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Wednesday, December 05, 2018

Average spot power price declines 40% to Rs 3.59 in Nov
Average spot power price in November plunged 40% to Rs 3.59 per unit as compared to the previous month, mainly on account of low demand in northern and western states due to onset of winter, Indian Energy Exchange (IEX) said yesterday. "The average Market Clearing Price (MCP) at Rs 3.59 per unit registered 1.12% increase over Rs 3.55 per unit in the same month last year (November 2017)," IEX said in a statement. "However, the MCP last month declined 40% from Rs 5.94 per unit in October mainly on account of onset of winter leading to lower demand for power, especially in northern and western states," it added.

Yes Asset Management forays into MF business
Private sector lender Yes Bank yesterday said its wholly-owned subsidiary Yes Asset Management has received markets regulator Sebi's approval to launch two mutual fund schemes. Yes Asset Management (India) is the latest Indian company to enter the mutual fund segment. At present, there are over 40 mutual fund houses operating in the country. The asset management company will launch two schemes -- Yes Liquid Fund and Yes Ultra Short Term Fund, the bank said in a statement. This approval is subsequent to Reserve Bank of India's approval granted to Yes Bank to sponsor a mutual fund followed by Sebi's in-principle approval received subsequently.

SAYO Ultrasonic Kitchen Sink launched in India
SAYO Ultrasonic Kitchen Sink. a Hi-tech ultrasonic kitchen sink manufactured in China was launched in Mumbai recently. Shiv Shankar Kushwah, Director of SAYO Enterprises informed, "Our ultrasonic kitchen sink is based on a superior technology and is certified by TUV-SUD,a world leader in testing and product certification. While this product is extremely popular in North-American, Eastern Europe and, we are now introducing it to Indian market. In the first year we aim to sell in excess of 1500 units of this high- tech ultrasonic kitchen sink across India." SAYO uses a modern cutting-edge American technology of sound frequency conversion that cleans fruits, vegetables, seafood etc. of the harmful chemicals, pesticides, dust and other surface impurities on the surface of the product.

HyperX launches cloud revolver gunmetal headset
HyperX, the gaming division of Kingston Technology Company, Inc., yesterday, announced the addition of  HyperX Cloud Revolver Gunmetal gaming headset to its Cloud Revolver family. “The Cloud Revolver is known for its incredible studio-grade sound stage which gives an advantage during FPS gameplay. The drivers are tuned for players to identify footsteps and gunshots quickly and more accurately than the competition,” said Vishal Parekh, Marketing Director, HyperX India. “The Cloud Revolver recently won PC Gamer’s “Headset of the Year” award, and we are thrilled to offer a new gunmetal model option featuring a premium matte finish and comfortable design to gamers all around the world.”

JioMusic, Saavn integrate to build South Asia's largest platform for music, artists
Saavn Media, a unit of Reliance Industries, yesterday unveiled South Asia's largest streaming, entertainment and artist platform, JioSaavn, marking the official integration of JioMusic and over-the-top platform Saavn. "The new integrated JioSaavn app will be available across all app stores including the Jio app store, on JioPhone, as well as, at www.Jio.Com/jiosaavn," the company said in a statement.  "As announced in March 2018 at the time of acquisition of Saavn by Reliance Industries, the implied valuation of the combined entity at over USD 1 bn makes it the most valuable music streaming platform in South Asia...," the statement added.

Dubai Property Show in Mumbai
The Dubai Land Department’s annual Dubai Property Show, which will return to India for the fourth time will begin from December 7 and go on till December 9. The exhibition presenting an exclusive showcase of Dubai real-estate will be held at Bandra Kurla Complex (MMRDA Grounds) and bring together renowned developers such as Nakheel, Falconcity of Wonders, Sobha Realty, Gemini Properties amongst other prominent Dubai developers. “Indians have been living in Dubai for many decades and contributed immensely to the business and economic growth of the country”, said Mr. Himanshu Gupta, General Manager, Dubai Property Show “For Indian realty investors, Dubai has proved to be home-away-from-home, courtesy of a familiar environment, close proximity to India, fantastic growth opportunities and an increasing trust in the system”.

Govt not to participate in LIC's open offer in IDBI Bank
IDBI Bank yesterday said government will not participate in LIC's open offer to acquire 51% stake in the bank. LIC's open offer to purchase 26% shares of IDBI Bank opened on December 3 and will close on December 14. In October, LIC announced an open offer for acquiring 26% of equity in IDBI Bank at a price of Rs 61.73 per share, entailing total payout of over Rs 12,602 crore. "IDBI Bank is in receipt of letter dated December 03, 2018 from Government of India confirming that Government of India will not participate in the open offer made by LIC," IDBI Bank said in a regulatory filing.

SoftBank, other investors, keen to pump up to USD 1 bn in Ola
Cab aggregator Ola has received interests from multiple investors, including existing shareholder SoftBank, to pump in funds of up to USD 1 billion, according to sources. Locked in a bruising battle for market leadership with US-based rival Uber in India as well as in markets like Australia, New Zealand and the UK, Ola has been aggressively ramping up its ride hailing platform and food delivery operations. Multiple sources, who did not wish to be identified, said the Bengaluru-based company has received interests from various investors, including existing shareholder SoftBank, to pump in funds between USD 800 million and USD 1 bn.

Automakers should increase use of galvanised steel: Study
A study commissioned by the International Zinc Association has suggested that automobile manufacturers increase the adoption of 'galvanised steel' to ensure enhanced durability of cars. The study, led by former IIT Bombay Department of Metallurgy Engineering department professor Anand Khanna, said there could be 20% higher risk of death due to rusty cars and stressed the importance of protecting steel against corrosion.

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