Category: Business

ndia’s own 5G stack will be ready around September-October, Communications Minister Ashwini Vaishnav said on Wednesday, urging countries to actively look at these domestic telecom stacks for cost and quality benefits.

Speaking at an event organized by the Telecom Regulatory Authority of India (TRAI), the minister said India’s domestic telecom stacks mark “major fundamental technological advances”.

The Minister further noted that overcoming digital divisions has become more important in a world where technology is playing a key role in economic development and added that the government is directing all its efforts to ensure inclusive growth.

“The 5G stack is also very good, at an advanced stage. By September-October, India’s own 5G stack will be ready,” Vaishnav said.

He called on international delegates – who attended the high-level ministerial session hosted by the telecom regulator – to actively look at the stacks of Indian 4G and 5G technologies, and assured them that they would be “good in terms of cost and quality”.

“This will be a really great contribution for your telecom customers in your country. I am talking about the big basic technological advances that are in the Indian 4G stack. Please use it, “said the Minister. The Center is making all-out efforts for inclusive development, so that government programs and projects benefit the marginalized and those living in remote areas.

“In today’s world where technology has played a pivotal role in the economy, if the digital vacuum is not filled through conscious effort, the digital divide is going to be significantly accelerated and we will not be able to fill or bridge it. That division, ”he added, adding that the government is working tirelessly to bridge the digital divide.

Vaishnavas mentioned significant initiatives in this regard, including USO support (Universal Service Obligation Fund), funding, creating an open public digital platform in healthcare, logistics and education, and expanding connectivity through the Prime Minister. Integrated planning and dynamic national master plan for infrastructure development.

Speaking on the occasion, Telecom Secretary K Rajaraman said quality of service was an important “ongoing goal” and observed that “expectations” for quality also increased with the development of technology.

“Consumer expectations are an important goal for the government in terms of download speeds, system delays. It’s a good opportunity for all of us to look back at what we’ve done, to see how we can take service quality to the next level,” Rajaraman said.

He said the roll-out of 5G services, which is expected by the end of the year, would enable a new environment for quality services as well as new types of services. PD Vaghela, chairman of TRAI, says digital technology is transforming service delivery in education, healthcare, agriculture, energy and other sectors. In this context, he called for a proactive, collaborative approach between different sectors for the formulation of policies and regulations.

While billions of people around the world consume bread and other flour-based products every day, wheat is a staple food, which has caused worldwide concern about the current record price for grain.

Less rainfall or drought in major producing countries was already a cause for concern before markets invaded Russia before Russia’s invasion of Ukraine in February.

Since then, wheat-exporting powerhouse Ukraine has struggled to sell and sow its crops, putting consumers in poor countries at risk of poverty and even famine.

Sebastian Abis, head of the Dimitar Agricultural Think Tank in Paris and an expert at the Institute for International and Strategic Relations, explains what the risks are:

Is it possible to replace wheat with something else?

“It’s very difficult. Wheat is the most important food grain for global food security: it is eaten by billions of people in the form of bread, flour or semolina.

“Corn grows in large quantities but is mostly used for animal feed or industrial purposes.

“Beyond its nutritional value, wheat is a very social and democratic product that enables people to make food at low cost – and it is often subsidized.”

But are prices keeping consumers out of reach in some countries, such as Lebanon or Yemen?

“Yes, because of the deficit and you can’t produce it anywhere. You can grow it in temperate climates, but there are only a dozen countries that produce a lot and can export it, especially Russia, Ukraine, the United States, Australia.

“In recent years, the United States has produced less and less because they are switching to corn and soy. After the Soviet era, the two countries that advanced were Ukraine and Russia.

“Ukraine has accounted for 12-13 percent of global exports in recent years.”

Is the lack of Ukrainian production the cause of the current situation?

“At the same time we have a terrible geopolitical situation, with multilateralism collapsing, to which we must add alarming climate events, droughts in the South Mediterranean basin, concerns in the United States and Europe.”

“India, which was an exceptional crop last year and the reserves that enabled it to sell more in the market, have faced a severe drought and will not be able to export.

“Prices that were already high before the war are now exploding: wheat reached 440 euros ($ 463) per tonne on the Euronext market on Monday.”

It came after India announced that it would no longer export wheat. Why?

“India has set an ambitious target of 10 million tonnes of exports. It sold about 3-3.5 million tonnes before the embargo was imposed, so one of the questions is whether it will keep its promise.

“The situation is tense because there is no country that can bring more exports to the market than usual. Perhaps Russia will get a good yield.

“Even if the war ends, Ukraine’s production and exports will not return immediately.”

Have we reached the peak of the crisis before the harvest in the United States and Europe this summer?

“We have a real long-term risk. We have not seen all the push yet, because over the last two months we have seen in the world market the fulfillment of the agreement signed before the Russian invasion. We are now entering a difficult part.”


What about stock?

“For wheat, we have about 270 million tons for a planet that costs about 800 million a year. About half is in China, which has a one-year reserve cost. With the exception of China, grain reserves are at their lowest level in 25 years.

“We need international solidarity and cooperation. For food security we cannot leave countries to their own struggles but at the same time you should not be surprised that some countries are looking for themselves first and foremost.”

“We need to produce in places where we can produce, especially in Africa. But for that we need peace and security.”

The previous management of Realty Firm Supertech Limited informed the Supreme Court on Wednesday that it had filed a settlement proposal with the financial creditor Union Bank of India to settle the arrears with the National Company Law Appellate Tribunal (NCLAT).

Senior advocate S Ganesh told a bench of Justices DY Chandrachur, Surya Kant and PS Narasimha that they had submitted the proposal in favor of the previous management and asked the court to direct the NCLAT to consider it.

The bench said, “You kept it. They (NCLAT) will consider it. We should not issue any such directive for consideration. It is not right for us to give them instructions. “

Initially, Amicus Curiae Advocate Gaurav Agarwal told the court that the matter was scheduled for hearing on May 17 before the NCLAT but it was adjourned.

The counsel appearing on behalf of the Interim Resolution Professional (IRP) appointed by the NCLT submitted that the previous management had issued checks to several home buyers, which have now been dishonored due to insufficient funds and they have now initiated legal proceedings against it.

The bench said it had to protect the IRP and directed that no such action be initiated against it.

A lawyer for home buyers said the legal process for check bounces is prohibited by restrictions and if they do not start such activities within a specified time, they will lose the remedy under the Negotiable Instruments Act.

The bench, then exercising its powers under Article 142 of the Constitution, extended the period of limitation till further order.

Earlier, on May 6, the troubled real estate chief Supertech Limited informed the apex court that the financial creditors were in talks with the Union Bank of India to resolve the dispute over the payment of arrears.

The apex court was further informed by Agrawal that the company Supertech Limited did not have sufficient funds in its account to reimburse home buyers for demolishing the Twin Towers in the Noida Emerald Court project.

The bench told Agarwal that the court directed that the buyers of the Twin Towers house should find a way to pay.

On April 4, the apex court said it would protect the interests of buyers of a 40-storey twin-tower home in the emerald court project of real estate developer Supertech Limited, which has now been declared bankrupt by the NCLT and ordered to file by April 15. Claim them for a refund.

The realty firm told the apex court that it would file an appeal against the order of the National Company Law Tribunal (NCLT) in an application filed by Union Bank of India for non-payment of about Rs 432 crore. Arrears

Amicus had earlier said that the Twin Towers had a total of 711 home buyers out of which the company had settled 652 home buyer claims.

On February 28, NOIDA authorities informed the apex court that the demolition work of a pair of Supertech 40-storey towers had begun in its Emerald Court project, which was found to be illegal for violating the rules, and would be completely demolished.

Authorities said in a status report that after the massive structure was demolished, the entire wreckage would be cleared from the site by August 22.

The apex court asked all stakeholders, including NOIDA and Supertech Limited, to adhere strictly to the deadline given in the status report and listed the matter for the next hearing on May 17.

On August 31 last year, the apex court, along with NOIDA officials, ordered the demolition of Supertech Ltd’s twin 40-storey towers under construction within three months for violating building rules “internationally”, saying illegal construction must be dealt with severely. To ensure compliance with the rule of law.

NOIDA authorities received a rap on its counterfeit because the apex court cited multiple cases of collusion of its officials with Supertech Limited in the Emerald Court project and multiple incidents of violation of rules by Realty Major in the construction of the Twin Towers.

The apex court directed that home buyers would be reimbursed the full amount at 12 per cent interest from the time of booking and Rs 2 crore would be paid to RWA of the Emerald Court project for the harassment caused by the construction of the Twin Towers. Existing residents of the housing project adjacent to the national capital were blocked from sunlight and fresh air.

The Congress on Wednesday said it would hold state-level “camps” across the country on June 1 and 2 to announce the decisions of the “Udaipur Declaration” adopted after a three-day “thinking camp”.

AICC general secretary and chief spokesperson Randeep Surjewala said a similar conclave would be held at the district level on June 11 to send the party’s message to grassroots activists.

The decision was taken at a meeting of the general secretary of the All India Congress Committee (AICC) and in-charges of various states at the party headquarters here on Tuesday and Wednesday to discuss the recommendations and decisions taken at the Udaipur think tank.

After the conclusion of the “Nab Sankalp Chintan Shibir” and the adoption of the “Udaipur Declaration”, under the direction of the General Secretary (Organization), all the in-charges and General Secretaries of the Congress discussed and posted these two days. Some decisions have been taken after discussions, Surjewala said.

“On June 1 and 2, there will be state-level camps in all the states, where highlights, points and the way forward from the Udaipur Declaration will be communicated to leaders and grassroots activists. The camps will be attended by our MPs, MLAs, MPs and MLA candidates, Presidents of the District Congress Committees, office bearers of the Provincial Congress Committees and prominent leaders of the party.

“As a follow-up exercise, a similar one-day camp will be held on June 11 in the District Congress Committees. The idea is to take the various highlights and points for the team to the grassroots at the Udaipur Nab Sankalp Chintan Shibir, ”he added.

The party leaders further decided that a three-day “Independence Glory March” would be organized by all the district units between August 9 and 15, with 75 people working permanently to mark the 75th anniversary of India’s independence and hundreds and thousands to join them. .

“On August 15, the provincial congressional committees will hold a grand ceremony to commemorate the sacrifices and lessons of the independence movement,” Surjewala said.

The Youth Congress and the National Students Union of India (NSUI) will conduct the “Rozgar Do Jatra” and “we will discuss with their leadership and the way forward will be worked out at that time”, Surjewala said.

Shortly after the Chintan Shibir, there was a meeting of office-bearers, where Congress leaders from all over the country thought of ways and means to prepare the party for elections.

At the beginning of the 2024 Lok Sabha elections, with a focus on 50 per cent representation of people under the age of 50 and giving them 50 per cent voting tickets, Congress has made a number of structural changes within the organization to rectify this. .

The party has decided to implement the “one family, one ticket” and “one person, one position” formula, allowing only those family members who have worked for five years to get voting tickets. Organization.

Congress has decided to create a new department – a public insight department, an election department and an evaluation and training department.

It has been decided that no one will be in the party post for more than five years.

In this context, after the Udaipur announcement, New Delhi DCC president Birendra Kasana submitted his resignation letter to Congress chief Sonia Gandhi.

Casana also met with senior party leader Ajay Maken after his resignation to reaffirm his commitment to Congress.

“Congratulations Casana G! Hope others follow,” Maken said in a tweet.

The Netherlands has emerged as the fourth most popular destination for Indian exports. The Netherlands port of Rotterdam is playing a major role in promoting Indian trade in Europe and the country is proving to be the gateway to New Delhi for export to the continent. Make in India can help Dutch companies to invest in India, and a great example is the collaboration between Cochin Shipyard Limited and Dutch shipbuilder Royal IHC, says Dipanjan Roy Chowdhury, ET’s Dutch Ambassador to India, Marten van den Berg.

The Netherlands has emerged as the fourth most popular destination for Indian exports. What are the contributing factors behind this?

The Netherlands has always been a very open economy with great logistical infrastructure. Our harbor Rotterdam is the largest and most efficient harbor in Europe. Therefore, not only Indian exports to the Netherlands, but also many Indian exports to Germany, France and Belgium enter through the Netherlands. India is doing very well with trade, it has registered the highest exports in 2022.

Fuel was an important part of Indian exports. Rotterdam, a major port for energy imports, was a so-called natural export destination for Indian energy exports to the EU. But a high level of product exports contributed to the increase. The Netherlands is the gateway to Europe due to its excellent inland connectivity and hence an important destination for the export of products like Indian goods to Europe.

What is the Netherlands planning to increase investment in India under the Make in India initiative?

For us, the Make in India initiative is a policy to better connect India to the global supply chain. We support Dutch companies for diversifying the supply chain to look for opportunities in India. We do this in close consultation with Invest India.

Invest India is a great partner for foreign investors in India. Make in India can help Dutch companies to invest in India. A great example is our collaboration with Dutch shipbuilder Royal IHC

Ltd. Under the Make in India initiative, they are going to build dredgers for DCI to meet the growing demand in India for dredging services.

What is the Netherlands’ plan to become a gateway for Indian exports and investment in Western and Northern Europe based on port facilities? Do you have any plans for cooperation in the shipping sector?
We are connecting nearly half a billion customers in Europe with global producers. The Netherlands has a world-class port, a great Amsterdam airport, a vast network of waterways, a strong road transport sector and a network of rail infrastructure. We offer the best infrastructure, but where to invest is ultimately for the private sector.

We strongly believe in market driven processes. Due to our strong economy we see many foreign companies investing in the Netherlands. There are more than 200 Indian companies in the Netherlands. Companies like

, HCL,,,. Not just because of the infrastructure, but also because of our high technology private sector, our strong organization and skilled workforce.

We see many Indian companies using the Netherlands as a hub in Europe and we welcome Indian companies. It’s also great to see the homes that Indians feel in the Netherlands. English is our second language, there are many Indian restaurants, we play cricket, though not as good as in India, and Amsterdam Airport has very good connections to several Indian cities.

How would you identify the Indian President’s visit to the Netherlands and your foreign ministers’ visit to India?

Extremely positive. This was the first state tour since Covid 19, so everyone in the Netherlands was very excited. We had a very warm welcome from the royal family and our Prime Minister. There was a strong engagement from the whole Dutch cabinet. We have celebrated 75 years of diplomatic relations and friendship. During the visit, the President of India named a new variety of tulips called Maitri as a symbol of special and long-standing friendship between India and the Netherlands.

It was the first visit by a head of state from India to the Netherlands in more than three decades. There is a normal partnership between India and the Netherlands and there is a lot of coordination in our relationship. We are both democracies, we value rule-based systems and a multifaceted society. Both our economies are market driven and innovative. We are working together on water, agriculture, climate and health.

AG Perarivalan, convicted in the Rajiv Gandhi assassination case, celebrated his Supreme Court verdict by ordering his release by playing the Tamil percussion instrument ‘Parai’ on Wednesday and now wants to breathe the air of freedom before thinking about his future, as the apex court’s verdict has ended. His three decades in prison.

The news that the Supreme Court had allowed him to move freely was received with great joy by his family, relatives and several pro-Tamil organizations in Tamil Nadu.

Political parties – including the ruling DMK and the opposition AIADMK – excluding the Congress and the BJP, have warmly welcomed the ruling, with the Congress protesting the violence on Thursday.

TNCC president KS Alagiri said, “We do not want to criticize the SC verdict, we want to make sure that they (the seven convicts) are not murderers and innocent.” Former Prime Minister Rajiv Gandhi committed suicide. LTTE bombers attack an election rally in Sriperumbudur, Tamil Nadu in 1991. Perarivalan was accused of collecting batteries for the bomb used in Gandhi’s assassination. He was 19 years old when he was arrested.

Initially sentenced to death by a special court in Chennai which was later commuted to life imprisonment, Perarivalan said he was against the death penalty.

“I firmly believe that there is no need for the death penalty. Not just out of pity … Many judges, including the Chief Justice of the Supreme Court, have said so and there are many examples. Everyone is human, “he said, with his mother Arputhammal and relatives beside him.

“I just came out. The legal battle has been going on for 31 years. I need to take a deep breath. Give me some time, ” when reporters ask him how he feels as a “free bird” and what his future plans are.

‘Many strangers have supported us. I don’t know many people. I thank all of them, ”said Arputhammal, an emotional man, while remembering his son’s” 31-year war. “

Perarivalan later played the ‘parai’, an ancient Tamil instrument seen as part of the Tamil pride, as a clear sign of its independence celebrations.

Welcoming the verdict, Chief Minister MK Stalin said it could “have a place in the history of justice-law-politics-administration”.

The outcome of the case reflects the Tamil Nadu government’s efforts to establish the rights of the state as it has made it clear that only the state government can decide on the matter and the governor can support his decision, he said.

Although the AIADMK had recommended seven convicts in the cabinet case in 2018 – Murugan, Santhan, Perarivalan, Jayakumar, Robert Pius, Jayachandran and Nalini – to the then Governor Banwarilal Purohit, no decision has been taken on the matter, he said.

Stalin also spoke to Arputhammal on the phone. Perarivalan, his mother and others later met with the chief minister.

Later, while talking to reporters, he said that before the 2021 state assembly elections, the DMK had mentioned in its election manifesto that they would try to get the release of the seven convicts.

Perarivalan has been released on humanitarian grounds and on human rights grounds, which is welcome, he added. “Although delayed, it is a historic verdict,” Stalin said.

Regarding the other six convicts, the government will discuss their release with legal experts after seeing the details of today’s verdict in the case, the chief minister added.

Opposition groups called for the release of the late Chief Minister J. Jayalalithaa as a result of his “toughness, foresight and legal wisdom.” The team coordinator and Panirselvam and joint coordinator K Palaniswami said in a statement.

“Perarivalan gives joy, satisfaction and relief to AIADMK released by the Supreme Court after 30 years in jail,” they added.

They recalled his statement in the state assembly in February 2014 that the state government would release Perarivalan and others as per the decision of the cabinet if the Center did not take immediate action in this regard.

“The cabinet decision taken by AIADM during its rule is the basis of today’s decision of the Supreme Court. This is a complete victory for AIADMK, “the two leaders said, urging the state government to take immediate steps to release the remaining culprits.

Later, Perarivalan and his mother met Palaniswami.

TNCC chief Alagiri said Perarivalan had been released on legal grounds. “We do not want to criticize the Supreme Court verdict. At the same time, we want to emphasize that the perpetrators are not murderers and innocent people, “he said in a statement.

Reacting to the arguments of certain quarters about the Tamil sentiments behind the support of the convicts, he said that many Tamils ​​have been imprisoned for more than 20 years and asked why no voice was raised for their release.

He called on Congress supporters on Thursday to cover their faces with white cloth and carry placards saying, “Let us oppose violence; Murder is not the answer to differences. “

BJP state president K Annamalai said the party had “accepted” the Supreme Court’s verdict, adding that the SC had given relief to Perarivalan on the basis of its extraordinary powers under section 142. Our unity, security and integrity, “he said in a tweet.

CPI general secretary D Raja said his party welcomed the verdict and pointed to Perarivalan’s long imprisonment. He called on the governor to act in accordance with the constitution and said that the decision had raised questions about the governor’s office.

Political leaders, including MDMK founder Vaiko and PMK leader S Ramadoss, welcomed his release.

Soon after the Supreme Court’s decision to release Perarivalan, relatives began flocking to his residence. He offered sweets to Arputhammal.

Her sister and her family, who were in a hurry to meet and greet Perarivalan, were moved and overjoyed at her release. They hugged him and expressed their happiness.

Perarivalan’s father, Quildasan, is delighted with the end of his son’s three-decade imprisonment.

When asked by reporters about Perarivalan’s future plans, including marriage, Quildasan said such issues would be discussed by the family.

Perarivalan, currently on bail, had been granted parole several times before by the state government.

After a debate over the inclusion of RSS founder Keshab Boliram Hedgewar’s speech in school textbooks, senior Congress leader Siddaramaiah on Wednesday called on Karnataka Chief Minister Basavaraj Bomai to immediately stop printing textbooks and discuss the issue with intellectuals and education experts. .

According to official sources, Hedgewar’s lecture was included as part of a revised Kannada textbook for 10th grade students.

“If the media reports about the revised curriculum are true, then the matter is very serious. To avoid speculation and controversy over the issue, @CMofKarnataka @BSBommai should provide clarification, “Siddaramaiah tweeted.

He said that while Karnataka has many famous writers, intellectuals and education experts, the BJP government in the state has chosen to insult the people by handing over the job to an inexperienced youth of RSS.

“The government should withdraw the draft submitted by the present textbook revision committee and dissolve the committee. Appoint a new committee consisting of education experts, intellectuals and prominent Kannada writers, ”he added.

The Karnataka Textbook Society said that a committee headed by Rohit Chakraborty was formed to examine and revise the textbooks of social sciences and languages ​​and it revised the textbooks of social sciences from class 6 to 10 and Kannada language textbooks from class 1 to 10.

Complaining that the BJP has already desecrated religion for political reasons, Siddaramaiah said, “Now, they are trying to politicize the learning space to spoil the minds of innocent children for political gain. It is unfortunate and the people should oppose it. ” “Let the BJP use Hedgewar, Golwalkar and Godse in their political rallies and ask for votes by showing their portraits. People will evaluate what is right or wrong, and decide. But don’t do politics of education for selfish reasons, ”he added.

On Monday, Primary and Secondary Education Minister BC Nagesh Kannada expressed support for the inclusion of a headgear lecture in the textbook.

He said the textbook had nothing to do with headgear or RSS, but only that his speech should inspire people, especially young people, adding that those who objected did not go through the textbook.

Amid complaints from some quarters that the text of freedom fighter Bhagat Singh has been omitted, the Textbook Society on Tuesday clarified that the chapter has not been removed and the 10th grade Kannada textbook is currently in print.

Reliance surpassed Jio and (Vi) on India’s wireless business front in the fourth quarter of the financial year, reported higher sequential revenue growth and even added customers strongly while its closest rivals lost that score, analysts said.

“Airtel’s India cellular revenue grew 9.5% vs. Jio’s 7.4% qoq / Vi’s 5.4% QoQ to Q4FY22,” Bofa Securities said in a note by ET. It added that “Airtel also gained 3.1 million net subscriptions against Geo / Veer who lost 10.8 million / 3.4 million subscriptions respectively”.

Brokerage Kotak supports this view, stating that Airtel’s “Indian business was ahead of Jio in 4QFY22, with both revenue and Ebitda (read: operating income) increasing by 8-10% to Rs 22,500 crore and Rs 11,440 crore, respectively.” 5. More than% reported on Jio platform. ”

Shares of Airtel, however, fell slightly 0.76% to Rs 702.20 in Wednesday morning’s trading, after initially jumping about 3% in one day, and after losing telco estimates, consolidated net profit for the fourth quarter rose nearly 164% year on year, taken by India’s mobile business last November. Driven by sharp tariff increases, which have helped boost average revenue per user (ARPU), strong user engagement and one-time profits.

Telco, led by Sunil Mittal, posted a consolidated net profit of Rs 2,007.8 crore for the March quarter, up 141% year-on-year. It was Airtel’s sixth quarter blackout after six consecutive losses.

Airtel recorded a one-time net profit of Rs 984.7 crore due to sale of telecommunication tower assets and settlement with strategic vendors, transfer of spectrum rights to other telecom operators and provision of tariffs. Property, plants and equipment due to prepaying bonds.

In the December quarter, Telco’s ARPU increased from Rs 163 to Rs 178. By comparison, market-leading Jio and loss-making Vodafone Idea have clocked ARPUs of Rs167.6 and Rs 124, respectively.

Analysts at Kotak say Airtel’s free cash flow (FCF), post-lease, interest and spectrum liability payments have improved in QoQ but lower OCF (operating cash flow) in the previous quarter – Rs 28 billion vs. Rs104 billion was negative. Higher interest payments were offset by lower capex in spectrum liability prepayments. ”

Brokerage Nomura said “Airtel’s operating margin Q4FY22 has expanded by 50.9% (+ 170bp qq, +400 bp yy) through the flow of tariff increases”. It added that Airtel had the highest number of minutes of use (MoU) among its peers on the network at 1,083 minutes / month vs. 968 minutes for Jio and 610 minutes for Vi.

Jefferies said Airtel’s non-mobile business in India also had a strong quarter, with both the home and enterprise segment growing 13-46% year-on-year, exceeding estimates. “The home segment provided 0.32m strong customer additions, led by the scale-up of LCO tie-ups in 847 cities… Airtel business also witnessed double-digit growth for the 4th consecutive quarter.”

However, Global Brokerage said Airtel’s Africa Q4 numbers were disappointing as Africa’s earnings (up 19% year-on-year) missed estimates due to lower-than-expected ARPU growth (+ 11% -an year). “Africa Ebitda (up 23% year on year) was below expectations mainly due to the revenue deficit,” Jeffrey added.

IndusInd Bank said on Wednesday that it had sold more than 3.8 million shares of Birla Tires Limited in the past one week in a call for bonded shares.

On May 10, the private sector lender acquired 1,45,63,787 equity shares in a bid to equivalent to 10.214 per cent of the paid-up equity share capital of Birla Tires Limited.

“… the bank has sold 38,72,595 shares of Birla Tires Limited between May 11, 2022 and May 17, 2022,” IndusInd Bank said in a regulatory filing.

Following the sale of the shares, the bank’s holdings now stand at 1,06,91,192 which is equivalent to about 7.50 per cent stake in Birla Tires, according to the bank.

Lenders – Cygnet Industries Limited (CIL) – have pledged to IndusInd Bank to secure arrears under the Emergency Credit Line Guarantee Scheme (ECLGS) on shares of Birla Tires held by Manab Investment and Trading Company.

However, security prices plummeted, prompting both the borrower and the mortgagee to voluntarily request the bank to sell the pledged Birla tire shares and ECLGS adjusted the income for partial repayment of the loan.

Part of Kesoram Industries, Birla Tires manufactures tires for automobiles, motorcycles, commercial vehicles, farm vehicles and heavy earth-moving machinery.

IndusInd Bank’s stock fell 0.11 percent to close at Rs 902.90 on the BSE.

The United Nations on Wednesday sharply lowered its global economic growth forecast for this year from 4% to 3.1%, saying the war in Ukraine has increased global food and commodity prices and increased inflationary pressures, boosting the fragile recovery from the Kovid-19 epidemic. .

The United Nations Department of Economic and Social Affairs has forecast in mid-2022 that the growth potential is broad-based, including the world’s largest economies – the United States, China and most notably the European Union – and most other developed and developing countries.

The World Economic Situation and Prospects report further warns that the current forecast of 3.1% “poses significant negative risks from further escalation of the war in Ukraine and possible new wave of epidemics.” “The recession and the war in Ukraine – the sharp rise in food and fertilizer prices – will hit hard, especially developing countries, exacerbate food insecurity and increase poverty,” the report said.

According to the UN forecast, with sharp rise in food and energy prices, global inflation is projected to double to an average of 2.9% between 2010-2020 and 6.7% in 2022.

UN Secretary-General Antonio Guterres said: “The war in Ukraine – at all levels – is creating a crisis that is destroying the global energy market, disrupting the financial system and exacerbating the vulnerabilities for the developing world.” He called for “rapid and decisive action” to ensure a steady flow of food and energy supplies to the open market, saying that lifting export restrictions, releasing reserves and reserves if necessary and tackling food inflation would “calm down” market instability. -The page report says that Ukraine’s war is not only imposing heavy tolls on its economy and Russia, but also on the economies of its neighbors in Central Asia and Europe.

The European Union’s economy – which imported 57.5% of its energy costs in 2020 and suffered the most from a disruption in energy supplies from Russia – is now expected to grow only 2.7% this year, down from 3.9% in the January forecast. The report said.

The U.S. economy is expected to grow 2.6% in 2022 and 1.8% in 2023, a significant downward correction from the January forecast, the report said, stubbornly high inflation, aggressive US Federal Reserve tightening monetary tightening and direct spillover war in Ukraine.

In China, the United Nations says the economy is expected to grow 4.5% this year, down from 8.1% in 2021. It noted rolling lockdowns in major cities to contain omicron waves in the first quarter of the Covid-19 epidemic. Years

“The slowdown in economic activity has prolonged supply chain disruptions, which are negatively affecting other developing countries through trade channels,” the report said. “Besides, rising commodity prices contribute to higher production costs across the region, adversely affecting exports.” As a group, the United Nations says the economies of developing countries are forecasting 4.1% growth this year, down from 6.7% in 2021.