INDIAN BRIDGE MANAGEMENT SYSTEM
Vizhinjam port has created 2,000 direct and indirect jobs, will create 5,500 more by 2028-29: Karan Adani
The mothership 'San Fernando' recently berthed at the new Vizhinjam International Seaport, marking a historic day for India's maritime industry and its entry into global transshipment. The port is poised to become a critical player in international trade routes, boasting state-of-the-art infrastructure and advanced technologies. With a significant investment and job creation, Vizhinjam is set to revolutionize maritime operations and solidify its position as a key transshipment port.
RailTel shares jump 11%, hit fresh 52 week high; multibaggers IRFC, Ircon join party with new peaks
RailTel Share Price: Railway stocks including Railtel Corporation of India, Ircon International, and IRFC are surging to new highs as the market anticipates the Modi 3.0 government's budget announcement on July 23.
Indian IPOs keep drawing individuals on allure of quick returns
Indian retail investors drive IPOs with 57% average gains, outperforming Asia Pacific and global averages. Data shows $10.6 billion in bids across 36 IPOs, all quotas filled. Regulatory surveillance increased. 15 companies aim to raise $11 billion. Exicom Tele-Systems saw high demand. Quick money entices investors despite minimal company analysis.
Dealmaker DAM Capital Advisors plans public issue
DAM Capital, led by Dharmesh Mehta, targets an IPO within six months, highlighting Mumbai's investment-banking growth. Managed by Nuvama Investment Banking, the IPO includes fresh capital and an offer for sale. DAM Capital, with significant public issues, QIPs, and secondary-market block deals, plans wealth management, PMS, AIF, retail broking to rival ICICI Securities and Motilal Oswal.
Polycab, United Spirits among 38 companies with dividend bonus, stock split this week. Do you own any?
Polycab, United Spirits, Mahindra Logistics are in focus for dividends, bonuses, and stock splits. Key stocks include Clara Industries (4:1 bonus July 8), Deep Industries (Rs 2.44 dividend July 9), JSW Steel (Rs 7.3 dividend July 9), Mphasis (Rs 55 dividend July 10), Mahindra Lifespace Developers (Rs 2.65 dividend July 12), and Vantage Knowledge Academy (stock split July 12).
Bihar bridge collapses: Union Minister Jitan Ram Manjhi shrugs off incidents; says 'It's monsoon time'
On recent incidents of bridge collapses in Bihar, Union Minister Jitan Ram Manjhi said, "It is monsoon time. There has been an abnormal amount of rain, which is the reason behind the collapse of bridges. But, the CM of the state is very sensitive towards the investigation... He did a meeting yesterday and has given strict instructions that strict action should be taken against any kind of negligence..."
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New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as PhonePe, Amazon Pay, and Paytm.
BNSS launches community service initiative for petty theft and nuisance offenses
India's new Bharatiya Nyaya Sanhita (BNS) has replaced the IPC, introducing community service as a penalty for minor crimes like theft under Rs 5,000. This marks a shift towards rehabilitative justice, offering offenders alternatives to fines or jail time. Despite its positive intent, the implementation faces challenges due to unclear monitoring guidelines. Experts emphasize the need for structured frameworks and specific tasks to ensure uniform application and effective community contribution, highlighting the reform's potential in blending justice with social welfare.
Need to unbundle natural gas marketing and transportation, says Indian Gas Exchange CEO
Indian Gas Exchange (IGX) CEO Rajesh Kumar Mediratta advocated for an independent system operator to ensure fair access to natural gas pipelines' full capacity for all market players. He proposed the split of gas companies into separate marketing and transportation entities. He emphasised the need for a level playing field through equal access to information and charge mechanisms. Mediratta suggested measures for developing the domestic natural gas market, including bringing gas under GST and enforcing open access in city gas areas.
RBI tells banks to find ways to bridge the gap between credit and deposit growth
The meeting addressed various banking challenges including credit-deposit ratio, cybersecurity, and digital frauds. Governor Das emphasized the need for robust cybersecurity controls and customer awareness initiatives to curb digital frauds.
Indian software sector earnings will remain modest in Q1: here’s why
Infosys and LTIMindtree are expected to lead a modest increase in average growth for Indian software service providers in the first quarter of FY25. However, previous top performers, Tata Consultancy Services (TCS) and HCLTech, may see pressure on profits and margins as they work to reignite growth.
Watch: Railways conduct high-speed trial on world's tallest Chenab Rail Bridge. Goosebumps Guaranteed
Indian Railways achieved a milestone with a successful high-speed trial on the Chenab Bridge, the world’s highest railway bridge in Jammu and Kashmir. This marks progress towards starting rail operations on the Reasi-Baramulla route. The trial covered a 46-km electrified section, including nine tunnels, demonstrating technological advancements. The Udhampur-Srinagar-Baramulla Rail Link project aims to integrate Kashmir with national rail networks, enhancing connectivity and economic prospects.
MMRDA inks Rs 850-crore urban infra financing pact with German development bank KfW
The funds procured from KfW and MMRDA's resources will be primarily allocated towards various sustainable development projects within and around the Mumbai Metropolitan Region. These initiatives include the development of green corridors, solid waste management systems, recycling and reuse facilities, and the promotion of renewable energy solutions to address environmental concerns and enhancing the quality of life for residents in the bustling metropolitan area.
Indian Army constructs 70-feet Bailey Bridge in flood-hit Sikkim in less than 72 hours
As per PRO Defence, Guwahati, the construction work started on June 23 and was completed within 72 hours. "Supporting the efforts of BRO and local administration in restoring connectivity and getting normalcy back to areas cut off due to recent floods in Sikkim, Army engineers of Trishakti Corps constructed a 70 feet Bailey Bridge on road Dikchu - Sanklang, braving incessant rains & challenging technical constraints," PRO Defence, Guwahati.
In depth: AI builds a bridge to the last mile
Kishan Pal, a 43-year-old farmer from Bijnor district in Uttar Pradesh, uses AI-based voice payments to instantly send money to his mother, Savitri, in Ballia, UP.
IT stocks rally up to 4% as an early indicator of Q1 earnings just gave green signals
Indian IT stocks surged following positive results from Accenture, with Persistent Systems leading the gains. Analysts expect a strong demand environment to drive healthy earnings growth.
Railways successfully conducts full train run on Chenab Rail Bridge, World's highest; Services to start soon
Indian Railways conducted a successful trial run on the Chenab Rail Bridge, the world’s highest railway bridge, connecting Sangaldan in Ramban district to Reasi. Union Railway Minister Ashwini Vaishnaw confirmed the progress. The USBRL project is nearing completion, with a full inspection scheduled for late June. The inaugural train service is expected to start on June 30.
RBI suffers system failure in automated system for banks’ liquidity management
The Reserve Bank of India faced a technical glitch in the ASISO facility, impacting funds visibility. Daily money market operations data publication was delayed. RBI is working to reconcile banks' outstanding lending or borrowing, ensuring SDF and MSF bids are managed effectively.
Axiscades Technologies to supply drone systems to Indian Army under Rs 100 crore order
Axiscades Technologies announces a Rs 100 crore order to deliver Man Portable Counter Drone Systems to the Indian Army. The system, capable of operating on battery and main power supply, can detect and jam various drones up to 5 kilometers away. The company plans to complete all deliveries by 2024. CEO Arun Krishnamurthi highlights the innovation in providing advanced security solutions to meet the armed forces' needs.
Flexible approach in managing liquidity to help money market rates
RBI Governor Shaktikanta Das announced the central bank's commitment to maintaining money market rates and borrowing costs through flexible liquidity management. The RBI will use various operations to manage liquidity, responding to foreign investment flows impacting Indian bond markets. Analysts predict significant foreign flows following inclusion in JPMorgan's bond index, potentially affecting rupee liquidity. Das highlighted the RBI's ability to handle liquidity impact and swiftly respond to banking system liquidity fluctuations.
China plans new carbon measurement standards to boost climate efforts
China announced plans to implement a new carbon footprint management system by 2027 to measure the carbon content of key products, aiming to meet climate goals and global carbon standards.
Sebi forms committee to review ownership, economic structure of clearing corporations
Sebi forms committee chaired by Usha Thorat to review ownership and economic structure of clearing corporations for resilience and neutrality.
From savings to wealth: A guide to strategic methods for sustainable wealth creation in India
India is facing a retirement crisis with 80% concerned about savings sufficiency. The India Retirement Index at 44 highlights the gap. Jefferies' findings reveal investment habits, and StockGro addresses financial literacy and investment education needs.
Some Indian ARCs are circumventing rules, says RBI's Swaminathan
RBI Deputy Governor Swaminathan J. disclosed in a recent speech that some Indian Asset Reconstruction Companies (ARCs) have been skirting regulations, aiding in the "evergreening" of distressed assets. The RBI has ramped up supervision to curb systemic risks and ensure compliance. Swaminathan urged ARC boards to prioritize assurance functions like risk management and internal audit to identify and mitigate risks effectively.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
Working hard to address needs of crew of ship involved in Baltimore incident: Synergy Marine
Synergy Marine Group addressing crew needs of container ship Dali in Francis Scott Key Bridge incident. Crew in good health, assisting with investigation. Indian crew facing phone confiscation by probe agencies, replaced by FBI. Monitoring crew's welfare, providing counselling 24/7. Crew awaiting permission to disembark and arrangements for return home.
Fraud, crypto & wallet: A virtual hold for a real crime
Soon after a transaction by a scammer or the use of a mule account to purchase cryptos is tracked, the virtual digital assets (VDAs) can be moved to the proposed special account which would be under the control of a law enforcement agency (LEA).
Set up system for reporting adverse events: Regulator to medical device companies
The government mandates companies to carry out post-market surveillance (PMS) of medical devices with an aim to ensure the safety and performance of the devices.
Cold-chain solutions startup Celcius Logistics raises $4.8 million led by IvyCap Ventures
Celcius Logistics connects shippers and transporters and is a solution for all cold-chain requirements, helping with last mile and hyperlocal delivery for all stakeholders.
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