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Paris: Para-athletes <keyword id="20040580" type="General" weightage="20" keywordseo="Sharad" source="keywords">Sharad</keyword> Kumar and <keyword id="20426142" type="General" weightage="20" keywordseo="mariyappan-thangavelu" source="keywords">Mariyappan Thangavelu</keyword> clinched silver and bronze medals, respectively, to seal a double podium finish for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> in the men's high jump T6 final at the <keyword id="20420017" type="General" weightage="100" keywordseo="Paris-Paralympics" source="keywords">Paris Paralympics</keyword>. With a leap of 1.88m, Sharad got his hands on a silver medal while his compatriot, <keyword id="23031967" type="General" weightage="20" keywordseo="Mariyappan" source="keywords">Mariyappan</keyword>, settled for the bronze medal with a leap of 1.85m. America's Ezra Frech rewrote the Paralympic record to take away the gold with 1.94m, a blockbuster performance. Earlier, <keyword id="20431132" type="General" weightage="20" keywordseo="shailesh-kumar" source="keywords">Shailesh Kumar</keyword>, Mariyappan and Sharad cleared the height of the 1.77m mark with ease in their first attempts. However, the reigning Paralympic champion Sam Grewe of the United States crashed out of the final after he failed to clear 1.77m. With the stakes going high, Sharad, with a flawless technique, went past the 1.81m mark. Mariyappan and Shailesh followed the same path and cleared the 1.81m mark, his season-best attempt. With stakes constantly rising high, Mariyappan upped the ante and cleared 1.85m while others struggled to breach past the height. Shailesh matched his compatriot's effort and cleared 1.85m, his personal best attempt. With the bar raised to a height of 1.88m, Sharad failed to clear the height in his first attempt. He cleared 1.88m in his second attempt and broke the Paralympic record in the T42 category, set by Mariyappan in Tokyo. Mariyappan was ruled out of gold medal contention after he failed to go past 1.88m in his third attempt. United States' Ezra Frech bettered Sharad's Paralympic record with a gigantic leap of 1.91m. He extended the Paralympic record with a record-breaking jump of 1.94m to claim the gold medal. With one jump left, Sharad took a gamble of clearing 1.94m. The gamble didn't pay off, and he ended up settling for the silver medal. Mariyappan secured the bronze with a leap of 1.85m. While Shailesh, who kicked off the final brightly, narrowly fell short of a podium finish.

Paris Paralympics: Double podium finish for India as Sharad, Mariyappan bag silver and bronze

Hindi news channel, News Nation, has launched its latest brand campaign with a burst on top radio stations across the country beginning today. The theme of the campaign is to empower and educate people to take an informed decision at the ballot box for General Election 2014 
 
The target audience of the campaign is the youth and the decision making audience who want to bring a change in society.
 Speaking of the campaign, <keyword id="229057" type="PERSON" weightage="40" keywordseo="Shailesh-Kumar">Shailesh Kumar</keyword>, CEO and Editor-in-Chief, said, "Radio is one of the popular mediums which address our target audience. Our creative conveys the significance of empowerment and informed decisions at the onset of the most important democratic process, the <keyword id="6355187" type="ORGANIZATION" weightage="40" keywordseo="Lok-Sabha">Lok Sabha</keyword> Elections 2014."

	It may be noted that News Nation which celebrated its 1st anniversary on February 14, 2014, has walked up the ladder of ratings and is well placed in the Hindi news genre. As a reporter-led channel with extensive field reporting, News Nation has gradually emerged as a serious player with pure news content and traditional style of presentation.
 Abhay Ojha, Sr. <keyword id="45171" type="POSITION" weightage="40" keywordseo="VP">VP</keyword> - Sales &amp; Marketing, News Nation, said, "Radio was one of the mediums used in our launch campaign. The current campaign is aimed to act as a reminder of the values of News Nation. This is the most appropriate time for the activity as General Elections are close by." 
	 
	Courtesy: <a href="http://bestmediainfo.com/" onclick="window.open(this.href, '', 'resizable=no,status=no,location=no,toolbar=no,menubar=no,fullscreen=no,scrollbars=no,dependent=no'); return false;">Bestmediainfo</a>

News Nation Launches Radio Campaign For General Elections 2014

<ul><li>As different markets slowly open up, the cinema industry is gearing up to facilitate a safe environment for their consumers. </li><li>However, consumers continue to feel anxious about stepping out and ponder upon various safety concerns like what would the seating arrangement be like, how often will they sanitize the cinema halls and how safe will the food be? We spoke to multiplexes to find out the answers.</li></ul>The world is constantly changing and will not be the same after we come out of this situation for a while. Like every other industry, the experience of watching a film in theatre with a large set of audience might not be the same either. As the pandemic-induced lockdown has pushed us towards subscribing to more streaming platforms, the latest movie premiers on Amazon Prime in India left the industry concerned for the future of cinema. However, contrary to the perception being built in the trade and media, Ormax Media’s latest report revealed that high consumption of films on TV and OTT has not reduced the audience attraction for theatrical experience. The report further said that audiences have given whole-hearted endorsement to the theatrical experience, with 82% missing going to the theatres. A dominant section of the audience also said that they will go back to the theatres within 2-3 weeks of them re-opening. Social distancing and sanitization precautions taken by theatres will play a crucial role in their decision to visit. On a scale of one to 100, the respondents gave high importance to almost all safety measures, which were as follows: <div type="image" title="ormax media report - safety concerns" msid="76042822" hostid="261"></div> Multiplexes have, therefore, put their best foot forward to ensure they build a safe environment and tweak their marketing strategy to reach to their consumers at different touch points in their ticketing journey. We caught up with <keyword id="799" type="CITY" weightage="20" keywordseo="PVR">PVR</keyword>’s Joint Managing Director, Sanjeev Kumar Bijli and <keyword id="6407732" type="COMPANY" weightage="20" keywordseo="inox">Inox</keyword> Leisure’s CEO, Alok Tandon to find out what kind of precautions they have taken to build customer confidence for their return to the cinemas.and what would the future of the industry look like once we resume normalcy. The future is contactless As per Federation of Indian Chambers of Commerce and Industry (FICCI), all cinema halls are required to disinfect every possible area in the premises starting from the entrance to F&amp;B stand to the auditorium. To ensure a safe distance is maintained, theatres will be demarcating circles in the foyer and encourage digital transactions to avoid queuing. Before you enter the hall, your body temperature will also be checked through guns, and if found with a high temperature, your amount will be refunded. In regular auditoriums, families and groups will be seated together and one adjacent seat would be left empty. Luxurious halls that come with existing width between each recliner seat, will not have to leave a vacant seat in between. Use and throw 3D glasses will be distributed and premium IMAX 3D glasses will be disinfected after every use. <div type="image" title="cinema screen" msid="76042795" hostid="261"></div> But what about impulsive watchers? “To offer a contactless experience to those guests who make an impulsive decision to watch a movie, I am glad to share that 100% of our POS card machines are enabled for contactless transactions,” shares Tandon. To help detect asymptomatic cases, PVR has tied up with a hospital, name not disclosed to the media yet, to arrange body check-ups for their employees once or twice a week. Reviving back to its full strength Both Tandon and Bijli are certain that the audiences’ passion for cinema will remain unaffected. They opine that the future of cinema is secure and stable. “We will now assign greater significance towards understanding the needs and aspirations of the fast evolving consumers and working out ways to satisfy them, through services and experiences, and of course, safety. We will continue to focus on customizations and personalization, and we know that a cookie-cutter approach may not work, and I am glad that we are well equipped to handle it. The liking for the giant screen has stood the test of time and has seen through many difficult phases in its century old history. We believe this passion will take care of the concerns and apprehension and will bring back the ‘old normal’, which featured gangs coming together, seated hand in hand, sharing popcorns, having celebrations over lip-smacking meals and above all, a heavy exchange of emotions,” said Tandon. “The future of cinema in the post-COVID world is very bright,” said Bijli. He added, “We are all just waiting for cinema to open to showcase our new protocols on safety and hygiene to give confidence to the consumers that it is safe place to come back and enjoy their favourite form of entertainment -- as and when we do open, which I feel is not very far from now. Industries are opening up slowly, we are seeing more relaxations now. Before COVID, 60-65% of the tickets were bought online and we’ll continue to push that.” To engage with their consumers and make sure they trust them, Bijli shared that PVR is going to communicate the precautions it has taken via digital media and might explore print if it picks up. It has also conducted an email survey amongst its consumer base to understand their expectations better and continue to engage with them. How long till we see the old normal? We reached out to a few industry experts to understand how long it will take for cinema to revive considering that a lot of people will continue to avoid crowded places. Shailesh Kapoor, CEO, Ormax Media highlighted that multiplexes will need to strengthen their marketing strategy to regain trust among consumers. He said, “Cinemas will reopen at some stage, but it's difficult to say when. The most optimistic estimate will be August, but it could be as late as Sep-Oct. Theatre chains will have to build confidence in the audience's minds that it is safe to revisit theatres. For this, theatres will need to take safety measures and do campaigns promoting these safety measures. Bigger chains like PVR and INOX will be able to get more audience trust than smaller chains and local cinemas.” Harikrishnan Pillai, CEO and co-founder, TheSmallBigIdea thinks creation of content will not be a problem but changing the distribution and pricing strategy will play a key role in luring the consumers onto different platforms. “While creation will have its challenges, it is still a smaller hurdle. The future of cinema depends on how distribution and pricing is handled. I think new pricing models will evolve. Producers have always been selling satellite and overseas and have covered a part of their cost. OTT rights was a new norm that added to this revenue. With an OTT-first release, these films could command a premium. But that premium won't cover the loss made by muting the biggest distribution channel, which are the theatres. So theoretically revenue loss is imminent. But here’s the twist. When you make a film, there is a chance of it tanking at the box office. So if the film is sold outright to a platform on the back of the star cast and the perception, there is a possibility that the producers will end up hedging possible losses. Big films with big star cast might go for models where they will have a fee and a percent of new downloads or have a completely different pay per view model being developed with the OTT platform and make it the new box office window.” Karan Taurani, Vice President - Research Analyst, Elara Capital said that the cinema industry will take a lot of time to come back on-track and contactless will be its future. “When cinemas open up, they will start with 10% occupancy and slowly move to 15-20% and peak out at 25%. I think social distancing will prevail until there is a vaccination or a cure,” said Taurani.

Here is how multiplexes are gearing up for post-lockdown period

The <keyword id="432663" type="UNKNOWN" weightage="60" keywordseo="Corporate-espionage">corporate espionage</keyword> case, which was unearthed a month back, has revealed a huge conspiracy theory undermining at the ministry level. In a major crackdown by the Central Bureau of Investigation (CBI), The Economic Times reports that two employees of the Ministry of Finance along with a Mumbai-based consultant have been held for their alleged involvement in illegally obtaining documents on foreign investment policies and passing them on to at least eight companies. 
 
A CBI spokesperson has informed The Economic Times, the investigating agency has conducted raids at six places in Delhi and two places in Mumbai on Thursday. These raids were carried out as part of an investigation into the "leakage and sale of confidential government documents relating to foreign investments in the Ministries of Finance and Commerce."Khemchand Gandhi, a chartered accountant-cum consultant, who has been detained by the police, used to sold documents and files to corporates. 
 
The ET report has confirmed that Gandhi has also been detained by the CBI after a bunch of documents sent to him was intercepted by the agency. The CBI had recovered Rs 60 lakh in cash from his residence and office along with a trove of documents. 
 <keyword id="239515" type="PERSON" weightage="60" keywordseo="Ashok-Kumar-Singh">Ashok Kumar Singh</keyword>, under secretary in the Department of Disinvestment in Finance Ministry, and Lala Ram Sharma, a section officer in the Department of Economic Affairs in Ministry of Finance, are also among those who have been detained. 
 
The residence of Daljeet Singh, an upper division clerk in the Department of Industrial Policy and Promotion (DIPP) in the commerce ministry, was raided by the CBI but Singh was not detained, the ET reported. 
 Earlier, <keyword id="6358992" type="ORGANIZATION" weightage="60" keywordseo="Delhi-Police">Delhi Police</keyword> had arrested two junior oil ministry officials and three other middlemen for allegedly leaking classified government documents to energy companies. 
 
They also held two consultants Santanu Saikia and Prayas Jain along with five executives from top energy companies, who were identified as RIL’s Shailesh Saxena, Vinay Kumar from Essar, KK Naik from Cairn, Subhash Chandra from Jubilant Energy and Rishi Anand from ADAG Reliance. Sources told the ET that Delhi Police has been subsequently questioning senior officials of these corporate. 
 
(Image: Reuters)

Corporate Espionage: CBI detains two Govt staffers and a tax consultant

By Shailesh Yadav The Gas Authority of India Ltd (<keyword id="6358765" type="General" weightage="20" keywordseo="gail" source="Orion">GAIL</keyword>) on Thursday posted a 77.4 per cent slump year-on-year in standalone net profit for the fourth quarter due to the Ukraine-Russia War. The standalone net profit plunged 77.5 per cent year-on-year to Rs 603 crore in the fourth quarter (Q4) against the net profit of Rs 2,683 crore in the year-ago period. Talking to ANI, Sandeep Kumar Gupta, Chairman and Managing Director, GAIL, said that gas prices became very high due to the <keyword id="13010576" type="General" weightage="20" keywordseo="russia-ukraine-war" source="Orion">Russia-Ukraine war</keyword> which impacted the company's profit, despite its highest-ever annual revenue of Rs 1,44,302 crore, which was up 57 per cent, for FY23. Gupta said, "The petrochemical segment was affected, gas prices were not viable and because of it, we had to keep our plant shut and also keep it running at lower levels for a substantial period of the year because we were to service our customers which were tied up at long-term prices." He added, "However, we had to procure high-priced gas to supply to our customers and in transmission because some APM (administered price mechanism) allocation, which was there was taken away, so we had to consume the high-priced natural gas for our internal consumption, too." Now with the cooling of prices now, he said he hoped that all these adverse factors will not be there in the next fiscal and the company should come back to very robust numbers in the ongoing fiscal year. Talking about the current status of the supply-demand ration, the GAIL CMD said, "There was a supply disruption starting from May 22 after the Ukraine-Russia war last year and while this was a portfolio contract and the supplier should have supplied by cargo sourcing from other geographies if it was not possible from a particular territory, but then they did not supply." He also expressed hope, "However, it's good news that now the supplies have resumed from March this year." He said for the last two months, the company was getting the full allocation as per the contract, and hopefully that it would continue. "So, this is a big sort of reassurance on the supply front. And definitely, there is no cut as far as our downstream customers are concerned nowadays," the GAIL CMD said. Talking along the lines of Kirit Parikh Committee recommendation, the CMD said, "This is a very significant positive development that the government accepted the recommendation. This will definitely help." In fact, he said, "We have seen that with the implementation of this recommendation from the first of this year, there was a big drop in CNG (compressed natural gas) and PNG (piped natural gas) and definitely with such softening of prices, the consumption which was not happening in the last year especially will now come to normal levels." He said this would add more new customers, too. "So, definitely this will be a biggest step in taking natural gas to higher levels of consumption," he added. Gupta said, "We are having gas supplies from Qatar, the United States, and Russia from Australia. So, we have a very diverse portfolio of supplies. We are now scouting for new volumes and wherever those new volumes are there. We are talking to all such companies or countries. The new volumes are coming from primarily the Middle East and North America. These are the geographies where the discussions are going on." Talking about the hydrogen plant, Gupta said, "Our first green hydrogen electrolyzer is coming up at Vijaipur, Madhya Pradesh, this will be a capacity of 4.3 tonnes per day and this will be commissioned this year itself." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/small-and-mid-cap-stocks-start-to-outperform-large-cap-stocks/articleshow/100344464.cms">Small and mid cap stocks start to outperform large cap stocks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/cheese-burst-quick-service-restaurants-see-muted-growth-ahead/articleshow/100332394.cms">Cheese burst: Quick service restaurants see muted growth ahead</a>

GAIL's net profit slumps 77 pc due to Russia-Ukraine war: CMD

Private steel major <keyword id="6357147" type="COMPANY" weightage="20" keywordseo="tata-steel">Tata Steel</keyword> will pay a total of ₹270.28 crore as annual bonus for the accounting year 2020-2021 to its eligible employees of all applicable division /units of the company, a release said. A <keyword id="398939" type="PERSON" weightage="20" keywordseo="memorandum-of-settlement">Memorandum of Settlement</keyword> was signed on Wednesday between Tata Steel and the Tata Workers' Union, for payment of annual bonus for the accounting year 2020-2021, the release issued by the company said. The total payout for eligible employees of all applicable divisions/ units of the company will be Rs 270.28 crore. Out of this, various divisions at Jamshedpur including Tubes, an amount of ₹158.31 crore will be given. The minimum and maximum annual bonus payable will be ₹34,920 and ₹3,59,029 respectively. T V Narendran, CEO &amp; MD, Atrayee Sanyal, Vice President (HRM) and other senior executives signed on management's behalf while Sanjeev Kumar Choudhary, president, <keyword id="230274" type="ORGANIZATION" weightage="20" keywordseo="Tata-Workers-Union">Tata Workers Union</keyword>, Shailesh Kumar Singh, deputy president, Tata Workers' Union, Satish Kumar Singh, general secretary, Tata Workers' Union and other office bearers signed on Union's behalf. Further, a Memorandum of Agreement has also been signed between the steel company and the Indian National Metal Workers' Federation (INMWF) and Rashtriya Colliery Mazdoor Sangh (RCMS). Total payout on account of annual bonus at Coal, Mines and FAMD is ₹78.04 crore approximately. Another Memorandum of Settlement was signed on Wednesday between Tata Steel and the <keyword id="11890253" type="UNKNOWN" weightage="20" keywordseo="tisco-mazdoor-union">Tisco Mazdoor Union</keyword>. Total payout on account of annual bonus for growth shop is ₹3.24 crore approximately. The agreement was signed by Avneesh Gupta, <keyword id="45171" type="POSITION" weightage="20" keywordseo="VP">VP</keyword> (<keyword id="474813" type="ORGANIZATION" weightage="20" keywordseo="TQM">TQM</keyword> and E&amp;P), Atrayee Sanyal, VP (HRM), and other senior executives signed on management's behalf and Rakeshwar Pandey, president, Tisco Mazdoor Union, Adityapur, Shio Lakhan Singh, general secretary, Tisco Mazdoor Union and the other office bearers signed on Union's behalf. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-company-on-lookout-for-15000-service-professionals-in-50-cities-in-india/articleshow/85447261.cms">Urban Company is on the lookout for 15,000 service professionals as it wishes to tap into 50 cities by the end of this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/android-auto-will-replace-with-google-assistant-driving-mode-in-android-12-phones/articleshow/85447812.cms">Android Auto on phone screens will not be available on Android 12</a>

Tata Steel announces ₹270 crore annual bonus for all eligible employees for 2020-21

Voting in 94 of the total 243 Assembly seats in Bihar will be held on November 3 during the second phase of state elections in which over 2.85 crore voters will decide the fate of 1,463 candidates in fray. As many as 41,362 polling stations have been set up across 17 districts, all of which except Patna, Bhagalpur, and Nalanda are situated north of the Ganges. Maharajganj seat has a maximum of 27 candidates in the electoral battle and Daraula with only four in the second round of Assembly polls. Prominent contestants in the fray include Rashtriya Janata Dal leader and Grand Alliance's chief ministerial candidate Tejashwi Yadav who is recontesting the Raghopur seat and his brother Tej Pratap in the fray in Hassanpur seat in Samastipur district. Other prominent faces in the fray in the second phase are RJD leaders Alok Kumar Mehta from Ujiyarpur and Shailesh Kumar from Bihpur, former parliamentarian Anand Mohan's son Chetan Anand from Sheohar, former parliamentarian Rama Singh's wife Beena Singh from Mahnar, and Congress leader Shatrughan Sinha's son Luv from Bankipur. Plurals Party leader Pushpam Priya Choudhary is also in the fray in Bankipur, apart from BJP's Nitin Naveen. Ministers Nandkishore Yadav, Randhir Singh, and Shravan Kumar are also in the fray from Patna Sahib, Madhuban and Nalanda segments. The prestige of 27 MLAs of the Grand Alliance is at stake. The RJD has fielded 56 candidates in the second phase of elections, wherein it is in direct contest with the BJP on 27 seats and with the ally turned foe JD-U on 25 seats. The BJP is contesting 46 seats and the JD-U 43 seats. The Congress is contesting 24 seats, CPI and CPM four each, Lok Janshakti Party 52 and RLSP 36 seats. In the 2015 elections, the Rashtriya Janata Dal of Lalu Prasad had bagged 33 of these seats, the JD-U 30 and the Congress seven whereas the NDA had won only 22 seats. However, a lot of water has since flown down the rivers ever since. New political permutations and combinations have come into play in 2020 as compared with the 2015 polls. Five years ago, Nitish Kumar's JD-U fought the elections in alliance with the RJD and the Congress, whereas the NDA had Ram Vilas Paswan's Lok Janshakti Party and Rashtriya Lok Samta Party (RLSP) in its camp. In this poll fray, the JD-U has moved to the NDA camp, the LJP is fighting its own battle and the RLSP is a part of the Grand Democratic Secular Front. Elections for the 243-seat Bihar Assembly are set to be held in three phases, out of which polling in the first phase was conducted on October 28. After the November 3 voting for 94 seats, remaining 78 constituencies will go to polls on November 7. The counting of votes is slated for November 10.

Bihar elections 2020: 2.85 crore voters to exercise franchise in 94 seats on November 3

<ul><li>Payment solutions provider AGS Transact Technologies opened its IPO today and will close on January 19.</li><li>The IPO is entirely an offer for sale by existing promoters and shareholders of ₹680 crore through the public issue.</li><li>Out of the ₹677 crore IPO proceeds of Ravi B Goyal, chairman &amp; managing director, ₹650 crore will be used to pay half of the company’s debt.</li><li>Cash management being a core business of the company in the growing digital world, its financial performance has been on a declining trend in the last three years.</li></ul>Payment solutions provider AGS Transact Technologies that has opened its initial public offering (IPO) today is going through a rough phase because of COVID-19. Our business is largely linked to cash management and due to the pandemic some transactions were impacted, says Ravi B Goyal, chairman &amp; managing director at AGS Transact Technologies to Business Insider in an interview. The company reported a loss of ₹18 crore in the first five months of the financial year April to August, 2021. It raked in less profit in the last financial year than it did in the year before the pandemic. <div type="image" title="ags transact rev 2" height="900" width="1200" msid="88987001" hostid="261"></div>The company operates in three business segments: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Payment solution </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offers services such as ATM, cash management, digital payment solutions, POS machine service and so on </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Banking automation solutions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sale of ATM, cash recycler machine etc </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Other automation solutions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">System automation products for clients in petroleum, color segment </td></tr></tbody></table>“As a business we have gone through a lot of challenges, it all started with demonetisation, where we had no cash as 85% got wiped up and we had a new currency. And all these ATMs needed to be recaliberated so that was also a massive job. So first no cash then cash available but cannot be used. Then we have a first pandemic with massive lockdown but ATM being an essential service, our team in the field has done a remarkable job,” added Goyal. The company earns 75% of its revenue from the payment solutions segment and only 15% from digital initiatives. While the entire ₹680 IPO is an offer for sale by existing promoters and shareholders, the company’s chairman is selling shares worth ₹677 crore. Out of the ₹677 crore IPO proceeds of Goyal ₹650 crore will be used to pay half of the company’s debt. Currently, the company’s debt is at ₹1,100 crore debt after the 650 IPO proceeds, it will halved to ₹550 crore Goyal indirectly owns 97.61% of AGS Transact with 55% through direct equity ownership and 42% through Vineha Enterprises, which is also a firm held by him and his wife. While Goyal is selling shares worth ₹677 crore, among others VC Gupte, Shailesh Shetty, Rakesh Kumar, Nikhil Patiyat and Rajesh Harshedrai Shah will sell the remaining ₹2.42 crore worth of shares. Further, analysts recommend avoiding the IPO because of increasing digital payments in the country that could have an adverse effect on AGS Transact’s business. “The company is one of India's leading Omni-channel payment solution providers with a strong network. However, the government's focus on digital payments will further decrease the use and availability of cash can have an adverse effect on business activities,” said analysts at Swastika Invest while recommending a ‘avoid’ rating to the IPO. “AGS has high client concentration with top three customers accounting for 33.6% of revenues and has reported a loss for the first five months of FY22. Given premium valuations, high client concentration and losses in the first five months we have a neutral recommendation on the IPO,” said Jyoti Roy, DVP - equity strategist at Angel One. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-prepays-30791-crore-spectrum-liabilities-a-month-after-airtel-prepaid-over-15000-crore/articleshow/88986783.cms">Reliance Jio prepays ₹30,791 crore spectrum liabilities, a month after Airtel prepaid over ₹15,000 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/even-after-the-lic-ipo-indian-government-may-be-well-short-of-its-divestment-target/articleshow/88938799.cms">Even after the LIC IPO, Indian government may be well short of its divestment target ⁠— for a third year in a row</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">The Indian government has spent less than half the money it had budgeted for capital investments, so far</a>

AGS Transact is a cash management firm looking to halve its debt with IPO money

<ul><li><keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s <keyword id="6692069" type="UNKNOWN" weightage="20" keywordseo="jio-institute">Jio Institute</keyword> will start its first academic session in 2021. </li><li>It will focus on undergraduate courses in emerging technologies like artificial intelligence, data science, machine learning, and digital media and marketing. </li><li>The digital courses will be led by Shailesh Kumar, who is the chief data scientist for Jio.</li><li>The Human Resource &amp; Development (HRD) Ministry had granted the ‘eminence’ status to the Jio Institute even before it went operational.</li></ul>Mukesh Ambani’s Jio Institute which will <a href="https://inc42.com/buzz/jio-institute-to-launch-ai-data-science-courses-by-2021/">start its academic session</a> in 2021 — will offer courses in emerging technologies like artificial intelligence, data science, machine learning, digital media and marketing. These undergraduate courses will be led by Shailesh Kumar, who is the chief data scientist for <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>. The institute has formulated a seven member board of advisory, before the launch. Ambanis aside, the board includes members — Jean-Lou Chameau, president of Caltech; Michael Keller of Stanford, Rick Levin of Yale, Subra Suresh of Singapore’s Nanyang Technology University, Nadhmi A Al-Nasr of Saudi Arabia’s habitat project NEOM; Frank J Mulhem and Vinayak P Dravis of Northwestern University. The Human Resource &amp; Development (HRD) Ministry had granted the ‘<a href="https://www.businessinsider.in/the-indian-government-may-shortlist-14-more-educational-institutes-for-eminence-tag/articleshow/66991082.cms">eminence</a>’ status to the Jio Institute even before it went operational. The institute however has been under the heat since it was the only proposed institute to be accorded this status back in 2018. This status was reportedly given solely on the basis of future prospects. The institute is expected to hire university staff and prepare an academic curriculum by October 2020, ET reported citing the company’s response to the government’s EEC. The Jio institute is eyeing global academic experts to be a part of its faculty. It is in talks with <a href="https://economictimes.indiatimes.com/industry/services/education/jio-institute-faces-ire-of-expert-panel-for-failing-to-meet-deadlines/articleshow/69153915.cms">universities</a> like Massachusetts Institute of Technology (MIT), Stanford University, Northwestern University and Nanyang Technological University to bring in faculty experts and mentors to the institute. The institute is expected to have a sprawling campus across 800 acres and will be located at Navi Mumbai. See also: <a href="https://www.businessinsider.in/mukesh-ambani-to-invest-15-billion-into-the-much-delayed-jio-institute/articleshow/70051829.cms">Mukesh Ambani to invest ₹15 billion into the much delayed Jio Institute</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-jio-could-increase-tariffs/articleshow/72121399.cms">Reliance Jio gets a golden opportunity to hike tariffs and still stay ahead of rivals</a> <a href="https://www.businessinsider.in/education/news/iits-iisc-say-that-patchy-funding-is-delaying-institute-of-eminence-plans/articleshow/72103538.cms">IITs, IISc say that patchy funding is delaying ‘Institute of Eminence’ plans</a>

Jio Institute to offer undergraduate courses in AI, machine learning and more

<ul><li>Cinema halls in India might remain shut for at least two more months until June end, predicts a report by Prabhdas Lilladher. </li><li>Akshay Kumar and Kiara Advani starrer Lakshmi Bomb might release directly on Disney+ Hotstar amid coronavirus pandemic. </li><li>Industry experts estimated that film exhibitors in India will lose at least ₹3,500 crores. Moreover, according to Shailesh Kapoor, CEO Ormax Media, these halls are losing ₹150 crore a week. </li></ul>There is bad news for all those who are wishing to rush to their nearest movie theatres soon after the lockdown ends. Cinema halls in India might remain shut for at least a month more until June end, according to a report by Prabhdas Lilladher. The coronavirus pandemic forced several states including Maharashtra and Kerala to close theatres a week before India announced a complete lockdown on March 24. It means they are already shut for 40 days which might extend to 60 days more. “The process of reopening will be gradual in nature. For instance, in some states where the COVID-19 risk is low theatres may open. However, till the time this rise resides completely, big-ticket releases may be postponed as producers may not want to lose out on business in other regions,” said the report. Every week that theatres remain closed, they’re accumulating losses to the tune of ₹150 crore, according to Shailesh Kapoor, CEO Ormax Media. Film distributors are staring at losses of ₹3,500 crore as of now, a<a href="https://www.firstpost.com/health/video-of-agra-quarantine-facility-inmates-reaching-for-water-food-goes-viral-distribution-delay-made-them-restless-says-official-8303381.html?utm_source=izooto&amp;utm_medium=push_notifications&amp;utm_campaign=Video%20of%20Agra%20quarantine%20facility%20inmates%20reaching%20for%20water%20food%20goes%20viral%20distribution%20delay%20made%20them%20restless%20says%20offic&amp;utm_content=&amp;utm_term=">ccording to CARE Ratings</a>. Even after they open, they might not see many footfalls due to malls and will also be subject to strict social distancing norms. Due to this bleak outlook, the stocks of PVR Cinemas and INOX are on a free fall. The stock of PVT saw a 55% decline in its share between February 19 and April 27. Whereas INOX share price has declined 58% between February 24 and April 27. There is more panic in the air Since Covid-19 is an unknown devil, a lot of new research is hitting the internet every day. Even as many people discuss if the virus is airborne, a research says that a common air conditioner can spread the virus. <a href="https://www.businessinsider.in/careers/news/cisco-accenture-genpact-and-others-hiring-for-technology-profiles/articleshow/75399629.cms">Scientists in China have earlier claimed</a> hat air conditioners can infect 10 people who are sitting near an infected person. They studied a restaurant in Guangzhou, China where an asymptomatic case has infected nine people. They recommended an increase in distance between tables and improved ventilation to contain the spread. Uncertainty on the survival of Single screens Cinema halls in India have had a bad start in 2020. First of all, it had few hits to boast of like Tanhaji and Baaghi 3. Then the coronavirus outbreak forced it to close doors as per government orders. The worst-hit among these theatres were single screens. “Single screens have been facing an existential crisis for a long time. Already fraught with hygiene and maintenance challenges which were hurting footfalls, COVID-19 induced lockdown has posed a direct threat on their survival,” said the report. Single screens exhibitors are hoping to seek a relief package from the government Is online release the future of movies? From the other side, the closure of theatres has delayed the release of several big movies like Rohit Shetty’s Sooryavanshi starring Akshay Kumar and Katrina Kaif. A few producers are also considering releasing them directly onto streaming platforms. Akshay Kumar and Kiara Advani starrer Lakshmi Bomb is one such film that might release on Disney+ Hotstar amid coronavirus pandemic. The film, remake of Muni 2: Kanchana, is expected to be completed by June, <a href="https://www.ndtv.com/entertainment/akshay-kumars-laxmmi-bomb-might-release-on-disney-hotstar-instead-of-theatres-report-2218162">said a media report. </a> Previously, Irfan Khan and Kareena Kapoor Khan starrer Angrezi Medium was released on Disney+ Hotstar immediately after its theatrical release in March after Covid-19 concerns hit footfalls. OTT platforms in India too are upping their game, by launching shows and movies to engage people during lockdown. Amazon Prime, recently, added Shubh Mangal Zyada Saavdhan a gay comic love story which was released in February this year. See also: <a href="https://www.businessinsider.in/entertainment/news/lockdown-watchlist-want-to-binge-watch-a-show-that-lasts-a-week-try-these-long-running-shows-on-netflix-amazon-prime-disney-hotstar-and-others/articleshow/75173116.cms">Lockdown Watchlist: Want to binge-watch a show that lasts a week? Try these long-running shows on Netflix, Amazon Prime, Disney+ Hotstar and others. </a> <a href="https://www.businessinsider.in/entertainment/news/cinema-halls-await-for-behind-the-screens-as-they-lose-150-crore-a-week/articleshow/74689696.cms">Cinema halls lose ₹150 crore a week with lockdowns and delayed releases</a>

Cinema halls may not open in India until June end

New Delhi, Feb 14 () The income tax (I-T) department has notified forms for companies to avail the reduced corporate tax rates that were announced in September last year. The Central Board of Direct Taxes (CBDT) has notified Forms 10-IC and 10-ID for existing companies that want to avail lower I-T rate and new manufacturing firms, respectively. In September 2019, the government announced a cut in base corporate tax for existing companies to 22 per cent from the current 30 per cent; and for new manufacturing firms, incorporated after October 1, 2019, and starting operations before March 31, 2023, to 15 per cent from the current 25 per cent. Companies opting for these new tax rates will have to forego all exemptions and incentives. The effective tax rate for existing units, after considering surcharges and cess such as Swachh Bharat cess and education cess -- which are levied on top of the income and corporate tax rates, will be 25.17 per cent as compared to 34.94 per cent now. For new units, it will be 17.01 per cent as against 29.12 per cent now. Form 10-IC will have to be filed by the companies that wish to avail the beneficial rate of 22 per cent upon relinquishment of the exemptions/incentives offered under the Income Tax Act. The e-Form 10-IC, which has to be furnished either under digital signature or electronic verification code (EVC), seeks general details of the company like name, PAN, registered address, date of incorporation and nature of business activities. The companies will also have to declare that the option once exercised shall not be withdrawn. Besides, these companies will have to withdraw the option to be taxed at the concessional rate of 25 per cent under the erstwhile regime. Similarly, Form 10-ID would be filed electronically by new domestic manufacturing companies, incorporated after October 1, 2019 that wish to be taxed as per the new tax regime, that offers a concessional tax rate of 15 per cent, provided all the incentives and exemptions are forgone by the companies. Apart from the general details, the e-form requires the companies to provide the date of commencement of manufacturing operations. Further, the companies shall have to affirm that they fulfil the stipulated conditions for availing the concessional rate and declare that the option once availed shall not be withdrawn. Nangia Andersen Consulting Director Shailesh Kumar said companies desirous of availing the new tax regime shall have to file the forms electronically, before the due date of filing of return for AY 2020-21, i.e September 30, 2020. "The Forms have been notified in a timely manner and the companies have sufficient time to evaluate their options and file their consent accordingly," Kumar said. JD HRS

CBDT notifies forms for firms to avail lower corporate taxes

The government has allowed individuals under new lower tax regime to claim I-T exemption on <keyword id="404341" type="PERSON" weightage="20" keywordseo="Conveyance-allowance">conveyance allowance</keyword> received from employers. <keyword id="2552407" type="COMPANY" weightage="20" keywordseo="The-Central-Board-of-Direct-Taxes">The Central Board of Direct Taxes</keyword> (CBDT) has now amended Income Tax rules to prescribe <keyword id="9477484" type="UNKNOWN" weightage="20" keywordseo="certain-exemptions">certain exemptions</keyword> which can be availed by the employees. These include any allowance granted to meet the cost of travel on tour or on transfer, any allowance, whether, granted on tour or for the period of journey in connection with transfer, to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty. It also includes exemption for any allowance granted to meet the expenditure incurred on conveyance in performance of duties of an office or employment of profit, provided that free conveyance is not provided by the employer. The CBDT has further clarified that while determining value of perquisites, no exemption will be available in respect of free food and non-alcoholic beverage provided by employer through paid voucher. Further, blind, deaf and dumb or orthopedically handicap employees can also claim ad-hoc exemption of transport allowance of Rs 3,200 per month while computing <keyword id="4624679" type="PERSON" weightage="20" keywordseo="salaried-income">salaried income</keyword>. Offering an <keyword id="9477485" type="UNKNOWN" weightage="20" keywordseo="optional-lower-rate">optional lower rate</keyword> of income tax to individuals, Finance Minister Nirmala Sitharaman in her Budget for 2020-21 proposed new optional tax regime under section 115BAC of I-T Act for individuals willing to forego certain specified deductions or exemptions while computing total income for tax purpose. Under this, annual income up to Rs 2.5 lakh is exempt from tax. Those individuals earning between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax. Income between Rs 5 and 7.5 lakh will be taxed at 10 per cent, while those between Rs 7.5 and 10 lakh at 15 per cent. Those earning between Rs 10 and 12.5 lakh will pay tax at the rate of 20 per cent, while those between Rs 12.5 and Rs 15 lakh will pay at the rate of 25 per cent. Income above Rs 15 lakh will be taxed at 30 per cent. The new I-T slabs would be for individuals not availing certain specified deductions or exemptions. Nangia &amp; Co LLP Partner Shailesh Kumar said: "The notification also considers that it is employers' responsibility to provide transport to employees with certain disabilities and therefore exempts allowance given to such employees for commuting to/ from office, even under new scheme". The notification considers free meal/ beverages provided by an employer to employees during office hours to be a personal benefit to employees and not an expenditure for official purposes. Therefore, similar to other allowances withdrawn under new scheme/ slabs, tax exemption of such free meals/ beverages has been withdrawn under the new scheme, Kumar added. Taxmann DGM Naveen Wadhwa said "Section 115BAC(2) prescribes list of deductions/exemptions which are not available for deduction while computing total income if taxpayer opts for concessional tax regime. However, the provision empowers the CBDT to prescribe certain exemptions available under section 10 which can be availed by the employees". SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/what-ceos-say-india-can-learn-from-china-to-get-more-electric-vehicles-on-the-road/articleshow/76669260.cms" data-type="tilCustomLink">What CEOs say India can learn from China to get more electric vehicles on the road</a> <a href="https://www.businessinsider.in/india/news/assam-flood-situation-worsens-4-63-lakh-people-affected-across-1289-villages/articleshow/76669400.cms" data-type="tilCustomLink">Assam flood situation worsens, 4.63 lakh people affected across 1,289 villages</a>

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AGS Transact is a cash management firm looking to halve its debt with IPO money

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CBDT allows employees to claim exemption on tour conveyance allowance under new tax regime

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