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Showing posts from August, 2021

Upgrad doubles learners base in eight months, crosses 2-million mark

The pandemic-driven work-from-home and the resultant demand for upskilling/reskilling have helped higher education major Upgrad, which recently turned a unicorn with a valuation of USD 1.2 billion, double the learners base on its platform in just eight months, crossing the 2-million mark. During the first wave of the pandemic, the platform had doubled its customer base to 1 million in ten months (by January 2021) and had set a target of crossing the 2-million mark in 18 months since then, but it achieved the same in just eight months. By crossing 2 million learners base as of today, Upgrad has become the largest online higher education platform in the country, co-founder and chairman Ronnie Screwvala told PTI on Monday. The company, in which investors such as Temasek, the IFC and IIFL collectively own close to 30 per cent, said the faster growth has been propelled by its strategic merger and acquisitions (M&As) as well and includes international learners driven by the brand's ....
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Upgrad doubles learners base in eight months, crosses 2-million mark

The pandemic-driven work-from-home and the resultant demand for upskilling/reskilling have helped higher education major Upgrad, which recently turned a unicorn with a valuation of USD 1.2 billion, double the learners base on its platform in just eight months, crossing the 2-million mark. During the first wave of the pandemic, the platform had doubled its customer base to 1 million in ten months (by January 2021) and had set a target of crossing the 2-million mark in 18 months since then, but it achieved the same in just eight months. By crossing 2 million learners base as of today, Upgrad has become the largest online higher education platform in the country, co-founder and chairman Ronnie Screwvala told PTI on Monday. The company, in which investors such as Temasek, the IFC and IIFL collectively own close to 30 per cent, said the faster growth has been propelled by its strategic merger and acquisitions (M&As) as well and includes international learners driven by the brand's ....
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RCF, NFL share sale by December, govt to get Rs 1,200 crore

The government is likely to sell shares in two fertiliser companies -- RCF and NFL -- by December-end to garner over Rs 1,200 crore, an official said. The offer for sale (OFS) would be for 10 per cent of government stake in Rashtriya Chemicals & Fertilizers Ltd (RCF) and 20 per cent in National Fertilizers Ltd (NFL). "The transactions could fetch around Rs 1,200 crore to Rs 1,500 crore", the official told PTI. The merchant bankers for the transaction have already been appointed. The official further said that considering the steps taken by the government for the fertiliser sector, the valuation of the shares could improve in the coming months. Shares of RCF closed at Rs 72.25, while that of NFL at Rs 53.95 on the BSE on Friday. The government currently holds 74.71 per cent stake in NFL and 75 per cent in RCF. The government has set an ambitious target of raising Rs 1.75 lakh crore from divestment in 2021-22, higher than Rs 38,000 crore it raised last fiscal. Most disinves...
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'Bumper-to-bumper' insurance should be mandatory, says Madras HC

In a significant order, the Madras High Court has ruled that "bumper-to-bumper" insurance should be mandatory whenever a new vehicle is sold, from September 1. This must be in addition to covering the driver, passengers and owner of the vehicle, for a period of five years. Thereafter, the owner of the vehicle must be cautious in safeguarding the interest of driver, passengers, third parties and himself/herself, so as to avoid unnecessary liability being foisted on the owner of the vehicle, as beyond five years, as on date there is no provision to extend the bumper to bumper policy, due to its non-availability, Justice S Vaidyanathan said in a recent order. The judge was allowing a writ petition from the New India Assurance Company Limited in Avalpoondurai, challenging the orders dated December 7, 2019 of the Motor Accidents Claims Tribunal, Special District Court in Erode. The Insurance company pointed out that the insurance policy in question was only an "Act Policy...
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Afghanistan crisis: France evacuates 21 Indians from its Embassy in Kabul

The first evacuation flight by France from Kabul included 21 Indian nationals deployed for providing security at the French embassy in the Afghan capital. External Affairs Minister S Jaishankar had on Tuesday thanked his French counterpart Jean-Yves Le Drian for evacuating the Indian nationals from Kabul to Paris, in the backdrop of the Taliban capturing power in the Afghan city. "The first French evacuation flight from #Kabul yesterday included 21 Indian nationals: the elite Gurkhas who were ensuring the security of the French Embassy," French Ambassador to India Emmanuel Lenain tweeted on Wednesday. He said France has been actively coordinating with India on developments relating to Afghanistan. "As discussed in call between Min @JY_LeDrian & Min@DrSJaishankar, France coordinates actively with India on #Afghanistan, especially at #UNSC," Lenain said. After his telephonic conversation with Le Drian, Jaishankar said the evolving situation in Afghanistan was disc...
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Covid-19 pandemic: US okays third jab for those with low immunity

The amended emergency use authorization paves the way for people who have had an organ transplant, or those with a similar level of weakened immune system, to get an extra dose from Today's Paper https://www.business-standard.com/article/current-affairs/covid-19-pandemic-us okays-third-jab-for-those-with-low-immunity-121081302124_1.html
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Max Ventures and Industries Q1 net profit up three-fold to Rs 46 cr

Max Ventures & Industries Ltd (MaxVIL) on Friday reported an over three-fold jump in net profit to Rs 46.04 crore for the quarter ended June. The company had reported a net profit of Rs 13.05 crore in the April-June period a year ago, MaxVIL, part of the Max Group, said in a BSE filing. Its total income rose 47.72 per cent to Rs 389 crore, as against Rs 263.33 crore in the corresponding quarter of the previous fiscal. Total expenses were at Rs 321.34 crore, up 34.09 per cent from Rs 239.64 crore earlier. Revenue from packaging films increased 46.3 per cent to Rs 367.54 crore, compared to Rs 251.22 crore in Q1 FY 2020-21. Revenue from real estate climbed around three-fold to Rs 14.26 crore from Rs 4.69 crore. MaxVIL MD and CEO Sahil Vachani said, "Q1FY22 proved to be yet another record quarterly performance for our packaging films business posting its highest ever quarterly revenue & EBITDA." Sustained demand, enhanced specialty product mix and sustainability-led initi...
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Suzlon Energy posts consolidated profit of Rs 3.64 crore in June quarter

Suzlon Energy has reported a consolidated net profit of Rs 3.64 crore for the quarter ended June. The company had reported a consolidated net loss of Rs 398.86 crore in the same quarter of the previous fiscal, it said in a BSE filing. Total income rose to Rs 1,148.61 crore in the quarter from Rs 528.22 crore in the same period a year ago. The company also said the agenda pertaining to the enabling resolution for issue of securities to an extent of Rs.1,000 crore has been dropped. "The Q1 of FY22 was impacted by the second wave of the Covid-19 pandemic, making it difficult to ramp up execution. Rising global demand has disrupted the supply chain impacting availability and prices across the value chain. "Steep increase in steel prices by nearly 73.8 per cent in a year has adversely impacted our margins. Despite that, we are keeping our operations on track and continuing to build on the foundation that we created in FY21. We have maintained our quarter on quarter (QoQ) performan...
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ISRO's GSLV fails to place earth observation satellite into orbit

Indian Space Research Organisation's second mission of the year to place an earth observation satellite by a GSLV rocket faced a setback as the mission could not be accomplished fully due to performance anomaly in the cryogenic stage of the rocket, the space agency said on Thursday. The 51.70-metre tall rocket GSLV-F10/EOS-03 successfully lifted off from the second launch pad at the spaceport as planned at 05.43 hrs soon after the 26-hour countdown concluded. Ahead of the lift-off, the Launch Authorisation Board cleared the decks for a normal lift-off as planned. The performance of the rocket in the first and second stages of the rocket was normal, scientists at the Mission Control Centre said. However, minutes later the scientists were seen in discussion and it was announced in the Mission Control Centre by the Range Operations Director "mission could not be accomplished fully due to performance anomaly". "Performance anomaly observed in the cryogenic stage. The mis...
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Sensex, Nifty soar to fresh lifetime highs; power, IT stocks spurt

The Sensex and Nifty darted up to fresh all-time highs on Thursday as investors lapped up power, IT and banking stocks amid mixed global cues. A strengthening rupee, which surged 19 paise against the US dollar, further lifted sentiments, traders said. The 30-share BSE Sensex climbed 318.05 points or 0.58 per cent to close at its fresh record of 54,843.98. Intra-day, it scaled al all-time high of 54,874.10. Similarly, the broader NSE Nifty advanced 82.15 points or 0.26 per cent to its lifetime peak of 16,325.15. PowerGrid was the top gainer in the Sensex pack, rallying 6.22 per cent, followed by Tech Mahindra, HCL Tech, Titan, L&T, NTPC and ICICI Bank. On the other hand, Dr Reddy's, IndusInd Bank, Axis Bank, M&M, Reliance Industries and SBI were among the laggards, dipping up to 0.67 per cent. Market breadth was positive, with 21 Sensex stocks closing in the green, while 9 suffered losses. "Market breadth continued to be skewed in favour of the bulls amidst mixed global...
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JB Chemicals & Pharmaceuticals posts Rs 119 crore profit April-June

Drug firm JB Chemicals & Pharmaceuticals on Thursday reported a consolidated net profit of Rs 119.05 crore for the quarter ended on June 30, 2021. The company had posted a net profit of Rs 119.50 crore for the corresponding period of the previous fiscal, JB Chemicals & Pharmaceuticals said in a filing to BSE. Consolidated revenue from operations of the company stood at Rs 606 crore for the quarter under consideration. It was Rs 522.3 crore for the same period a year ago, it added. "The organisation continues its strong performance well in the first quarter of the financial year. On the domestic front, we are one of the fastest growing companies in the industry," JBCPL CEO and Wholetime Director Nikhil Chopra said. While demand trends in international business continue to be volatile (given the COVID situation); the company's key markets like the US, South Africa have outperformed and even Russia/ CIS are seeing gradual signs of revival, he added. Shares of JB Chem...
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