategic fit, complementing its broader aim to capture consumer demand across various categories, including food, grocery, and entertainment.

A successful sale would enable Paytm to concentrate on travel, deals, and cashback—sectors crucial for expanding its merchant base and boosting overall sales.

Apple could make almost all its devices much thinner -- "thinnest and lightest products in their categories across the whole tech industry.”

In May 2024, when Apple released the new iPad Pro, it was the thinnest iPad ever. In fact, it was even thinner than the iPad Air whose USP has always been thin and light. A new report by Bloomberg suggests that Apple is set to expand the thin is in mantra to almost all its devices. Bloomberg’s Mark Gurman reported that the company is looking at “a new class of Apple devices that should be the thinnest and lightest products in their categories across the whole tech industry.”

This is not the first time speculation about thinner Apple products has surfaced. An earlier report by The Information also shed light on Apple’s plans. There have been rumours about an “iPhone 17 Slim” edition.

The report by Bloomberg also suggests that a really thin iPhone could arrive by 2025. Rumours suggest that the 'Slim' iPhone could be more expensive than the iPhone Pro Max. The screen size is expected to be smaller than the Pro Max but bigger than the Pro, which are 6.7-inch and 6.1-inch respectively.

It is also rumoured that none of the thin devices expected to launch this year. The report mentions that Apple is working on making the Apple Watch and MacBook also thinner.

The iPhone 16 series, which is expected to launch in September 2024, is likely to follow the current dimensions. Even the Apple Watch model for 2024 is not rumoured to get a thinner version.

Using hydrogen instead of coal in the steel-making process produces water vapour rather than carbon dioxide
 

India is working towards use of hydrogen in steel-making, thereby, bringing down carbon emissions in the metal-making process.

The pilot projects will use hydrogen — produced through electrolysis — as an alternative to conventional coking coal. Using hydrogen instead of coal in the steel-making process produces water vapour rather than carbon dioxide.

Of the three pilot processes planned, one will have 100 per cent hydrogen-based DRI production; the second would involve injecting hydrogen into an existing blast furnace; and the third will see blending of hydrogen with natural gas in an existing DRI plant so as to gradually bring down fossil fuel usage.

Recently, Mecon, the state-run consultancy firm appointed for the project, called for a Request for Proposal (RfPs) for green steel pilots. An outlay of ?455 crore under the National Green Hydrogen Mission has been announced to push green steel-making projects.

“A consortium-based pilot for a H2-based DRI facility is being explored,” a Ministry official told businessline. An individual bidder needs to have a positive networth as on March 31, 2023, while in the case of a consortium, all members should have a positive net worth.

The need to decarbonise the industry is felt worldwide.

Steel production remains dependent on coking coal in traditional blast furnaces, which produces huge amounts of carbon dioxide. Electric arc furnaces used in the recycling of scrap or in the final stages of steel production are less carbon-intensive, but can also be highly polluting, depending on the carbon footprint of their electrical power supply.

Overall, steel production is responsible for 7-9 per cent of the world’s annual CO2 emissions, according to the World Steel Association.

The average CO2 emission intensity of the Indian steel industry was projected to come down from 3.1 T / tcs in 2005 to 2.64 T / tcs by 2020, and is targeted to come down to 2.4 T/tcs by 2030 (i.e. approximately 1 per cent per year).

Funding for three pilots

A senior official said the Centre will “primarily fund capital equipment” required for use of hydrogen. Expenses on account of production of hydrogen or land will not be funded.

Fund release will depend on the nature of the steel-making process adopted.

Regarding setting up of a new pilot plant for utilisation of 100 per cent hydrogen, funding will be up to 70 per cent of the total project cost (excluding cost of production of hydrogen, land, etc.). Funding for steel-making by other methods – injection or blending in an existing plant – will be up to 50 per cent of the capital cost.

Alphabet Inc. Chief Executive Officer Sundar Pichai took the witness stand at the fraud trial of Ozy Media Inc. co-founder Carlos Watson, testifying that the search giant never had any intention of acquiring the startup for any amount of money.

Pichai's testimony comes as Watson faces accusations of defrauding investors of tens of millions of dollars by fabricating Ozy's business success, including falsely claiming that Alphabet's Google had offered to buy the company for "hundreds of millions of dollars." The once-promising media startup crumbled after a 2021 New York Times report revealed that Chief Operating Officer Samir Rao impersonated a senior executive at Google's YouTube unit during a February 2021 call with Goldman Sachs Group Inc. bankers. Rao, who pleaded guilty, testified earlier that it was part of his and Watson's scheme to deceive investors into believing Ozy was profitable.

Pichai told the jury in Brooklyn, New York, federal court on Friday that while an acquisition of Ozy was never discussed, Google did consider hiring Watson as head of its news programming. A $25 million investment in Ozy would have been part of that potential deal.

"Mr. Watson was a critical part of Ozy Media, and we were considering making an investment in the company to facilitate the transition," Pichai testified.

"When the Goldman deal fell through, Watson found another victim and lured them into investing $20 million into Ozy by falsely claiming that the CEO of Google himself had offered to purchase Ozy for hundreds of millions of dollars," Stern said. "That was a lie, but Watson did not let the truth stand in his way."

Although Watson allegedly boasted about his relationship with the Google boss, Pichai clarified that they had only spoken twice. The first was a brief conversation at a conference, while the second was Watson's job interview on Feb. 25, 2021, weeks after the Goldman call. However, Watson didn't secure the job.

'Most Disturbing'

Also testifying on Friday was Hillel Moerman, one of two Goldman bankers who were on the Feb. 2, 2021, call when Rao impersonated YouTube executive Alex Piper. Moerman described it as "one of the most disturbing calls I've been on in my career."

"It was a surreal experience. The person spoke in an unnaturally deep voice," Moerman added.

Goldman was considering a $35 million investment in Ozy and had arranged the call after Watson claimed YouTube was one of Ozy's "most important" clients. Rao testified he'd used a voice-altering app to conceal his identity, with Watson coaching him on what to say while seated nearby.

The move is aimed at helping consumers easily identify calling entities to prevent the duping of users from fraudsters.

The Telecom Regulatory Authority of India (Trai) on Friday said entities regulated by the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), and Pension Fund Regulatory and Development Authority (PFRDA) will switch to ‘160’ phone number series for service and transactional calls in the first stage.

This means that service and transactional calls from insurance companies, banks and financial companies, among other entities, will come from phone numbers starting with ‘160’. The move is aimed at helping consumers easily identify calling entities to prevent the duping of users from fraudsters.

The decision was taken in a meeting between Trai’s officials and representatives from RBI, SEBI, and IRDAI on Friday. Over 25 banks and other financial institutions including government, private and global banks, telcos, also attended the meeting.
“It was also discussed that the operation of 140 series, at present being used for promotional purpose, is being migrated to DLT (distributed ledger technology) platform and scrubbing of digital consent is also being operationalized,” Trai said.
 

With the implementation of 160 series for service and transactional calls, and 140 series for marketing calls, substantial control on spam calls from 10-digit numbers is expected, Trai said. Currently, most of the 10-digit spam numbers from the companies are being blocked by the telcos directly using artificial intelligence and machine learning methods.

In the meeting, the regulators also decided to whitelist URLs/ Apks in the content templates, use of minimum number of headers and content templates for SMSes, and take immediate action against the entity/telemarketer in case of misuse of senders’ credential.

Lately, the department of consumer affairs is working to release draft guidelines to control unwanted spam calls and messages. Once the new guidelines are issued and implemented, it would be the first time that banks, fintech companies, real estate developers, and others, will be directly held liable for such spam communication as these entities outsource their promotional sales to third-party agencies.

According to a recent survey by community social media platform LocalCircles, 60% of mobile subscribers get three or more spam calls on an average every day. Most unwanted calls are related to financial services and real estate.

The survey said 54% of respondents are receiving pesky calls from companies such as Bajaj Finance, HDFC Bank, HDFC Life Insurance, IDFC First Bank, among others, while 22% are getting calls from companies selling real estate.

The Public Enterprises Selection Board (PESB) on June 14 interviewed eight candidates, including a director on the HPCL board and managing director of Indraprastha Gas Ltd (IGL), but rejected them all.
 

The government headhunter PESB has rejected all candidates it interviewed for the top job at Hindustan Petroleum Corporation Ltd (HPCL), the third instance in as many years that the board has not found any suitable candidate for the role in a state oil firm.

The Public Enterprises Selection Board (PESB) on June 14 interviewed eight candidates, including a director on the HPCL board and managing director of Indraprastha Gas Ltd (IGL), but rejected them all.

"The Board did not recommend any candidate for the post of chairman and managing director (CMD) HPCL and advised the Ministry of Petroleum & Natural Gas to choose an appropriate course of further action for selection, including the Search-Cum-Selection Committee (SCSC) or as deemed appropriate with the approval of the competent authority," the PESB panel said in a notification.

The HPCL CMD post will fall vacant on September 1, 2024, when the incumbent Pushp Kumar Joshi retires on attaining a superannuation age of 60 years.

The PESB had previously not found anyone suitable for the top job at the Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC). This led to the incumbent in IOC getting an additional year in office even after attaining superannuation age and a retired executive being given charge in ONGC.
 

PESB, on June 3, 2021, interviewed nine candidates, including two serving IAS officers, to head India's largest oil and gas producer, ONGC. But it found neither senior bureaucrats Avinash Joshi and Niraj Verma nor Mangalore Refinery and Petrochemicals Ltd (MRPL) director-finance Pomila Jaspal and ONGC director for technology and field services Om Prakash Singh suitable.

The ministry thereafter constituted a search-cum-selection panel and named Arun Kumar Singh, who had retired after attaining 60 years of age from Bharat Petroleum Corporation Ltd (BPCL), to head ONGC. Singh wasn't eligible to apply in the first place, but the eligibility rule was changed to allow consideration of persons who have attained 60 years of age. He was given a three-year term that ends in December 2025.
 

In the case of IOC, PESB, in May last year, did not make any recommendation for a replacement of Shrikant Madhav Vaidya, who was to retire after attaining 60 years of age in August 2023. The panel interviewed 10 candidates, including Chennai Petroleum Corporation Ltd (CPCL) managing director Arvind Kumar.

This was followed by a rare move. Vaidya, who took over as the chairman of India's biggest oil company on July 1, 2020, was "re-employment on a contract basis" for one year "beyond the date of his superannuation i.e. with effect from September 1, 2023, till August 31, 2024", according to an official order dated August 4, 2023.

This month, the oil ministry invited applications for the new chairman of the Indian Oil Corporation (IOC). The selection will be done by a three-member search-cum-selection committee headed by the PESB chairperson and includes the oil secretary and former HPCL chairman MK Surana as members.

Applications have been sought from engineers, chartered accountants and cost accountants with postgraduate management degrees from leading institutions and having at least five years experience in leadership roles by July 3. The age eligibility cut-off has been set at no more than 58 years for internal candidates and 57 years for outsiders, with 60 years as retirement age, according to the advertisement.

The ministry initially proposed allowing anyone who has not attained the age of 61 years to be considered for the job. This made Vaidya eligible for the job. However, the proposal did not find favour with the Prime Minister's Office (PMO).

Thereafter, the government reverted to the old system of appointing PSUs head with 60 years as the retirement age and invited the applications.

Prior to Vaidya, no chairman of a Maharatna PSU was given an extension beyond 60 years in recent years. In fact, the government had last year denied Ranjan Kumar Mohapatra an eight-month extension as director (human resources) of IOC till his superannuation age.

Existing rules for hiring board-level positions in PSUs allow consideration of candidature of an internal person with at least two years of service left before retirement and three years in case of outside candidates.

PESB, in the June 14 notification for the HPCL top job, said it interviewed the HPCL director for refineries Shunmugavel Bharathan and four executive directors of the company, Anuj Kumar Jain, Subodh Batra, K Vinod and Sandeep Maheshwari. It also interviewed one executive director of IOC, GAIL and IGL managing director Kamal Kishore Chatiwal.

The board said it found none suitable for the HPCL top job.

The IPO has set a price band of Rs 88-93 a share.The issue comprised a fresh issue of Rs 120 crore and an offer for sale of upto 66.68 million shares.

Le Travenues Technology, the parent company of travel aggregator Ixigo, is likely to make a robust debut on the bourses on June 18. According to analysts, the stock should list at around a 30 percent premium from its issue price of Rs 93 a share.

Ahead of the listing, the shares were commanding a 31 percent premium in the grey market, an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day. Most investors track the grey market premium (GMP) to gauge the listing price.

According to some analysts, the stock is set to shine at listing, thanks to its massive subscription and robust grey market premium. Investors are advised to hold onto it for the long haul to reap impressive returns.

Amit Goel, Co-Founder & Chief Global Strategist at Pace 360, said, "IXIGO, a top travel tech company, helps Indian travelers easily organize and book their trips. Despite FY22 challenges, IXIGO is set for strong growth from FY23. Expect innovative solutions and great service, with a listing at Rs 120-125 per share and a 32% gain."

The IPO has set a price band of Rs 88-93 a share. The issue comprised a fresh issue of Rs 120 crore and an offer for sale of up to 66.68 million shares which comes to Rs 620 crore on the upper price band. The total issue size will be Rs 720 crore.

SAIF Partners India IV, Peak XV Partners Investments V, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, Placid Holdings, Catalyst Trusteeship, and Madison India Capital HC are the selling shareholders in the OFS. SAIF Partners and Peak XV are the largest shareholders in the company, with 23.37 percent and 15.66 percent stake, respectively.

The subscription for the Ixigo IPO began on June 10 and concluded on June 12. By the final day of bidding, the IPO was subscribed 98.34 times.

Non-institutional investors subscribed to the IPO 110.53 times, institutional investors 106.73 times, and retail investors 54.85 times on the final day. It was the 10th most subscribed IPO of 2024.

"Le Travenues Technology Ltd (Ixigo) is set for a strong debut on Tuesday, expected to list at a 30% premium. Focused on becoming the most consumer-centric travel company, Ixigo helps Indian travelers plan, book, and manage trips seamlessly across rail, air, buses, and hotels. The company also offers utilities like PNR status updates and AI-based itinerary planners. With the travel sector set to grow due to increasing GDP, rising incomes, and improved infrastructure, Ixigo is well-positioned to benefit. Investors are advised to hold the shares for the medium to long term," said Parth Shah, Research Analyst at StoxBox.

With an impressive track record and promising growth outlook, Ixigo is poised to become a leading player in the travel industry. The company’s innovative solutions and consumer-centric approach make it a compelling choice for investors seeking long-term value.

The report of the special audit has been submitted to the RBI and the regulator will now take a call on reviewing the business restrictions imposed.
 

Non-banking finance company, IIFL Finance on June 15 said the special audit initiated by the Reserve Bank of India (RBI) of its books post the action announced in early March and that the company has taken necessary measures to address the regulator's concerns.

The report of the special audit has been submitted to the RBI and the regulator will now take a call on reviewing the business restrictions imposed. According to a company communication to stock exchanges, IIFL Finance has taken necessary measures to address the identified concerns.

Further, to prevent their recurrence, the board is forming a team to implement correction actions and revise these deviations and non-compliances, the company said.

“Management is confident that these actions will resolve all issues raised by RBI,” the company said.

To mitigate risk of company as an ongoing concern, IIFL Finance has raised Rs1271.3 crore of capital through rights issue, secured Rs500cr through NCDs from long-term investors and implemented cost control measures, including reduction of major discretionary expenditures, the company added.
 

“These actions ensure that the company’s projected cash flows over the next three years will meet its financial obligations, maintaining robust capital adequacy,” the company said, adding, management is confident in resolving all issues raised by the RBI and has prepared the financial statements on a going concerns basis.

Further, while the gold loan business is a major segment of the standalone company, the group's consolidated operations significantly benefitting from other operations, the company said.

RBI observations

In a major regulatory action, the RBI, on March 4, asked IIFL FInance to stop sanctioning or disbursing gold loans with immediate effect after observing certain material supervisory concerns in the company's gold loan portfolio.

"The Reserve Bank of India has today, in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed IIFL Finance Ltd. to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans," the RBI said in a press release.

Explaining the action, the central bank said an inspection of the company was carried out by the RBI with reference to its financial position as of March 31, 2023 which revealed certain  material supervisory concerns were observed in the gold loan portfolio of the company.

These include serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default, breaches in Loan-to-Value ratio (LTV), significant disbursal and collection of loan amount in cash far in excess of the statutory limit among others, the RBI said.

Further, the RBI inspection further revealed non-adherence to the standard auction process and lack of transparency in charges being levied to customer accounts, etc, the central bank said. "These practices, apart from being regulatory violations, also significantly and adversely impact the interest of the customers," the RBI said.

The gold loan portfolio of the company in October-December quarter grew to Rs 24,692 crore as on December 31. It grew 35 percent on-year and 4 percent on-quarter.

The company provides gold loan through 2,721 towns/cities across 25 states and 4 Union Territories to salaried, self-employed and MSME customer segment.

The share of gold loan portfolio of the company is 32 percent of the total assets under management (AUM), in October-December quarter. The portfolio yield stood at 19 percent, as per company's investor presentation.

In October-December quarter, of the total gross non-performing assets (NPA) ratio,  gold loans' ratio stood at 0.80 percent as on December 31, 2023. In October-December quarter , net profit of the company rose 30 percent on-year to Rs 490.4 crore.

In the recent months, the RBI has acted on a clutch of financial institutions including JM Financial Products Ltd, Paytm payments bank and Edelweiss group entities citing various rule violations, intensifying its scrutiny on financial services companies.

Shares of IIFL FInance closed at Rs 466.40, down 1.26 per cent, on BSE on June 14, while benchmark equity index Sensex closed marginally up at 76,992 points.

Under the DPDP law, Data Protection Board will function as“digital office” to deal with issues related to personal data breaches in “digital by design” manner.
New Delhi: The ministry of electronics and information technology will release the rules under the Digital Personal Data Protection (DPDP) Act, 2023 for consultation soon, Union IT minister Ashwini Vaishnaw said on Saturday and added that the goal to bring in large-scale manufacturing of electronics, components, and semiconductor remains unchanged.
The DPDP Act, the long-awaited data protection law, was given a presidential assent on August 12 last year, but it is yet to be implemented partly because the corresponding rules haven’t been notified.
 

“Drafting of DPDP Rules is in very advanced stage. We will start the industry consultation now... Whatever extensive consultations will be required; we will do those. We won’t rush through. We will prefer as consultative a process as we can, like you saw in the Telecom Bill and the DPDP Act,” Vaishnaw, who reassumed the office of IT ministry four days ago, said.

The DPDP Rules are a top priority, he said. “AI [artificial intelligence] is also a very important item. But first, we have to make sure that DPDP in its digital form comes into shape,” he added.

The minister noted that the entire implementation process will be digital by design. Under the DPDP law, a Data Protection Board will function as a “digital office” to deal with issues related to personal data breaches in a “digital by design” manner. Similarly, an appellate tribunal, to which complaints can be escalated if they are not satisfactorily resolved by the Board, will also be a “digital office”.

The digital platform for the Data Protection Board is being built parallelly within MeitY, Vaishnaw said, adding it will be created by National Information Centre and/or Digital India Corporation.

“In parallel, we are working on creating the digital by design platform so that the implementation can be done in a digital form, which is a part of the Act. … It will be born digital. That exercise is also going on in parallel.”

He, however, refused to share any timelines, but said the draft rules have made “good progress”.

“I reviewed it after four months and I was quite happy with the draft that was shown to me,” the minister said, adding lots of changes would be made to the draft rules based on inputs from the industry, stakeholders, lawyers, consultants, user groups, Internet Freedom Foundation (IFF) and government organisations. “We will take all views.”

Vaishnaw has had at least one meeting within MeitY on DPDP rules since reassuming office on June 11. The then minister of state, MeitY, Rajeev Chandrasekhar, had held a consultation with the industry on the draft rules in December 2023.

Stressing that DPDP rules are the priority right now, Vaishnaw said the overall aim of the government to create a new digital regulatory framework “remains intact”. “Our thought process of creating a new digital regulatory framework remains intact. The horizontals — which are the Telecom Act, the DPDP Act, the Digital India Act 3 remain intact,” he said.

“Obviously, so many things have happened in the recent past. For example, we have seen the destructive power of AI and deepfakes. … Should we recalibrate our strategy, that is a question we need to answer. But yes, we need to definitely have a good legal structure where our society and democracy can be protected from these attacks,” the minister said.

The IndiaAI Mission, which was approved by the Cabinet in March with an outlay of ?10,371.92 crore, remains on track, he said, adding officials continued to work on it during the recently concluded Lok Sabha elections. “I will be reviewing it next week and then I will be able to give you more details,” he said.

Iron ore futures rose for a second straight session on Friday, supported by higher-than-expected hot metal output, although demand concerns and high portside stocks in top consumer China pushed prices down for a third straight week.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.97% higher at 827.50 yuan ($114.05) a metric ton. However, the contract has dropped 1.7% for the week so far.

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The benchmark July iron ore on the Singapore Exchange climbed 0.23% to $107.1 a ton, as of 0718 GMT.

Average daily out for hot metal among steelmakers surveyed climbed by 1.5% from the previous week to 2.39 million tons as of June 14, the highest since November 2023, data from consultancy Mysteel showed, beating expectations.

Hot metal is a blast furnace product and a key indicator of ore demand.

Additionally, China’s central bank held a meeting on Wednesday to promote its financial support for affordable housing in a bid to accelerate sales of unsold housing stock, the latest effort to revive the embattled property sector.

“The China government is trying to revive the property sector with some resources deployed, but I think there will be some more measures which need to be deployed in the market to support it and to provide the consumer confidence,” said ANZ analyst Soni Kumari.

“The structural trends suggest that the market is going to see more subdued performance rather than substantial recovery. So every rally will be a selling opportunity.”

BMI Research said in a note that “a strong build-up of iron ore inventories at Mainland Chinese ports, rising to 147.3 mnt as of June 7, has the potential to place a cap on prices in the coming months.”

Other steelmaking ingredients on the DCE advanced, with coking coal and coke up 2.41% and 3.92%, respectively.

Most steel benchmarks on the Shanghai Futures Exchange gained ground. Rebar rose 0.72%, hot-rolled coil added 0.74%, wire rod advanced 0.83% while stainless steel lost 0.57%.

During the April-December period of FY24, the country's second largest carmaker paid Rs 8,088.80 crore to parent company based in Seoul, as per the DRHP.
 

Royalty payouts by Hyundai Motor India Limited (HMIL) to its parent company in South Korea reached near historic highs in FY23 on the back of best-ever sales reported by the carmaker. The manufacturer of models such as the Creta, Venue, Verna , i20, Exter, Alcazar, etc., has been paying around 3.5 percent of sales to Hyundai Motor Corporation (HMC).

As per the Draft Red Herring Prospectus (DRHP) reviewed by Moneycontrol, HMIL’s royalty outgo to HMC during financial Year ended March 31, 2023 was Rs 14,358.19 crore, nearly 30 percent higher compared to Rs 10,973.36 crore paid during FY22. During the April-December period of FY24,  the country's second largest carmaker paid Rs 8,088.80 crore to parent company based in Seoul, as per the DRHP.

Last fiscal, HMIL launched many new models as well as product upgrades including Exter, new Creta, Creta N Line, new i20 and introduction of ADAS in Hyundai Venue and Venue N Line.

Under the existing “Royalty Agreement” dated June 10, 2024 with HMC, the South Korean carmaker has granted HMIL a non-exclusive, non-transferable right and license to manufacture and sell passenger vehicles and/or parts. Hyundai India can also use HMC’s trademarks in connection with such manufacturing and selling activities for which the Indian subsidiary is required to pay an amount to HMC equal to 3.5 percent of its sales revenue, as per DRHP.

Hyundai India has registered its highest-ever total sales of 7,77,876 units in FY24 with a Year-on-Year (YoY) growth of 8 percent as compared with 7,20,565 units in FY 2022-23. The carmaker also reported its highest-ever domestic sales since inception, registering 6,14,721 units in FY24, with a YoY growth of 8.3 percent over FY 2022-23 (5,67,546 units)
 

Pursuant to the Royalty Agreement, we require HMC’s prior written consent to engage in export sales, directly or indirectly (which is to be determined as set forth in the Royalty Agreement), arising from sale of the passenger vehicles or parts,” the DRHP mentioned. “Before the current Royalty Agreement was entered into, HMIL paid a separate royalty fee for each passenger vehicle model sold, it added.

However, it also mentioned, "Pursuant to the Royalty Agreement, we require HMC’s prior written consent to engage in export sales, directly or indirectly. Further, the Royalty Agreement may be terminated upon the occurrence of certain events, such as deterioration of quality of products or our inability to make the royalty payments to HMC. Any such termination could prevent us from being able to manufacture and sell passenger vehicles under this arrangement, which in turn will adversely impact our business and operations.”

A Hyundai India spokesperson declined to comment on the company’s royalty payouts to parent firm.

According to business intelligence firm, Altinfo, Hyundai's royalty payment to its parent company has increased from 2.6 percent in 2019 to 3.5 percent  currently.

"Although it's still lower than Maruti's 5 percent, any royalty payment beyond 5 percent requires shareholder approval. In this regard, once Hyundai gets listed and dilutes its shareholding in the future, it may face difficulties in increasing the payment," said Mohit Yadav, Director, Altinfo, adding, "This could be a reason for the considerable hike before listing. Even Nestle was unable to raise its royalty payment recently after shareholders rejected the proposal."

The government is already facing flak over Agniveer scheme, which became a big issue during the general election.
 

New Delhi: Cabinet Committee on Appointment has decided to appoint VCOAS Lieutenant General Upendra Dwivedi as the next Army Chief. The decision, it is being speculated that, intends to avoid any major controversy as the coalition government has just started functioning under the leadership of Prime Minister Narendra Modi.

Army Chief Gen. Manoj Pande, was given a rare one-month extension barely two days before his retirement on May 31. Gen. Pande is the first army chief in 53 years to have secured an extension. This led to a lot of speculation about potential supersession of seniority which is most often followed in choosing top brass in the Armed Forces.

The govt’s decision underpins the Modi government’s intention to maintain stability within the military hierarchy amid political scrutiny over defence policies such as the Agniveer recruitment scheme.

The government is already facing flak over Agniveer scheme, which became a big issue during the general election. The government does not want to create a fresh controversy and give the Opposition an opportunity to corner in the Parliament. Even Janata Dal (United), Chirag Paswan led LJP and other BJP’s allies have flagged the Aginveer scheme as one of the issues that needs serious reconsideration.

Sources claim selecting a military service chief by ignoring seniority would have sent a wrong signal to the military leadership as well as the armed forces fraternity, besides giving fodder to the Opposition.

The government, late on June 11, announced that Lt Gen. Dwivedi would be heading the 1.2 million-strong Indian Army from June 30.

Born on July 1, 1964, Lt Gen. Dwivedi was commissioned into the Indian Army Infantry (Jammu & Kashmir Rifles) on December 15, 1984. During his long and distinguished service, he has served in a variety of command, staff, instructional and foreign appointments. The command appointments include command of regiment (18 Jammu & Kashmir Rifles), brigade (26 Sector Assam Rifles), and inspector general of Assam Rifles (East) and 9 Corps.

Lt Gen. Dwivedi is an alumnus of the National Defence College and the US Army War College. He has undergone courses at the Defence Services Staff College in Wellington and the Army War College, Mhow. He has an MPhil in defence and management studies and holds two master’s degrees in strategic studies and military science.

Before being appointed army vice-chief, Lt Gen. Dwivedi was heading the Northern Command, the Indian military’s most critical command as it tackles both China on the northern front and Pakistan in the west. In the past one year, militant activity south of the Pir Panjal range in J&K has increased manifold, with security forces losing close to 20 personnel.

It was on 12 June 2001 that the BrahMos supersonic cruise missile soared into the skies from the Integrated Test Range (ITR) in Chandipur.
 

New Delhi: BrahMos today commemorated the 23th anniversary of its first successful test launch, a groundbreaking moment in the history of defense technology.

It was on 12 June 2001 that the BrahMos supersonic cruise missile soared into the skies from the Integrated Test Range (ITR) in Chandipur, marking the beginning of a new era in missile technology.

The missile was developed by BrahMos Aerospace, a joint venture between India’s Defence Research and Development Organisation (DRDO) and Russia’s NPO Mashinostroyenia (NPOM).

BrahMos Aerospace received its first production order from the Indian Navy in 2005.Since then, the weapon system has garnered a strong interest in the international defence arena due to its exceptional precision, speed, and range capabilities.

It recently bagged major contracts, including ‘India’s biggest export deal’ with the Republic Philippines worth around US$375 million; Order for Mobile Coastal Batteries for Indian Navy; and the recent and largest-ever order worth Rs 20,000 Cr approximately from Indian Navy for advanced BrahMos systems.

Tata Power Renewable Energy Ltd (TPREL) on Wednesday said it has deployed more than 850 e-bus charging points at various locations in the country
 

New Delhi: Tata Power Renewable Energy Ltd (TPREL) on Wednesday said it has deployed more than 850 e-bus charging points at various locations in the country.

The robust bus charging network has led to more than 1 lakh tonnes of tailpipe CO2 emissions savings, the company said in a statement

With charging points strategically located across 30+ bus depots in prominent cities such as Delhi, Mumbai, Ahmedabad, Bengaluru, Jammu, Srinagar, Dharwad, Lucknow, and Goa, Tata Power has enabled 2300+ public e-buses nationwide. The robust bus charging network has successfully led to more than 1 lakh tons of tailpipe CO2 emissions savings. Tata Power has also designed and built various bus depots across the country, it added.

While Delhi leads in e-bus presence utilizing Tata Power's EV Charging points, it is followed closely by Mumbai, Bengaluru, Ahmedabad, Jammu, and Srinagar. Tata Power is dedicated to promoting e-mobility adoption and is fostering synergies with various OEM operators and enabling various state governments’ transport corporations.

The company offers an end-to-end solution for charging infrastructure development, ensuring the best charging experience, emphasizing lean, customized, and cost-effective design solutions, along with timely execution and comprehensive operation and maintenance (O&M) services for our clients. Additionally, Tata Power provides services such as effluent treatment plants and statutory NOC approvals to ensure smooth business operations.

MNRE in collaboration with IREDA organised a pre-event conference for Global Wind Day at the Welcome Hotel in Bhubaneswar on Wednesday
New Delhi: The Ministry of New & Renewable Energy (MNRE) in collaboration with the Indian Renewable Energy Development Agency Limited (IREDA) organised a pre-event conference for Global Wind Day at the Welcome Hotel in Bhubaneswar on Wednesday.
 

The speech of MNRE's Joint Secretary (Wind) Lalit Bohra was read out by IREDA's Director (Finance) Dr BK Mohanty in which he emphasized the rapid development of renewable energy across India and highlighted the measures taken by the Government of India including the state of Odisha. According to the National Institute of Wind Energy (NIWE), India's onshore wind potential is estimated at 1,164 GW at 150 meters above ground level, with Odisha’s potential of 12 GW.

Bohra was unable to attend the conference in person.

In his keynote address, IREDA CMD Pradip Kumar Das highlighted Odisha's significant green energy potential and the promising opportunities within the state. He pointed out Odisha's potential to lead in green hydrogen projects, stressing the state's critical role in advancing sustainable energy initiatives.
 

As of March 31, 2024, IREDA has disbursed cumulative loans totalling Rs 1,25,917 crores in renewable energy, with Rs 26,913 crores disbursed to wind power projects nationwide. Specifically, Rs 1,637 crores loan has been disbursed by IREDA towards renewable energy projects in Odisha.

Das also underlined Odisha's Renewable Energy Policy 2022, which aims to drive investments in clean energy, with a special focus on RE manufacturing and emerging technologies such as green hydrogen, green ammonia, and floating solar.

He reaffirmed the vital importance of harnessing renewable energy for sustainable national development and encouraged renewable energy developers to seize the expanding opportunities in Odisha and other states.