The World Opinion

Category: Economy

  • Vodafone Idea’s Board Approves Fundraise Of Rs 2,458 Crore Via Stock Sale | Companies News

    Mumbai: Telecom service provider Vodafone Idea, on Thursday, said that its board has approved issuance of about 166.8 crore equity shares worth Rs 2,458 crore on a preferential basis.

    In a stock regulatory filing, the company said that it will allot over 102.7 crore shares (1.48 per cent) aggregating to Rs 1,520 crore to Nokia Solutions and Networks India Private Limited.

    The remaining over 63.7 crore shares (0.91 per cent) aggregating to Rs 938 crore will go to Ericsson India Private Limited, a non-promoter of the company.

    The Board also approved convening of an extraordinary general meeting (EGM) on July 10.

    Last month, the telecom operator announced to raise up to Rs 2,075 crore from Oriana Investments (Aditya Birla Group entity) via a preferential share issue.

    After the allotment of equity shares, the paid-up equity share capital of Vodafone Idea increased from Rs 66,483.45 crore to Rs 67,878.88 crore, it said in the filing.

    The company in April raised around 18,000 crore through a follow-on public offer.

    Vodafone Idea reported a net loss of Rs 7,674 crore in the January-March quarter, compared to Rs 6,418.9 crore reported in the same quarter of 2022-23.

    The shares of the company closed at Rs 16.08 apiece on Thursday.

  • Northern Railway Announces Summer Special Trains for 2024; Check Details | Railways News

    Northern Railway has announced the introduction of special train services to various destinations to accommodate the increased travel demand during the summer season. These summer specials are intended to ease congestion and provide additional travel options for passengers. Details of the new services are as follows:

    Patna – New Delhi – Patna Special (Train No. 02393/02394)

    Service Period:

    – 02393 Patna – New Delhi Special: From 14th June 2024 to 30th June 2024 (Six days a week)
    – 02394 New Delhi – Patna Special: From 15th June 2024 to 1st July 2024 (Six days a week)

    Timings:

    – 02393 Patna – New Delhi Special:
      – Departure from Patna: 20:10
      – Arrival in New Delhi: 12:10 the next day
      – Intermediate stops: Danapur (20:23/20:25), Ara (20:56/20:58), Buxar (21:45/21:47), Pt. Deen Dayal Upadhyaya (23:45/23:55), Prayagraj (02:05/02:10), Govindpuri (04:30/04:35)
    – 02394 New Delhi – Patna Special:
      – Departure from New Delhi: 13:20
      – Arrival in Patna: 07:00 the next day
      – Intermediate stops: Govindpuri (19:15/19:20), Prayagraj (21:45/21:50), Pt. Deen Dayal Upadhyaya (03:05/03:15), Buxar (04:20/04:22), Ara (05:31/05:33), Danapur (06:05/06:07)

    Coach Composition: General, Sleeper, and AC Coaches

    Gaya – Anand Vihar Terminal – Gaya Special (Train No. 02397/02398)

    Service Period: 
    – 02397 Gaya – Anand Vihar Terminal Special: From 14th June 2024 to 30th June 2024 (Six days a week)
    – 02398 Anand Vihar Terminal – Gaya Special: From 15th June 2024 to 1st July 2024 (Six days a week)

    Timings:
    – 02397 Gaya – Anand Vihar Terminal Special:
      – Departure from Gaya: 14:15
      – Arrival at Anand Vihar Terminal: 07:10 the next day
      – Intermediate stops: Anugraha Narayan Road (15:06/15:08), Dehri On Sone (15:24/15:26), Sasaram (15:42/15:44), Bhabua Road (16:14/16:16), Pt. Deen Dayal Upadhyaya (17:20/17:30), Prayagraj (19:50/20:00), Govindpuri (22:30/22:35)
    – 02398 Anand Vihar Terminal – Gaya Special:
      – Departure from Anand Vihar Terminal: 08:20
      – Arrival in Gaya: 00:30 the next day
      – Intermediate stops: Govindpuri (14:30/14:35), Prayagraj (17:20/17:30), Pt. Deen Dayal Upadhyaya (21:05/21:15), Bhabua Road (21:58/22:00), Sasaram (22:34/22:36), Dehri On Sone (22:52/22:54), Anugraha Narayan Road (23:08/23:10)

    Coach Composition: General, Sleeper, and AC Coaches

    These special trains are expected to significantly reduce the travel rush and provide more comfortable options for passengers during the summer season. Passengers are encouraged to book their tickets in advance to avoid any last-minute hassles.

  • Tata Punch EV Secures 5-Star Bharat NCAP Rating; Check Details | Auto News

    The Tata Punch EV had undergone Bharat NCAP crash test in April 2024and achieved a significant milestone by securing a 5-star rating for both adult occupant protection (AOP) and child occupant protection (COP). Tested in April 2024, the results apply to all variants of the Punch EV, making it a standout in safety.

    Adult Occupant Protection

    In the BNCAP’s tests, the Punch EV excelled in adult occupant protection, scoring an impressive 31.46 out of 32 points. The vehicle performed exceptionally well in both the frontal offset deformable barrier test, earning 14.26 out of 16 points, and the side movable deformable barrier test, scoring 15.6 out of 16 points. The Punch EV provided good to adequate protection for adult crash test dummies in these tests.

    Child Occupant Protection

    The Punch EV also demonstrated strong performance in child occupant protection, securing 45 out of a possible 49 points. It earned 23.95 out of 24 points in the dynamic tests, a perfect score of 12 out of 12 in the CRS (child seat restraint) segment, and 9 out of 13 in vehicle assessment. Standard safety features across all variants include six airbags, ABS and ESC, three-point seat belts for all seats, and ISOFIX mounts.

     BNCAP’s Highest Rated Car

    Considering the scores achieved, the Tata Punch EV is currently the highest-rated car by BNCAP. While other Tata models like the Nexon EV, Harrier, and Safari also have 5-star ratings, their scores are slightly lower than the Punch EV’s.

     Powertrain and Battery Options

    The Tata Punch EV is available with two battery options: a 25kWh battery providing a 315km range (MIDC) and a 35kWh battery offering a 421km range (MIDC). Charging options include a 3.3kW wall box charger and a 7.2kW fast charger. The Long Range variants come equipped with a 122hp and 190Nm motor, while the regular variants feature an 82hp, 114Nm motor. Prices for the Punch EV range from Rs 10.99 lakh to Rs 15.49 lakh.

  • No Insurance Claim To Be Rejected For Lack Of Documents: IRDAI | Personal Finance News

    New Delhi: Insurance Regulatory and Development Authority of India (IRDAI) has released a master circular that shall apply to every single existing general insurance product and every add-on cover.

    The IRDAI Circular issued on 11 June added that no claim shall be rejected for want of documents. All the required documents shall be called at the time of underwriting the proposal. The customer may be asked to submit only those documents that are directly related to the claim settlement such as claim form, driving license, permit, fitness, FIR, un-traced report, fire brigade report, post mortem report, books of accounts, stock register, wage register, repair bills (only in cases where cashless is not available), wherever applicable.

    The circular on IRDAI (Insurance Products) Regulations 2024 –General Insurance that replaces all earlier Guidelines/circulars of General Insurance Products, is applicable immediately.

  • India’s Toy Exports Expand To More Than 100 Countries | Economy News

    New Delhi: The Indian toy industry has expanded its global presence to more than 100 countries including the US, the UK, Germany, the Netherlands, Denmark and even China and the next step for the toy manufacturers is to reach international consumers through the effective use of online mediums, a senior official of the Department for Promotion of Industry and Internal Trade (DPIIT) said here on Monday.

    In line with the objective of providing an impetus to the growing Indian toy sector, DPIIT organised a “Workshop with Flipkart and Indian Toy Industry” on Wednesday in New Delhi, which played a pivotal role in laying the roadmap for enabling further growth of the toy sector, scaling domestic consumption and upskilling/reskilling workforce.

    Addressing a joint workshop of Indian toy manufacturers and e-retail giant Flipkart, Joint Secretary, DPIIT, Sanjiv said: “The success of the Indian toy industry reflects in the enhanced exports, increasing robustness of the manufacturing ecosystem and reduced import dependence.”

    The deliberations laid special focus on how the emerging opportunities from the e-commerce marketplace can be leveraged to bolster the growth of the Indian Toy Industry.

    Secretary, (DPIIT), Rajesh Kumar Singh while addressing the participants said: “As part of its strong commitment to create a better ecosystem for the toy industry, the government has identified the sector as one of the champion sectors, with a long-term vision to create a global market for ‘Made in India’ toys.

    A cohesive approach is being followed by breaking the silos and working with industry in all aspects for enhancing the robustness of the sector.” The workshop organised in collaboration with Flipkart and the Indian Toy Industry helped the domestic toy manufacturers to understand the nuances of online selling, thereby enabling a step further towards building a “Toyconomy”.

    According to industry estimates, Indian exports of Toys, Games, and sports articles between 2014-15 to 2022-23 increased by 239 per cent whereas the imports fell by 52 per cent.

    Further, the report presented the current market size of the industry is USD 1.7 billion, and expected to reach USD 4 Billion by 2032 with a 10.5 per cent annual growth rate.

  • HDFC Bank Hikes Fixed Deposit Rates On Various Tenors –Check Latest HDFC FD Rates | Personal Finance News

    New Delhi: Private sector lender HDFC Bank has hiked fixed deposit rates on retail deposits by 20 basis points with effect from June 10. The rates are applicable on various tenors.

    HDFC Bank is offering FD rates at 7.10 percent for 15 to 18 months, FD rates at 6.60 percent for a one year to 15 months and FD rates at 7.25% for 18 months to less than 21 months.

    Senior citizens will get 50 bps higher FD rates as compared to general public.

    The move comes a week after the Reserve Bank of India (RBI) announced pause in its key lending rates in its monetary policy for the 8th consecutive time.

    On June 7, the RBI’s Monetary Policy Committee (MPC) meeting decided to stick to the current 6.5 per cent repo rate with a 4:2 majority vote. The RBI had last changed rates in February 2023, when the repo rate was hiked to 6.5 per cent. The RBI raised rates by 2.5 per cent between May 2022 and February 2023 after which they have been kept on hold to support economic growth despite inflationary pressures in the past.

    The repo rate is the interest rate at which the RBI gives short term loans to banks to enable them to meet their liquidity requirements. This in turn has an impact on the cost of loans that the banks extend to the corporate entities and consumers.

  • FM Sitharaman On Strong Wicket As Modi 3.0 Gears Up To Present Full Budget | Economy News

    New Delhi: Prime Minister Narendra Modi has sent a clear message of continuity in the government’s economic policy with the re-appointment of Nirmala Sitharaman as Finance Minister. 

    Sitharaman’s return comes on the back of a successful track record with the Indian economy clocking a robust 8.2 per cent growth in 2023-24, which is the fastest among the world’s major economies, and inflation coming down to below 5 per cent.

    During her tenure as Finance Minister, the fiscal deficit has also been reduced from more than 9 per cent of GDP in 2020-21 to the targeted level of 5.1 per cent for 2024-25. This has strengthened the macroeconomic fundamentals of the economy. S&P Global Rating raised India’s sovereign rating outlook to ‘positive’ from ‘stable’, citing the country’s improving finances and strong economic growth.

    After having presented an interim budget ahead of the Lok Sabha polls, Sitharaman now faces the challenge of presenting a full budget that ensures the economy continues on the high growth trajectory and creates more jobs while at the same time keeping in mind the aspirations of the coalition partners of the Modi 3.0.

    There are some apprehensions that the fiscal demands of the coalition partners may lead to a diversion of economic resources from investments in infrastructure projects that spur growth to social welfare schemes and higher allocation to states.

    However, given the low fiscal deficit, the hefty Rs 2.11 lakh crore dividend from the RBI and the buoyancy in taxes, the Finance Minister has a lot of headroom for pushing ahead with policies aimed at accelerating growth.

    As part of the next-generation economic reforms, the government was also planning to rationalise GST by reducing the number of tax slabs from four to three in order to make revenue collection and compliance easier. However, this may now have to be put on the backburner as tweaking GST rates on semi-essential items which are taxed at 12 per cent or 18 per cent could lead to an additional tax burden on essential items, which are taxed at a lower 5 per cent rate.

    Some of the crucial economic reforms such as making it easier for businesses to hire and fire labour to ensure a higher level of productivity to accelerate growth and generate more jobs in the long run may also have to wait.

  • BMW 5 Series LWB To Launch In India On July 24; Check What’s New | Auto News

    BMW is gearing up launch the new 5 Series in India on July 24. Notably, the company is introducing a long-wheelbase (LWB) version for the first time. Read here to know all about this vehicle.

     Design 

    The latest-generation BMW 5 Series LWB measures 5,175mm in length, 1,900mm in width, and 1,520mm in height, with a wheelbase of 3,105mm. This makes it 145mm longer than the regular 5 Series sedan, with an additional 110mm in the wheelbase. While these dimensions are for the Chinese model, some adaptations like a right-hand drive setup and slightly increased ground clearance are expected for the Indian market.

     Exterior Features

    The extended length of the 5 Series LWB is noticeable, similar to the 3 Series Grand Limousine available in India. Unlike the E-Class LWB, which features a separate quarter glass and unique door design, the 5 Series LWB’s rear door resembles the standard model without a rear quarter glass. The LWB variant retains the headlamp and tail-lamp design, and the illuminated grille of the standard car, along with minor tweaks to the front and rear bumpers in some variants. In China, the 5 Series LWB sports an illuminated ‘5’ on the C-pillar, a feature that adds a distinctive touch but is absent in the standard 5 Series.

    In China, the 5 Series LWB boasts an array of luxurious features such as 4-zone climate control, quilted upholstery, and a dual-tone design. A standout feature is the 31.1-inch display that folds down from the headliner, offering 8K resolution and 5G compatibility. Paired with the Bowers & Wilkins surround sound system, it promises an immersive on-the-go entertainment experience. It is anticipated that most of these features will be available in the India-spec model as well.

  • This Road Reduces 1 Hr Distance To 8 Mins! Gets Thumbs Up From Commuters | Mobility News

    Mumbai Coastal Road Phase 2: Excited Mumbaikars gave a broad smile and a big ‘thumbs up’ as the second phase of the Mumbai Coastal Road (MCR) was thrown open for motorists – a day after Chief Minister Eknath Shinde inaugurated it with a drive in a 94-year-old vintage Rolls Royce beauty.

    Time Saving

    Scores of vehicles were seen entering the south-north arm of the MCR at Marine Lines. The motorists were pleasantly surprised to complete the commute till Haji Ali junction in barely 8 minutes flat – a far cry from the agonising nearly one hour it took till yesterday.

    Many motorists raved about the MCR – officially a mouthful, as ‘Dharmveer Swarajrakshak Chhatrapati Sambhaji Maharaj Mumbai Coastal Road’ – as their vehicles sped through the new thoroughfare including a tunnel running under the Malabar Hill and emerging at the new interchange at Haji Ali junction, along the Arabian Sea shore.

    Next Plan

    The remaining part of the project running up to Bandra Worli Sea Link is expected to be completed in a month or so and the entire phase will be fully ready by October affording Mumbaikars huge relief by saving time, fuel, pollution, and other benefits.

    A global marketing consultant Pradeep Menon decided to go on a ‘joy-ride’ from his Powai home, driving first to Marine Lines (north-south), reversing at Churchgate to enter the newly-inaugurated (south-north) stretch and coming out at Haji Ali.

    Thumbs Up From Commuters

    “This was unbelievable… I could complete the stretch in barely 20 minutes both ways, plus it is toll-free and on par with similar projects the world over,” gushed an awed Menon. Several other thrilled motorists spoke to the media lavishing praises on the BrihanMumbai Municipal Corporation (BMC) and state government for giving a long overdue and huge infrastructure project to the country’s commercial capital, and how it would even benefit future generations.

    Maharashtra Chief Minister Eknath Shinde inaugurated the first phase, roughly 10.5 km long, the north-south arm from Worli to Marine Lines, along with the twin tunnels, which proved to be immensely popular with motorists. 

    The Chief Minister said that the new stretch has been equipped with all the modern amenities and will be a boon as it shall decongest traffic to and from south Mumbai to the northern parts of the city.

    The work to link MCR with the BWSL bridge at Worli is also nearing completion and over the next few years, the coastal road will be constructed up to Borivali in northwest Mumbai, with multiple interchanges, big and small bridges, tunnels, etc.

  • Ather Rizta Production Kicks Off; First E-Scooter Rolls Out From Plant | Auto News

    Ather Energy has officially commenced production of its newest electric scooter, the Rizta. The company has rolled out the first production-spec Rizta from their state-of-the-art manufacturing facility.
    Tarun Mehta, Co-founder and CEO of Ather Energy announce the news on the Twitter. “The first production versions of Rizta are starting to roll off the line now!” he tweeted, signaling the company’s readiness to deliver this eagerly awaited scooter to the market.

    Design and Features

    The Ather Rizta includes Ather’s proprietary SkidControl technology and even integrates WhatsApp functionality on the dashboard. The Rizta comes in two models and three variants: Rizta S and Rizta Z with a 2.9 kWh battery, and the top-end Rizta Z with a 3.7 kWh battery. The 2.9 kWh variants offer a predicted IDC range of 123 km, while the 3.7 kWh variant promises a range of 160 km. The Rizta S is available in three monotone colors, whereas the Rizta Z comes in seven colors, including four dual-tone options.

    Battery and Charging Solutions

    Ather offers an optional five-year/60,000 km warranty program called ‘Ather Battery Protect,’ which ensures a minimum of 70% battery health at the end of the warranty period. For home charging, the Rizta S and Rizta Z with a 2.9 kWh battery come with a 350W portable charger, while the 3.7 kWh Rizta Z is equipped with a 700W Ather Duo charger. Rizta owners will also benefit from Ather’s extensive fast-charging network, comprising over 1800 fast charging points across the country.

    Availability and Pricing

    Bookings for the Ather Rizta are now open, with deliveries set to commence soon. The Rizta S with a 2.9 kWh battery is priced at INR 1,09,999 (ex-showroom Bengaluru), the Rizta Z with a 2.9 kWh battery at INR 1,24,999, and the top-end Rizta Z with a 3.7 kWh battery at Rs 1,44,999.