Modi 15 lakh

PM Modi addressing the Indian diaspora in Munich, Germany, on June 26 (Image: Twitter/@DDNews) India is leading the "way of innovation", with one unicorn emerging in the country at every 10 days, Prime Minister Narendra Modi said on June 26 in Germany's Munich, where he addressed members of the Indian community. "There was a time when India was nowhere in the race of startups. Today, we are the third-largest startup ecosystem. Similarly, we used to import even the simplest phones, today, we are the second-largest mobile phone manufacturer in the world," he said. "Not only this, in India, on an average, we have a ‘unicorn’ every 10 days," Modi added. The spirit of innovation is evident in all parts of the country, Modi claimed, noting that an average of 5,000 patents are filed every month in India. Also Read: Modi at G7 in Germany | Expectations from and support for India will rise rather than fall Close The country is also matching the pace of … [Read more...] about India leading the way of innovation, one unicorn coming up every 10 days: PM Modi in Germany

Share to Twitter Share to Linkedin Ocean Recovery Group has been following the news when it comes to efforts to keep plastic from getting into oceans. They’ve monitored land-based and at-sea projects and associated technologies. And they want to blow that out of the water. Their goal for 2022: keeping 15,000 tons of plastic from getting into the oceans from places like unmanaged landfills in the Dominican Republic. “We’re the new kids on the block, but we’re planning on being the largest very soon,” says Zachary Kirstein, president at Ocean Recovery Group in Deerfield Beach, Florida. And for those in the United States: This isn’t some story about far-away problems. “We did a big cleanup in Miami Beach and found bottles from the Dominican Republic—800 miles away,” Kirstein recalls. Ocean Recovery Group (ORG) started earlier this year and in May became the first U.S.-based ocean bound plastic recycler to receive Zero Plastic Oceans’ … [Read more...] about Ocean Recovery Group Targets 15,000 Tons Of Ocean-Bound Plastic For Recycling

During FY23, Online PSB Loans will target hitting Rs 1 lakh crore in disbursements, though the internal target is to reach Rs 1.25 lakh crore in disbursements, the MD said. (Representative image) The Reserve Bank of India (RBI) will continue bringing new regulations for fintech players till they self-regulate and improve their lending practices, said Jinand Shah, Managing Director (MD) of fintech Online PSB Loans in 59 Minutes. Fintechs provide infrastructure services to banks and non-banks and charge a fee for the same. “If you see... recently there was a step by the RBI and there are certain ambiguities around it on how credit lines are being offered by various fintechs. So far as OPL (Online PSB Loans) is concerned, we never had any issue of such sorts as we are a pure play infrastructure provider,” Shah told Moneycontrol on June 27. Shah was referring to the RBI’s latest diktat barring several fintechs from facilitating loans through Prepaid Payment Instruments … [Read more...] about RBI will continue reforms till fintechs do not self-regulate: Online PSB Loans MD

- A + A MUMBAI/BUENOS AIRES/LONDON (June 27): It only took 24 hours last month for Prime Minister Narendra Modi's government in India — the world's second-largest producer of wheat — to shelve its plans to "feed the world". In April, Modi had said publicly that the world's most populous democracy was ready to fill part of the gap left by Ukraine in global grains markets by increasing its wheat exports, following five consecutive record harvests. India traditionally exports only a modest amount of wheat, retaining most of its crop for domestic consumption. On May 12, India's Ministry of Commerce & Industry said it was preparing to send delegations to nine countries to export a record 10 million tonnes of wheat this fiscal year — sharply up the previous season. But a barrage of alarming data changed all that. First came a downward revision to India's wheat crop in early May as a sudden heatwave hammered yields. Then data on May 12 showed inflation in the nation … [Read more...] about Food export bans, from India to Argentina, risk fueling inflation

Borrowing costs of Indian states are likely to rise in the coming weeks as the Reserve Bank of India ’s (RBI) rate hike cycle becomes more entrenched and the supply of state papers rises, money market experts and bankers told Moneycontrol on June 27. A majority of those expect the yield on the 10-year state development loan (SDL) to rise above 8 percent in the coming weeks. “In the first quarter of this fiscal year, supply of debt was limited. But in the second half of this fiscal year, we expect state debt supply to rise and that should put upward pressure on (state) bond yields,” said Ritesh Bhusari, deputy general manager, treasury, at South Indian Bank. To put in perspective, the cut-off yield for 10-year SDL ranged from 7.83 percent to 7.86 percent at an auction on June 21, according to data from the RBI. Prior to that, at an auction on June 14, Tamil Nadu’s 10-year paper was sold at a cut-off yield of 7.94 percent, while Haryana’s 10-year bond was sold at 7.95 percent. … [Read more...] about States’ borrowing cost set to rise on higher debt supply, RBI’s rate cues, experts say

- A + A HONG KONG (June 27): China's fourth-biggest developer may miss a local bond payment for its first time ever, pressuring an onshore credit market that has remained resilient amid a property debt crisis and record offshore defaults. Sunac Real Estate Group Co said in an exchange filing on Friday it likely would not be able to raise enough funds to make a 400 million yuan (US$60 million) payment due June 30 for a portion of the note principal along with related interest. The deadline is part of an instalment plan Sunac got approval for several months ago that extended full repayment of the four billion yuan security by 18 months. A separate note maturing next year fell 15% on Monday while some due in 2025 closed at record lows, according to data compiled by Bloomberg. China's US$12.3 trillion local bond market has so far held up relatively well despite a cash crunch in the property sector sparked by a government crackdown on excessive leverage and housing … [Read more...] about Chinese builder Sunac may miss local bond payment in a first

This article first appeared in The Edge Financial Daily, on April 3, 2020 . - A + A Minetech Resources Bhd (-ve) TRADING of shares in Minetech Resources Bhd (fundamental: 0.95/3, valuation: 0.3/3) triggered our momentum algorithm yesterday for the sixth time this year. The last time the counter triggered our momentum algorithm was Wednesday. The engineering services company’s stock closed 10.71% or 1.5 sen higher at 15.5 sen apiece, after 77.38 million shares were traded — making it the 10th most actively traded stock on Bursa Malaysia yesterday. This trading volume is about 16 times the counter’s 200-day average of 4.91 million shares. The stock has been climbing in the past four days. On Tuesday, the company announced that Serba Dinamik Holdings Bhd’s co-founder Datuk Awang Daud Awang Putera had been appointed its executive chairman, replacing Chin Kim Sang, who had been redesignated as the company’s executive director. Awang Daud first … [Read more...] about Stock With Momentum: Minetech Resources

This article first appeared in The Edge Financial Daily, on April 21, 2020 . - A + A Ho Wah Genting Bhd (+ve) The company’s share price closed 2.33% or half a sen higher at 22 sen. Some 15.24 million shares were traded during the day, over 11 times the counter’s 200-day average trading volume of 1.32 million shares. Last Thursday, the company announced to Bursa Malaysia that it had inked a memorandum of understanding (MoU) with a Chinese company principally engaged in the research and development, manufacture, and distribution of pharmaceutical products to explore the possibility of a collaboration. The MoU was inked by its wholly-owned HWG Consortium Sdn Bhd with Shijiazhuang Yiling Pharmaceutical Co Ltd (SYP). Under the MoU, HWG Consortium is authorised to register SYP’s products in Malaysia on behalf of SYP, with the cost of such registration to be reimbursed by SYP. … [Read more...] about Stock With Momentum: Ho Wah Genting

- A + A KUALA LUMPUR (June 27): Financially troubled Sapura Energy Bhd returned to the black in the first quarter ended April 30, 2022 (1QFY23) with a net profit of RM91.93 million, on the back of foreign exchange gains arising from the appreciation of the US dollar against the ringgit. In the preceding quarter, it had posted its biggest ever net loss of RM6.78 billion. In the same period last year, Sapura Enery had posted a net loss of RM97.08 million. In a Bursa Malaysia filing on Monday (June 27), the oil and gas service provider said its quarterly revenue, however, declined by 39.75% to RM886.08 million against RM1.47 billion in the year-ago corresponding period, due to lower project activities from its engineering and procurement (E&C) segment. Earnings per share for the quarter amounted to 0.58 sen, from losses per share of 0.61 sen. On a quarterly basis, revenue more than doubled from RM426.60 million in 4QFY22. Sapura Energy said that it continues … [Read more...] about Sapura Energy returns to black in 1Q with net profit of RM91.93 mil on forex gains

- A + A KUALA LUMPUR (June 27): Costlier crude oil along with a stronger US dollar will erode Spritzer's Bhd profit margin, the bottled water producer admitted. "Costlier oil will translate into costlier PET resin, which is the main raw material used in making the [plastic] bottles. "PET resin is normally quoted in US dollar so a stronger US dollar would mean we will have to pay more for our PET resin," a company representative said in a brief email reply to theedgemarkets.com recently, when asked about the impact of surging oil prices on its manufacturing costs. According to the US-based PET Resin Association, PET — which is short for polyethylene terephthalate, the chemical name for polyester — is a clear, strong, and lightweight plastic made from crude oil and ethane extracted from natural gas that is widely used for packaging food and beverages, especially convenience-sized soft drinks, juices and water. Following Russia's incursion into Ukraine, oil prices … [Read more...] about Spritzer admits costlier crude oil, stronger US dollar will erode its profit margin