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Twitter India gets 'one last chance' to comply with Centre's new IT rules

The central government has granted Twitter "one last opportunity" to comply with the new IT rules by July 4, or the social media giant will risk losing its immunity as an intermediary, a report by The Economic Times stated.

The notice by the Ministry of Electronics and Information Technology (MeitY) to Twitter came after the company's "repeated failures to act on the content take-down notices sent under Section 69 A of the IT Act" as well as on "non-compliance notices issued for not taking the content down," officials aware of the development told ET.

Twitter failed to comply with the Centre's notices sent on June 6 and 9, the MeitY said in a fresh notice sent to the company's Chief Compliance Officer on Monday, according to ET.

A senior official told ET, "Despite repeated notices and chances being given to them to act, Twitter continues to remain in violation. Therefore, appropriate action is being taken against (it)." He added, "all intermediaries that operate in India must follow the IT Rules in letter and spirit."

"If Twitter Inc. continues to be in violation of these Directions and therefore the IT Act, significant consequences under the IT Act shall prevail," MeitY said in its notice to the company.

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Tata Tech joins Foxconn-led consortium to develop sustainable mobility

Tata Technologies Ltd on Wednesday said it has joined the Foxconn-initiated MIH Consortium to promote development of sustainable mobility solutions and encourage collaboration within the industry.

The MIH (Mobility In Harmony Consortium) comprises more than 2,300 members in the field of software, hardware, and services.

The goal of this open electric vehicle alliance is to bring the strategic partners together to build the next generation of EV, autonomous driving, and mobility service applications, the global engineering and product development digital services firm said in a statement.

"Tata Technologies is at the forefront of the eMobility revolution and our association with MIH Consortium reinforces our position as a key partner in the automotive value chain," Tata Technologies Managing Director and CEO Warren Harris said.

Tata and Foxconn are amongst the highly reputable and trusted brands across continents. The association celebrates the larger commitment of both the groups to promote sustainable and smart mobility across the markets, he added.

The collaboration with the MIH Consortium will enable Tata Technologies to collaborate with other members on solutions and capabilities that deliver value for its stakeholders and enable it to innovate new solutions.

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NMDC shareholders, creditors approve Nagarnar Steel Plant demerger: CMD

The shareholders and creditors of NMDC have approved the demerger of the company's under-construction Nagarnar Steel Plant (NSP), its Chairman and Managing Director Sumit Deb said.

The demerger of NSP from NMDC is progressing, Mr Deb who was in the national capital, said.

"We have got (the company's) shareholders and creditors approval for the demerger process," he said replying to a question related to the demerger.

The approval was given on Tuesday, the Chairman said.

The steel ministry had convened two separate meetings of shareholders and creditors of NMDC to expedite the process of demerging the company's Nagarnar Steel Plant.

NMDC, the country's largest iron ore mining company, is setting up a 3 million tonne per annum steel plant at Nagarnar near Bastar in Chhattisgarh. The unit is being constructed over 1,980 acres at an estimated cost of ₹ 23,140 crore.

In October 2020, the Union Cabinet approved the demerger of NSP from NMDC, and sale of the Centre's entire stake to a strategic buyer.

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PVR restarts capex cycle, plans to open about 125 screens in FY23

Leading multiplex chain operator PVR expects the movie exhibition industry to bounce back "dynamically" in FY23 and plans to open as many as 125 screens during the year, its highest ever tally in a year.

According to the company's latest annual report, PVR, which is merging with rival Inox Leisure, expects the process to be completed this fiscal.

As per the terms of the merger, its Chairman and Managing Director Ajay Bijli will be the Managing Director and Joint Managing Director Sanjeev Kumar will be the Executive Director, respectively, of the combined entity PVR INOX for a term of five years.

"Overall, business is expected to grow in the coming quarters, supported by the growth in ATP (average ticket price) and SPH (spend per head) already witnessed in Q3 & Q4 FY 2021-22, occupancy percentage reclaiming pre-COVID highs on the back of stellar content line-up, and the advertising income coming back to pre-pandemic level over the next few months," said the annual report for 2021-22.

PVR has already ramped up operations in a significant way as it saw audiences come back to theatres after the third wave of COVID-19

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Eveready set to transform with growth & governance-driven roadmap, says MD

The country’s largest dry cell battery maker, Eveready Industries India, is charting out a roadmap focused on growth and profitability, combined with the “highest” degree of good corporate governance, in order to take it to new heights.

Addressing shareholders, Suvamoy Saha, managing director, who was elected to chair the annual general meeting (AGM), said that the company was now on a journey towards higher reaches and was in the midst of a transformation that provides the roadmap.

There was an obvious focus on topline growth, he said later, responding to shareholder queries.

“The company has shown virtually no growth over the last few years,” Saha said. He added that the roadmap entailed delivering sustainable profits and it was the company’s mantra to stick to the highest degree of good corporate governance.

“We believe that the combination of all these will see the company at new elevated levels,” Saha said.

The company has chalked out improvement plans for each of its business categories and separate business unit teams were working on the plans. Evereadys’ three main business categories are: batteries, flashlights and lighting.

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Retail tech firm Arzooo raises $70 mn in Series B led by Japan's SBI group

Retail technology platform Arzooo, has raised $70 million in Series B round of funding led by SBI Investment, arm of Japan’s SBI Group and Trifecta Leaders Fund. Tony Xu, the Founder of Doordash has also invested in the current round, making Arzooo his first India investment.

Existing investors including Celesta Capital and 3 Lines VC also participated in the round. The Company had previously raised a Series A from Celesta and 3 lines, followed by an investment from Zoom founder Eric Yuan. Arzooo has raised a total of $85 million so far.

The firm will use the latest funding to scale its tech platform, which is focused on boosting growth at stores. The mone will also help expand the platform's market reach as Arzooo continues to deepen its vertical play in the $65 billion consumer electronics segment in India.

Khushnud Khan, Co-founder & CEO, Arzooo, said the round was oversubscribed by 1.4x.

Founded by ex-Flipkart executives Khan and Rishi Rathore, Arzooo’s platform provides retailers access to a wide variety of SKUs across leading and emerging brands. The firm has a pan-India presence and is already powering over 30,000 retailers, allowing them to scale without holding extensive inventory, while providing them access to pricing.

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UltraTech Cement paying for Russian coal in Chinese yuan: Report

India's biggest cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters, a rare payment method that traders say could become more common. UltraTech is bringing in 157,000 tonnes of coal from Russian producer SUEK that loaded on the bulk carrier MV Mangas from the Russian Far East port of Vanino, the document showed. It cites an invoice dated June 5 that values the cargo at 172,652,900 yuan ($25.81 million).

Two trade sources familiar with the matter said the cargo's sale was arranged by SUEK's Dubai-based unit, adding that other companies have also placed orders for Russian coal using yuan payments. The increasing use of the yuan to settle payments could help insulate Moscow from the effects of western sanctions imposed on Russia over its invasion of Ukraine and bolster Beijing's push to further internationalise the currency and chip away at the dominance of the U.S. dollar in global trade. The sources declined to be identified as they are not authorized to speak to the media. UltraTech and SUEK did not respond to a request seeking comment.

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Hyundai's shares nosedive on German raid over defeat car devices

Shares in Hyundai Motor and its affiliate Kia plunged on Wednesday, as German authorities raided the carmakers' local offices over suspicions they had installed defeat devices on some of their combustion cars.

On Wednesday, Hyundai plunged 5.7 per cent to 175,500 won ($135.17), and Kia plummeted 6.1 per cent to 76,900 won.

Among other affiliates, auto parts maker Hyundai Mobis Co. fell 3.6 per cent to 199,000 won, and logistics firm Hyundai Glovis Co. shed 1.1 percent to 183,000 won, reports Yonhap news agency.

Hyundai confirmed the raid by German prosecutors, and it is working with the German authorities about the matter. It didn't elaborate on the investigation.

Defeat devices are mechanisms or software that can change vehicle emissions levels. Carmakers may use the devices to cheat on emissions tests.

Hyundai and Kia allegedly placed more than 200,000 diesel vehicles with suspected illegal defeat devices in the German market, according to foreign news media reports.

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SC to hear after vacation plea by Adani Ports and SEZ against HC order

The Supreme Court Wednesday said it would hear after vacation a plea filed by Adani Ports and Special Economic Zone (Adani) against the Bombay High Court order dismissing its petition challenging the disqualification of its bid in a tender issued by the Jawaharlal Nehru Port Authority (JNPA) for upgradation of a container terminal in Navi Mumbai.

A vacation bench of Justices A S Oka and M M Sundresh was told by senior advocate A M Singhvi, appearing for the petitioner, that the matter may be heard after vacation.

Singhvi said that urgency in the matter has kind of slipped away as between yesterday and today, the bid has been opened.

Between yesterday and today, they have opened the bid and the commercials are such that in any case, I don't think for the actual figures, I can match the person whose bid has been opened. So, your lordships need not be troubled now, he said.

But, it is very important to decide the issue of law. Your lordship may put it post-vacation. Because of this approach, I am being disqualified in multiple tenders and bids and it is the completely wrong interpretation of the relevant clause, Singhvi said.

The bench said the matter be listed after the vacation.

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Pharma company Innova Captab files draft papers with Sebi for IPO funding

Pharmaceutical company Innova Captab Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore and an offer for sale (OFS) of 96 lakh equity shares by promoters and other shareholders, according to the draft red herring prospectus (DRHP).

As part of the OFS, Manoj Kumar Lohariwala, Vinay Kumar Lohariwala and Gian Parkash Aggarwal will sell 32 lakh shares each.

At present, promoters -- Manoj and Vinay -- hold 39.66 per cent and 30.08 per cent stake, respectively, in the company, while Gian owns a 30.23 per cent holding in the pharma firm.

Besides, the company may consider pre-IPO placement of equity shares aggregating up to Rs 80 crore. If such a placement is undertaken, the size of the fresh issue will be reduced.

Of the Rs 400 crore proposed to be raised through fresh issuance of equity shares, Rs 180.5 crore will be used for payment of debt, Rs 29.5 crore will be utilised for payment of loans availed by its subsidiary, UML, and Rs 90 crore for funding working capital requirements.

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Google to let selected users to opt out of integrated view in Gmail

Tech giant Google has announced the launch of a feature where some users will see the new Gmail experience by default, instead of an integrated view.

However, the select users will still have the option to revert to classic Gmail via the settings menu.

"As we continue to roll out this new experience, the new Gmail view will also continue to be available for users who want to enable it via Quick settings," the company said in a blogpost.

"As always, we will carefully monitor and address feedback from users during this rollout period and in the future," it added.

Earlier this year, the tech giant introduced the new, integrated view for Gmail, making it easy to move between critical applications like Gmail, Chat and Meet in one unified location.

When enabled, the new navigation menu allows users to easily switch between their inbox, important conversations, and join meetings without having to switch between tabs or open a new window. The company said it hopes that this new experience makes it easier for users to stay on top of what's important and get work done faster in a single, focused location.

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Japanese chip maker Renesas Electronics broadens tie-up with Tata group

Renesas Electronics Corp, a global leader in advanced semiconductor solutions, has forged a strategic partnership with Tata Group companies such as Tata Motors and Tejas Networks for the design, development and manufacture of Renesas’ semiconductor solutions. The products are designed to enhance innovation across electronics systems for the Indian and emerging markets.

Renesas would also set up an innovation centre with Tata Consultancy Services (TCS) for comprehensive systems solutions catering to a range of industries, the Tokyo-based company said in a statement on Wednesday.

In December 2021, the cabinet cleared an incentive package of $10 billion to create a complete semiconductor ecosystem — fabs, home-grown chip design, outsourced semiconductor and testing (OSAT) facilities and compound semiconductor plants.

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Hurun says 122 more Indian startups can become unicorns in 4 years

Despite the ongoing 'funding winter' which can impact start-up valuations, the number of unicorns or startups valued at over USD 1 billion will grow by 122 to cross the 200 companies mark in the next four years, a report said on Wednesday.

The number of unicorns stand at 84 right now as against 51 in the year-ago period, and there are 122 others valued at over USD 200 million which can achieve the unicorn status in the next 2-4 years, Hurun Research Institute said.

According to reports, a 'funding winter' is upon the otherwise fledgling Indian startup ecosystem due to various reasons like liquidity conditions getting tighter all across the world.

The report, which has been done in association with ASK Private Wealth, said the 122 companies most likely to achieve the 'unicorn' status are valued at USD 49 billion, which is a 36 per cent jump since last year.

These 122 companies employ 82,300 people at present, as per the ASK Private Wealth Hurun India Future Unicorn Index 2022.

Venture capital fund Sequoia is the most popular backer of such companies, with 39 of the 122 having received funding from it, and is followed by Tiger Global in 27.

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Asian Paints sees scope to reinvent amid continuing global uncertainties

Asian Paints expects uncertainties to continue with ever changing and dynamic macro-economic, geopolitical and environmental situations.

The company sees opportunities amid these uncertainties to “reinvent and reinvigorate” its passion to fulfil the aspirations of its customers, Deepak Satwalekar, chairman of Asian Paints told its shareholders in his speech at the company’s annual general meeting.

“I am certain that team Asian Paints would continue to harness these opportunities and will continue to deliver joy to all its stakeholders,” Satwalekar said.

He also said, “Today, the uncertainty in the environment has again increased, fueled by changing macroeconomic dynamics and geopolitical turbulence. However, amidst these uncertainties, your company continues to strive forward with a strong growth trajectory under the leadership of Amit Syngle (MD & CEO).

Satwalekar also said that Syngle delivered exceptional performance in the coatings business--both industrial and decorative--and has also propelled the company towards becoming a strong home décor brand.

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From Jio to TVS, generational change sweeps through India Inc's boardrooms

A generational change is sweeping through the boardrooms of India Inc as the older business leaders make way for their successors. Apart from Reliance Jio Infocomm, which announced on Tuesday that 30-year-old Akash Ambani will be its chairman, new leaders are taking over the reins at several other groups, including Godrej, Emami, and TVS.

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DoT issues spectrum assignment norms for captive private network licences

The telecom department has issued rules for enterprises setting up Captive Non Public Network (CNPN), stipulating a minimum net worth of Rs 100 crore for applicants seeking direct assignment of spectrum from the government.

The applicant must be an Indian company registered under the Companies Act, Department of Telecom (DoT) said listing out the broad guidelines that would apply for CNPN licence, including rules for enterprises setting up such networks.

The CNPN licencee would not be required to pay any entry fee or licence fee.

"For seeking direct assignment of spectrum from the government, the networth of the applicant shall not be less than Rs 100 crore," it said.

On the scope of the CNPN licence for enterprises, it said such a licencee may establish indoor/within premise isolated captive non public network for own use within the areas of operation of licence.

The CNPN licence cannot be used for providing commercial telecom services.

It will be valid for 10 years, and can be renewed.

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Bajaj Consumer Care to expand Almond Drops portfolio, lines up new products

Homegrown FMCG firm Bajaj Consumer Care is planning to launch new products in different categories under its flagship Bajaj Almond Drops brand as it seeks to tap on the equity of the popular hair oil label, according to a top company official.

The firm, which on Tuesday launched a moisturising soap under the Bajaj Almond Drops umbrella, is looking to bring products in haircare and skincare under the brand.

The plan to introduce new products under the Bajaj Almond Drops umbrella is part of the company's three-pronged long-term strategy to drive growth that includes completing the hair oil portfolio and launching of direct to consumer brands, Bajaj Consumer Care Managing Director Jaideep Nandi told PTI.

"The third and a large part of our strategy was when we were looking at growth, where else Bajaj has the right to win. Clearly, it came back that we need to use this equity of Almond Drops beyond hair oil. In other formats in personal care, this product can go in both skincare as well as haircare premium category," he said.

Almond Drops today is used by about six crore households, Nandi added.