Category: Business

ITC Q4 results: Net profit rises 12% to Rs 4,196 crore; Final dividend declaration

FMCG-Cigarette-to-Hotel chief ITC on Wednesday reported a net profit of Rs 4,196 crore for the year, up 11.7 per cent from the quarter ended March 31, 2022. The company had a net profit of Rs 3,755.47 crore in the year-ago period.

Revenue from operations for the period stood at Rs 17,754.02 crore, up 15 per cent from the March quarter. The company earned Rs 15,404.37 crore during the same period.

The company further stated that it has recommended a final dividend of Rs 6.25 crore for the financial year ended March 31, 2022, subject to its announcement by the members at the 111th Annual General Meeting (AGM) of the company on July 20, 2022. The final dividend, when announced, will be entitled to those members between Friday, July 22, 2022 and Tuesday, July 26, 2022.

The company added that it has set May 28, 2022 as the record date for determining the entitlement of members to pay the final dividend.

The ITC also approved the board members’ recommendation to appoint Supratim Dutt as a director and as a full-time director of the company for a period of three years effective July 22, 2022.

Shares of ITC rose 0.72 per cent to close at Rs 266.50 on the BSE on Wednesday.

The Delhi government is considering raising auto and taxi fares

A Delhi government committee tasked with revising fares for auto-rickshaws and taxis has recommended a proportional increase in fares for CNG prices in the national capital, sources told PTI.

The development comes after some auto and taxi union panels shared their concerns about the sharp rise in CNG prices, saying it would tighten their competition with cab aggregators who offer rides at subsidized rates. Amid rising fuel prices, the Delhi government last month formed a committee to revise auto-rickshaw and taxi fares. The committee may finalize their report by the end of this week.

Some members of the government panel have been traveling in taxis and autos for the last two weeks to understand the demands and expectations of the drivers.

“For the last 15 days, officials have been traveling in auto-rickshaws and taxis in Delhi to know the demands of drivers and their expectations from the fare revision practice.

“This is being done to get their views on rent revision since they are the main stakeholders,” a source said.

The deadline for submission of the report expired this week, the source said, adding that the report would be submitted to Delhi Transport Minister Kailash Gahlot and then go to the cabinet for approval. “The committee can finalize its report in the next two days. . The committee has held two meetings. It may recommend a fare increase in proportion to the price of CNG. The committee also took into account the concerns of the Autorickshaw Union, ”the source said.

Special Commissioner (State Transport Authority) headed by Fare Amendment Committee. Other members of the panel include the deputy commissioner and deputy controller of accounts, two nominated district transport officers and a technical expert. The committee also includes members of civil society, including representatives of civil welfare associations, passengers and students. CNG prices were hiked by Tk 2 per kg in the national capital on Sunday, the 12th increase in two months. The price of one kg of CNG now stands at Rs 73.61, up from Rs 71.61 per kg, according to data posted on the Indraprastha Gas (IGL) website, a firm that retails CNG and piped cooking gas in the national capital and surrounding cities.

Information Security Bill coming soon; Information technology rules need to be changed: Rajiv

Data Protection Bill: State Minister for Electronics and IT (MOS) Rajeev Chandrasekhar (MET) on Wednesday said the data protection bill would come soon during a special conversation with G Business.

Noting that many steps have been taken to make cyberspace better and more secure, the Minister said that this cycle will continue.

According to the minister, the data protection law will protect the rights and privacy of citizens. Efforts will be made to create a safe ecosystem with these guidelines. The government will issue some more such rules and guidelines in the coming days. They have been given 60 days to consent. In fact, the risk has increased, so it is necessary to bring such instructions, he said. There is a big difference between 2011 and 2022 and the number of internet users has also increased. At the same time, the government will bring changes in the Information Technology Act, he said.

The central government will also change the IT rules, he added.

The government wants to warn people about cyberspace through mediating guidelines and frequently asked questions (frequently asked questions).

Regarding cyber crime, the Union Minister said that many incidents are state sponsored. We all know about those countries. CERT-IN (Indian Computer Emergency Response Team) is working on it, he said.

At the same time, the PLI project for audible and wearable devices will be announced soon, the Union Minister said. The government is also keeping an eye on the loan app.

RBI, METI and CERT-IN are working tirelessly on this, he said. Action has been taken against all such illegal apps and it will continue in the future, said Chandrasekhar.

The ministry’s goal is to secure online space, MOS said.

The rupee depreciated by 16 paise to a record low of 77.60 against the US dollar

The rupee lost 16 paise against the US dollar on Wednesday, closing at a fresh low of 77.60, amid relentless foreign fund outflow and a strong greenback in overseas markets.

In the interbank foreign exchange market, the rupee opened lower at 77.57 and later reached a day low of 77.61 as the dollar depreciated in global markets following the harsh remarks of US Federal Reserve Chief Jerome Powell.

Crude oil prices also rose more than 1 percent, weighing on the rupee.

The local unit finally ended its all-time low of 77.60, down 16 paise from its previous close of 77.44.

“The dollar index has found support near 103.50 and has seen profit booking from higher levels of the capital market, sending the rupee into weakness,” said Jatin Trivedi, VP Research Analyst at LKP Securities.

The head of the US Fed stressed that the central bank would raise interest rates as needed to curb a spike in inflation that threatens the very foundations of the economy.

The dollar index, which measures the strength of the greenback against a basket of six currencies, is trading 0.3 percent higher at 103.59.

Global oil benchmark Brent crude futures rose 1 percent to $ 113 a barrel.

Meanwhile, the 30-share BSE Sensex fell 109.94 points, or 0.20 per cent, to 54,208.53. During the day, it reached a high of 54,786 and a low of 54,130.89.

The broader NSE Nifty ended 19 points, or 0.12 percent, lower at 16,240.30.

According to the stock exchange, foreign institutional investors remained net sellers in the capital market on Tuesday as they offloaded shares worth Rs 2,192.44 crore.

Also read: The world’s largest passenger elevator has been installed at Jio World Center

Read more: Casinos and equivalent of racing online gaming will be taxed; May attract 28% GST

Why students travel abroad for higher education

By Piyush Kumar,

Every student wants to enjoy a great lifestyle and build a career in their area of ​​interest. In order to explore those opportunities and reach their true potential, students take the path of international learning. According to data released by the Bureau of Immigration (BOI), more than 133,000 Indian students have left India for higher education this year. Despite epidemics and other travel bans, foreign education only gained popularity. BOI data shows that 2,59,655 went abroad to study in 2020 and 4,44,553 in 2021. Increasing numbers show students’ global aspirations for a degree that can help them successfully launch a career driven by a rich network of global exposure and cross-border.

Countries such as the United States, Canada and the United Kingdom have been gaining popularity since the onset of the epidemic due to their flexible student-friendly admissions policies, visa regulations and vaccination guidelines. However, there are various factors and decisions that students need to consider in their study abroad. Capturing the true essence of the factors that affect students’ dreams of international learning, IDP Connect released a detailed report in October 2021 entitled “New Horizons”. The study highlighted that demand for on-campus education remained strong throughout the epidemic, with 79 percent of students liking it. The study further reveals that students strongly consider migration incentives, post-study work rights and employment opportunities when choosing their study destination. In addition to these, many other factors influence students’ choice of country and institution. These include:

Multiple course options offered by world-class educational institutions

Graduating from a reputed foreign institution equips students with quality education, valuable and recognized in every corner of the globe. These world-class institutions, which offer a well-structured open curriculum, rank among the top institutions according to QS and Times Higher Education. Graduates from these institutions are taught by the best faculty members and have access to rich world resources. Thus, these students may have better prospects in their professional journey. Such institutions with a more fluid subject coordination policy allow students interested in literature to study mathematics even as their principal. This progressive learning approach transforms students’ lives personally and professionally and helps them develop their interpersonal skills such as self-confidence, self-awareness, analytical thinking and problem solving. Studying in such institutions makes the students more efficient and employable than the rest. In addition to studying at a world-class educational institution, students look forward to the availability of specialization in the course of their interest. Data Analytics, Artificial Intelligence, Digital Marketing, Cybersecurity, Ethical Hacking and Ecotechnology are just some of the top current choices for students. A recent survey commissioned by NielsenIQ by Western Union, entitled “Education Overseas-An Evolving Journey”, highlighted that 52% of Indian students tend to study abroad to pursue specialized courses on traditional general education.

Future career opportunities

One of the main reasons why students choose international education is the wide range of careers and the availability of employment opportunities. For example, Canada offers the Post-Graduate Work Permit Program (PGWPP), the United States Optional Training Program (OPT) and the UK New Graduate Pathway (GR). These pathways offer good placement opportunities for students after graduation. It is a major attraction and the most popular way for Indian students to advance their careers.

Students are interested in studying in first world countries, such as the United States, United Kingdom, Canada, Ireland, New Zealand, and Australia. These countries promote a culture of part-time employment while studying. It allows students to explore not only their interests, talents and strengths, but also financial freedom, enabling them to learn both on the job and on the path to what it takes to get a job. International institutions also have internships and training as an integral part of their curriculum, providing a better understanding of various work-related elements and helping students improve their professional and social skills. According to a survey conducted by Masters Union, 45% of students see ‘self-reliance’ and ‘being able to live on their own terms’ as the main motivation for exploring international learning opportunities.

International exposure

Students with international exposure excel in this highly competitive environment. Studying abroad introduces students to new cultures, diversity, languages ​​and geographies, adapting them to different environments. It helps them develop a sensitivity to other cultures when working across borders. Studying in an international environment prepares students to independently manage and solve their problems independently. They learn to manage all the elements of their life, be it money, health, social life, career or education. This, in turn, helps them develop intelligence and develop a global outlook on the challenges of the career and the modern day of life in general and pushes them to come up with innovative solutions.

Networking and quality of life

The experience and richness of studying abroad further emphasizes life, which allows students to acquire excellent skills and build meaningful connections, a strong professional network and lasting friendships. In addition to studying together, internships, training, attending annual events, and field trips bring together many people from different backgrounds. It helps them in their overall growth both personally and professionally. Beyond that, the impact of freedom of choice on career paths, along with world-class healthcare facilities, good learning infrastructure, advanced educational technology, and course content, cannot be overstated.

One of the most entrepreneurial features of the international education system is the value it places on understanding individual student characteristics. It offers their separate programs accordingly to meet their needs depending on their talents and interests, giving even seemingly disadvantaged students the opportunity to change their academic and career paths. So in order to stay ahead of the game in the current era of throat cutting competition, students choose special courses supported by personalized learning methods for which international education is known.

(The author is the Regional Director, South Asia, and Mauritius, IDP Education. The opinions expressed are personal and do not reflect the official position or policy of

Exclusive: The government may increase GST on online gaming, casinos and horses

Online gaming, casinos and racing are subject to 28 percent Goods and Services Tax (GST). A meeting of the Ministerial Group (GOM) held today unanimously decided that 28 per cent duty would be levied on these services.

The current GST rate is 18 percent.

GST will be levied on the initial bet or gaming amount and not on each bet or win amount. G Business has learned that a report on the matter will probably be submitted in a few days. This detailed report by Tarun Sharma.

Sharma said there was a consensus on GST tariffs on online gaming, casinos and racing. However, the GOM believes that a waiver should be granted and tariffs should be made only on the initial amount and not on the billing amount.

He said the GOM would submit its report to the finance ministry and later take it to the GST council meeting, Sharma added, citing his sources.

Although the GST is being raised to 28 per cent, the charges will only apply to the initial amount, Sharma said.

Watch G Business Live TV streaming below:

Gaming stocks such as Delta Corporation and Nazara Technologies responded to the news shortly after the newsbreak.

Watch the Zee Business Tweet video below:

At 2:53 p.m., Delta Corporation shares were trading at Rs 227.50 on the NSE, down nearly 6 percent from Tuesday’s close. At the time, shares of Nazara Technologies were trading at around Rs 1,236.90 and down about 1 per cent. At the time of writing, Nazara stock was down more than 2 percent.

G Business Managing Editor called it a big downside for Delta and Nazara gaming companies.

India to diversify Russia-Ukraine military equipment, ammunition suppliers

India is looking to domestic companies for military gear and ammunition and to Eastern European countries, as Russia’s world’s largest buyer of arms is looking for alternative suppliers at a time when Moscow is at war with Ukraine and facing sanctions.

New Delhi has long spoken of diversifying suppliers to its huge armed forces and even building more equipment at home, achieving new emergency targets since the Russian invasion, two government officials and a defense source said.

India has identified Rs 25.15 billion ($ 324 million) worth of defense equipment that domestic companies want to build and avoid buying abroad this year, according to an online platform where the defense ministry lists its needs.

“The current world order and geopolitical scenario, which is extremely turbulent, has also taught us a lesson,” said Air Marshal Vivas Pandey, who is in charge of maintenance operations for the Indian Air Force.

“If we want to ensure security and stability … the only option is to establish a fully self-sufficient or self-sustaining supply chain system within the country,” Pandey told defense manufacturers in New Delhi.

However, he did not specifically mention the conflict in Ukraine, which Moscow called a “special military operation.”

The Indian Air Force is looking for equipment like ejection pods for Russian-designed Sukhoi fighter jets and propellers for Ukrainian-made Antonov transport aircraft, another document shows.

Within three years, Pandey said, the Air Force’s goal was to source all tires and batteries for critical aircraft fleets from domestic companies like MRF.

A senior government official, speaking on condition of anonymity, said India wanted to bring home more than half of its defense equipment.

The Defense Ministry did not immediately respond to a request for comment on whether India relied on Moscow for military hardware and whether it was concerned about the war in Ukraine and Russia’s slow progress.

India employs 1.38 million people in its armed forces and is one of the world’s largest arms importers, spending $ 12.4 billion between 2018 and 2021, compared to Russia’s $ 5.51 billion, according to the SIPRI arms transfer database.

The Indian Army is equipped with Russian tanks and Kalashnikov rifles. Its air force uses Sukhoi fighter jets and Mi-17 transport helicopters, while the navy’s aircraft carrier INS Vikramaditya was formerly part of the Russian navy.

In recent months, some of India’s western partners, including Britain and the United States, have indicated their willingness to increase their defense proposals in New Delhi.

Three-way approach

The military, which has spent considerable effort defending India’s long border with China and Pakistan, has fought both neighbors, working in a three-pronged approach to maintaining readiness, a second government official said.

The government is examining whether Eastern European countries can use weapons and platforms like the Indian military and supply extra supplies and ammunition.

“If (Russian) supply lines are cut off, we have alternatives,” said the official, who declined to be named because the matter was sensitive.

Indian authorities are also urging Russian counterparts for some key projects already agreed upon, the official added.

These include the supply of S-400 missile systems and a contract to build more than 600,000 Kalashnikov AK-203 assault rifles at a new plant in northern India.

Some Indian companies are already feeling the effects of the pressure of diversification and nationalization.

In the PLR ​​system, a joint venture between Adani Group and Israel Weapon Industries, which makes small arms in India, has increased the search for assault rifles since the Ukraine conflict, an industry source said.

The PLR ​​system offers Israel-designed Galilee ACE assault rifles as a replacement for Russian Kalashnikov weapons.

“The demand for rifles is also from the states and the Central Armed Police Force,” the source said, referring to the talks as private. “Right now, none of them can get it from outside.”

($ 1 = Rs. 77.8130)

Sexual minorities are less likely to develop cervical cancer

Researchers have found that people identified as a sexual minority are less likely to ever go through a Pap test than heterosexuals. The results of the study were published in the journal Cancer. According to the scientists, the results of the study were consistent between certain sexual minority groups, which reported the lowest adoption among Hispanic sexual minorities.

“Our team consists of people dedicated to health inequality as well as people dedicated to gynecological cancer research. We wanted to expand on what we knew in this case to identify how inequality in cervical cancer research could be exacerbated by looking at multiple identities persecuted by our society, ”said Ashley E. Stenzel, PhD, MS, Alina Health-researcher Minneapolis Dr.

While conducting the study, investigators used data from the National Health Interview Survey between 2015 and 2018 to assess differences in cervical cancer screening among 877 pregnant women aged 21 to 65 without a history of hysterectomy who reported their sexual orientation and pap. Test history. In addition, the team of scientists compared these sexual minorities with heterosexual individuals (n = 17,760), adjusting for the difference in confusing variables between groups using score-based inverse probability of treatment weight determination.

The researchers found that sexual minorities were significantly less likely to undergo Pap tests. Furthermore, both white and Hispanic sexual minorities were less likely to pass the Pap test than white heterosexual individuals when researchers considered sexual orientation and ethnicity. However, researchers did not notice any significant differences between white heterosexuals and black or Hispanic heterosexuals.

“Our analysis showed that most people who identified themselves as belonging to a sexual minority group received less cervical cancer screening, but it was more pronounced in both Hispanic and sexual minority groups,” Stenzel said.

According to Stenzel, these results are extremely worrying, as cervical cancer screening can reduce the severity of the disease.

“We need to continue to examine inequalities at the juncture of multiple socially oppressed identities, how systemic inequalities play a role in these inequalities, and the additional barriers that individuals face in accessing cancer screening. Together, they can guide institutional and policy level changes to better serve this population, “he added.

Apple iPhone 14 Series, 3 Apple Watches, AirPods Pro 2 may launch on September

Good news for Apple fans! US-based technology giant Apple may launch its upcoming iPhone 14 series, 3 Apple Watch models and AirPods Pro 2 on September 13, according to IANS.

“The tech giant plans to release multiple new products in addition to the four new iPhone 14 models,” GizmoChina was quoted as saying in a media report on Wednesday.

For those who don’t know, the brand will announce the iPhone 14, iPhone 14 Max, iPhone 14 Pro and iPhone 14 Pro Max in September. The first two models will obviously have last year’s A15 bionic chip while the Pro series will come with the next generation A16 bionic chipset.

Significantly, this will exclude the mini variant due to poor market performance, the report said. However, Apple apparently aims to release at least three new watches, including the Watch 8, a budget watch SE model, and even a new version of the Watch Extreme, which is more geared towards outdoor sports and activities.

In addition to these wearables, Apple is expected to finally unveil its highly anticipated AirPods Pro 2 truly wireless earbuds. The new audible features a new design that drops the stem, as well as support for next-generation ANC (Active Noise Cancellation) and lossless audio. According to reports, its charging case may have a USB Type-C port.

The United Nations has formulated a five-point plan to start the widespread use of renewable energy

The UN chief on Wednesday unveiled a five-point plan to start mass use of renewable energy, in hopes of reviving global attention to climate change, the UN meteorological agency reported. .

UN Secretary-General Antonio Guterres said: “We must end the pollution of fossil fuels and accelerate the transformation of renewable energy before we burn down our only home.” “Time is running out.”

His latest stern warning about possible environmental disasters comes after the World Meteorological Organization released its State of the Climate report for 2021, which says the last seven years have been the hottest on record. The effects of extreme weather have led to deaths and illnesses, migration, and hundreds of billions of dollars in economic losses – and the fallout continues this year, the WMO said.

“Today’s State of the Climate report is a disappointing case of humanity’s failure to deal with climate change,” Guterres said. “The global energy system has collapsed and is bringing us closer to climate disaster.”

In his plan, which is heading towards the next UN climate conference in Egypt in November, Guterres called for encouraging technology transfers and lifting intellectual property protections in renewable technologies such as battery storage.

Such ambitions – such as his call for technology transfer to combat COVID-19 – may shock innovators and their financial backers: they want to reap the benefits of their knowledge, investment and discovery – not just leave them alone.

Second, Guterres wants to expand the supply chain and access to raw materials that go to renewable technology, which is now concentrated in a few powerful countries.

The UN chief also wants governments to reform in ways that could promote renewable energy, such as through fast-tracking solar and wind projects.

Fourth, he called for the removal of government subsidies for fossil fuels, which are now half a trillion dollars a year. This is not an easy task: this type of subsidy can reduce the tweak in the pockets of many consumers – but in the end, it also helps to inject cash into the corporate treasury.

“While people suffer from high prices at the pump, the oil and gas industry is making billions from a distorted market,” Guterres said. “This scandal needs to be stopped.”

Finally, Guterres says private and public investment in renewable energy should triple to at least $ 4 trillion a year. He noted that government subsidies for fossil fuels are three times higher than those for renewable energy today.

These UN initiatives are built on a central concept: the emission of man-made greenhouse gases in the industrial age traps excess heat in the atmosphere, on the surface of the earth and in the oceans and seas. Knock-on effects have contributed to frequent and severe natural disasters such as droughts, hurricanes, floods and forest fires.

Stripe, a non-profit technology firm focused on environmental information science, and Berkeley Earth climate scientist JK Hausfader say a good way to move toward net-zero emissions is to “make clean energy cheaper.”

“While rich countries may spend extra on clean energy, poor and middle-income countries may be less willing to accept tradeoffs in reducing emissions and lifting millions out of extreme poverty,” he said. “If clean energy sources are cheaper than fossil fuels, they will prevail and be adopted more quickly.”

The WMO report breaks down slightly new ground in terms of data, but compiles previous studies into a broader picture of the global climate.

Its secretary-general, Petrie Talas, pointed to a declining blip in emissions in 2020 when the coronavirus epidemic wiped out human activity. But he says that doesn’t change the “big picture” because carbon dioxide – a leading greenhouse gas – has a long lifespan and is stable, and emissions have been steadily rising ever since.

“We have seen this steady increase in carbon dioxide concentration, which is related to the fact that we are still using more and more fossil fuels,” Talas said in an interview. “Deforestation continues in areas such as the Amazon, Africa and South Asia.”

Last year’s UN climate conference in Glasgow, Scotland, failed to collect carbon-cutting commitments from the “BRICS” countries – Brazil, Russia, India, China and South Africa – threatening a key goal of the 2015 Paris Agreement to limit global warming. 1.5 degrees Celsius, he said.

“We’re moving from 2.5- to 3-degree warming instead of 1.5,” Talas said.

Climate experts have praised the UN’s ambitions and lamented the outcome of the WMO, saying some countries were going astray.

“If climate change dies by a thousand drops, in 2021 we will have our thousandth,” said Rob Jackson, a professor of Earth Systems Science at Stanford University, who also chairs the Global Carbon Project, which tracks carbon emissions.

“The use of dirty coal has roared through economic stimulus incentives for COVID in China and India. We have built more new coal plants worldwide than we can take offline,” he added. “How is that possible in 2021?”

Jonathan Overpeck, a professor of environmental studies at the University of Michigan, noted the role of fossil fuels in the Russian government’s war in Ukraine. Russia is a major global producer of oil and gas, including through a pipeline that transits Ukraine to Europe for home and business supplies.

“The Secretary-General is right to blame fossil fuels. Fossil fuels are creating a growing climate crisis and that’s what comes with it,” Overpack said. “The solution to climate change, deadly air pollution and true national security is to put fossil fuels in favor of clean renewable energy.”

“It’s scary,” he added. “The climate crisis and the European war are calls for action, and to rid the planet of fossil fuels as soon as possible.”