Name: Industrial production rises 4.3% in December
Uploaded: 2023-02-10T18:10:21.000+05:30
Duration: T00M36S
Channel: PTI
Description: Factory output measured in terms of the Index of Industrial Production (IIP) grew by 1 per cent in December 2021

The move comes in the wake of a recent order passed by the High Court in a case involving Delhi Airport Metro Express Private Limited (DAMEPL) and the Delhi Metro Rail Corporation (DMRC).

To prevent the attachment of Delhi Metro assets, the centre amends the law.

The move comes in the wake of a recent order passed by the High Court in a case involving Delhi Airport Metro Express Private Limited (DAMEPL) and the Delhi Metro Rail Corporation (DMRC).

The Ministry of Housing and Urban Affairs has proposed to amend a section of the Metro Railways (Operation &amp; Maintenance) Act 2002 to ensure that no attachment of properties or bank accounts or any assets of any metro rail can ever be carried out, sources said.
The move comes in the wake of a recent order passed by the High Court in a case involving Delhi Airport Metro Express Private Limited (DAMEPL) and the Delhi Metro Rail Corporation (DMRC).
The Delhi High Court on February 27 had asked the Centre to decide on the issue of granting sanction for attaching moveable and immovable assets of the DMRC for paying the unpaid amount of arbitral award to Reliance Infrastructure-promoted DAMEPL.
An office memorandum has been issued by a senior official in the ministry on March 17, which reads: "The undersigned is directed to say that this Ministry proposes to amend Section 89 of the Metro Railways (Operation &amp; Maintenance) Act 2002 (60 of 2002). A background note is enclosed at Annexure-I".
The memorandum also says that "it is requested to provide the comments in respect of the draft bill at the earliest within two weeks time from the date of issue of this OM".
The background note attached with it said as per the Allocation of Business Rules 1961, Ministry of Housing and Urban Affairs (MoHUA) is the nodal agency for planning and coordination of urban transport system.
"At present, 845 km of metro lines are operational in 20 different cities and about 991 km of metro rail projects (including Delhi Meerut RRTS) are under construction in various cities of the country," it says.
The operation and maintenance of railway line in the country is governed by the Metro Railways (Operation &amp; Maintenance) Act 2002 (60 of 2002). Section 89 of the Metro Railways (Operation &amp; Maintenance) Act 2002 deals with restriction on execution against metro railway property, it adds.
The need to amend Section 89 of the Metro Railways (Operation &amp; Maintenance) Act 2002 has been felt in view of the recent order passed by the High Court of Delhi in the matter of DAMEPL vs DMRC, cites the background note.
Sanction of attachment of properties of DMRC was denied by the central government as that would "entail closure of DMRC and bringing the entire city to a halt", it says.
In view of the above background, the Ministry is of the opinion to amend the Section 89 "to make it absolute so that no attachment of properties or bank accounts or any assets of any metro railways properties can ever be carried out," the background note says.
Asserting that Delhi Metro is the lifeline of the national capital and adjoining regions, Union Housing and Urban Affairs Minister Hardeep Singh Puri recently had directed officials to revisit a Metro Railways Act provision to ensure no properties or bank accounts of the metro can be attached ever.

Rating agency CRISIL has revised the outlook on Vedanta's loans from stable to negative. This, due to an increased cash flow from Vedanta towards large maturing debt obligations at it parent company Vedanta Resources Ltd.

Vedanta's loan outlook now negative: CRISIL

Rating agency CRISIL has revised the outlook on Vedanta's loans from stable to negative. This, due to an increased cash flow from Vedanta towards large maturing debt obligations at it parent company Vedanta Resources Ltd.

Rating agency CRISIL has revised the outlook on Vedanta Ltd's term loans and debantures from stable to negative.
As per the report, this change reflects the possibility of higher-than-expected financial leverage and lower financial flexibility with reducing ratio of cash surplus to one-year maturities for FY23 and FY24. This is due to increased cash flow from Vedanta towards large maturing debt obligations at its parent company Vedanta Resources Ltd. The cash flowed to the parent company in the form of dividents.&nbsp;
However, CRISIL reaffirmed 'AA' rating for long term loans and debantures, 'A1+' rating for commercial paper and short-term bank facilities.&nbsp;
As per CRISIL ratings, Vedanta Ltd's parent company is in discussion with the lenders to refinance the upcoming debt maturities of Q1FY24. Currently, Vedanta Resources Ltd, has annual debt maturities of around $3 billion each in FY24 and FY25 with high near-term maturities of about $1.7 billion in the Q1FY24.
CRISIL also mentioned that the divident payout by Anil Agarwal led Vedanta for FY23 will be more than Rs 40,000 crore, including dividend payout by Hindustan Zinc Ltd (HZL) to its minority shareholders. Vedanta currently has cash balances only to cover for VRL&rsquo;s maturities for the H1 FY24.

Government cancels licenses of 18 pharma companies

Government cancels licences of 18 pharma companies

As per an ANI report, the government has canceled licences of 18 pharma companies for manufacturing of spurious medicines

As per an ANI report, the government has canceled licenses of 18 pharma companies for manufacturing of spurious medicines

As per an ANI report, the government has cancelled &nbsp;licenses of 18 pharma companies for manufacturing of spurious medicines. The DGCA conducted inspection on 76 companies across 20 states.&nbsp;
Action on 70 companies in Himachal Pradesh and 45 in Uttarakhand and 23 in Madhya Pradesh has been taken during government crackdown on companies manufacturing spurious medicine
According to NDTV, show cause notices have been issued to 26 pharma companies. The surprise inspections were conducted by central and state teams and action was taken in 20 states.
ANI also reported that a huge crackdown on pharma companies is underway

This year, a sizable portion of early-stage startups plan to grow their staff, mainly in response to new project orders

Significant percentage of early-stage startups looking to increase workforce in 2023: Survey

This year, a sizable portion of early-stage startups plan to grow their staff, mainly in response to new project orders, according to a FICCI survey.&nbsp;

A significant percentage of early-stage startups are looking to increase their workforce this year, primarily driven by new project orders, additional funding raised from investors and expansion strategies, says a survey.
According to the FICCI &ndash; Randstad Startup Hiring Trends Survey, 80.49 per cent of the total startups surveyed stated that they plan to increase their manpower hiring in 2023, while 15.78 per cent plan to maintain their existing headcount, the majority being early-stage.
Over 300 startups participated in the survey.
The survey further indicates that 54.38% of startups attribute the high attrition rate in the industry to factors such as better pay packages offered by larger corporations, as well as concerns over job security in a startup. Other factors contributing to attrition in startups include a lack of clarity around career progression and credibility.
In terms of hiring challenges faced by startups, the primary factors include a deficit in requisite skills, mismatches in salary expectations, and a reluctance among potential candidates to join a startup due to concerns over risk perception.

The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence 

Alibaba to split into 6 groups, separate IPOs expected

The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence&nbsp;

Alibaba announced Tuesday that it would split into six business groups in one of the most significant overhauls of a leading Chinese tech firm to date.
The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.
The company said the new structure would bring greater market visibility to the value of its diverse business operations.
Recent years have seen the internet giant face unprecedented headwinds as Beijing has imposed tighter restrictions on the domestic tech industry.
Combined revenue at China's internet companies shrank by just over one percent to 1.46 trillion yuan ($212 billion) in 2022, the first contraction in almost a decade, according to data from the Ministry of Industry and Information Technology.
Alibaba founder Jack Ma has kept a low profile since late 2020, when a speech he made attacking Chinese regulators was followed by Beijing pulling the plug on Alibaba affiliate Ant Group's planned IPO.

Reliance, Tata power, JSW energy among 11 firms to get Rs 13,937 crore under solar cells PLI tranche-II

11 firms to get Rs 13,937 crore under solar cells PLI tranche-II

Reliance, Tata power, JSW energy among 11 firms to get Rs 13,937 crore under solar cells PLI tranche-II

The government has allocated a total capacity of 39,600 MW of domestic solar PV module manufacturing capacity to 11 companies at a total outlay of Rs 13,937.575 crore.&nbsp;
Renewable energy subsidiaries of Reliance Industries Ltd, Tata Power Company Ltd, and JSW Energy Ltd are among the winners of the bids. &nbsp;
The power ministry has mentioned that 7400 MW of manufacturing capacity is expected to become operational by October 2024, 16,800 MW capacity by April 2025, and the balance 15,400 MW capacity by April 2026. The Tranche-II of the PLI Scheme is expected to bring in an investment of Rs 93,041 crore. It will also generate a total of 1,01,487 jobs with 35,010 getting direct employment and 66,477 being indirectly employed.
On September 21, the Union Cabinet had approved the second tranche of the PLI scheme for the development of solar PV modules, with an outlay of Rs 19,500 crore.

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Avalanche in Sonamarg

Factory output measured in terms of the Index of Industrial Production (IIP) grew by 1 per cent in December 2021

Industrial production rises 4.3% in December	

Factory output measured in terms of the Index of Industrial Production (IIP) grew by 1 per cent in December 2021

India's industrial production rose by 4.3 per cent in December, according to official data released on Friday.
Factory output measured in terms of the Index of Industrial Production (IIP) grew by 1 per cent in December 2021.
The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output grew by 2.6 per cent in December 2022.
Mining output rose by 9.8 per cent and power generation increased by 10.4 per cent during the month under review.

Prices for non-scheduled medications are expected to increase by up to 10% in accordance with government regulations.

From April, commonly used medications will cost 12% more

Prices for non-scheduled medications are expected to increase by up to 10% in accordance with government regulations.

The cost of essential medications is set to increase by 12% which would be the largest yearly price increase ever. The government anticipates raising the costs of 384 drugs and more than 1,000 necessary medication formulations starting on April 1.
Due to a sharp increase in the Wholesale Price Index, the prices of 384 medications and more than 1,000 formulations designated as necessary medicines by the government are expected to experience the highest-ever annual rise of over 12%.&nbsp;
The price of necessary medications will increase by more than 10% for the second year in succession. The price increase for these medications was about 11% last year.
According to representatives of the National Pharmaceutical Pricing Authority, who cited the office of the economic adviser in the minister of commerce and industry, the WPI was 12.12% between January of last year and January of this year. This number has not yet received formal notification, though.

Officials further confirmed that the toll would remain the same till 2030 as there would not be any revision after three years in 2026, PTI reported 

Mumbai-Pune expressway toll to be hiked by 18%  from this date

Officials further confirmed that the toll would remain the same till 2030 as there would not be any revision after three years in 2026, PTI reported&nbsp;

Are you planning for a weekend getaway from Mumbai? If yes, then you have to spend more if you're travelling by road as toll for vehicles on the Mumbai-Pune Expressway will increase by 18 per cent from April 1.&nbsp;
A senior official said that though the toll increases by six per cent annually, it is implemented cumulatively at 18 per cent after every three years, as laid down in a government notification of August 9, 2004.
The new toll will be ₹320 for four-wheelers like cars and jeeps instead of the current ₹270, and ₹495 for vehicles like mini-bus and tempos instead of the current ₹420, another official said.&nbsp;
The toll for two-axle trucks will increase to ₹685 from the current ₹585. For buses, it will increase to ₹940 from ₹797. Three-axle trucks will be charged ₹1,630 instead of ₹1,380 and multi-axle trucks and machinery vehicles will have to pay ₹2,165 instead of the current ₹1,835.&nbsp;

The startup came into the spotlight for all wrong reasons lately after it reported false numbers to its shareholders despite being audited by big names such as KPMG and PwC

Troubled automobile startup GoMechanic acquired by Lifelong Group Led Consortium

The startup came into the spotlight for all wrong reasons lately after it reported false numbers to its shareholders despite being audited by big names such as KPMG and PwC

Two months after car service and repair firm, GoMechanic publicly admitted to financial misreporting, the troubled startup has found a buyer in a consortium led by Lifelong Group. According to a report by Yourstory, Delhi-based Lifelong India Pvt Ltd is acquiring GoMechanic as the majority shareholder under its Servizzy entity. Lifelong Group, incorporated in 1985, is a renowned manufacturer of automotive components, medical devices, and a player in the ecommerce space. The development comes barely two months after the startup&rsquo;s co-founder Amit Bhasin admitted to errors in the company&rsquo;s financial reporting. The company also said it will lay off 70% of its workforce and conduct a third-party audit of its business. Founded in 2016, the Sequoia India-backed startup has serviced and repaired more than two million cars in the country through its service centers, and says its services cost 40% less than the offerings of automakers.

Bankman-Fried has been charged with wire fraud, conspiracy to commit money laundering as well as election finance violations

US charges Sam Bankman-Fried for bribing Chinese officials

Bankman-Fried has been charged with wire fraud, conspiracy to commit money laundering as well as election finance violations

US officials alleged that former FTX chief Sam Bankman-Fried authorized bribes of at least $40 million to Chinese officials, according to an updated indictment filed Tuesday.
The payments came after Chinese officials in early 2021 froze some $1 billion in cryptocurrency trading accounts controlled by FTX affiliate Alameda, according to an amended criminal indictment signed by US Attorney Damian Williams.
The move amounts to a 13th criminal charge against the former cryptocurrency highflyer, for "conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act."
Bankman-Fried has also been charged with wire fraud, conspiracy to commit money laundering as well as election finance violations.

Adani Transmission and Adani ports and Special Economic Zone are at a high contagion risk due to weak governance at the conglomerate's sponsor level, as per Fitch

Fitch warns of contagion risk to Adani subsidiaries

Adani Transmission and Adani ports and Special Economic Zone are at a high contagion risk due to weak governance at the conglomerate's sponsor level, as per Fitch

Ratings agency Fitch has said that two Adani Subsidiaries, Adani Transmission and Adani Ports face a contagion risk. The report added that this could affect their financial flexibility. The subsidiaries are exposed to the risk as a result of governance weakness at the conglomerate's sponsor level.
However, Fitch has affirmed BBB ratings to the group entities. The ratings of restricted groups would not be constrained at 'BBB', at this stage if other factors driving their credit quality improve.
Fitch also metioned that the debt of Adani group's rated Indian entities as of December 2022 end is secured with US dollar bonds that will mature only from mid-2024. Hence, the liquidity position at all restricted group will benefit from the cash flow generation from January 2023 to March 2024.

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