Demand for wire ropes ‘fairly decent’ in international markets –Rajeev Jhawar Usha Martin stays hopeful

 Previous year proved to be most challenging in living memory as COVID-19 brought economies and businesses to a grinding halt. India was hit hard by the pandemic. Usha Martin Limited expects the Indian economy to rebound on the back of pent-up demand across sectors. Rajeev Jhawar, Managing Director of Usha Martin Limited hopes that Reserve Bank of India’s (RBI) monetary stimulus and the Government of India’s fiscal measures will bring the economy back to a sustainable positive territory. He believes that the substantial budgetary outlay on infrastructure by Government of India will augur well for their business.

Rajeev Jhawar  expects that the domestic demand for their products, particularly in the construction and auto sectors will start picking up after the monsoon season. “The various measures announced by the Central government to boost the economy are likely to start yielding results post-monsoon”, Rajeev Jhawar said. There should be a pick-up in demand during the festival season post-September-October, by which time the company hope that the Covid situation would also be brought slightly under control. He also forecasts his views on the various stimulus measures taken by the government to enhance the growth of the economy.

Rajeev Jhawar, is the managing director of Usha Martin Limited

While the demand for wire rope has been fairly decent in international markets, the domestic demand across various sectors has been very low due to the lockdown in the wake of the Covid-19 pandemic, Rajeev Jhawar said. The reverse migration of labourers had affected industries such as construction, particularly in the western and northern regions of the country. This impacted the demand for wire rope.

UML’s wire rope business manufactures wire, strands, LRPC and wire ropes, which cater to various industries, including steel, infrastructure, construction and auto. “The demand from construction, auto and oil sectors is down. Our plant is currently operating at 50–55 per cent of the installed capacity. The export demand is, however, good and the rupee depreciation is supporting us,” Rajeev Jhawar said. The company is hopeful of ramping up capacities by the second half of this fiscal once the Covid situation is brought under control and the domestic demand starts picking up.

Usha Martin Limited also expects to gain momentum in their international business as most countries where they are present have returned to near normalcy. Talking about exports, Rajeev Jhawar said the demand for wire rope has been ‘fairly decent’, if not strong, from markets such as Europe, the US, South America, Australia and South-East Asia. Exports account for close to 40 per cent of the company’s consolidated turnover, which stood at around ₹2,154 crore for the year ended March 31, 2020.

Global demand for the oil and offshore market saw improvement during the FY20–21 which in turn boosted the demand for speciality rope products of the company catering to the said sector. According to Rajeev Jhawar, it is expected that the demand from the said sector shall sustain in the next fiscal and is expected to provide business opportunities to the company. Further Rajeev Jhawar also states that with steady infrastructure spending by the government, speciality products used in construction and infrastructural sector may be growth drivers for the company in the years to come.

Usha Martin, which sold its one-million-tonne integrated steel plant at Jamshedpur to Tata Steel for ₹4,200–4,600 crore, completed the first full year of operations of its wire rope business in FY20. Through the strategic move of selling UML’s steel division to Tata Steel, Rajeev Jhawar helped the company in enabling them to significantly de-leverage their balance sheet and free up critical cash pool, which they could invest in their profitable and sustainable wire rope business. The result of such divestment resulted in enhanced fiscal stability and allowed Usha Martin to focus primarily on their core business.

Usha Martin Limited has a manufacturing capacity of around 2,30,000 tonnes per annum across its two facilities in India — at Ranchi, Jharkhand and Hoshiarpur, Punjab and three overseas units in the UK, Thailand and Dubai. The company recorded a consolidated revenue of Rs. 2,097.28 crore, compared to Rs. 2,153.82 crore in FY19–20. UML’s consolidated EBITDA stood at Rs. 312.56 crore in FY20–21 compared to Rs. 284.96 crore in the previous year. Despite the shrinkage in revenue, there was a marked improvement in the EBITDA margin from 13.23% to 14.90%. During the year, Usha Martin Limited had adequate working capital and liquidity, which ensured that their operations went on smoothly.

Enrichment of product mix will continue to be a key value driver for Usha Martin Limited, by gradually reducing dependence on low-contributory items and increasing focus on value-added products. According to Rajeev Jhawar, the company will take concerted effort on maintaining fiscal solidity with focused capital expenditure. Usha Martin is planning to continue to place greater emphasis on implementing digitalization across the organization.

Usha Martin, under the guidance of Rajeev Jhawar have been able to solidify their leadership position through the delivery of industry-leading quality products across our state-of-the-art manufacturing facilities. “Through leveraging the capabilities of our R&D facilities in Italy and India, we are constantly striving to enhance manufacturing efficiencies and quality of our products”, Rajeev Jhawar Usha Martin says. The company always strives to improve the quality of their products to enhance value for customers. Leveraging the capabilities of R&D facilities in Italy and India and modifying the designs of their products based on geographies and needs of the customers are carried out. Rajeev Jhawar also ensures that the company work closely with their R&D centres to enhance daily manufacturing efficiencies.

Usha Martin Limited with the leadership of Rajeev Jhawar, continues to follow stringent safety protocols to ensure wellbeing of its employees and is in continuous process of dynamically adopting to the ever changing global and domestic macro-economic environment as and when the same is required in these post — pandemic times.

ISIS claims Afghanistan bus attack that killed nine people

 

The country has recorded an increase in deadly attacks over the past two weeks

ISIS claimed the two bomb attacks on minibuses in Afghanistan’s Mazar-i-Sharif that killed nine people on Thursday.

The attacks came within minutes of each other in two areas of Mazar-i-Sharif as commuters headed home to end the day’s fast, Balkh provincial police spokesman Asif Waziri told AFP.

The country has suffered a sharp increase in deadly attacks over the past two weeks after a string of bombings during Ramadan, the month of fasting.

“The targets appear to be Shiite passengers,” he said. Thirteen people were wounded in the blasts.

The so-called Islamic State — Khorasan Province (IS-K) took responsibility for Thursday’s attack, claiming hat 30 people were killed.

The number of violent public attacks in Afghanistan has fallen since the Taliban took over the country in August although ISIS has continued to target Shiites, whom they view as heretics.

Images on social media showed one minibus engulfed in flames, while the other was mangled, with Taliban fighters transporting victims to hospitals.

Last week, an attack on a Shiite mosque in Mazar-i-Sharif killed at least 12 worshippers and wounded many more.

That explosion was followed a day later by the bombing of another mosque in Kunduz targeting the minority Sufi community where at least 36 people were killed during Friday prayers.

In Kabul, another attack also targeted Shiites, with two bombs detonated at a school, killing six pupils.

ISIS claimed the mosque attack in Mazar-i-Sharif, but no group has so far taken responsibility for the bombing in Kunduz or at the Kabul school.

Shiite Afghans, who are mostly from the Hazara community, make up between 10 per cent and 20 per cent of Afghanistan’s population of 38 million.

Afghan government spokesman Zabihullah Mujahid told AFP on Thursday that several arrests had been made in connection with the string of recent attacks.

“These attacks targeted places that did not have enough security, like mosques and a school, but now we have stepped up security in such places,” he said.

To Know More:https://www.thenationalnews.com/world/2022/04/29/isis-claims-afghanistan-bus-attack-that-killed-nine-people/

India woos semiconductor makers in quest to become key player

 India will provide support for companies looking to invest in semiconductor manufacturing, Prime Minister Narendra Modi said on Friday, as the South Asian nation sets its sights on becoming a key player in the global supply chain for chips.

Even as more firms and countries seek to ensure access to the chips at the core of critical technologies such as 5G, and others of the future, the bulk of the world’s chip output is limited to places such as Taiwan and the United States.

“We have shown that India means business, now it is over to you,” Modi told the country’s first semiconductor conference in the southern tech hub of Bengaluru, reiterating his government’s support for the industry.

India's Prime Minister Narendra Modi waits for the arrival of his Britain's counterpart Boris Johnson for his ceremonial reception at India's presidential palace Rashtrapati Bhavan in New Delhi, India, April 22, 2022

The Indian semiconductor market, worth $15 billion in 2020, is estimated to reach $63 billion by 2026, the government says.

A $10-billion plan to attract semiconductor and display makers has drawn applications from companies such as a joint venture between Indian conglomerate Vedanta and Taiwan’s Foxconn , and Singapore’s IGSS Ventures.

Part of the government’s efforts to attract big ticket investments, the three-day meeting has drawn executives of tech giants Intel (INTC.O), TSMC (2330.TW) and Micron Technology Inc.

In the race to become India’s first chip maker, Vedanta is seeking incentives such as 1,000 acres (405 hectares) of free land, as part of its $20-billion foray into semiconductors and displays

To Know more:https://www.reuters.com/world/india/india-woos-semiconductor-makers-quest-become-key-player-2022-04-29/

Chinese buyout baron’s dissent challenges Beijing

 A loyal Chinese capitalist has turned against the country’s Covid-19 policy. Buyout baron Shan Weijian, ordinarily a public supporter of President Xi Jinping’s tough policies, broke ranks over draconian lockdowns. In a private meeting, he painted a dire picture of economic and political instability in ways that may jeopardise the initial public offering of his private equity firm, PAG. Making an example of him could backfire, though.

Omicron-variant containment measures in cosmopolitan Shanghai have rattled the country’s elite . The griping is getting louder. Wang Sicong, son of billionaire Wang Jianlin, had his Weibo account shut down after he questioned the government’s endorsement of traditional medicines to treat the virus.

Visitors stand near exhibits of rice paddy fields and a screen showing an image of Chinese President Xi Jinping at the Museum of the Communist Party of China in Beijing, China November 11, 2021.

Wang is just a rich kid, but Shan is a symbol of China’s reform success. Caught up in Mao’s Cultural Revolution, he was sent to farm China’s Gobi Desert, but managed to make his way to the United States, studying under now-U.S. Treasury Secretary Janet Yellen and landing jobs at the World Bank and JPMorgan. PAG manages some $50 billion and has invested in a slew of successful companies.

Shan also publicly backed China’s crackdowns in Hong Kong and Xinjiang. So when a trained economist like him says that “popular discontent in China is at the highest point in the past 30 years,” as the Financial Times reported, and warns of an economic crash, Chinese people inclined to discount foreign critics might take him more seriously.

In a podcast with Breakingviews in 2019, Shan warned about Chinese hubris. Scepticism of Beijing’s triumphal narrative is evident in financial markets. The country reported rosy first-quarter growth statistics, but the benchmark CSI300 index is down 20% this year and foreign funds are fleeing yuan assets. As lockdowns upend supply chains and suppress consumption, the government is falling back on debt-fueled infrastructure stimulus.

Shan may suffer the same fate as Alibaba (9988.HK) founder Jack Ma did with his financial technology outfit Ant after speaking out: a derailed IPO and endless regulatory headaches. Shan’s implicit political critique will be hard for Beijing to ignore even if his analysis is as hard to dispute as his patriotism. Yet his sentiments are also shared throughout the financial community that China needs to reassure. Beijing may be inclined to listen to him.

Readmore:https://www.reuters.com/breakingviews/chinese-buyout-barons-dissent-challenges-beijing-2022-04-29/

'Battle for Donbas' critical for Russia, says British defence ministry

 The “Battle of Donbas” remains Russia’s main strategic focus in Ukraine, Britain’s defence ministry said on Friday, but it has suffered significant losses for limited territorial gains.

Russia withdrew its forces from outside Kyiv last month after failing to take the capital in the initial stages of its Feb. 24 invasion and launched a massive attack in Ukraine’s eastern Donbas region.

Moscow regards winning the “Battle for Donbas” as crucial if it is to achieve its stated aim of securing control over the Donetsk and Luhansk regions, Britain’s defence ministry said.

“Fighting has been particularly heavy around Lysychansk and Severodonetsk, with an attempted advance south from Izium towards Slovyansk,” the ministry said on Twitter.

Due to strong Ukrainian resistance, Russian territorial gains have been limited and achieved at significant cost, the ministry added in the regular bulletin. Reuters could not immediately verify the report.

Some of the fiercest fighting and bombardments have occurred in the south and east of Ukraine, with the southern port of Mariupol under siege for months and in ruins. Its remaining residents and Ukrainian forces are holed-up underground in the Azovstal steel works.

Capturing Mariupol would link pro-Russian separatist territory with the Crimea region that Moscow annexed in 2014.

Mariupol city council has said about 100,000 city residents were “in mortal danger” because of Russian shelling and unsanitary conditions. It said the shortage of drinking water and food was “catastrophic”.

A Ukrainian presidential adviser said this week that Russia was hitting the Azovstal steel plant with bunker-buster bombs. Reuters could not verify the details.

Ukrainian commanders at Azovstal have vowed not to surrender.

Ukraine’s general staff said on Friday that Russia was shelling Ukrainian positions along the line of contact in the south and east to prevent them regrouping. It said Azovstal remained cut off.

Two Russian missiles struck Kyiv during a visit by the head of the United Nations on Thursday, Ukrainian officials said, highlighting concerns that the capital remains vulnerable.

Ukraine’s President Volodymyr Zelenskiy said the blasts “prove that we must not drop our vigilance. We must not think that the war is over.”

Moscow’s assault in the east drew new U.S. pledges of military and humanitarian aid for Ukraine on Thursday.

Heeding repeated Ukrainian pleas for heavier weaponry, U.S. President Joe Biden asked Congress for $33 billion to support Kyiv, a massive jump in funding that includes over $20 billion for weapons, ammunition and other military aid.

“We need this bill to support Ukraine in its fight for freedom,” Biden said. “The cost of this fight — it’s not cheap — but caving to aggression is going to be more costly.”

Readmore:https://www.reuters.com/world/europe/russian-rockets-hit-kyiv-un-chief-visits-besieged-mariupol-main-target-2022-04-29/

Myanmar's Aung San Suu Kyi jailed for five years for corruption

 

Deposed Myanmar leader denies allegations she accepted gold and hundreds of thousands of dollars from senior official

A court in military-ruled Myanmar sentenced deposed leader Aung San Suu Kyi to five years in jail on Wednesday after finding her guilty in the first of 11 corruption cases against her.

The latest case centred on allegations that she accepted 11.4 kilograms of gold and cash payments totalling $600,000 from Phyo Min Thein, the former chief minister of the city of Yangon.

Ms Suu Kyi, the figurehead of Myanmar’s struggle against military dictatorship, was ousted by the military last year.

She denied accepting the gold and money, calling the allegations absurd.

It was not immediately clear if Ms Suu Kyi, 76, would be transferred to a prison to serve the sentence.

The Nobel laureate, who led Myanmar for five years, has been charged with at least 18 offences.

She has already been sentenced to six years in jail in other cases and the maximum punishment under the Anti-Corruption Act is 15 years in prison and a fine.

Convictions in the other cases could bring sentences of more than 100 years in prison for Ms Suu Kyi, who previously spent years in detention for defying military rule.

Her trial in the capital Naypyidaw was closed to the media, diplomats and spectators, and her lawyers were barred from speaking to the press.

Since her arrest, Ms Suu Kyi has been held at an undisclosed location. Junta chief Min Aung Hlaing previously said she could remain there after convictions in December and January for comparatively minor offences.

Myanmar's deposed leader Aung San Suu Kyi in 2019.

A spokesman for the junta was not immediately available for comment and the miltary has refused to allow her visits, including by a special South-East Asian envoy trying to end the crisis.

Nay Phone Latt, a former official in Ms Suu Kyi’s ousted party, told Reuters any court decisions were temporary, because military rule would not last long.

“We do not recognise the terrorist junta’s rulings, legislation, or the judiciary … the people do not acknowledge them either. I don’t care how long they want to sentence, whether it’s one year, two years, or whatever they want. This won’t last.”

Myanmar has been in turmoil since the coup and the international community has dismissed the trials as farcical and demanded Ms Suu Kyi’s release.

The coup led to mass protests and a bloody crackdown on dissent, with more than 1,400 civilians killed, a local monitoring group has said.

Readmore:https://www.thenationalnews.com/world/asia/2022/04/27/myanmars-aung-san-suu-kyi-jailed-for-five-years-for-corruption/

Israel PM Naftali Bennett receives bullet and death threat in mail

 

Israel steps up security around the leader and his family

Israel has increased security around Prime Minister Naftali Bennett’s family after a bullet was sent to them in the post.

The measures were put in place after “a letter with a death threat and a live bullet” was addressed to Mr Bennett and his family, his office said on Tuesday.

The right-winger has governed since June 2021 at the head of Israel’s most diverse coalition.

In response to the threat, Mr Bennett said no “political dispute” should lead to violence.

He also referred to his duty to protect his wife and four children, who have stayed in the family home rather than move to an official residence in Jerusalem.

Since Mr Bennett took office, security has been increased at the family property in Raanana, a usually quiet city to the north of Tel Aviv.

Israel has imposed a restriction order on reporting any details of the investigation, such as who is suspected of having posted the bullet.

Defence Minister Benny Gantz said the death threat against the prime minister crossed a “red line”, referring to a past assassination.

Prime minister Yitzhak Rabin was shot dead in 1995 at a political rally by an Israeli gunman who opposed a landmark peace deal signed with the Palestinians.

To Know More:https://www.thenationalnews.com/mena/2022/04/27/israel-pm-naftali-bennett-receives-bullet-and-death-threats-in-mail/

Yes Bank scam: CBI arrests Radius Group MD, Sanjay Chhabria

 The Central Bureau of Investigation (CBI) probing the Yes Bank scam Thursday arrested builder Sanjay Chhabria of the Radius group, sources said.

Radius Group was one of the biggest borrowers on the erstwhile DHFL with an outstanding loan with interest of around Rs 3,000 crores for a residential project in suburban Mumbai. The project is a joint venture between Radius and Sumer Group.

Radius group spokesperson wasn’t immediately available for a comment.

The promoters of erstwhile DHFL, Kapil and Dhiraj Wadhawan are currently in jail in connection with the cases registered by CBI and the Enforcement Directorate for the alleged fraud caused to Yes Bank in connivance with the bank’s cofounder Rana Kapoor who is also lodged at Taloja jail on the outskirts of Mumbai.

In September, Piramal Capital and Housing Finance’s (PCHF) had completed the acquisition of DHFL for Rs 34,250 crore which includes a cash component and non-convertible debentures.

As per the CBI, Rana Kapoor, a cofounder of Yes Bank, and his family members had allegedly received kickbacks of around Rs 600 crore for an investment of Rs 3,700 crore made by the bank in housing finance company DHFL’s debentures.

CBI in its two chargesheets filed against Kapoor, his family members and four former junior employees of the bank in connection with the corruption case, which pertains to the loans given to the now bankrupt financial firm DHFL. The accused were summoned and the hearing in the matter was scheduled for Saturday

According to the CBI’s first chargesheet filed last year, in June 2018, Kapoor, then the head of Yes Bank’s management credit committee, sanctioned a loan of Rs 750 crore on an application by DHFL promoters, Dheeraj Wadhawan and his brother Kapil Wadhawan, in the name of Belief Realtors Pvt Ltd for development of a Bandra Reclamation Project.

Readmore:https://economictimes.indiatimes.com/industry/banking/finance/banking/yes-bank-scam-cbi-arrests-radius-group-md-sanjay-chhabria/articleshow/91157593.cms

James Corden to leave 'The Late Late Show' next year and promises to 'go out with a bang'

 James Corden has promised to “go out with a bang” as he announced he will depart The Late Late Show next year.

Revealing the news personally during the latest episode of the US talk show, he said the programme had “changed my life” and promised there would be “lots of tears” when his tenure came to an end.

Corden has extended his contract with CBS to present the show for one more year before finishing in the summer of 2023.

“Seven and half years ago I started hosting this show and there’s no other way to put it, it has changed my life,” he said.

“I love it, I love all the people that work here, I am so proud of what we’ve achieved, it’s been beyond my wildest, wildest dreams.

“When I started this journey it was always going to be just that, a journey, an adventure.

“I never saw as it as my final destination, and I never want this show to overstay its welcome, I love making it and I really think in a year from now that will be a good time to move on and see what’s out there.”

Despite his status as a British host of a US late night show, Corden has enjoyed immense success with the programme, which features scores of celebrity guests and special segments.

His popular Carpool Karaoke series, in which he drives to work with different musicians, singing their back catalogue over the radio and discussing their careers, has included Adele, BTS, Billie Eilish, Sir Paul McCartney and the Red Hot Chili Peppers.

He promised viewers that his final 12 months would be full of fan favourites and “other surprises”, which would be “a blast”.

“We are all determined to make this the best year we have ever had … we are going to go out with a bang,” he said.

Readmore:https://www.thenationalnews.com/arts-culture/2022/04/29/james-corden-to-leave-the-late-late-show-next-year-ill-go-out-with-a-bang/

Elon Musk sells $4bn worth of Tesla shares

 

The billionaire said he will not sell any more of the electric car maker’s shares

Elon Musk sold about $4 billion worth of Tesla shares after announcing a blockbuster $44 billion deal to buy Twitter.

Tesla’s chief executive offloaded about 4.4 million shares on April 26 and April 27, filings showed late on Thursday. Wall Street analysts and investors in the electric car maker suspected that Mr Musk may need to sell some stock to cover the $21bn equity portion of the transaction that he’s personally guaranteed.

Mr Musk tweeted shortly after the filings were made public that he has “no further Tesla sales planned after today”.

Mr Musk and Twitter reached an agreement on Monday for the world’s richest man to buy the social media company. His quest raises several “key man risk” issues for Tesla, where Mr Musk has been chief executive since 2008 and has long been the largest shareholder. Meanwhile, confirmation of his sales may unnerve shareholders, scores of whom are retail investors.

Tesla shares fell 12 per cent on April 26, the most since September 2020, and were little changed in the following two sessions, with the stock closing Thursday at $877.51. Another $12.5bn of Mr Musk’s deal for Twitter is secured by his Tesla stake.

“It’s a brutal cycle for Tesla investors to navigate and casts a shadow on the name with Mr Musk selling more stock,” said Dan Ives of Wedbush. “The Twitter deal is becoming an albatross for Tesla’s stock and this pours gasoline on the raging fire.”

To Know More:https://www.thenationalnews.com/business/technology/2022/04/29/elon-musk-sells-4bn-worth-of-tesla-shares/

Export revenue from software products can reach $100B by 2030, says NASSCOM’s Ramkumar Narayanan

 Industry body NASSCOM is upbeat about the growth of deep tech startups from India. It expects this segment to boost the overall prospects of the software products industry in the country.

The strides made by the Indian startup ecosystem over the years have led to the emergence of a strong set of software product companies whose momentum has started to pick up the pace. At present, the segment is dominated by software as a service (SaaS) startups, and the next step in this evolution will be the presence of deeptech companies.

NASSCOM, the leading trade body representing India’s technology industry, has been nurturing software product companies over the years, and expects the export revenue from this segment to touch $30 billion by 2025.

In a conversation with YourStory, NASSCOM Product Council Chairperson Ramkumar Narayanan says, “Our intention is to focus on input metrics, which will help this ecosystem grow, rather than vanity metrics.” 

How do you see the progress made by the Indian software products segment?

Ramkumar Narayanan (RN): We see an evolution and revolution happening, where software today is an integral part of any solution. There is a lot of software which is getting embedded in all kinds of products, including hardware, and this dominance is primarily driven by deep tech. The export revenue from software products was $13 billion last year, growing at a CAGR of 10 percent, and we should reach $30 billion by 2025. If we are getting brave, then it should be closer to $100 billion by the end of the decade.

It is important to note that the software products sector is starting to come on its own, which is creating market opportunities, jobs, etc., and addresses the broader set of challenges. By the end of the decade, around 70 percent of software product companies will have deep tech embedded in them. There are a lot of exciting companies in areas such as EVs, healthcare, drones, autonomous vehicles, quantum computing, space, etc. We believe by 2030, India will be a major player in the global software product ecosystem.

YS: How would you define deeptech startups?

RN: This is not just a shallow use of technology, but focuses on solving the hard problem in a much deeper way. The approach is to take deep scientific research and convert them into providing solutions. For example, we would look at cyber security protection from the basis of the chip level itself. At NASSCOM Product Council, there is a rigorous method in the selection process for those startups that come into our deep tech platform. 

Hundreds of startups apply for our cohort, but only about 15–30 get selected. We are very selective as startups are asked about what is the real problem that they are solving for the customer and how they are approaching it. The focus is on materially moving the needle, and even if we graduate to 100 deep tech startups, they have to be the best and world-class.

At the same time, we are not losing sight of the startup ecosystem where the NASSCOM 10,000 startups initiative has already touched around 8,500 of them, which had a big material impact in terms of raising money and getting market traction or exits. We are looking at the entire pyramid.

YS: What measures are needed to expand the scope of the Indian software product ecosystem?

RN: The good news is that the ecosystem has a good set of experienced founders, serial entrepreneurs, and those with deep domain expertise in certain areas. We also have the engineering talent, but there are gaps in areas such as product management, design and scale, deep analytics, product marketing, etc.

At NASSCOM Product Council, we are looking at how we can address these gaps and bring the ecosystem together. If Indian software product companies want to go global, then we need skill sets in these areas. We are already looking at how we can create 50,000 product managers by 2025, where the goal is to have professionals with the highest skill set, and all the way up to entry-level. NASSCOM has also come out with several initiatives to promote diversity and inclusivity in the software products space.

Out of the 180-odd startups that have come out of our cohort, there have been founders from earlier cohorts who are stepping in now as mentors, besides others from the industry who are guiding them in various areas such as tech support, product management, go-to-market, etc.

In the NASSCOM Emerge 50 list of startups, nine of them have turned into unicorns. Our intention is to focus on input metrics, which help this ecosystem grow rather than vanity metrics.

YS: Will the Indian software product startups look largely at the global market?

RN: We will declare success if the Indian software product ecosystem starts hitting the right metrics in terms of growth, revenue, and material traction in the global market, but we have not forgotten the domestic market. The Indian market has its own dynamics, and we are trying to work with large enterprises where there are new generation chief technology officers (CTOs), who are more open to doing a paid proof of concept with the Indian software product startups.

YS: How do you see the interplay between the Indian IT industry and software product companies?

RN: One thing that has become clear in the last two years of the pandemic is that of digital transformation with the massive adoption of cloud technology. This is driving a lot of market opportunities for deep tech startups as large enterprises are looking at new solutions to bring about this transformation. Here, the IT services companies are advisors to these large companies and they partner with software product startups to do the integration as well as the implementation of the solutions. There is no overlapping circle here, but an intersecting circle and the time is right for such force multipliers. We believe the next 10 years are going to be a phenomenal growth vector for this ecosystem.

“India is in the midst of a deep technological acceleration” – Anurag Batra voices his thoughts

 Anurag Batra, the Chairman & Editor-in-Chief of the BW Businessworld Group and the Founder & Editor-in-Chief of the exchange4media Group is an entrepreneur, journalist, an angel investor and a media observer. He also an author, TV show host and mentor to many successful entrepreneurs. He is a B. Tech graduate in Computer Sciences, a degree which he acquired before joining Management Development Institute MDI Gurgaon, one of India’s leading Business School. According to Anurag Batra, India has recovered faster than any country in the world post-pandemic. Digital adoption and technological acceleration are two major factor that helped cause this change.

India is in the midst of a deep technological acceleration and is aligned with the world, says Anurag Batra. He also forecasts that in some cases India is even ahead of the curve. Indians have digital adoption across every aspect of life and business.

The US retail market is the largest in the world, where e-commerce made up 16 per cent of it till February 2020, 20 years since retail went digital. In just two years since then, the percentage of e-commerce in retail has jumped to between 26 per cent and 30 per cent. An acceleration of that kind in just two years since the pandemic struck would be massive, Anurag Batra points out.

Addressing the Indian economy, the country had 10 million retail investors, which has swelled to over 25 million in the past few years, driven by new-age apps such as Zerodha. Technology IPOs have seen great success, at least at listing — driven by these investors, says Batra.

With these information Anurag Batra confirms the technological development that has occurred in India in the recent past years. This technological acceleration and the digitalization of the economy has helped India in recovering from the pandemic at a much easier pace. Digital economy was not familiar Indians before the pandemic. But digitalization has so well deep rooted in India during the pandemic that, even the smallest of manual work are now done digitally by Indians. India has recovered faster than any country in the world post-pandemic and I am sure we will remain on target to be a $5 trillion economy before the decade is out, Anurag expresses his hope.

Anurag Batra concluded on the note saying that, digital adoption and easier access to information has also led to twisting of information and fake news. Abundance of information is leading to dissonance of opinions on very small issues to bigger matters including Russia — Ukraine war. Information wars are preceding real conflicts, and then escalating them. Years of cultural and ideological conditioning supplemented with incessant fake news has often fructified into hard-line opinions and strategies.

India's Chip Manufacturing Push Timely Amid Global Supply Disruptions: HCL Co-Founder Ajai Chowdhry

 The policy push around manufacturing has set a fertile ground for transforming the country into a global powerhouse for electronics and semiconductor production, he believes.

India’s manufacturing push, backed by favourable policies, is timely and positions the country strongly to grab a massive opportunity in the electronics hardware space amid COVID-induced supply chain disruptions and global trust deficit around China, according to HCL co-founder Ajai Chowdhry.

Chowdhry — who is part of the IT ministry-constituted advisory panel of experts that will steer objectives and provide guidance on the semiconductor program — exuded confidence that India can emerge as a “reliable partner” for the world when it comes to hardware production and chip-making.

 Ajai Chowdhry

The policy push around manufacturing has set a fertile ground for transforming the country into a global powerhouse for electronics and semiconductor production, he believes.

“All in all, I think it is a fantastic policy. And I think it has become more critical in the current situation. The global trust deficit around China means there is a great opportunity for us not only to sell semiconductor chips from India but also hardware products that are made in India,” Chowdhry told PTI.

India needs to now move swiftly to grab the opportunity, and position itself as an alternative to China for semiconductors and hardware.

“The world is looking for alternatives in this situation where supply chains are becoming very difficult, and India can emerge as a reliable partner, because we are recognised like that,” he said.

Globally, the recurring waves of COVID and geopolitical implications of the Russia-Ukraine war have cast uncertainties over the costs and supply chains, but this has also delivered an unexpected “tailwind” for manufacturing.

“For electronics, I think it is a tailwind because, in a manner, it is going to drive us to do more in semiconductor and electronics hardware,” Chowdhry said.

Chowdhry is one of the six founders of HCL. For the last five decades, he has been at the forefront of building the electronics industry in India. He is also a member of the newly-formed advisory committee that will provide necessary guidance to the India Semiconductor Mission (ISM) executives.

The panel will also provide insights and suggestions to develop a sustainable semiconductor and display ecosystem in India, while offering inputs for building a resilient supply chain, promoting investments, financing mechanisms, global engagement, and research and innovation for the semiconductors and display ecosystem.

Readmore:https://www.outlookindia.com/business/india-s-chip-manufacturing-push-timely-amid-global-supply-disruptions-hcl-co-founder-ajai-chowdhry-news-191963

CBI begins 3 separate probes against former Mumbai top cop Param Bir Singh in corruption cases

 

The Central Bureau of Investigation (CBI) has initiated three separate investigations into former Mumbai top cop Parambir Singh in connection with corruption allegations.

The Central Bureau of Investigation (CBI) has launched three separate investigations against former Mumbai Police Commissioner Param Bir Singh on charges of extortion, bribery, and corruption.

The federal investigation agency recently took over five FIRs lodged by the Maharashtra Police against Param Bir Singh on the orders of the Supreme Court.

The CBI has named former police officer Pradeep Sharma, along with Param Bir Singh, as an accused in one of the preliminary investigations. The National Investigation Agency arrested Sharma in connection with the Antilia bomb scare case

According to the complaint, social worker Rakesh Arora alleged that Param Bir Singh and Pradeep Sharma were involved in corruption and took bribes from gambling club owners in Maharashtra’s Thane.

In another preliminary inquiry, the CBI will question Param Bir Singh and businessman Jitu Navlani.

According to allegations, Param Bir Singh has illegally invested over Rs 1,000 crore in real estate through Jitu Navlani, as well as several thousand crores in other businesses.

To Know More:https://www.indiatoday.in/india/story/cbi-begins-separate-probes-against-param-bir-singh-corruption-cases-1942315-2022-04-27

Karnataka BJP wary of corruption allegations fallout; keeps Yediyurappa at hand, mulls revamp

 

‘Communal narrative will not yield results if corruption issue is not addressed,’ says a BJP functionary.

When Delhi Chief Minister Arvind Kejriwal attended a political rally for farmers in Bengaluru on April 21, one of the issues he spoke about was corruption in Karnataka during the tenures of BJP and Congress-led governments.

“The government before this (Congress) was a 20 per cent (commission) government, the current government (BJP) is a 40 per cent government. In Delhi, we have a zero per cent government,” Kejriwal told the audience.

The Aam Aadmi Party (AAP) national convener touched on what is a growing concern in the state BJP. The ruling party is worried about the repercussions of the corruption allegations — several have surfaced in recent weeks — in next year’s Assembly elections

“There is a concern in the party that corruption may be a big factor in the Karnataka polls. There is no clarity on how to deal with it — whether serious measures to show a willingness to tackle corruption are needed or whether the status quo will continue,” said a senior BJP leader on the condition of anonymity.

The leader added that a Gujarat-style makeover of the government — last September, 14 months ahead of the state elections, Chief Minister Vijay Rupani and his entire Cabinet were replaced by a team led by first-time MLA Bhupender Patel — had not been completely ruled out in Karnataka. A major organisational overhaul is also rumoured to be on the cards.

Readmore:https://indianexpress.com/article/india/political-pulse/karnataka-bjp-wary-of-corruption-allegations-fallout-keeps-yediyurappa-at-hand-mulls-revamp-7884928/

Private Eye Pleads Guilty in Probe of Vast Hedge Fund Hack

 

• Israeli investigator admits to fraud and hacking conspiracy
• Azari accused of working with hackers who breached email

An Israeli private investigator pleaded guilty in a probe of a vast hacking-for-hire ring that allegedly targeted hedge funds, short sellers, journalists and advocacy groups fighting climate change.

Aviram Azari entered his plea Wednesday in federal court in Manhattan to three counts of fraud and conspiracy to commit computer hacking. Azari, 50, was accused of working with hackers who targeted potential victims with phishing emails. He acknowledged hiring them on behalf of his clients.

In June 2020, Bloomberg reported that U.S. authorities were investigating a vast hacking-for-hire operation that involved attempts to pilfer confidential communications from a variety of targets.

While it wasn’t clear who was writing the checks to pay for the hacking, the beneficiaries included specific industries and major companies, such as the German technology firm Wirecard AG, according to cybersecurity researchers and the Toronto-based research group Citizen Lab. Azari’s indictment was part of the larger investigation.

On Wednesday, when asked if one of Azari’s client’s was an executive for the now defunct Wirecard AG, Azari’s lawyer, Barry S. Zone, said, “Yes.” Zone said the government was aware of the identities of many of Azari’s clients.

Azari, who was arrested in 2019, is scheduled to be sentenced July 21. He is facing a maximum of 27 years in prison.

While pleading guilty, Azari told the court that he ran an intelligence firm in Israel that provided hacking services among its offerings. He said his firm contracted with a company in India that provided specialized hacking services. Azari said that he was paid by his clients, and he then compensated the Indian company for the hacking services.

“Clients of Mr. Azari paid substantial sums for those services,” said Assistant U.S. Attorney Olga Zverovich.

Readmore:https://www.bloomberg.com/news/articles/2022-04-20/israeli-investigator-pleads-guilty-in-hacker-for-hire-probe

Media Mogul Steven Swartz Discusses the State of Journalism and What Drew Him to Sarasota

 

The president and chief executive officer of Hearst recently bought a condo on Longboat Key.

Warm weather and world-renowned beaches have made Sarasota a destination for power players in show biz and politics and, most recently, Steven Swartz, the president and chief executive officer of the publishing company Hearst.

If you haven’t heard the name, you’d recognize the portfolio. The software and media giant is one of the world’s largest publishers of magazines, with titles like Cosmopolitan, Bazaar and Esquire, plus 76 newspapers nationwide, including the Houston Chronicle and the San Francisco Chronicle. Hearst also has ownership in cable television networks A&E, History, Lifetime and ESPN, and has interests in medical information and services businesses, and provides software for managing jets and helicopters. Last year, according to Forbes, Hearst’s annual revenue reached $11.5 billion.

Steven Swartz.

That same year, Swartz, 60, bought a $5.7 million condo on Longboat Key with his wife, Tina, and now splits his time between the beachfront location and New York City, where Hearst is headquartered.

We caught up with the mogul to talk about Longboat Key, the future of media and (why not?) carrot cake:

How long have you been in media?

“Since 1984, when I graduated from Harvard and joined the Wall Street Journal as a reporter.”

What drew you to Sarasota?

“We had been coming to the area going back about 20 years. Friends of ours bought a place in south Sarasota and we had fond memories of bringing our kids down to Siesta Key. We always just had a very positive view of the area, the natural beauty and the cool modernism of downtown Sarasota. It just seemed like a very welcoming, friendly and relaxed environment. When we became empty-nesters, we were looking to play some golf and have our kids visit us somewhere they loved and naturally we turned to Sarasota. Our main home is still in New York, but we get down as often as we can.”

Do you think newspapers and magazines will be around for the next generation of readers?

“We’re very bullish about the magazine and newspaper business. Clearly, both have gone through a lot of change. Every publication needs to find the right frequency — some are quarterly, others are monthly. Clearly, the world is more digital now and it’s important for publications of all strides to have deep relationships digitally and have different ways of generating revenue, through e-commerce, ads and subscriptions. Magazines and newspapers are trusted sources of information and can lead readers to find quality products and services and I think that can be a good thing for them to do. The future has to be a mix of revenue sources and a mix of print and digital products and I’m confident that the media can execute that.”

How has the pandemic affected Hearst’s portfolio of publications?

“2020 was a difficult year for the publication part. But about half of our company is now B2B [business-to-business] data and software and other interests like the Fitch Group. [Editor’s note: Fitch is a global ​​financial information services company Hearst owns.] We have health care, aviation and transportation businesses, too. The B2B side stayed strong throughout the pandemic. For the media part, when we think back to those times, you couldn’t go out much and our advertising business got hit, but they all came back very strong in 2021, leading to record results and a great start in 2022. The recovery has caught us up.”

To Know More:https://www.sarasotamagazine.com/news-and-profiles/2022/04/steven-swartz-hearst-longboat-key

CinemaCon highlights: The Rock becomes a superhero and 'Elvis' returns to Vegas

 

The major movie teasers and trailers to be released at the Warner Bros cinema event so far

Dwayne ‘The Rock’ Johnson topped a superhero-packed bill as Warner Bros presented its upcoming slate of blockbusters at CinemaCon on Tuesday, while Baz Luhrmann’s Elvis graced the Las Vegas casino stage at the movie industry summit.

Johnson, Hollywood’s top-grossing actor, appeared unannounced to promote his upcoming DC film Black Adam at the annual gathering, where Warner bosses also confirmed a sequel to Robert Pattinson’s The Batman is on the way.

Further superhero sequels Shazam! Fury of the Gods and Aquaman and the Lost Kingdom, as well as new standalone film The Flash, were also presented to movie theatre executives and managers, who gather each year at Caesars Palace casino to be courted by Hollywood’s top studios and A-listers.

Johnson described his character in Black Adam as “the Dirty Harry of the superhero world,” with ambiguous morals.

“Heroes don’t kill people,” says one villain in never-before-seen footage, to which Black Adam replies: “Well I do.”

Warner and Johnson are banking on Black Adam, out in October, becoming a major draw for their DC superhero film universe, which has grossed billions without reaching the heights of the rival and record-breaking Marvel films such as Avengers: Endgame.

Johnson surprised attendees by pretending to speak from Hawaii via video, before suddenly appearing in the Caesars Palace ballroom.

Beyond the superhero fare, which dominates modern megaplexes, Baz Luhrmann took the stage to discuss Elvis.

Luhrmann called the film, out in June, starring Austin Butler as Elvis Presley and Tom Hanks as his domineering manager, as less a biopic and more the tale of “America in the 1950s, 60s and 70s.

“At the centre of culture, for the good, the bad and the ugly, is the figure Elvis Presley,” said Luhrmann, describing the music icon as “the original superhero.”

“What this movie is about is America in those three epochs: Elvis the rebel, Elvis the highest paid actor in Hollywood and Elvis the living legend, the icon, trapped in that hotel not 10 minutes from here,” he told the Las Vegas crowd.

Readmore:https://www.thenationalnews.com/arts-culture/film/2022/04/27/cinemacon-highlights-the-rock-becoming-a-superhero-and-elvis-returns-to-vegas/

2 children among 11 electrocuted as wire gets entangled with Tamil Nadu temple chariot procession

 

As the temple chariot was being pulled through the street by devotees, an electric wire got entangled in it.This resulted in an electrocution which killed 11 people, including two children on the spot

street by devotees, an electric wire got entangled in it. This resulted in an electrocution which killed 11 people, including two children, on the spot.

As many as 11 people were electrocuted and several others were injured during a temple festival at Kalimedu town in Tamil Nadu’s Thanjavur district. An electric wire got entangled with the temple chariot while it was being pulled by devotees, resulting in the death of 11 people, including two children.

Tamil Nadu Chief Minister MK Stalin has announced immediate financial assistance of Rs 5 lakh for the families of the 11 victims.

Prime Minister Narendra Modi also tweeted that Rs 2 lakh each from the Prime Minister’s National Relief Fund (PMNRF) would be given to the next of kin of those who have lost their lives due to the mishap in Thanjavur, Tamil Nadu. The injured will be given Rs. 50,000.

The 94th Appar Gurupoojai (festival for Lord Ayyapa) was celebrated on Tuesday night, April 26. There was a large crowd of people from nearby areas who were participating in the event.

Readmore:https://www.indiatoday.in/india/story/people-electrocuted-wire-entangled-temple-festival-chariot-tamil-nadu-thanjavur-1942331-2022-04-27

11 die in high-voltage electrocution during a procession near Thanjavur

 

The injured were rushed to the Thanjavur Medical College Hospital.

Eleven persons, including three boys, died in an high-voltage electrocution accident during a religious procession at Kalimedu near here on Wednesday, April 27, 2022.

Inquiries reveal that the victims were participating in a cart procession organised in memory of Tamil Saivaite saint Thirunavukkarasar, by a local prayer club formed and run by the villagers for more than nine decades, when the mishap took place.

The 25 to 30 feet electrical serial bulb decoration on the cart unexpectedly came into contact with the high voltage line passing through the village, at around 2–45 a.m.

In the impact, the cart went up in flames, damaging the idol of Sri Apparperuman (Saint Thirunavukkarasar) that was placed on the cart.

The decorated hand-pulled cart was on its way back to the hall after the culmination of the night long procession that commenced on Tuesday night.

While 10 persons died on the spot, 13 others were rushed to the Thanjavur Medical College Hospital.

Later at around 7 a.m., Bharanitharan (13), one among the injured persons, succumbed to the injuries at the hospital.

President condoles death

President Ram Nath Kovind condoled the death of 11 persons in the Kalimedu fire tragedy.

PM expresses anguish, annnounces relief

Prime Minister Narendra Modi on Wednesday expressed his anguish over 11 people getting electrocuted during the chariot procession in Tamil Nadu’s Thanjavur district.

“Deeply pained by the mishap in Thanjavur, Tamil Nadu. My thoughts are with the bereaved families in this hour of grief. I hope those injured recover soon,” the Prime Minister said. He also announced ₹2 lakh each from the Prime Minister’s National Relief Fund (PMNRF) to the next of kin of those who lost their lives. The injured would be given ₹50,000, the Prime Minister annuonced.

TN CM announces relief

Earlier, Chief Minister Stalin announced ₹5 lakh solatium from the Chief Minister’s Public Relief Fund to the victims’ families. The Chief Minister will be visiting the hospital to enquire those who got injured in the Kalimedu village fire accident. Mr. Stalin directed the authorities to provide the the best medical care to those injured in the fire accident.

To Know More:https://www.thehindu.com/news/national/tamil-nadu/11-die-in-high-voltage-electrocution-during-procession-near-thanjavur/article65359082.ece