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IEX board reappoints SN Goel as CMD, elevates Rohit Bajaj as Joint MD
The board of Indian Energy Exchange (IEX) approved the reappointment of Satyanarayan Goel as Chairman and Managing Director, and the appointment of Rohit Bajaj as Joint Managing Director. This decision was made during a meeting on Friday. Goel’s term as Managing Director will end on August 9, 2024, as he will reach the age of 70 on August 10, 2024, in accordance with the Companies Act, 2013, according to a BSE filing.
Indo-Russian joint venture delivers 35,000 AK-203 rifles to Indian Army
India and Russia's joint venture, ROSOBORONEXPORT, delivered 35,000 AK-203 rifles. Produced at Korwa Ordnance Factory in Amethi, it aligns with Make in India, Atmanirbhar Bharat, and involves technology transfer. Director Mikheev emphasized certified equipment. The Indian Army received rifles within the agreed timeframe in the first project phase. Chambered for 7.62x39mm cartridges, they ensure Kalashnikov reliability.
ED files money laundering case to probe STP 'scam' in Delhi Jal Board; conducts searches
The Enforcement Directorate conducted raids across Delhi, Ahmedabad, Mumbai, and Hyderabad, seizing Rs 41 lakh in cash along with incriminating documents and digital devices. These searches are part of a money laundering investigation linked to alleged corruption in the augmentation of Sewage Treatment Plants (STPs) by the Delhi Jal Board (DJB). The investigation, stemming from a Delhi government Anti-Corruption Branch FIR against Euroteck Environmental Pvt Ltd. and others, focuses on irregularities in the awarding of tenders worth Rs 1,943 crore for 10 STPs.
India-Mongolia joint military exercise 'Nomadic Elephant' to begin in Meghalaya tomorrow
The 16th edition of Joint Military Exercise 'Nomadic Elephant' between India and Mongolia will be held in Umroi, Meghalaya from July 3-16. This annual exercise aims to enhance interoperability for semi-conventional operations in semi-urban and mountainous terrain. The previous edition was conducted in Mongolia in 2023. The recent 12th Joint Working Group meeting between the defense ministries of India and Mongolia reviewed bilateral defense cooperation and identified ways to enhance it, highlighting the potential for a fruitful partnership.
Subodh Kumar Singh removed as NTA chief, Pradeep Singh Kharola takes over amid NEET, NET paper leak row
NTA Director General Subodh Kumar Singh was removed from his position on Saturday and placed on "compulsory wait" in the Department of Personnel and Training (DoPT). Pradeep Singh Kharola has been assigned the additional charge of NTA DG.
Govt starts taking call on Chinese investments, Indian cos Press (Note) 3
Dixon Technologies is preparing to file for Press Note 3 clearance for its proposed joint venture with HKC Corp for manufacturing liquid crystal modules, thin film transistor liquid crystal display modules and assembly of smartphones and televisions. Dixon will own majority shares. Following border tensions, the Indian government began looking askance at investments by Chinese companies in India.
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India-France-Australia trilateral identifies new proposals to expand Indo-Pacific partnership
The Indian side was led by Piyush Srivastava, Joint Secretary (Europe West) and Paramita Tripathi, Joint Secretary (Oceania and Indo-Pacific), while the French side was led by Benoît Guidée, Director (Asia and Oceania), Ministry of Foreign Affairs and the Australian side was led by Sarah Storey, First Assistant Secretary, South and Central Asia Division, Department of Foreign Affairs and Trade.
India, Australia, France pledge joint efforts for free and open Indo-Pacific amid China's growing assertiveness
India, Australia, and France have pledged to collaborate on promoting a free, open, inclusive, and rules-based Indo-Pacific region in response to China's increasing assertiveness. During the third 'India-France-Australia trilateral focal points' meeting in Delhi, the countries reviewed progress under trilateral cooperation pillars and identified new proposals for furthering collaboration, including initiatives within the Indo Pacific Oceans Initiative and Indian Ocean Rim Association mechanisms.
Cambodia-India Tourism Year launched in New Delhi
The first Cambodia-India Tourism Year was inaugurated in New Delhi, marking the commencement of the inaugural direct flight service by Cambodia Angkor Air between Phnom Penh and New Delhi. The event, officiated by Manisha Saxena, emphasized the significance of the initiative for boosting tourism between the two countries.
India doesn't sign joint communique on Ukraine peace in Switzerland
India did not sign a joint communique at a Switzerland summit for peace in Ukraine, insisting on conditions for participation of all parties, including Russia, in summits for lasting peace. Other attendees included Saudi Arabia, the UAE, South Africa, Thailand, Indonesia, Mexico, and Armenia. MEA secretary (West) Pavan Kapoor stated that only options acceptable to both parties can lead to abiding peace.
Putin ratifies plan to jointly build lunar base with China
Russian President Vladimir Putin has approved a plan to jointly build the International Lunar Research Station (ILRS) with China. The ILRS will include sections on the lunar surface, lunar orbit, and Earth, built in two phases. The first phase aims to establish a basic station by 2035, with expansion completed by 2045. Twelve countries and international organizations have joined the initiative. The project follows Russia and China's 2021 agreement and involves ambitious lunar missions starting in 2026.
India a big aviation market; good to have stronger Lufthansa-Air India partnership: Star Alliance CEO
CEO Theo Panagiotoulias highlights the importance of a strong partnership between Air India and Lufthansa within the Star Alliance to offer a unique value proposition for passengers in the Indian aviation market.
Maharashtra, Karnataka, Delhi top UK's investment flows from India: Report
Maharashtra, Karnataka, and Delhi led in bringing foreign direct investment (FDI) to the UK, per a CII and Indian High Commission joint report. The report highlighted the contributions of Indian companies in various sectors, showcasing their positive impact on the UK economy, job creation, and cultural diversity. Additionally, it notes the significant economic ties between India and the UK, with India being the UK's second-largest source market.
ONGC to form an equal JV with EverEnviro to build 10 CBG plants
Oil and Natural Gas Corp (ONGC) and EverEnviro Resource Management Pvt Ltd are joining forces to construct 10 compressed biogas (CBG) plants, leveraging various feedstocks to reduce CO2 emissions by 7.5 lakh tons annually. ONGC, transitioning into the renewables sector, plans to establish solar, wind, and biofuel facilities alongside acquiring renewable projects. This strategic partnership signifies a pivotal step towards advancing renewable energy production in India.
AU Real Estate to invest Rs 600 crore in luxury residential project in Ghaziabad
AU Real Estate will invest Rs 600 crore in "The Sunflower," a luxury residential project in Aditya World City, Ghaziabad. The project will feature five towers with 30 floors each, offering a total of 595 units spread over 6.94 acres. The property will have 3 and 4 BHK apartments ranging from 2700 to 4000 square feet. It will also include a 70,000 sq ft lobby area in each tower. The company plans to fund the project through sales receivable and internal funds, capitalising on the post Covid surge in residential real estate demand.
SJVN Q4 Results: Net profit jumps two-fold to Rs 61 crore
State-owned SJVN has reported over two-fold jump in consolidated profit to Rs 61.08 crore during the March quarter, on account of exceptional gains.
North Korea says its latest satellite launch exploded in flight
North Korea's attempt to launch a new military reconnaissance satellite ended in failure on Monday when a newly developed rocket engine exploded in flight. The launch came just hours after Pyongyang issued a warning that it would try to launch a satellite by June 4. The launch became the nuclear-armed North's latest failure, following two other fiery crashes last year. It successfully placed its first spy satellite in orbit in November.
Uncertainty over capital city stares at Andhra Pradesh as Hyderabad set to cease to be joint capital
Hyderabad, the joint capital of Andhra Pradesh and Telangana, is set to cease as the capital city on June 2, 2024. The Andhra Pradesh Reorganisation Act, 2014 mandated that Hyderabad would be the common capital for both Telangana and Andhra Pradesh for a period not exceeding 10 years. However, the situation remains uncertain due to conflicting stances and initiatives between the ruling YSRCP and opposition TDP.
NASA will soon provide advanced training to Indian astronauts: Eric Garcetti
The day-long event in Bengaluru garnered participation from senior officials from both the US and Indian governments, including Garcetti, Indian Space Research Organisation (ISRO) Chairman Dr. Somanath. S, representatives from the National Aeronautics and Space Administration (NASA), National Oceanic and Atmospheric Administration (NOAA), and the Government of India, as well as prominent leaders from the commercial space industry, industry stakeholders, venture capitalists, and market analysts.
NSA Doval suggests jointness among central armed police forces
India's National Security Advisor Ajit Doval has said that the country's economic progress would have been faster if its borders had been more secure and defined. Doval highlighted that the country's power has grown immensely in the last decade, and that border guarding forces must remain on alert 24/7 to protect national interests and the country. He also highlighted the importance of borders as they define sovereignty.
PVR Inox looks to grow pre-ticketing F&B biz post its JV with Devyani
PVR Inox has partnered with Devyani International to expand into the food and beverage sector. Devyani will hold a 51% stake, while PVR will have 49%. This joint venture aims to boost pre-ticketing F&B revenue through branded food courts adjacent to cinemas. In FY24, PVR Inox's F&B sales rose 21% to Rs 1958 crore. The company plans to open 5-6 food courts initially. PVR Inox is also shifting to a capital-light model, reducing capex and adding new screens through a franchise model.
HDFC Bank raises USD 500 mn from IFC for on lending to women borrowers
HDFC Bank secured a USD500 million loan from IFC to support underserved women borrowers by providing microloans through self-help and joint liability groups. The initiative aims to promote financial inclusion and socio-economic growth, empowering women and benefiting the economy.
Indian Army Vice Chief Upendra Dwivedi visits Army Training Command headquarters
The Vice Chief emphasized the need for jointness, Integration and self-reliance. He exhorted the Army Training Command (Vice Chief) to continue reviewing the training concepts for future applications. Lt Gen Dwivedi also released a compendium of ARTRAC publications on the contemporary strategic landscape.
Buyers want bigger, better homes and are willing to pay for them: Aakash Ohri, Joint managing director, DLF Home Developers
DLF plans to launch 90% of its 11.6 million sq ft projects in FY25 in the super luxury segment, with a revenue potential of Rs 36,000 crore. Concerns arise over projects selling out rapidly, but DLF assures low cancellation rates and high end-user demand. DLF emphasizes timely delivery and a cautious business approach amidst cyclical market trends.
Brookfield India REIT set to buy Bharti’s nearly 50% stake in realty JV
Last year, Brookfield Asset Management had closed the transaction picking up around 50% stake in Bharti Enterprises’ four commercial properties in Delhi-NCR. Following this deal, Canadian institutional investor Brookfield’s listed REIT in India and Brookfield Asset Management will together own the joint venture known as Rostrum Realty.
Devyani, PVR Inox form JV to develop food courts in malls
Devyani International has formed a 51:49 joint venture with multiplex operator PVR Inox to develop and operate food courts within shopping malls in India. The companies have no consideration exchanged and will invest in the proposed company's share capital in a 51:49 ratio. Existing food court businesses will not be part of the proposed company's business until the expiry, termination, or renewal of contracts.
US aims to stay ahead of China in using AI to fly fighter jets, navigate without GPS and more
The recent dogfight between two Air Force fighter jets in California showcased the advancement of artificial intelligence (AI) technology, with one jet being piloted by AI. This development reflects the military's focus on AI and its potential use in weapon systems, amid competition with China. From machine learning to AI-enabled autonomy, the military has been pioneering various AI applications. Projects like Vista, an AI-controlled F-16, and AI-based GPS alternatives demonstrate the breadth of ongoing efforts.
Max Estates projects FY25 pre-sale proceeds to more than double
Pre-sale refers to the sale of properties before they are constructed, a common practice in the real estate sector. The company is on track to launch the National Capital Region’s first intergenerational residential community in the July-September quarter of 2024, with a revenue potential of Rs 4,000 crore.
KVS Manian resigns as Joint Managing Director of Kotak Mahindra Bank with immediate effect
KVS Manian resigned as the Joint Managing Director of Kotak Mahindra Bank, effective immediately. He had been re-designated to this position on March 1, 2024. In his resignation letter, Manian cited his decision to pursue other opportunities in the financial services sector. He expressed gratitude for his time with Kotak Mahindra Bank and highlighted his contributions to the group's success, particularly in expanding its retail banking division. Manian, an electrical engineer from IIT BHU Varanasi, joined the bank in 1995 and played a crucial role in its transformation from an NBFC to a full-fledged bank.
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