New Delhi: Kadet Defence Systems unveils Loitering Aerial Munitions (LAM) for the Armed Forces. The LAMs have been developed under the DcPP model with DRDO.

The defence firm has to deliver over 50 drones in 2024 and manufacture over 5,000 LAM in the next 2-3 years.

Suicide’ or ‘kamikaze’ drones or loitering aerial munitions (LAM) are assuming a larger than life image in the ongoing Russia-Ukraine war and the Israel-Hamas conflict underlining its tremendous potential to be the veritable game-changer in modern day warfare.

What makes this weapon a sure killer is the capability to patiently loiter over a target area for a long period of time until the target is located. The major advantage is that it has precision-targeting capability and also to change targets mid-flight or even abort the mission.

Spurred by a flourishing military production ecosystem that has come up in India, a 13-year-old Indian defence systems manufacturing company—Kadet Defence Systems (P) in collaboration with the Defence Research Development Organisation (DRDO)—has developed the country first Loitering Aerial Munitions (LAM) for the armed forces.

Multiple versions of the indigenously designed, developed and India-manufactured LAM systems are being developed to meet different operational requirements with its weight varying from 15 kg to 120 kg with explosives payload of 2 to 40 kg.

The LAM systems encompass a diverse array of cutting-edge technologies, including Canister Aerial Loitering Munition (CALM), Combat UAVs with stand-off capabilities for munition release, Tactical VTOL UAVs, and a versatile mix of systems capable of swarming and manned-unmanned teaming operations.

While the company has already inked a contract for the delivery of over 50 such systems in 2024, it can scale up production to deliver an estimated 5,000 within the next 2-3 years.

The market size of LAMs in India is estimated to be around Rs 15,000 crore.

The collaboration between NTPC Green Energy and MAHAPREIT aims to realize the green energy objectives of NTPC and the Government’s efforts towards energy transition

New Delhi: NTPC Green Energy Limited (NGEL) and Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) on Wednesday signed a memorandum of understanding (MoU), at NTPC Corporate Office, New Delhi for the development of renewable energy power parks and projects.

The collaboration aims to realize the green energy objectives of NTPC and the Government’s efforts towards energy transition.

The MoU has been signed between NGEL's Chief Executive Officer Rajiv Gupta and MahaPreit's Chairman and Managing Director (CMD) Amol Shinde in the presence of NTPC's Director (Finance & HR) Jaikumar Srinivasan and other senior officials from NTPC, NGEL and MAHAPREIT.

The MoU envisages the joint development of grid connected Renewable Energy Park and Projects including Solar, Wind, Hybrid etc. and/or solutions thereof up to 10 GW in the state of Maharashtra.
NTPC is India’s largest Power Utility with core business of power generation having a total installed capacity of 76+ GW. As part of increasing its renewable energy portfolio, a fully owned subsidiary has been formed as “NTPC Green Energy Limited” (NGEL) which shall take up Renewable Energy Parks and Projects including business in the areas of Green Hydrogen, Energy Storage Technologies, and Round the Clock RE Power. NTPC Group has ambitious plans of 60 GW of RE capacity by the year 2032 and currently it has 3.5 GW of installed RE capacity and 28+ GW under pipeline.

MAHAPREIT is a wholly owned Subsidiary Company of Mahatma Phule Backward Class Development Corporation (MPBCDC), a State Public Sector Undertaking under Government of Maharashtra which has been setup with the objective to establish and carry on business of generating, trading, operating, leasing and renting Renewable Power.

Vodafone Idea share price: Voda Idea's stock rose 2.67 per cent to hit a day high of Rs 12.71 against its previous close of Rs 12.38. Turnover on the counter came at Rs 272.73 crore, commanding a market capitalisation (m-cap) of Rs 83,702.67 crore.
Shares of Vodafone Idea Ltd were trading higher in Wednesday's trade following a block deal. As per BSE data, 19,04,25,000 shares, valued at Rs 233.65 crore, changed hands today. The official buyers and sellers of the block deals are not yet known.

Voda Idea's stock rose 2.67 per cent to hit a day high of Rs 12.71 against its previous close of Rs 12.38. Turnover on the counter came at Rs 272.73 crore, commanding a market capitalisation (m-cap) of Rs 83,702.67 crore.

Nuvama Institutional Equities said the telecom operator's management appeared upbeat about the growth prospects following the recent successful follow-on public offer (FPO).

The domestic brokerage mentioned that Voda Idea needs three events to play out to survive – capital infusion, liabilities waiver and tariff hikes. With the recent capital raise, the telco has achieved one and enabled another. Nuvama also said Voda Idea expects the upgradation capex to be similar to what its peers have done over the last three years.

"We believe VIL is on its way to a 'going-concern' now – though still not completely out of woods. We maintain estimates and reiterate 'HOLD', with an unchanged target price of Rs 14, valuing it at 11 times FY26 EV/Ebitda," Nuvama stated.

The telco is planning to roll out its 5G services in select areas over the next six to nine months. Voda Idea CEO Akshaya Moondra said that the 5G rollout could cover 40 per cent of the company's overall revenue base in the next 24-30 months.

Vodafone Idea was formed in 2018 when Vodafone Group merged its India business with Idea Cellular. The company, in which Vodafone owns more than 25 per cent, is the country's third-biggest operator.

As of April 23, 2024, promoters held a 36.87 per cent stake in the company.

A bench of Justices Sanjiv Khanna and Dipankar Datta also noted that the fixation of SBI’s rate of interest as the benchmark is neither an arbitrary nor unequal exercise of power, as the rule-making authority has not treated unequal as equals.
New Delhi: The Supreme Court has said the benefit enjoyed by bank employees from loans free from interest or at a concessional rate is a unique advantage enjoyed by them. This is in the nature of a ‘perquisite’, and thus is liable to taxation under the Income Tax Act.

A bench of Justices Sanjiv Khanna and Dipankar Datta also noted that the fixation of SBI’s rate of interest as the benchmark is neither an arbitrary nor unequal exercise of power, as the rule-making authority has not treated unequal as equals. 
"Commercial and tax legislations tend to be highly sensitive and complex as they deal with multiple problems and are contingent. This court would not like to interfere with the legislation in question, which prevents possibilities of abuse and promotes certainty," the bench said.

The court also held the provisions are not iniquitous, draconian or harsh on the taxpayers. 
"A complex problem has been solved through a straitjacket formula, meriting judicial acceptance," the bench said.
The top court dismissed petitions filed by All India Bank Officers Federation and others on the ground of excessive and unguided delegation of essential legislative function to the Central Board of Direct Taxes.

The petitioners also challenged the provisions as arbitrary and violative of Article 14 of the Constitution for it treated the prime lending rate of SBI as the benchmark instead of the actual interest rate charged by the bank from a customer on a loan.

"By fixing a single clear benchmark for computation of the perquisite or fringe benefit, the rule prevents ascertainment of the interest rates being charged by different banks from the customers and, thus, checks unnecessary litigation," the bench noted

In its judgment on May 7, the court upheld the validity of Section 17(2)(viii) of the Income Tax Act, 1961 or Rule 3(7)(i) of the Income Tax Rules, 1962.

The development comes days after IndiGo Airlines, a leading airline company unveiled their plans to introduce electric air taxis. IndiGo is planning its project on the Delhi-Gurugram route in collaboration with America-based Archer Aviation.
 

The Central government is planning to revolutionise intercity domestic transport with the introduction of Air Taxi. The Ministry of Civil Aviation in a joint effort with the Ministry of Home Affairs, Directorate General of Civil Aviation (DGCA), Airport Authority of India (AAI), Digital Sky is planning to launch Air Taxi on Public Private Partnership in Delhi NCR.
Delhi NCR will be the first region in the country to have the facility of Air Taxi as public transport. The survey for the project has been concluded and 6 routes have been finalised. To make the project a reality, the authorities will construct 48 helipads across the NCR. 

6 routes, 48 heliports passed in survey
The six routes that have been surveyed and finalised include, Delhi to Gurugram, Delhi to Noida, Delhi to Jewar Airport, Delhi to Faridabad, Delhi to Meerut Airport, Delhi to Rohini Heliport.  Among the 48 heliports finalised, 18 will be constructed in Delhi. 12 in Gurugram, 10 in Noida, 4 in Greater Noida, 2 in Faridabad and 2 heliports will be constructed in Ghaziabad. Due to the ongoing Lok Sabha elections and enforcement of Model Code of Conduct the construction will start afterwards. Meanwhile, a deadline of two years has been finalised to make the project operational.

The Air Taxi will bring huge benefits for those who have to travel to Noida, Ghaziabad, Delhi, Faridabad, Gurugram every day. They will be relieved from the chaotic traffic jams of Delhi NCR. With this project, people of Delhi NCR cities will be able to easily reach their destination through air taxi by spending 6-12 minutes every day, saving their time.

Drone Destination's recent collaboration with IFFCO marks a significant milestone in revolutionizing Indian agriculture. This strategic partnership promises to infuse innovation and efficiency into farming practices across the nation's vast agricultural landscape. By leveraging cutting-edge drone technology, Drone Destination and IFFCO aim to enhance agricultural productivity and efficacy, covering an impressive expanse of 30 lakh acres of farmland.

The agreement underscores a commitment to sustainability, as drones will spray a range of IFFCO's advanced agricultural products, including Nano Urea and Nano DAP, among others. This infusion of modern techniques into traditional farming methods holds the promise of optimizing crop yields while minimizing environmental impact.

Drone Destination's Chairman, Alok Sharma, aptly describes the partnership as a transformative force in Indian agriculture, heralding a new era of efficiency, scalability, and cost competitiveness. With operations spanning across 12 states, including agricultural powerhouses like Punjab, Maharashtra, and Uttar Pradesh, this collaboration is poised to catalyze agricultural growth nationwide.

Moreover, the agreement presents additional avenues for the sale of IFFCO's renowned agri-inputs and products, further amplifying the synergy between technology and agriculture. As drones take flight over vast swathes of farmland, they symbolize not just progress, but also a commitment to elevating the livelihoods of farmers and bolstering India's agricultural sector's contribution to the GDP.

In essence, this partnership embodies the spirit of innovation driving India towards a more sustainable and prosperous agricultural future.

Bengaluru: ISRO today said it is developing a 2000 kN thrust semi-cryogenic engine working on an LOX Kerosene propellant combination for enhancing the payload capability of LVM3 and for future launch vehicles.

Liquid Propulsion Systems Centre (LPSC) is the lead centre for the development of semi-cryogenic propulsion systems with the support of other launch vehicle centres of ISRO. The assembly and testing of the propulsion modules were done at the ISRO propulsion complex (IPRC), Mahendragiri.

As part of the engine development, a pre-burner ignition test article, which is a full complement of the engine power head system excluding the turbopumps is realized. The first ignition trial was conducted successfully on May 2, 2024, at semi cryo integrated engine test facility (SIET) at IPRC, Mahendragiri, which was dedicated to the nation recently by the Prime Minister of India. Smooth and sustained ignition of the preburner is demonstrated which is vital for the starting of the semi-cryogenic engine.

Semi-cryogenic engine ignition is achieved using a start fuel ampule which uses a combination of Triethyle Alumnide and Triethyle Boron developed by VSSC and used for the first time in ISRO in the 2000 kN semi-cryogenic engine.

Many injector elemental level ignition tests were conducted at the Propulsion Research Laboratory Division (PRLD) facility of Vikram Sarabhai Space Centre (VSSC) for characterization.

The ignition process is one of the most critical parts in the development of liquid rocket engine systems. With the successful ignition of the semi-cryo pre burner, a major milestone in the semi-cryo engine development has been achieved. This will be followed by development tests on the engine powerhead test article and fully integrated engine. The development of a semi-cryo stage with 120 tons of propellant loading is also under progress.

The successful Ignition of a semi-cryo preburner is a major accomplishment of ISRO in the development of semi-cryogenic propulsion systems.

The health talk was organised in association with Dr Reddy's Foundation for Health Education and as part of SCOPE's month-long Public Sector Day celebrations
New Delhi : Prioritizing wellbeing and fitness in the public sector, Standing Conference of Public Enterprises (SCOPE) organised a 'Health Talk cum Health Screening Camp' at SCOPE Convention Centre, SCOPE Complex, New Delhi. The Director General of SCOPE Atul Sobti; HURL CMD Siba Prasad Mohanty addressed the participants and Principal Director (HoD of Spine Surgery) of BLK-Max Hospital Dr Puneet Girdhar delivered a Health Talk on 'Lifestyle Modification to Prevent Lower Back Pain.
' Public Sector's voice PSU Watch is now on Whatsapp Channels. Click here to join The health screening camp comprising of Eye Check-up by a team of Dr Shroff Charity Eye Hospital, Consultation by Spine Specialist from BLK Max Hospital and various health check-ups were organised as part of the event. Employees from various PSEs attended the health talk and availed the benefit of the Health Screening Camp. The health talk was organised in association with Dr. Reddy's Foundation for Health Education and as part of SCOPE's month-long Public Sector Day celebrations.

New Delhi: Indian Overseas Bank (IOB) in its concerted efforts towards reduction of NPA has embraced multi-pronged approach to ensure maximum recovery in NPA accounts. This dedicated endeavour has yielded a notable decline in our Gross NPA (GNPA) levels, plummeting from 11.69 percent as of March 31, 2021, to a commendable 3.90 percent by March 31, 2023.

IOB has diligently implemented timely recovery measures, including SARFAESI actions, compromise settlement schemes and sale to ARCs, resulting in enhanced recovery outcomes. Additionally, bank has proactively engaged with our Panel Advocates to expedite resolutions and initiate personal insolvency proceedings where applicable.

To sustain and bolster this momentum, IOB has published sale notification pertains to the sale of 92 NPA loans, collectively amounting to an aggregate Book Outstanding of Rs 13471.68 crores, offered on portfolio basis in 2 lots through e-auction under the open auction method. The first portfolio encompasses, 46 accounts financed under consortium arrangements, 3 accounts under Multiple Banking arrangements, with the remaining 2 accounts being sole banking ventures. Furthermore, 38 accounts within the portfolio are formally admitted under the purview of NCLT. The second portfolio consists of 41 sole banking accounts.
 

Interested Asset Reconstruction Companies (ARCs) and other eligible transferees are cordially invited to submit Expressions of Interest (EOI) by May 13, to participate in the forthcoming e-auction scheduled for May 28.

Detailed information regarding the list of accounts and terms of sale can be accessed via the sale notification available on the Bank's website (www.iob.in). For more details prospective participants are requested to visit the Bank's website (www.iob.in) and navigate to the TENDERS section, ARC-Cell, where the notification dated 04.05.2024, is displayed.

RITES Limited, a prominent transport infrastructure consultancy in India, has announced its collaboration with ItalCertifier SPA, a company under the Italian State Railways Group, to undertake the safety assessment of Vande Bharat trains. The contract for Independent Safety Assessment (ISA) of the Vande Bharat sleeper trains was awarded by Integral Coach Factory (ICF)-Chennai, a production unit under the Ministry of Railways. As the sole ISA-certified CPSE (Central Public Sector Enterprise), RITES is set to conduct design reviews, final safety acceptance assessments, and review test results. This venture marks RITES' entry into a new business stream, underscoring its commitment to advancing ISA works by leveraging its expertise in the Quality Assurance segment.

In March 2024 alone, a staggering 2.3 million customers deserted BSNL, adding to the 18 million subscribers lost in the fiscal year 2023-24. This mass exodus is primarily due to the absence of 4G/5G services. The BSNLEU, representing BSNL employees, has urgently appealed to Telecom Minister Ashwini Vaishnaw to intervene. They propose a temporary solution: allowing BSNL to utilize Vodafone Idea's 4G network, of which the government holds a significant stake. This move aims to stem the tide of departing customers and prevent BSNL from sliding into an irreversible crisis.

Meanwhile, the consortium led by TCS, entrusted with deploying BSNL's 4G/5G network, has encountered significant delays. Despite winning the Rs 19,000-crore contract in 2023, progress has been sluggish. The consortium, which includes ITI Limited, Tejas Networks, and C-DoT, faces technical challenges, with TCS yet to complete field trials of its 4G equipment. The situation underscores the urgent need for action to salvage BSNL's deteriorating position in the telecom landscape.

New Delhi: The mineral production index for March 2024 rose to 156.1, marking a 1.2 percent increase from March 2023. For the fiscal year 2023-24, the overall index surged by 7.5 percent compared to FY 2022-23.

According to the Ministry of Mines, several non-fuel minerals experienced notable growth in March 2024 compared to the same period last year, including Copper Concentrate, Gold, Manganese Ore, Diamond, Graphite, Kyanite, Sillimanite, Limeshell, Limestone, and Magnesite.

Iron ore and Limestone, which collectively constitute approximately 80 percent of the total Mineral Concession Development Rules (MCDR) mineral production by value, demonstrated remarkable growth in FY 2023-24 based on provisional data. Iron ore production reached a record-breaking 277 million metric tons (MMT), surpassing the previous FY 2022-23 record of 258 MMT, representing a growth of 7.4 percent. Similarly, limestone production soared to 450 MMT, up by 10.7 percent from the FY 2022-23 record of 406.5 MMT.

In the non-ferrous metal sector, primary Aluminium production in FY 2023-24 surpassed the previous fiscal year's record. Production escalated from 40.73 lakh tons (LT) in FY 2022-23 to 41.59 LT in FY 2023-24, marking a growth rate of 2.1 percent.

India, ranking as the world's 2nd largest Aluminium producer, 3rd largest lime producer, and 4th largest iron ore producer, witnessed robust growth in iron ore and limestone production during FY 2023-24, indicating strong demand in user industries such as steel and cement. The significant upsurge in Aluminium production also signals thriving economic activity in sectors like energy, infrastructure, construction, automotive, and machinery.

India's power landscape witnessed a notable evolution in FY'24, as both fossil fuel and non-fossil fuel capacities experienced significant growth, according to official government data.

Fossil fuel-based power generation capacity surged by 2.44%, reaching 243.22 GW compared to 237.27 GW in March 2023. Conversely, non-fossil fuel capacity saw a robust 11% increase, soaring to 190.57 GW from 172.01 GW in the previous fiscal year.

This expansion encompasses various sources: coal, lignite, gas, and diesel contribute to the fossil fuel category, while solar, wind, and hydropower constitute the non-fossil fuel sector.

Notably, nuclear power capacity also witnessed a substantial uptick, rising by 20.64% to 8.18 GW from 6.78 GW in FY'23.

India's overall power generation capacity climbed by 6.22%, reaching 441.97 GW compared to 416.06 GW previously.

Coal-based capacity showed a modest increase of around 3%, reaching 210.97 GW, while gas capacity experienced a marginal rise to 25.04 GW. Lignite and diesel-based capacities stood at 6.62 GW and 0.59 GW, respectively, in FY'24.

Renewable energy sources saw a notable surge, with capacity reaching 143.64 GW, marking a substantial 14.76% increase from 125.16 GW in FY'23. Hydropower capacity also saw a slight uptick to 46.93 GW from 46.85 GW in the preceding fiscal year.

"REC Limited has secured a pivotal approval from the Reserve Bank of India to establish a wholly-owned subsidiary in the prestigious International Financial Services Centre (IFSC) within GIFT City, Gandhinagar, Gujarat. This move, following the Board of Directors' green light earlier this year, marks a significant step towards REC's global expansion strategy.

The subsidiary will empower REC Limited to broaden its international presence and tap into diverse funding opportunities. By leveraging the offshore platform offered by IFSC, REC aims to access competitive funding and foster deeper collaborations with global investors. This strategic initiative underscores REC's commitment to innovation and underscores its position as a key player in the financial landscape, both domestically and internationally."

Mangalore Refinery and Petrochemicals Ltd (MRPL) reported a 40.41 percent decline in net profit year-on-year for the fourth quarter of FY2023-24, with profits dropping to Rs 1,136.84 crore from Rs 1,907.98 crore in the same period of FY2022-23. However, on a quarter-on-quarter basis, the company witnessed a significant 193.71 percent increase in Profit after Tax (PAT), reaching Rs 387.06 crore in the December quarter of FY24.

For the entire financial year 2023-24, MRPL saw a notable 36.3 percent rise in net profit, climbing from Rs 2,638.39 crore in FY2022-23 to Rs 3,595.93 crore in FY2023-24.

MRPL’s revenue from operations dipped 0.71% in Q4 of FY24 y-o-y

MRPL's revenue from operations experienced a slight decline of 0.71 percent in the Q4 of FY2023-24, amounting to Rs 29,190.05 crore, compared to Rs 29,401.49 crore in Q4 of FY23. However, on a quarter-on-quarter basis, there was an uptick of nearly 3 percent, with revenue from operations reaching Rs 28,364.37 crore in the December quarter of FY2023-24.

At the operational level, EBITDA plummeted by 33.3 percent to Rs 2,329.7 crore in the March quarter of FY24, down from Rs 3,490.2 crore in the same period of FY23. The EBITDA margin for the quarter stood at 9.2 percent, compared to 13.8 percent in the corresponding period of FY23.

The Board of Directors has proposed a final dividend of Rs 2 per share (20 percent), amounting to Rs 350.52 crore, pending approval by the company's members. The final dividend will be disbursed within 30 days from the declaration date at the AGM. The record date for the final dividend payment will be determined and communicated in due course.