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IndiGo's Riyadh-Mumbai flight diverted due to security alert, lands safely
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A Riyadh-Mumbai flight of IndiGo was diverted to Muscat following a "security alert" on Wednesday morning and it landed safely, the airline said here. The aircraft is currently grounded in Muscat, IndiGo said in a statement. Notably, several flights have received threats that turned out to be hoax in the last few days. "Flight 6E 74, operating from Riyadh to Mumbai, was redirected to Muscat due to a security-related alert. The aircraft has been isolated, and all passengers have been safely disembarked," the airline statement said. It did not reveal the number of passengers and crew on board or other details. "Ensuring the safety and security of our customers and crew remains paramount in all facets of our operations. We are working closely with the relevant authorities, and standard operating procedures are being followed," IndiGo said.
RBI's central board passes condolence resolution in memory of Ratan Tata
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The Reserve Bank's Central Board of Directors on Wednesday passed a condolence resolution in memory of industrialist Ratan Tata. Ratan Naval Tata died at a Mumbai hospital on October 9 at the age of 86 years. "The Board passed a condolence resolution in memory of Shri Ratan N Tata, a former Director of the Central Board," the RBI said in a statement after the 611th meeting of its Central Board of Directors in Bhubaneswar. The central bank further said the Board reviewed the current economic and financial situation, including challenges posed by evolving geopolitical conflicts. It also discussed the functioning of various sub-committees of the Central Board, the Ombudsman Scheme and the activities of select central office departments. The Central Board members also took the Integrity pledge in observance of the ensuing Vigilance Awareness Week 2024. The meeting was chaired by RBI Governor Shaktikanta Das. Deputy governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar, .
Sebi decides to make sales proceeds available to FPIs on settlement day
1729080425 from BIZSTNDRD
To boost operational efficiency and respond to concerns raised by Foreign Portfolio Investors (FPIs), Sebi on Wednesday said it has introduced measures to speed up the availability of sale proceeds for such investors, bringing them on par with domestic institutional investors. It is broadly estimated that efficiency gains on account of this measure would be around Rs 2,000 crore per annum. FPIs previously reported delays in their access to sale proceeds beyond the standard 'T+1' (trading plus one) settlement date. These delays were primarily due to the erstwhile process adopted for obtaining tax clearance on their net sale proceeds, to ensure compliance with FEMA Regulations. To address this issue, Sebi engaged in consultations with key stakeholders, including FPIs, clearing corporations, custodians, and tax consultants. This collaborative effort led to significant process improvements, making sale proceeds available to FPIs on settlement day, and bringing them on par with domestic
Indian-origin candidates among 39 in race for Oxford University Chancellor
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The University of Oxford on Wednesday announced the 38 finalists in the race to be elected the new Chancellor of the University of Oxford, which includes Indian-origin candidates but excludes former Pakistani prime minister Imran Khan. Ankur Shiv Bhandari, the first Indian-origin Mayor of Bracknell Forest in Berkshire; Nirpal Singh Paul Bhangal, a Professor of International Entrepreneurship; and Pratik Tarvadi, a medical professional, will go head-to-head with academics, politicians, philanthropists and entrepreneurs. Former Conservative Party leader Lord William Hague and former Labour politician Lord Peter Mandelson are among the senior politicians selected, with Khan deemed to have been disqualified following the selection process. Applications were considered by the Chancellor's Election Committee solely on the four exclusion criteria set out in the university's regulations. All applicants have been notified whether their submissions have been successful, a university statement
Himadri Q2 results: PAT jumps 33% to Rs 134 cr driven by higher margins
1729079929 from BIZSTNDRD
Himadri Speciality Chemical Ltd on Wednesday reported a 33 per cent year-on-year jump in net profit to Rs 134 crore for the quarter ending September 30, 2024 (Q2FY'25), driven by higher margins. The revenue in Q2FY'25 stood at Rs 1,135 crore, reflecting a 13 per cent increase compared to Rs 1,005 crore in Q2FY'24. EBITDA surged 29.1 per cent to Rs 201 crore during the quarter, up from Rs 156 crore in the same quarter last year. Commenting on the performance, the CMD and CEO of Himadri Speciality Chemical Ltd, Anurag Choudhary, said, "Our balance sheet continues to remain strong with a positive cash balance of Rs 255 crore. Our strategic focus on profitability and a prudent balance sheet has contributed to better performance." "The successful completion of our first export shipment of liquid coal tar pitch in October 2024 paves the way for large global liquid coal tar pitch markets," he said, highlighting the company's export milestone. Choudhary further outlined the company's capit
MUDA chairman Marigowda resigns amid row over allotment irregularities
1729078914 from BIZSTNDRD
The Mysuru Urban Development Authority (MUDA) chairman K Marigowda quit on Wednesday, amid a row over irregularities in allotment of sites to Chief Minister Siddaramaiah's wife Parvathi B M. He submitted his resignation from the post to the Urban Development Department Secretary. "I have resigned following directions from the CM. Also, as I had health issues, I have resigned...there was no pressure on me, as I had health issues I have resigned," Marigowda, who is considered close to Siddaramaiah, told reporters here. Responding to a question, he said, "Probe is on (in MUDA case allegedly involving CM) and it will continue...it will be known from the probe whether there were any irregularities." Siddaramaiah is facing the Lokayukta and ED probes into alleged irregularities in the allotment of 14 sites to his wife by the MUDA. Siddaramaiah's wife, brother-in-law Mallikarjuna Swamy, Devaraju -- from whom Mallikarjuna Swamy purchased land and gifted it to Parvathi -- and others are na
India reiterates opposition to China's Belt and Road Initiative at SCO meet
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India on Wednesday once again refused to endorse China's ambitious 'One Belt One Road' initiative, becoming the only country in the Shanghai Cooperation Organisation (SCO) not to support the controversial connectivity project. A joint communique unveiled at the end of the SCO's Council of Heads of Government conclave hosted by Islamabad said Russia, Belarus, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan and Uzbekistan reaffirmed their support for the Chinese connectivity initiative. It said the countries noted ongoing work on the implementation of the project, including efforts to link the Eurasian Economic Union with the One Road One Initiative (OBOR). India has been refusing to endorse OBOR in previous SCO conclaves as well. India has been severely critical of the OBOR, previously known as the Belt and Road Initiative (BRI), as the project includes the so-called China-Pakistan Economic Corridor (CPEC) that passes through Pakistan-occupied Kashmir. There has been growing glo
HFCL expects 70% revenue in fibre optic, 50% in telecom gear from exports
1729077144 from BIZSTNDRD
Domestic telecom gear maker HFCL expects 70 per cent of its revenue in fibre optic segment and half of network equipment business will start flowing into the company from exports in the next three years, a top company official said on Wednesday. HFCL Managing Director Mahendra Nahata told PTI that the company is now seeing a surge in demand for 5G gears after telecom operators have installed 5G mobile towers across the country. Apart from optic fibre cable, HFCL provides peripheral telecom equipment that connects with base stations to enhance coverage. "In telecom we have two type of products -- telecom equipment and optical fibre. Our plan in fibre optic cable is in three years time, 70 per cent of our revenue should come from exports. In telecom equipment, in three years, around 50 per cent of revenue will come from exports," Nahata said. He said the company is already exporting fibre optic cables to 40 countries and has recently started exports of telecom equipment as well. "Ma
Advantageous to build new AI applications on top of LLMs: Accel's Kirani
1729076567 from BIZSTNDRD
In 2023, the world's early AI applications and large language models (LLMs) emerged primarily from the Bay Area, driven by highly specialised PhDs in deep learning. India then lagged in terms of access to these expert resources. A year later, the India story has changed dramatically. The year 2024 will go down as a turning point with engineers in India beginning to develop innovative AI applications across various verticals, without needing deep learning PhDs. The number of AI startups building solutions on top of LLMs has since surged significantly. India is rapidly becoming a global hub for AI applications, says Shekhar Kirani, a partner at global venture capital firm Accel. He points to specific examples that demonstrate India's unique advantage in AI. A Bengaluru-based engineering team, for instance, built an AI application that automates 10-Q filings for US companies. Traditionally handled by accounting firms, the process took several days. However, the team trained a ...
Siddaramaiah deeply involved in MUDA 'scam', should resign immediately: BJP
1729076293 from BIZSTNDRD
After the MUDA chairman stepped down from his post on Wednesday, the BJP demanded that Karnataka Chief Minister Siddaramaiah also resign immediately as he is "deeply embroiled" in the land "scam". Mysuru Urban Development Authority (MUDA) chairman K Marigowda resigned from his post amid the row over alleged irregularities in allotment of sites to Siddaramaiah's wife Parvathi B M. "MUDA chairman has tendered his resignation... I call upon Siddaramaiah that if you have the slightest morality left in you, you should step down immediately. You should not wait for today's sunset," BJP national spokesperson and MP Sambit Patra said at a press conference here. He said Marigowda's resignation and Siddaramaiah's wife "offering" to return the MUDA sites allocated to her make it clear that the chief minister is "deeply involved in the scam from head to toe". "There is no doubt about it," Patra said. Earlier in the day, Marigowda submitted his resignation to the Urban Development Department .
'Crown of thorns': Farooq Abdullah after son Omar takes oath as J&K CM
1729076283 from BIZSTNDRD
It is a crown of thorns and may Allah help him fulfil the hopes of people, National Conference president Farooq Abdullah said on Wednesday after his son Omar Abdullah took oath as the first chief minister of the union territory of Jammu and Kashmir. Taking a cue from his grandfather, Zahir Abdullah, Omar Abdullah's son, said the new government's first priority is restoration of statehood. The state is full of challenges and I hope this government will do what it had promised in the election manifesto It is a crown of thorns and may (almighty) Allah succeed him (Omar) and he fulfils the people's hope. This is my message, Farooq Abdullah told reporters after the oath-taking ceremony at the Sher-i-Kashmir International Convention Centre (SKICC). After statehood, our true struggle (for restoration of) Article 370 will start. Article 370 will always be our priority, Zahir Abdullah added. Omar Abdullah heads the first elected government in Jammu and Kashmir since the abrogation of Articl
No bomb found aboard Air India Express plane, says Singapore police
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No bomb was found aboard an Air India Express plane which landed in Singapore more than an hour after its scheduled arrival time, the police said on Wednesday. The police said it found no bomb after completing security checks at Changi Airport on the low-cost carrier's aircraft from the Indian city of Madurai. The airline received an e-mail about a bomb on flight AXB684 scheduled to land at Changi Airport in Singapore at 8.50 pm on Tuesday. The flight escorted by two F-15 fighter jets from the Republic of Singapore Air Force (RSAF) landed at 10.04 pm. The police said they were informed of the bomb threat at 8.25 pm and completed checks after the plane landed, reported The Straits Times. Investigations are ongoing and action will be taken against those who intentionally caused public alarm, the police said. Flight tracker Flightradar24 showed the plane was circling for about an hour east of Singapore before landing. Defence Minister Ng Eng Hen in a Facebook post said: Two of our
Govt approves Rs 35,000 cr for 'PM Annadata Aay Sanrakshan Abhiyan'
1729074589 from BIZSTNDRD
The government on Wednesday approved Rs 35,000 crore for PM Annadata Aay Sanrakshan Abhiyan (PM-AASHA) with an aim to provide remunerative price to farmers as well as stabilisation of market price for consumers. The decision was taken at the Union Cabinet meeting chaired by Prime Minister Narendra Modi, informed Union Minister Ashwini Vaishnaw. Giving details, the minister said the scheme is aimed at protecting farmers from distress sale during peak harvesting time. It will promote self-sufficiency in the production of pulses, oilseeds and other essential agri-horticulture commodities, increase farmers income and protect consumers' interest.
Ministers' group discusses merger of GST compensation cess into taxes
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The group of ministers (GoM) on GST compensation cess, under Minister of State for Finance Pankaj Chaudhary, on Wednesday discussed merger of compensation cess into GST. States suggested that during the transition of cess, once it is decided to merge with taxes no new goods should be added to the list of luxury, sin and demerit goods. States were of the view that since the compensation cess ends in March 2026, the only way to restructure it is to merge the levy with the taxes and bring about separate tax rates for the items on which cess is levied currently. "GST compensation cess is coming to an end. A discussion needed to be done on what will be the future of the cess. Every state has given their views. This was the first meeting," Minister of State for Finance Pankaj Chaudhary said. Should it continue as cess or be converted to tax and whether there would be changes in luxury, demerit and sin goods items, Chaudhary said, "Discussion is going on". The next meeting of the GoM on
Thomas Tuchel hired as England football head coach ahead of 2026 World Cup
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Thomas Tuchel was hired as England coach on Wednesday and will take on the challenge of ending the national team's decades-long wait for a trophy. The German, who previously managed Paris Saint-Germain, Chelsea and Bayern Munich, will begin his tenure in January ahead of the 2026 World Cup in the United States. The English Football Association said Tuchel had been identified as the "preferred candidate" after what it described as an extensive search to replace Gareth Southgate, who stepped down after the European Championship in July. Tuchel won major trophies in Germany, France and England and is England's third foreign coach, after the late Sven-Goran Eriksson and Fabio Capello. He succeeds one of England's most successful coaches in Southgate, who led the country to back-to-back European Championship finals and a World Cup semifinals. Southgate stepped down after eight years following defeat to Spain in the final of Euro 2024. The FA said it had interviewed several candidates .
Israeli strikes kill 15 in Lebanese town 'Qana' known for civilian deaths
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Israeli strikes have killed at least 15 people in the southern Lebanese town of Qana, which has long been associated with civilian deaths after Israeli strikes during previous conflicts with Hezbollah. Israel meanwhile struck Beirut's southern suburbs early Wednesday for the first time in nearly a week. There was no immediate comment from the Israeli military on the strikes in Qana late Tuesday. Lebanon's Civil Defence said 15 bodies had been recovered from the rubble of a building and that rescue efforts were still underway. In 1996, Israeli artillery shelling on a United Nations compound housing hundreds of displaced people in Qana killed at least 100 civilians and wounded scores more, including four UN peacekeepers. During the 2006 war, an Israeli strike on a residential building killed nearly three dozen people, a third of them children. Israel said at the time that it struck a Hezbollah rocket launcher behind the building. Israel also carried out a wave of airstrikes on the ..
Hockey India League: Costliest buys Harmanpreet, Udita raring to play
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Harmanpreet Singh and Udita Duhan can't wait to enthrall fans with their dazzling stickwork after walking away with the best bids in the men's and women's section at the Hockey India League auctions. While Harmanpreet was bagged by Soorma Hockey Club, representing Punjab and Haryana for a whopping Rs 78 lakh on the first day of the three-day auction, Udita was acquired by Shrachi Rarh Bengal Tigers for Rs 32 lakh on Tuesday. The upcoming edition of the event holds greater significance as the Women's HIL will make its debut and will run co-currently with the men's league in two venues -- Ranchi (men) and Rourkela (women). The men's HIL will feature eight teams, while the inaugural women's event will have four teams, and expectedly Harmanpreet was ecstatic to witness the league's grand return. "I am elated that the Hockey India League is back and in marvellous fashion. I was on the edge of my seat when my name came up during the auction, mentally hoping and urging Sardar Singh to bid