The World Opinion

Category: Economy

  • Ford Eyes Indian Market with New Compact SUV Patent, likely to compete with Hyundai Creta | Auto News

    After bidding adieu to its sales and manufacturing operations in India back in September 2021, Ford Motor Company seems poised for a comeback.  While memories of Ford in India may vary among people, two SUVs undoubtedly stand out: the Endeavor and the EcoSport. Recent media reports hinted at a potential comeback for Ford in India following the cancellation of its deal to sell the Chennai-based manufacturing plant. Recent reports indicate that Ford is considering recruiting for numerous positions at its manufacturing plant in Chennai. Additionally, there have been reports of the American automaker filing a design patent for the fourth generation Endeavor, known internationally as the Everest. Now, regarding a design patent picture that has gone viral on the internet, media reports are saying that it is of a new compact SUV filed by Ford, which will compete with mid-size compact SUVs like Hyundai Creta, Kia Seltos, Maruti Grand Vitara, Toyota Hayrider and Honda Elevate.

    Ford Compact SUV Speculated Design

    The patent images reveal a sleek and stylish design, with notable elements such as mesh-like inserts on the front grille and distinctive boomerang-shaped headlights adorned with sleek LED DRLs. The SUV’s profile boasts prominent creases, flared-up wheel arches filled with multi-spoke alloy wheels, and a boxy silhouette accentuated by a flat roofline and tall pillars. While drawing some visual cues from the Ford Explorer, the compact SUV maintains its unique identity and is noticeably smaller in size.

    Market Potential and Future Prospects

    With reports of Ford’s re-commencement of operations at its Chennai facility, the possibility of locally assembling the mid-size SUV gains momentum. This localization strategy could enhance Ford’s market presence in India, tapping into the burgeoning demand for compact SUVs. While the filing of patents doesn’t guarantee a market launch, it underscores Ford’s strategic direction in India, signaling a promising future for the brand in the country.

    Please note that all this information provided is based on speculations and rumours, Ford has not announced anything officially. If true, Ford’s resurgence in India can be a strategic shift to capture a larger market share.

  • RBI Imposes Penalties Amounting To Nearly Rs 3 Crore On SBI, Canara Bank, City Union Bank | Personal Finance News

    Mumbai: The Reserve Bank of India (RBI) on Monday said it has imposed penalties amounting to almost Rs 3 crore on State Bank of India, Canara Bank, and City Union Bank for violation of regulatory norms. In each case, the RBI said the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

    RBI imposes Rs 2 crore Penalty on SBI

    In a statement, the RBI said a penalty of Rs 2 crore has been imposed on the State Bank of India (SBI) for contravention of certain norms related to the Depositor Education Awareness Fund Scheme, 2014.

    “The Reserve Bank of India (RBI) has, by an order dated February 26, 2024, imposed a monetary penalty of ₹2.00 crore (Rupees Two Crore only) on State Bank of India (the bank) for contravention of provisions of sub-section (2) of Section 19 of the Banking Regulation Act, 1949 (the BR Act), and sub-section (2) of Section 26A of the BR Act read with the Depositor Education Awareness Fund Scheme, 2014. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 51 (1) of the BR Act,” RBI release said.

    RBI imposes Rs 66 lakh Penalty on City Union Bank Limited

    A penalty of Rs 66 lakh has been imposed on City Union Bank Limited for non-compliance with certain directions issued by the RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances — Divergence in NPA Accounts’ and Know Your Customer Directions..

    “The Reserve Bank of India (RBI) has, by an order dated February 08, 2024, imposed a monetary penalty of ₹66.00 lakh (Rupees Sixty-six lakh only) on City Union Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances – Divergence in NPA Accounts’ and ‘Reserve Bank of lndia (Know Your Customer (KYC)) Directions, 2016’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949,” RBI said in another release.

    RBI imposes Rs 32.30 lakh Penalty on Canara Bank

    The RBI has also levied a penalty of Rs 32.30 lakh on Canara Bank for non-compliance with certain directions.

    “The Reserve Bank of India (RBI) has, by an order dated February 06, 2024 imposed a monetary penalty of ₹32.30 lakh (Rupees Thirty two lakh thirty thousand only) on Canara Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures’, ‘Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)’ and ‘Resolution Framework – 2.0: Resolution of Covid-19 Related Stress of Individuals and Small Businesses’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 and section 25(1)(iii) read with section 23(4) of the Credit Information Companies (Regulation) Act, 2005,” RBI release added.

    RBI imposes Rs 16 lakh Penalty on Ocean Capital Market Ltd

    A penalty of Rs 16 lakh has been imposed on Ocean Capital Market Ltd, Rourkela, Odisha, for non-compliance with certain provisions related to non-banking financial companies.

     

  • Zerodha CEO Nithin Kamath Is On The Path To Recovery After Experiencing Mild Stroke | Companies News

    New Delhi: Zerodha’s Co-founder and CEO, Nithin Kamath, recently disclosed that he experienced a minor stroke approximately six weeks ago, leading him to question why someone as healthy as himself could be impacted.

    In a post shared on X (formerly Twitter), Kamath mentioned that factors ranging from inadequate sleep and fatigue to the recent loss of his father could have contributed to the occurrence.(Also Read: Mark Zuckerberg Learns Skill Of Traditional Japanese Sword Making; Watch Video)

    Around 6 weeks ago, I had a mild stroke out of the blue. Dad passing away, poor sleep, exhaustion, dehydration, and overworking out —any of these could be possible reasons.

    I’ve gone from having a big droop in the face and not being able to read or write to having a slight droop… pic.twitter.com/aQG4lHmFER


    — Nithin Kamath (@Nithin0dha) February 26, 2024

    “Around 6 weeks ago, I had a mild stroke out of the blue. Dad passing away, poor sleep, exhaustion, dehydration, and overworking out — any of these could be possible reasons,” he posted. (Also Read: MobiKwik Unveils ‘Pocket UPI’ For Payments Without Linking Bank Account)

    Kamath mentioned that he is currently recovering.

    “I’ve gone from having a big droop in the face and not being able to read or write to having a slight droop but being able to read and write more. From being absent-minded to more present-minded. So, 3 to 6 months for full recovery,” the Zerodha CEO added.

    He wondered why a person who’s fit and takes care of himself could be affected like this. “The doctor said you need to know when you need to shift the gears down a bit,” said Kamath, posting an image of him in the hospital.

    “Slightly broken, but still getting my treadmill count,” he added.

    Zerodha reported a revenue of Rs 6,875 crore and a profit at Rs 2,907 crore for the financial year 2022-23 (FY23), representing a 38.5 per cent and 39 per cent growth in revenue and profit, respectively, as compared to the previous financial year. In FY22, the company had reported revenue of Rs 4,964 crore and a profit of Rs 2,094 crore. (With Inputs From IANS)

  • Big Boost For Railways! PM Modi To Lay Foundation Stone For Redevelopment Of 553 Railway Stations | Railways News

    Prime Minister Narendra Modi will lay the foundation stone for the redevelopment of 553 Railway Stations and 1,500 ROB/RUB at a cost of Rs 41,000 Cr today. These projects aim to transform the Railway infrastructure of the country. In a post on X platform (Formerly Twitter) PM Modi said, “Today is a historic day for our Railways! At 12:30 PM, 2,000 railway infrastructure projects worth over Rs. 41,000 crores will be dedicated to the nation. In order to enhance the travel experience, 553 stations will be redeveloped under the Amrit Bharat Station Scheme. The foundation stones for these stations would be laid. Overbridges and underpasses across India will also be inaugurated. These works will further ‘Ease of Living’ for the people.”

    Odisha Railway Projects

    According to Manoj Sharma, General Manager of East Coast Railway, Odisha, foundation stone is being laid for 21 Amrit Bharat Railway stations, with an estimated cost of Rs 900 Cr.

    The list includes prominent stations such as Bimlagarh, Jaroli, Rairangpur, Panposh, Baleswar, Betnoti, Sambalpur City, Jharsuguda Road, Titlagarh, Kesinga, Rayagada, Paralakhemundi, Koraput, Jeypore, Talcher, Raghunathpur, Paradeep, Kendujhargarh, Bhadrak, Belpahar, and Brajarajnagar.

    The state of Odisha is witnessing a significant boost in infrastructure development with a total of 52 Road Over Bridges (ROB) and Road Under Bridges (RUB) projects scheduled for dedication or foundation laying. The cumulative project cost for these stands at Rs.1420 Cr. In the East Coast Railway zone alone, 30 ROB/RUBs with a total cost of Rs.1288 Cr are slated for development.

    Andhra Railway Projects

    Sharma also informed that within the East Coast Railway zone, which also cover some parts of Andhra Pradesh and Chhattisgarh states, foundation stone will be laid in 22 Amrit Bharat Railway stations with a sanctioned cost of Rs 790 Cr. This initiative is expected to enhance station facilities, making travel more comfortable for passengers. The stations are Naupada, Simhachalam, Bobbili, Srikakulam Rd., Parvatipuram, Chipurupalle, Sambalpur City, Jharsuguda Rd., Titlagarh, Kesinga, Rayagada, Paralakhemundi, Koraput, Jeypore, Talcher, Raghunathpur, Paradeep, Kendujhargarh, Bhadrak, Araku, Kottavalasa and Ichachapuram.

    Amrit Station Redevelopment Project

    The Amrit stations redevelopment project promises improved station accessibility, air concourse, wider Foot Over Bridge (FOB), waiting areas, toilet facilities, lift and escalator installations, and enhanced cleanliness. Passengers can also look forward to amenities such as free Wi-Fi, local product kiosks, executive lounges, and spaces for business meetings.

    Similarly, the ROB/RUB projects aim to bring visible benefits to the public, removing traffic barriers, enhancing safety, and improving overall transportation efficiency. The construction of railway over bridges and under bridges is expected to boost convenience, comfort, and mobility for road users by reducing congestion, pollution, and travel time.

  • NIFTY Scales New Heights, Expect Sensex To Follow This Time Around | Markets News

    Mumbai: Markets were on a roll last week and even though there was extreme volatility, they continued their upward march. NIFTY has made a new high this week effectively on every trading session.

    Index Performance: NIFTY vs. BSESENSEX

    However, the BSESENSEX has yet to cross the high of 73,427.59 points which was made on 16th January. The new high made on Friday on NIFTY was at 22,297.50 points while BSESENSEX reached 73,413.93 points, short of previous high by a mere 14 points. This makes one believe that sooner than later this would be breached and also confirming that NIFTY is yet to make another high on Monday or Tuesday.

    Weekly Market Wrap-Up

    At the end of the week, BSESENSEX gained 716.16 points or 0.99 per cent to close at 73,142.80 points while NIFTY gained 172 points or 0.78 per cent to close at 22,212.70 points. The broader markets saw BSE100, BSE200 and BSE500 gain 0.70 per cent, 0.76 per cent and 0.74 per cent respectively. BSEMIDCAP gained 0.01 per cent while BSESMALLCAP was up 0.82 per cent.

    Intraday Volatility and Market Movement

    Markets gained on three of the five trading sessions and lost on two. On Thursday, markets opened in the red but rallied smartly to close in the positive. The intraday movement on Thursday between the low and the close was 1,076 points on BSESENSEX and 342 points on NIFTY. If one compares this to the weekly gains, it’s almost 1.5 times on BSESENSEX and double on NIFTY. The markets had probably a sharp intraday correction. (Also Read: LIC Housing Finance Hopes To Earn Rs 5,000 Cr Profit In FY24)

    Global Market Insight: Dow Jones Performance

    The Indian Rupee gained 8 paisa or 0.10 per cent to close at Rs 82.94 to the US Dollar. Dow Jones gained in three of the four sessions and lost in one session. Dow gained 503.54 points or 1.30 per cent to close at 39,131.53 points.

    New Listings and Market Sentiment

    Shares of Vibhor Steel Tubes Limited which had issued shares at Rs 151, listed at the bourses on Tuesday, February 20. The primary issue from the company was of a very small size with a fresh issue of Rs 72 crore in the price band of Rs 141-151.

    Upcoming Market Offerings: A Look Ahead

    The week ahead sees the issue from Exicom Tele-Systems Limited tap the markets. The issue which opens on Tuesday, February 27, would close on Thursday the 29th February.

    Investment Opportunities: Evaluating Market Offerings

    For the fixed income category of investors there is an issue from Bharat Highways Invit which opens in the week ahead.

    Market Outlook: Bullish Trends and Strategies

    The current value of NIFTY is higher by 860.10 points or 4.03 per cent. The February series had begun at a level of 21,352.60 points. Currently, the Bulls have complete control of the series and there is no way that they would allow the series to slip out of their hands. (Also Read: Zomato’s Hilarious Response To Customer Goes Viral; Netizens Applaud Creativity)

    Navigating Market Volatility

    Coming to the strategy in the week ahead, expect volatility and sharp intraday moves in both directions to be the order of the day. Trade with a positive mindset but keep on booking profits in sharp rallies. At the same time use sharp dips to buy and refrain from having large overnight positions.

  • Zomato Delivery Agent's Dance On 'Teri Baaton Mein Aisa Uljha Jiya' Amuses Netizens: WATCH

    In the video, the man, identified as Mosaan, can be seen wearing a Zomato-branded jacket while dancing energetically on an empty road at night.

  • IPOs vs FPOs: Where To Invest? Check Key Differences Between Them Before Making Investment | Personal Finance News

    New Delhi: Investing in the stock market offers individuals avenues to grow their wealth and participate in the growth of companies. Two primary methods of investing in stocks are Initial Public Offerings (IPOs) and Follow-on Public Offerings (FPOs). While both involve purchasing stocks, they have distinct characteristics and serve different purposes.

    What Are IPOs?

    An Initial Public Offering (IPO) marks the first time a privately owned company offers its shares to the public. Prior to going public, the company’s shares are typically held by founders, investors, and employees.

    Through an IPO, the company sells its shares to investors, thereby raising capital. The funds acquired from the sale are often used to expand operations or pay off debts.

    What Are FPOs?

    Follow-on Public Offerings (FPOs), on the other hand, involve purchasing stocks that are already publicly traded. These stocks are listed on stock exchanges like the Bombay Stock Exchange, and their prices fluctuate based on demand and supply dynamics.

    Differences Between IPO And FPO

    One significant difference between IPOs and FPOs lies in their purpose. IPOs are usually issued by privately-owned companies to raise capital for expansion and growth, while FPOs may be issued to further expand the company or bolster its equity base.

    Additionally, the pricing mechanisms for IPOs and FPOs differ, with IPO share prices being fixed or set within a specific range, whereas FPO share prices are often demand-driven.

    Risk Factors

    Investing in stocks always carries risks, but the level of risk varies. FPOs generally entail lower risk since investors have access to crucial information about the company’s performance and finances, enabling them to make more informed decisions.

    Both IPOs and FPOs provide opportunities for individuals to invest in the stock market. However, they differ in terms of the issuing process, pricing mechanisms, and associated risk factors.

  • 6 Fresh IPOs Coming This Week: Check Details Of Offerings Opening For Subscription Next Week | Markets News

    New Delhi: The Indian IPO market is showing no signs of slowing down, with six new public offers scheduled to open next week. Analysts attribute this relentless primary market activity to optimistic investor sentiment, a robust economy, and expectations of lower inflation and rate cuts in 2024. Read on further to find out the details of six upcoming IPOs.

    1. Exicom Tele Systems IPO

    Exicom Tele Systems IPO: Subscription Dates

    Exicom Tele Systems has announced its IPO, which is set to open for subscription on February 27 and close on February 29. (Also Read: From Investment To Income: A Rs 5-7 Lakh Investment In This Business Idea Could Yield Rs 1.5 Lakh Monthly Returns)

    Exicom Tele Systems IPO: Aim

    The company aims to raise approximately Rs 429 crore through the offering. (Also Read: Are You Facing Issues With Creating AI Images From Gemini? Google Explain The Reason)

    Exicom Tele Systems IPO: Fresh Equity Issue

    The IPO consists of a fresh equity issue worth Rs 329 crore and an offer for sale of Rs 70.42 lakh shares.

    Exicom Tele Systems IPO: Price Band

    The price band for the IPO is set at Rs 135-142 per share, with the post-issue implied market cap around Rs 1,716 crore.

    Exicom Tele Systems IPO: Lot Size

    Investors can bid for 100 shares in one lot and multiples thereafter.

    Exicom Tele Systems IPO: Additional Information

    The offer is reserved with 75 percent for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 10 percent for retail investors.

    2. Platinum Industries IPO

    Platinum Industries is also gearing up for its IPO.

    Platinum Industries IPO: Subscription Dates

    The IPO will open for subscription on February 27 and close on February 29.

    Platinum Industries IPO: Objective

    The IPO aims to raise Rs 235 crore through a fresh equity sale of 1.37 crore shares.

    Platinum Industries IPO: Price Band

    The offering is offered at a price range of Rs 162-171 per share.

    3. Bharat Highways Invit IPO

    Bharat Highways Invit is an infrastructure investment trust focused on acquiring, managing, and investing in a portfolio of infrastructure assets in India.

    Bharat Highways Invit IPO: Price Range

    The company has priced its IPO in the range of Rs 98-100 per unit.

    Bharat Highways Invit IPO: Subscription Date

    The issue is set to open on February 28, offering units worth Rs 2,500 crore.

    4. Owais Metal IPO 

    In addition to the above IPOs, Owais Metal will open for subscription on February 26.

    5. Purva Flexipack IPO

    The company’s IPO is all set to open for subscription on February 27.

    6. MVK Agro Food Product IPO

    MVK Agro Food Product’s IPO is opening for subscription on February 29.

  • Maharashtra FDA Exposes McDonald’s For Alleged Food Quality Concerns, Food Chain Responds | Companies News

    New Delhi: McDonald’s, a leading fast-food chain, has reassured its customers that it exclusively employs authentic and premium-quality cheese in its cheese-infused products. This assurance comes after certain outlets in Maharashtra faced scrutiny from the state’s Food & Drugs Administration (FDA).

    The Maharashtra Food and Drug Administration (FDA) discovered that several outlets of the prominent fast-food chain in the state were using cheese analogues as an alternative to genuine cheese in certain products like burgers and nuggets. (Also Read: Business Success Story: From IIT Dropout To Google Cloud CEO, The Inspiring Journey Of Thomas Kurian)

    It’s important to mention that cheese analogues are designed to imitate the flavor and consistency of conventional dairy cheese. These substitutes often substitute dairy fat with more cost-effective vegetable oil. (Also Read: IRCTC Teams Up With Swiggy For Supply, Delivery Of Pre-Ordered Meals To Train Passengers)

    Maharashtra FDA Commissioner Abhimanyu Kale stated that they received customer feedback regarding the use of cheese analogues instead of real cheese. Upon inspection, they found that vegetable oil (Dalda oil) was being used instead of genuine cheese.

    As a result of this discovery, the license of a McDonald’s outlet in Ahmednagar, Maharashtra was reportedly suspended by the FDA. In response, the chain removed the term “cheese” from certain locations where cheese analogues were being used. Cheese analogues, which use vegetable oil to cut costs, are a more economical option.

    McDonald’s Statement in Response

    Although McDonald’s disputed the decision, the outlet’s license was still suspended. McDonald’s has denied allegations of using substitutes and has assured customers that it exclusively utilizes genuine cheese. A spokesperson was quoted by TOI stating, “…we want to reassure customers that we use only real, quality cheese in all our products.” 

    Westlife Foodworld responsible for managing McDonald’s franchises across 62 cities in southern and western India stated that it is awaiting conclusive clarification from authorities regarding this matter.

    The company stated that they consistently follow strict food standards and comply with all relevant food laws. They emphasized their commitment to transparency in disclosing ingredients and their dedication to offering tasty, high-quality meals to their customers.

  • Forex Reserves Decline USD 5.24 Bn To USD 617.23 Bn

    The forex kitty stood at USD 622.5 billion for the week ended February 2.