The World Opinion

Category: Economy

  • Bharti Hexacom’s IPO Gets 34% Subscription On Day 1 Of Offer | Markets News

    New Delhi: Bharti Hexacom’s initial public offering received a lukewarm response from the investors as it received a 34 percent subscription on the first day of bidding on Wednesday. This is the first public issue of the financial year 2024-25. The initial share sale of Bharti Hexacom received bids for 1,41,08,328 shares against 4,12,50,000 shares on offer, according to the NSE data.

    The category for Retail Individual Investors (RIIs) subscribed 48 percent, while the quota for non-institutional investors received 36 percent subscription, and the portion for Qualified Institutional Buyers (QIBs) subscribed 29 percent. (Also Read: ‘You Give More Money To Govt Than Spend On Yourself’: Social Media Post On Income Tax Concerns Goes Viral)

    On Tuesday, Bharti Airtel’s arm Bharti Hexacom said it has collected about Rs 1,924 crore from anchor investors. The company had fixed a price band of Rs 542-570 per share. (Also Read: High-Security Alert For Apple Users! CERT-In Asked To Deploy Immediate Measures)

    The company’s Rs 4,275 crore IPO is entirely an offer of sale (OFS) of 7.5 crore equity shares, indicating a 15 percent stake by Telecommunications Consultants India Ltd, with no fresh issue component.

    Bharti Hexacom will not receive any proceeds from the IPO. At present, promoter Bharti Airtel holds a 70 percent stake, and the remaining 30 percent stake is owned by Telecommunications Consultants India.

    The Bharti group’s previous IPO of Bharti Infratel, now known as Indus Towers, was in 2012. Bharti Hexacom provides telecommunication services in Rajasthan and the Northeast.

    At the upper end of the price band, the IPO size will be Rs 4,275 crore. About 75 percent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors, and the remaining 10 percent for retail investors.

    Bharti Hexacom, which filed its preliminary IPO papers with Sebi on January 20, obtained its market watchdog’s nod on March 11 to float the maiden public issue.

    SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book-running lead managers of the public issue.

  • Indeed’s New AI-Powered Tool To Help Employers Make Hiring Faster | Companies News

    Bengaluru: Indeed, a global job matching and hiring platform, on Tuesday, announced the launch of a new Artificial Intelligence (AI) powered tool called Smart Sourcing to make the hiring process faster and simpler for employers.

    With the AI tool, employers can instantly source a candidate from an active talent pool of nearly 300 million workers globally, based on profiles and resumes shared on Indeed.

    The tool will scan skills, experiences, and qualifications to recommend the best candidates for the job. This can help employers quickly review matched candidates, connect directly with them, and hire faster – saving an average of 8.1. Hours per week spent in recruiting and hiring, the company said. (Also Read: Byju’s Delays March Salaries; Blames Few Foreign Investors)

    “At Indeed, we believe that people are at the core of any successful organisation. That’s why we’re committed to simplifying the hiring process, not just for efficiency, but also to create a positive experience for both employers and job seekers,” said Abhishek Dhasmana, Senior Product Director at Indeed, in a statement.

    “We are pleased to introduce an innovative AI-powered “Smart Sourcing’ that demonstrates our commitment to revolutionising job matching and hiring in India,” he added.

    Job searching can be a challenging journey for most job seekers. Indeed’s recent survey reveals that 77 per cent of job seekers emphasise the importance of employers understanding their preferences before reaching out to them. However, more than half of job seekers in India have been contacted for jobs that don’t align with their preferences. (Also Read: Work From Home vs Work From Office Debate: Zerodha’s Nithin Kamath On Why WFH Not A Fit For All)

    Indeed also recently launched Specialist Media Networks in India, designed to support employers in filling competitive and hard-to-fill job roles.

  • Bajaj Pulsar N250 2024 Set To Be Launched On April 10; What We Know So Far | Auto News

    Bajaj Auto is all set to unveil the much-anticipated 2024 version of the Bajaj Pulsar N250 on April 10. The company has sent out invitations for the first ride officially confirming the launch date. Let’s delve into the details of what can be expected from this updated Pulsar Motorcycle.

    Design And Features

    The core design and dimensions of the motorcycle are expected to remain unchanged. The upcoming Bajaj Pulsar N250 is rumoured to come with advanced features such as traction control and dual-channel ABS with three settings. Additionally, it is expected to feature a digital instrument console with Bluetooth connectivity and revised switchgear.

    Expected Performance

    In terms of performance, the N250 is speculated to receive an updated engine that can run on E20 fuel. Currently, the bike is powered by a 249cc single-cylinder engine producing 24.1 horsepower and 21.5 Nm of torque, paired with a 5-speed gearbox.

    The new Bajaj Pulsar N250 might include a USD (Upside Down) fork. This addition is aimed at enhancing the bike’s handling, stability, and overall performance. The USD fork, renowned for its superior damping characteristics and rigidity, enables the motorcycle to tackle various road conditions and sharp turns with ease, delivering a more responsive and controlled riding experience for enthusiasts.

    Expected Price Increase And Competition

    In terms of pricing, the current Bajaj Pulsar N250 is priced at Rs 1.50 lakh (ex-showroom, Delhi). With the introduction of these new features, a modest increase in the updated model’s price is anticipated. Upon its launch, the Bajaj Pulsar N250 will compete head-to-head against formidable rivals in the segment, including the Suzuki Gixxer 250, TVS Apache RTR 200 4V and the Honda Hornet 2.0 

  • Indian Startup Converts Mahindra Bolero Into Self-Driving SUV, Anand Mahindra Reacts | Companies News

    New Delhi: Advancements in automotive technology are bringing cars closer to autonomous driving capabilities worldwide. In India, some car models already feature advanced driver assistance features like Level-2 ADAS. However, a recent breakthrough by a startup from Bhopal has captured widespread attention.

    The video even earned recognition from Anand Mahindra, Chairman of Mahindra & Mahindra. (Also Read: Work From Home vs Work From Office Debate: Zerodha’s Nithin Kamath On Why WFH Not A Fit For All)

    Who Is Behind The Innovation?

    Sanjeev Sharma, an IIT graduate, is behind the remarkable invention that has grabbed headlines. Since 2009, Sharma has been fascinated by autonomous technology, and his recent creation has turned heads. (Also Read: Yes Bank And IDFC First Bank To Impose Surcharge On Credit Card Utility Payments)

    An impressive video shared online showcases a modified Bolero SUV equipped with self-driving capabilities, skillfully navigating through bustling streets without manual steering.

    Technical Innovation

    The Bolero SUV underwent significant modifications, featuring advanced hardware and software essential for autonomous driving.

    Components such as LiDAR sensors, cameras, radar systems, and a robust central system capable of real-time decision-making were integrated into the vehicle.

    The video demonstrates the SUV’s smart autonomous technology adeptly maneuvering through various obstacles, including parked cars, police barricades, and pedestrian-filled areas.

    Anand Mahindra’s Attention

    An active presence on social media, Anand Mahindra, took to his platform to commend Sharma’s innovation. He expressed his enthusiasm for the rise of tech innovation in India.

    Mahindra lauded Sharma’s dedication to achieving level 5 autonomy through complex mathematical algorithms. He concluded with praise for the choice of vehicle.

    Evidence of tech innovation rising across India.

    An engineer who’s not building yet another delivery app. @sanjeevs_iitr is using complex math to target level 5 autonomy.

    I’m cheering loudly. 

    And certainly won’t debate his choice of car! pic.twitter.com/luyJXAkQap


    — anand mahindra (@anandmahindra) April 2, 2024

    Social Media Reactions

    The video of the self-driving Bolero SUV has garnered significant attention on social media platforms. Here are some of the comments:

    I tried to convert NANO into helicopter but I failed 
    — Abhi (@MetaAbhishek) April 2, 2024

    It is not reality this looks like kids playing with remote car. There should be some cars passing on sides and speed should be high. Yes you may say it is the beginning then that should be limited to R&D untill it shows some basic capability. Of course did someone is innovative…


    — Surendhran_G  (@Surendhran_G) April 2, 2024

    Giving Tesla a run for its money 
    — Allan Pham (@AllanBytes) April 2, 2024

    If this technology is implemented in India and is successful on Indian roads, then it can be implemented even on Mars and @elonmusk can forget Tesla FSD.
    — Vikram (@vikram_lingam) April 2, 2024

  • Byju’s Delays March Salaries; Blames Few Foreign Investors | Companies News

    New Delhi: Embattled edtech company Byju’s has informed its employees that there will “again” be a delay in disbursement of salaries. Byju’s management in a communication to employees blamed the situation on an interim order obtained by “a few misguided foreign investors” in late February which “restricted usage of the funds raised through the successful rights issue”.

    Byju’s also sought to assure staff that it is following a parallel line of credit to ensure that employees get their salaries by April 8. “We are writing to you today with a heavy heart but with a message of hope and reassurance. We regret to inform you that there will again be a delay in the disbursement of salaries. A few misguided foreign investors in BYJU’S have obtained an interim order in late February which has restricted usage of the funds raised through the successful rights issue,” the management wrote.

    The note further said: “This irresponsible action by the four foreign investors has compelled us to temporarily hold the disbursal of salaries until the restriction is lifted.” Byju’s said it has full faith in the Indian judicial system and eagerly awaits a favourable outcome that will enable it to utilise the funds raised through the rights issue and alleviate the financial challenges it is currently facing.”

    As you know, the founders have put everything back into the company, and regardless of the court verdict, we are following a parallel line of credit to ensure that you receive your salary by 8th of April,” the management said.

    On a positive note, the management said, it has the necessary vote to increase the authorised capital for the rights issue.”It means that once the restrictions on using the raised funds are lifted, we can meet all our salary commitments immediately. As you might have read, our founder, Byju Raveendran, has once again appealed to disgruntled investors in a collaborative spirit, and we are hoping that litigating investors would have a reasonable spirit in not frustrating our daily lives any longer,” it said.

    The company said it understood the feelings of helplessness that may arise due to these circumstances, and added “we share your frustration”.

    “However, we urge you to hold onto hope and remain resilient. BYJU’S has overcome challenges recently, and we firmly believe that together, we will overcome this last hurdle. We are confident that justice will prevail and the financial constraints will be resolved soon,” the management wrote thanking employees for their patience, understanding, and continued dedication during the difficult time.

  • DNA Expose: How A Private Company Is Collecting ‘Lagaan’ In Independent India | Real Estate News

    You must have watched the movie Lagaan, which was based on the truth of arbitrary land taxes imposed by the British during the colonial era in India. You must have also heard about the East India Company, infamous for plundering and exploiting Indians. You might be wondering why we are discussing all this. Well, now we are going to reveal in today’s DNA that even in independent India, a private company is collecting ‘Lagaan’ from people. After knowing about it, the ground beneath your feet will shake. Because today, we are going to expose the East India Company of independent India. 

    Watch Full DNA Expose Here

    हिंदुस्तान में आज भी चल रहा है ‘अंग्रेजों वाला कानून’
    मीरा-भयंदर में प्राइवेट कंपनी की ‘लगान-वसूली’
    मीरा-भयंदर की मालिक कैसे बन गई ‘प्राइवेट कंपनी’?

    देखिए #DNA LIVE Ram Mohan Sharma के साथ#ZeeLive #ZeeNews #AzaadBharatKaLagaan @ramm_sharma https://t.co/F9D6IFbD1E
    — Zee News (@ZeeNews) April 1, 2024

    It has become a real estate company in the Thane district of Maharashtra, near Mumbai, specifically in the Mira Bhayandar area. Not only has it illegally seized land in Mira Bhayandar, but it has also established a system of land extortion throughout the entire area. Moreover, whenever a building is constructed in the Mira Bhayandar area, one must first obtain a No Objection Certificate (NOC) from this private company. In exchange for NOC, this private company extorts lakhs of rupees. You would be surprised to know that this private company owns all the land in the Mira Bhayandar area. And the government has given this right to the company. This is the biggest land fraud in independent India. Today, we are going to expose it with solid evidence and witnesses.

    India is in the golden era of its independence. We have been free from British slavery for more than 75 years. But if we tell you that even today there are places in our country where the laws of the British are in force. 75 years after independence, people are still being forced to put a lien on their land. 

    How did a private company get a license to acquire land in Mirabhyandar? And on what basis is this extortion being carried out? We have contacted local social workers and leaders working in the Mira Bhayandar area who are fighting a legal battle against The Estate Investment Company’s land extortion.

  • 97.69 Pc Of Rs 2000 Currency Notes Returned: RBI | Economy News

    New Delhi: The Reserve Bank of India (RBI) on Monday said nearly 97.69 per cent of the Rs 2000 denomination bank notes have returned to the banking system, and only Rs 8,202 crore worth of the withdrawn notes are still with the public.

    On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8,202 crore at the close of business on March 29, 2024, the Reserve Bank of India said in a statement. (Also Read: RBI To Not Accept, Exchange Rs 2,000 Notes Today, 01 April 1 –Know Why)

    “Thus, 97.69 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, has since been returned,” it added. The Rs 2,000 banknotes continue to be legal tender. People can deposit and/or exchange Rs 2000 bank notes at 19 RBI offices across the country. People can also send Rs 2000 bank notes through India Post from any post office to any of the RBI Issue Offices for credit to their bank accounts in India. (Also Read: PM Lauds RBI, Says India Must Become Financially ‘Atmanirbhar’ In 10 Years)

    Public and private entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30, 2023. The deadline was later extended to October 7, 2023. Deposit and exchange services at bank branches were discontinued on October 7, 2023.

    Starting October 8, 2023, individuals have been provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 offices of the RBI.

    The 19 RBI offices depositing/exchanging the bank notes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. The Rs 2000 bank notes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 bank notes.

  • PM Lauds RBI, Says India Must Become Financially ‘Atmanirbhar’ In 10 Years | Economy News

    Mumbai: Over the next 10 years, India must strive to become a ‘Financially Atmanirbhar’ economy that is shielded from all global events and continues to march ahead confidently for progress and development, Prime Minister, Narendra Modi, said on Monday.

    Speaking at the 90th-anniversary celebrations of the Reserve Bank of India (RBI), the PM said that the country’s economy has risen in the last few years from the inherited mess of 2014 when the BJP government took office and is now poised for take-off.

    “India is among the youngest nations in the world… Our policies have opened up new sectors in the economy like green energy, digital technology, Defence which is getting into the export mode, MSMEs, space and tourism industries.

    “The RBI must address the aspirations of the youth and develop ‘out-of-the-box’ policies for all these emerging sectors to help the youth,” urged the PM. (Also Read: SBI Customers Alert! Internet Banking, YONO To Be Unavailable At THESE Timings Today, 01 April)

    Pointing out that globally there is a challenge for nations to strike a balance between inflation control and growth, the PM called upon the RBI to study and develop a model for this, which can be a trendsetter for the world, especially the Global South, while ensuring that the Indian Rupee is accessible and acceptable world over.

    He said that in the next 10 years, India will strive to improve its financial independence, with the country’s economy getting impacted minimally by global developments “as we are already on the way to becoming a world growth engine.” (Also Read: RBI To Not Accept, Exchange Rs 2,000 Notes Today, 01 April 1 –Know Why)

    Present at the celebrations were Union Finance Minister, Nirmala Sitharaman, RBI Governor, Shaktikanta Das, and other dignitaries.

  • Infosys To Receive Rs 6,329 Cr Tax Refund From IT Dept | Companies News

    New Delhi: Infosys expects a refund of Rs 6,329 crore from the Income Tax Department, the country’s second-largest IT services company said. It also informed the stock exchanges about tax demand to the tune of Rs 2,763 crore, citing various assessment orders.

    Infosys Ltd said it has received orders from the Income Tax Department for assessment years 07-08 to 15-16, 17-18, and 18-19 during the quarter. “As per the orders, the company expects a refund of Rs 6,329 crore (including interest). 

    The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024,” Infosys said in a BSE filing.

    Infosys, which competes with TCS, Wipro and others in the market for IT services contracts, is scheduled to declare its financial results for the fourth quarter of the current fiscal year as well as the full FY24 on April 18. (Also Read: Zomato Gets Tax Demand Order Of Rs 23.26 Crore)

    The Bengaluru-headquartered IT company also said it has received an order for assessment year 22-23 with a tax demand of Rs 2,763 crore, including interest, and for assessment year 11-12 with a tax demand of Rs 4 crore, interest included.

    Infosys has received assessment orders for subsidiaries as well, totalling Rs 277 crore.

    These include assessment orders for assessment years 21-22 and 18-19, respectively, with a total tax demand of Rs 145 crore; orders for assessment years 22-23 with a tax demand of Rs 127 crore; and for assessment years 22-23 entailing tax demand of Rs 5 crore – all of them inclusive of interest.

    “The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing appeals against these orders,” Infosys said.

    Further, a subsidiary of the company has received refund orders under Section 254 for assessment years 07-08 and 08-09 and under Section 154 for assessment years 16-17, it said, adding that the refund amount as per these orders is Rs 14 crore. (Also Read: TCS Achieves New Milestone; 3.5 lakh Employees Trained In Generative AI Skills)

    “The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024. As on March 29, 2024, the above orders cumulatively exceed the materiality criteria as prescribed under Regulation 30 of the Listing Regulations (as amended), and accordingly this disclosure is submitted,” Infosys said.

  • Airtel Arm Penalised For Alleged Irregularity In Claiming Input Tax Credit: Filing

    According to the filing, the penalty has been levied for “alleged irregular input tax credit claimed during the financial year 2018-19”