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Tuesday, July 09, 2019

Fearing for their jobs, AI unions oppose privatization bid
Fearing for their jobs, the over a dozen employees and officers unions of Air India yesterday came out strongly against the government's second bid to sell the financially-crippled national carrier, union sources said after a meeting with the management. Acting quickly on the budget announcement, Air India chairman Ashwani Lohani had called on Friday itself called a meeting of all the 3 unions of the airline yesterday to discuss the privatisation plan. Showing its keenness to get out of the aviation business, which for many decades have been a big drain on public money, the budget for FY20 has set aside just a paltry Rs 1 lakh.

Tata Motors gets order for over 200 Hexa units from Bangladesh Army
Tata Motors yesterday said it has received an order for over 200 units of its sports utility vehicle Hexa from Bangladesh Army. The company said it has won the contract for the four-wheel drive version of the model. "Bangladesh is a key market for us and this order is a clear sign of Tata Motors' commitment and growing success in the market," Tata Motors Head International Business (Passenger Vehicles) Sujan Roy said in a statement. The company is exploring multiple avenues to work closely with the Bangladesh armed forces, he added.

Smart India Hackathon 2019
Persistent Systems in association with MHRD, AICTE, MIC, and i4C is organizing Smart India Hackathon 2019 – Hardware edition. Students from Engineering colleges all across India participating in this year’s Smart India Hackathon’s Hardware edition will build practical hardware-based solutions on problem statements identified by 9 Union Ministries and 40+ private sector industries. The hackathon will be held over five days at IIT Mumbai & 18 nodal centers in India from 8th July to 12th July 2019. Dr. Anand Deshpande, Chairman and MD, Persistent Systems, and Co-Chairman, Smart India Hackathon 2019 “Smart India Hackathon offers students the opportunity to work hands-on and build innovative prototypes that address real-world problems. We have observed that Smart India Hackathon is a transformational event in the lives of the participants and encourages them to think beyond what they learn in their classroom.”

Arihant Superstructure bas award
Arihant Superstructure Ltd one of the prominent Real estate developers of Mumbai has been awarded by Zee Business with the prestigious ‘Developer of the Year – Affordable Housing’ for 2019, in an event held recently under the aegis of National Real Estate Leadership Congress & Awards in Mumbai. On receiving the award Ashok Chhajer, CMD, Arihant Superstructure Ltd said – “It is a great recognition for the company and its efforts. We have been consciously focusing in the affordable housing sector, to provide best living options to the end users. We are also contributing and working to fulfill the government’s agenda of housing for all by 2022”. It is the 6th edition of the instituted awards and recognizes excellence across the real estate industry. For the company it is one of the most coveted awards to be conferred, which recognizes its contribution to the affordable housing segment.

MindTree shares drop 13% after chairman, CEO quit
Shares of MindTree plunged 13% yesterday after the IT firm's founders Krishnakumar Natarajan, Parthasarathy NS and Rostow Ravanan resigned from the board and executive roles. The company's scrip tumbled 10.43% to close at Rs 773.95 on the BSE. During the day, it tumbled 12% to Rs 760. On the NSE, shares dropped 13% to close at Rs 772.50. In terms of traded volume, 2.36 lakh shares were changed hangs on the BSE and over 60 lakh shares were traded on the NSE during the day.

Punjab National Bank shares plunge over 11 pc
Shares of Punjab National Bank yesterday sank over 11% after the company detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL). The scrip plummeted 10.95% to close at Rs 72.80 on the BSE. During the day, it plunged 11.31% to Rs 72.50. On the NSE, shares dropped 11.24% to close at Rs 72.60. On the traded volume front, 50.02 lakh shares were traded on the BSE and over 8 crore shares changed hands on the NSE during the day. PNB on Saturday said Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks.

No proposal to merge state-owned firms: Pradhan
Oil Minister Dharmendra Pradhan yesterday said there is no proposal, at present, for the merger of state-owned oil and gas entities under consideration of his ministry. While state-owned Oil and Natural Gas Corporation (ONGC) had last year acquired government stake in Hindustan Petroleum Corporation Ltd (HPCL), Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL) were both keen on acquiring gas utility GAIL India Ltd. "At present, there is no proposal to merge state-run oil and gas entities under consideration of the ministry," Pradhan said in a written reply to a question in the Lok Sabha.

SEVEN by MS Dhoni focuses on democratizing sportswear
On the occasion of its global brand ambassador and cricketing legend MS Dhoni’s birthday, SEVEN by MS Dhoni, one of India’s first home-grown global active sportswear and lifestyle brand under the banner of Rhiti Group has reiterated its commitment to democratize sportwear and make it accessible for everyone, especially the youth imbibing the true spirit of sportsmanship for a healthy lifestyle. According to Lokesh Mishra, COO, Rhiti Group, “ As one of India’s first International sportswear and lifestyle brand, SEVEN offers a wide product portfolio of accessible and trendy footwear, apparel and accessories for both men and women across fitness categories such as running, training and lifestyle sports using the latest sportwear manufacturing technologies. The brand reflects the vision of our global brand ambassador MS Dhoni to democratize sportwear and make quality products accessible to everyone especially the youth and on his birthday this year we would like to reiterate this commitment.”

EESL begins sale of 5.4-star rating ACs
State-owned Energy Efficiency Services Ltd (EESL) has started selling 1.5-tonne invertor ACs priced at Rs 41,300, said an official. In February 2019, EESL, a joint venture of four PSUs under the Ministry of Power, had launched its Super-Efficient Air Conditioning Programme for residential and institutional consumers. Under the programme, energy-efficient air conditioners (ACs) were to be launched. In the first phase, 50,000 ACs will be made available for consumers of BSES Rajdhani Power Ltd (BRPL), BSES Yamuna Power Ltd (BYPL) and Tata Power Delhi Distribution Ltd (Tata Power-DDL) in Delhi on a first-come-first-serve basis, EESL Managing Director Saurabh Kumar said while announcing the commencement of sale of the product.

All precautions being taken in disinvestment of PSU: Def Min
Government yesterday defended in Rajya Sabha its plan to disinvest 26% of its stake in public-sector BEML and asserted that all precautions are being taken so that there are no question marks on national security. The government has a shareholding of 54.03% in the PSU Bharat Earth Movers Limited (BEML) which is involved in defence, rail and mining sectors. Allaying fears expressed by members during the Question Hour, Defence Minister Rajnath Singh said all aspects of strategic sale are taken into account before disinvesting in a PSU company.

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