Business

New Delhi, Sep 13 (IANS) Aiming to shore up huge quarterly losses incurred by state-owned oil marketing companies (OMCs) like Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation, the government plans to pay them $2.5 billion as partial compensation, according to a Bloomberg report.

The losses have been incurred by the OMCs as they absorbed international crude prices, however the report, quoting sources, said that while the Petroleum Ministry had sought a far greater amount, the Finance Ministry agreed only to $2.5 billion as a cash payout.

The partial compensation to OMCs has also been planned to rein in cooking gas prices, the Bloomberg report said.

It further said, quoting sources, that the discussions on compensation payout are at an advanced stage though a final decision is yet to be taken.

Though the government plans to ease their financial pain, the Bloomberg report said it would add pressure to the exchequer, which is already burdened by excise duty cuts on fuel prices and a higher fertiliser subsidy, to tackle inflation.

The OMCs use more than 85 per cent of imported oil and benchmarked the fuels they produce to international prices. Those shot up after a global recovery in demand coincided with reduced fuel-making capacity in the US and fewer exports from Russia, thus leading to their losses, the Bloomberg report said.

--IANS
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New Delhi, Sep 12 (IANS) Technology company Kodak TV on Monday forayed into the premium Matrix QLED Series with Google TV in India.

With a starting price of Rs 33,999, Matrix QLED TV is available in three sizes -- 50-inch, 55-inch, and 65-inch on Flipkart as Big Billion Days Sale (BBD) Specials.

"We are proud to be recognised as one of the premium Smart TV brands in India. Kodak has a history of introducing new technologies in the market and we believe that this launch will prove to be a game-changer in the future of technology," Avneet Singh Marwah, Director and CEO, Super Plastronics Pvt Ltd (SPPL), the official manufacturer of Kodak TVs, said in a statement.

"We are highly excited to bring Kodak's new variants under the Matrix series, which are an outcome of investments that we made in technology research within India. With the 65-inch model, we will be a tough competitor in the premium QLED Smart TV segment," he added.

The TVs have improved sound with DTS TruSurround sound, a QLED 4K display with 1.1 billion colours, Dolby MS12, HDR 10+ with 2GB RAM and 16GB of internal storage.

SPPL said it will also be the first Indian manufacturing company in the country to introduce QLED TVs with Google TV.

With an integrated Google Assistant, the Kodak TVs offer a large screen for Chromecast video meetings, documents and built-in apps, such as YouTube Learning and Google classroom, assisting in learning and upgradation.

--IANS
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Gaborone, Sep 12 (IANS) Botswana witnessed its first-ever drop in fuel prices in 2022, said the country's energy authorities.

According to a press release from Botswana Energy Regulatory Authority, pump prices for petrol, diesel and illuminating paraffin will decrease by 1 pula ($0.076), 0.23 pula and 0.08 pula per liter, respectively, Xinhua news agency reported.

The authority said the decrease was necessitated by the fall in oil prices over the past two months. Brent Crude averaged $97.74 per barrel in August compared to an average of $105.12 a barrel in July.

The energy authority said the fall in fuel prices was influenced mainly by fears of a possible global recession, which could weaken the global demand for oil.

Four straight increases in fuel prices in the Southern African country since December 2021 have primarily contributed to rising inflation, which reached a 13-year high of 14.30 per cent in July.

--IANS
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Mumbai, Sep 11 (IANS) Reliance Capital bidders have sought an extension of time for submission of binding bids. According to sources, Piramal Finance has sought extension by 12 weeks, while Advent has sought time till January 30, 2023, i.e., 16 weeks extension for submission of binding bid, as the company has not yet done due diligence.

There are other bidders also who have sought a similar extension of timeline for filing of binding bids. IndusInd has sought 10 weeks extension, Oaktree has asked for 12 weeks and Zurich has requested for 8 weeks extension.

*As per the current timeline, the last last date for submission of binding bids is 29 September, along with an EMD of Rs 75 crore.*

COC will be meeting in the coming week to decide on a time extension to maximise the value for lenders and ensure maximum binding bids for RCAP assets.

The timeline for filing of final Resolution Plan with NCLT is November 1, 2022.

Reliance Capital had received 6 bids under option-1, i.e., for Reliance Capital as a company. Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment, and B Right Real Estate have submitted bids in the range of Rs 4,000 crore to Rs 4,500 crore for Reliance Capital's entire assets.

For Reliance General Insurance business, Piramal Finance has bid Rs 4,000 crore, while Zurich Insurance's bid is Rs 3,500 crore. The third bidder, i.e., Advent has bid Rs 7,000 crore for Reliance General Insurance.

Jindal Steel and Power and UVARC have submitted bids for Reliance Capital's ARC business.

For other assorted assets of Reliance Capital, three bidders -- Choice Equity, Global Fincap and Grand Bhawan have submitted the bids.

--IANS
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New Delhi, Sep 10 (IANS) French consumer electronics brand Thomson has launched new QLED TV series with Google TV in India, ahead of the festive season, that starts from Rs 33,999.

Thomson 50-inch QLED TV starts from Rs 33,999, the 55-inch from Rs 40,999 and 65-inch from Rs 59,999.

The QLED TVs at the price of 4K will be available on Flipkart during its annual ‘The Big Billion Days' sale, said the company.

"These TVs are packed with top-notch features and hardware yet again giving the Indian consumer the opportunity to put their hands on the best of technology and design at an extremely pocket-friendly price," said Avneet Singh Marwah, CEO SPPL, exclusive brand licensee of Thomson in India.

The TVs offers support for multiple adult and child user profiles, a selection of smart TV apps, manual and voice controls for smart home devices, personalised home screen for each user, Google TV app to control the TV and smart home controls for lights and cameras.

The new QLED TVs are frameless and offer Dolby Vision with HDR 10+, Dolby Atmos, Dolby Digital Plus, DTS Trusurround, Bezel- less design, 40W Dolby Audio Stereo Box Speaker, 2GB RAM, 16GB ROM, Dual Band (2.4+5) GHz Wi-Fi, Google TV and much more.

The TVs come with completely bezel-less and Air Slim design.

"We are excited for the launch of Thomson's QLED series with Google TV on our platform which will offer a differentiated TV viewing experience this festive season to millions of our customers across the country," said Hari G. Kumar, Vice-President, Large Appliances at Flipkart.

--IANS
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New Delhi, Sep 10 (IANS) Indian digital businesses are witnessing rapid growth, aided by stronger adoption of online services in diverse segments, especially in the fintech landscape. In view of this development, Dipan Mehta, Director, Elixir Equities, recently said in an interview to a publication that he believes that the next set of multibagger stocks will come from digital businesses.

Elaborating on the subject, Mehra said the next set of multibaggers will come from concept stocks rather than mature businesses. He defined concept stocks as the ones where companies are doing something differently with a huge market and can be scaled up at a very low cost.

He added that a lot of digital businesses fit this criteria, which is why he is bullish on stocks of companies like Paytm, India's leading digital payments and financial services company, and the pioneer of mobile and QR payments.

For Paytm, Mehta said the stock is on his watchlist and he tracks it "very closely".

He went on to say that he could invest in the company in future, based on its profitability target and revenue source.

Paytm shares have been gaining over the past few months and closed sharply higher on Friday at Rs 727 after a 2.83 per cent jump.

"My simple submission is that one of these companies or most of these companies may turn out to be great value creators because of the way the business models are and our understanding of those business models," he said in the interview.

In April, Paytm MD and CEO Vijay Shekhar Sharma shared a letter with shareholders, saying that the company will achieve operating EBITDA breakeven by September 2023, supported by stronger business momentum, scale of monetization and operating leverage.

He also highlighted that the company plans to achieve this without compromising on any of its growth plans.

Paytm has revolutionised digital payments in the country and paved the way for stronger financial inclusion. Several analysts are bullish on Paytm's business model and path to profitability. Top brokerages continue to maintain their ‘BUY' ratings for the stock, based on the scale the company is seeing in its unique high-margin businesses and subsequent revenue growth in each quarter.

Paytm started this financial year on an excellent note, with 89 per cent year-on-year revenue growth in Q1FY23 at Rs 1,680 crore, while EBITDA (Before ESOP) loss reduced to Rs 275 crore, marking an improvement of Rs 93 crore Q-o-Q. The company's contribution profit grew 197 per cent Y-o-Y to Rs 726 crore, leading to an increase in contribution margin to 43 per cent of revenues in comparison to 35 per cent in Q4FY22.

In its latest monthly update for August, the company said its loan distribution business has now reached an annualised disbursal rate of Rs 29,000 crore, while it has disbursed loans worth Rs 4,517 crore during the first two months of Q2FY23.

The company also strengthened its offline payments leadership by deploying over 4.5 million subscription-based payment devices to merchants across the country.

Its strong performance is a reflection of its position in India's digital business landscape as it remains focused on creating long-term shareholder value besides empowering millions of consumers and merchants in the country.

--IANS
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New Delhi, Sep 10 (IANS) Indigenous crafts and products manufactured at a district level in Uttar Pradesh under the flagship 'One District One Product' (ODOP) scheme have generated huge demands even outside the country in the past few years.

Government data said that the total value of exports of ODOP products from the state increased from Rs 58,000 crore in FY17-18 to Rs 96,000 crore in FY21-22.

The government of Uttar Pradesh identified the indigenous crafts and products being manufactured at a district level under its flagship ODOP program.

Officials said that the state undertook diagnostic studies of these manufacturing clusters, identifying their strengths and formulating strategic interventions for mitigation of on ground challenges.

District Export Action Plans have been prepared with the objective of placing each district of Uttar Pradesh on the global trade map and increasing their contribution in the state's exports.

"Handicrafts and handlooms, Ready-made garments, Textile articles, Engineering goods, Leather goods, Footwear, Carpets & durries, Sports goods, Toys, Wooden articles, Ceramics, Glass articles, Food processing and Agri-based products are the key contributors to Uttar Pradesh's ODOP exports," said a senior official.

Besides, the percentage contribution of ODOP products is estimated to be approximately 62 per cent in Uttar Pradesh's overall exports.

However, the low average value of exports is largely because of the Covid-19 pandemic induced disruptions in global supply chains.

"With the continued efforts of the exporters, industry associations and the government, it is envisaged that the percentage share of ODOP products may recover from the pandemic induced slowdown and further cross the targeted 70 per cent contribution in exports in the next 1-2 years," said a senior official.

On August 29, Union Commerce and Industry Minister Piyush Goyal praised Uttar Pradesh for the ODOP initiative and said that the rest of the states should also learn.

Appreciating the unprecedented contribution of Uttar Pradesh in promoting ODOPs, Goyal said that all the 75 districts of the state, under the leadership of Chief Minister Yogi Adityanath, have set an example for others in this context.

"The efforts made by the state government are visible on the ground today. Through the success of ODOP scheme in UP we can see how much potential is there in this scheme. Yogi Adityanath and his entire team deserves congratulations for this wonderful work."

--IANS
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By IANSlife
New Delhi, Sep 10 (IANSlife) In a spectacular ceremony held in Ho Chi Minh City, Vietnam, The Postcard Hotel, which is scaling new heights in providing unmatched experience luxury to discerning guests, wins various recognitions and makes a mark once more.


The Postcard Hotel has been named "Asia's Leading Boutique Hotel Brand," and its list of important accolades also includes:

* The Postcard Dewa, Thimphu, Bhutan, as 'Asia's Leading Boutique Hotel'

* The Postcard Gir Wildlife Sanctuary, Gujarat, as 'Asia's Leading Wildlife Resort'

* The Postcard Hideaway, Netravali, Goa, as 'India's Leading Boutique Hotel'

* The Postcard Mandalay Hall, Kochi, as 'India's Leading Design Hotel'

The Postcard Dewa, Thimphu, Bhutan

"Since its inception, The Postcard Hotel has stayed true to the vision of providing transformational experiential luxury for perceptive travellers. We continue to take a distinctive approach across our intimate hotel offerings, right from the design and architecture, cuisine to service philosophies and beyond. Our hotels merge seamlessly into the community and become a part of the neighbourhood, all while delivering our benchmark hospitality experience, in every aspect. We are humbled by the multiple recognition received at this year's World Travel Awards 2022. We see it as a testament to our team's unwavering effort in offering the best-in-class experience to our guests and are grateful to our loyal guests for this honour," says Kapil Chopra, Founder and Chief Executive Officer, The Postcard Hotel.

On the fringes of Bhutan's capital city are The Postcard Dewa and Thimphu. It has 15 opulent rooms and is tucked away in a woodland with magnificent mountain views as a stunning backdrop. The hotel is the ideal location for relaxing in the middle of nature while taking in the stunning views of the Khasadrapchu valley and the Wang Chhu river.

The Postcard Gir Wildlife Sanctuary, Gujarat

Gujarat's Postcard Gir Wildlife Sanctuary is located there and spans 16 acre of mango orchards. It is in the home of the Asiatic Lion. The hotel is an entry into the fascinating and uncharted region of Saurashtra and pays homage to the richness of nature. It gives the unique feeling of being alone in the wild while listening to the soothing chirping of migrating birds and the occasional roar of the majestic lions.

The Postcard Hideaway, Netravali, Goa, is a discrete, ultra-modern hotel located on 20 acre of lush vegetation in a remote part of south Goa. The resort provides total seclusion and leisure with uninterrupted views of the hills and Western Ghats in the area.

The Postcard Hideaway, Netravali, Goa

The Postcard Mandalay Hall in Kochi has been designed to provide a memorable experience that connects Kochi's history and present. It is a beautiful art hotel that is tucked away in the cobbled streets of Mattancherry. Each of the five luxurious rooms is an immersive living gallery with installations and works of art by well-known artists.

Three more hotels will debut in 2022 for The Postcard Hotel. The Postcard on the Arabian Sea will be located on the beach, within a 1.5-hour drive from the Mangalore airport. All of the hotel's rooms will have ocean views, so visitors can experience the beauty of the ocean straight from their bed as well as the sound of the waves as they awaken.

In 2022, the brand's first hotel in the Northeast will debut. The Durrung Tea Estate, which spans 1,400 acre and is home to stunning tea gardens, contains The Postcard. The hotel's position advantages from being near the Kaziranga and Nameri national parks as well as being a short drive from the great Brahmaputra. Another hotel in Goa will open this year, allowing visitors to The Postcard to see yet another part of this varied state.

(IANSlife can be contacted at ianslife@ians.in)

--IANS
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San Francisco, Sep 10 (IANS) Intel has kicked off work on the new $20 billion semiconductor plant in the Ohio state in US, as President Joe Biden joined the chip-maker and Ohio Governor Mike DeWine to celebrate breaking ground in the "Silicon Heartland" on the world's most advanced chipmaking facilities.

The chip plant is part of Intel's plans to invest $100 billion in Ohio over the next 10 years.

"Today marks a pivotal moment in the journey to build a more geographically balanced and resilient semiconductor supply chain," said, Pat Gelsinger, Intel CEO.

"The establishment of the Silicon Heartland is testament to the power of government incentives to unlock private investment, create thousands of high-paying jobs, and benefit U.S. economic and national security," he said in a statement.

During the first phase, Intel is providing $17.7 million for eight proposals from leading institutions and collaborators in Ohio to develop semiconductor-focused education and workforce programmes.

The semiconductor manufacturing site will generate 7,000 construction jobs and 3,000 long-term positions in manufacturing and engineering.

The $20 billion semiconductor plant is one of the first domestic chip-making facilities after the recently passed CHIPS and Science Act.

Intel had previously delayed the plant's groundbreaking ceremony because its plans largely relied "on funding from the CHIPS Act.

Biden signed the $280 billion tech and science bill last month, calling it "a once in a generation investment in America itself."

--IANS
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New York, Sep 9 (IANS) Taking on Elon Musk-run Tesla, Automaker GM has announced a mass-market electric car that will cost just $30,000.

Called the 2024 Chevrolet Equinox EV, the car will have an estimated range of 480 kms and will go on sale next year.

"We are at a turning point where EVs will be the mainstream choice for the next generation of customers and Equinox EV will lead this charge for us," said Mary Barra, Chair and CEO of General Motors.

"With the flexibility of GM's Ultium Platform, we are bringing to market vehicles at nearly every price point and for every purpose," Barra said in a statement late on Thursday.

With a starting price of around $30,000 on the 1LT model, the Equinox EV plugs Chevrolet into the critical compact SUV segment and is expected to be the most affordable EV in its class.

It rounds out an electrified portfolio that covers major segments, including full-size trucks (Silverado EV), midsize SUVs (Blazer EV) and compact SUVs (Bolt EV and Bolt EUV).

"Chevrolet is now positioned to offer a wide array of EVs," said Scott Bell, vice president of Chevrolet. "We know truck and SUV customers better than anyone and we've channeled that insight and experience into our new EVs."

Chevrolet said it is committed to making the EV transition seamless, with support such as available navigation and route planning through the MyChevy app, which helps locate and plot routes to charging stations.

"The Equinox EV has the range to take you where you want to go, the spaciousness for your passengers and gear, and technology to do it all comfortably and confidently," said Bell.

The 2024 Chevrolet Equinox EV will be available in fall 2023, starting with a limited edition 2RS model.

--IANS
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