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  • Sensex, Nifty trade flat as Titan, bank stocks emerge as top losers

    sensex

    Benchmark equity indices on Monday snapped their three-day winning streak and traded flat in the morning hours. At pre-open, Nifty was flat at 24329.45 and the Sensex was lower by 0.1 per cent at 79915.00.

    BSE Midcap and Smallcap indices were marginally higher in the opening trade.

    Shares of Titan Co fell nearly 4 per cent after it reported subdued growth in the sales of its jewellery segment. Except capital goods, FMCG and all other sectoral indices traded in the red. Shares of ICICI Bank, HDFC Bank, Infosys and State Bank of India dragged the Nifty.

    sensex

    IANS

    Tata Motors, Hindustan Unilever, ITC, Bharti Airtel and Oil & Natural Gas Corp cushioned the fall. According to market watchers, as the market trades near all-time high levels, investors and traders can consider maintaining their positions with appropriate stop-loss orders.

    Positive news flows can impart resilience to the market in the near term, according to them. “The market will respond to the Q1 results which will start flowing from this week onwards. Financials have the potential to move up further in response to the expected good results,” analysts added. 

    (With inputs from IANS)

  • Vizhinjam Port near Kovalam Beach receives first mothership, what it means?

    Adani Group's Vizhinjam Port receives first mothership, puts India in world league

    IANS

    Adani Group’s Vizhinjam Port, India’s first trans-shipment port near Kovalam Beach in Kerala, received its first mothership on Thursday.

    ‘San Fernando’, a vessel of the world’s second-largest shipping company Maersk, arrived at the port country with over 2,000 containers on it, thus creating history.

    The giant vessel was given the traditional water salute following which it berthed successfully.

    With the arrival of the first mother ship, Adani Group’s Vizhinjam Port has catapulted India into the world port business as globally this port will rank 6th or 7th.

    Those present to receive the mothership included State Ports Minister V.N. Vasavan, officials from the Adani Port and senior state government officials.

    The official function will take place on Friday. It will be attended by Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal, Chief Minister Pinarayi Vijayan and Adani Ports and SEZ Ltd (APSEZ) Managing Director Karan Adani.

    Adani Port

    The Coastal Resource Centre

    Soon after the official inauguration, the mothership will move to its next destination at Colombo and after that many more ships are scheduled to arrive with cargo.

    Friday will mark the official completion of the first phase of the port, which has a 3,000-metre breakwater and 800-metre container berth ready.

    Of the 32 cranes required, all but one have come. A 1.7 km approach road for connectivity is almost complete, while the office building, security area and electric lines are all ready.

    Another feature of this port is that it is the first semi-automated container terminal in the country and will also be a global bunkering hub, supplying clean and green fuels like hydrogen and ammonia. Full-fledged commercial operations in the port are slated to begin in a few months.

    The second and third phase of the project is planned to be completed in 2028 and will be one of the greenest ports in the world.

    The port is also strategically located as it is just 10 nautical miles from the International Shipping Route connecting Europe, the Persian Gulf and the Far East.

    (With inputs from IANS)

     

  • Rishi Shah, Shradha sentenced for defrauding Goldman Sachs, Alphabet in billion-dollar scheme

    NRI PULSE STAFF REPORT

    Chicago, IL, July 3, 2024: Rishi Shah, the Indian American co-founder of Outcome Health, has been sentenced to 7.5 years in prison for orchestrating a massive fraud scheme that defrauded investors and clients of nearly $1 billion. His co-founders, Shradha Agarwal and Brad Purdy, were also sentenced for their roles in the scheme. Agarwal received three years in a halfway house, and Purdy received two years and three months in prison.

    Outcome Health, founded in 2006 and known as Context Media prior to 2017, installed television screens and tablets in doctors’ offices across the U.S. to display pharmaceutical advertisements. Shah, Agarwal, and Purdy inflated the company’s financial performance and advertising reach by selling more advertising inventory than they had and under-delivering on advertising campaigns. They invoiced clients as if they had delivered in full and falsified data to secure loans and investments.

    Major investors defrauded by the scheme included Goldman Sachs, Google’s parent company Alphabet (through its investment arm CapitalG), and the Pritzker Group. These investors were part of a $500 million funding round in 2017, valuing Outcome Health at $5.5 billion at the time.

    The fraud resulted in a significant overstatement of Outcome’s revenue for 2015 and 2016, enabling Shah and his team to raise $110 million in debt financing in April 2016, $375 million in December 2016, and $487.5 million in equity financing in early 2017. The $110 million debt financing resulted in a $30.2 million dividend to Shah and a $7.5 million dividend to Agarwal, while the $487.5 million equity financing yielded a $225 million dividend benefiting both Shah and Agarwal.

    Shah was convicted of multiple counts, including mail fraud, wire fraud, bank fraud, and money laundering. Agarwal and Purdy were also convicted on multiple counts of fraud. The scheme resulted in at least $45 million in overbilled advertising services.

    “This was an elaborate, billion-dollar fraud scheme by three people who were supposed to be leaders of the company,” said FBI Executive Assistant Director Timothy Langan. The FBI and FDIC-OIG, along with the U.S. Securities and Exchange Commission, investigated the case.

    Shah plans to appeal the verdict.

  • Amrita Vishwa Vidyapeetham is All Set to Produce Netravaad,

    Hyderabad, 11th July 2024: Amrita Vishwa Vidyapeetham, a leading university, is all set to commence production of Netravaad, an innovative device designed to revolutionize patient care for individuals with speech impairments. This groundbreaking technology is being developed by T2HInnovations, a healthtech startup incubated under SCTIMST TIMED (TBI for Medical Devices and Biomaterials)

    HuT Labs, Amrita Vishwa Vidyapeetham, Dr. Rajesh Kannan Megalingam, T2HInnovations, Amrita Vishwa Vidyapeetham, a leading university, Hyderabad, Innovative Technology for Speech Impairment, Amrita Vishwa Vidyapeetham

    Named Netravaad, the device is developed and tested rigorously at Amrita Hospital in Kochi. Netravaad utilizes innovative eye gesture-based technology to enable patients to communicate their needs effectively.

    T2HInnovations, a Kerala-based startup established under the AI and Robotics research center, HuT Labs of Amrita University, specializes in biomedical and healthcare robotics. It operates in close collaboration with Amrita University’s research facilities, leveraging the university’s expertise in engineering and technology to develop impactful solutions such as Netravaad.

    Dr. Rajesh Kannan Megalingam, Director, HuT Labs, Amrita Vishwa Vidyapeetham, and Founder, T2H Innovations, said, “We’re now in the production phase of Netravaad and all set to bring this transformative technology to a wider audience. Netravaad’s ability to enable communication through eye gestures represents a major leap for individuals with speech impairments. This milestone reflects our dedication to developing practical solutions that meet the communication needs of millions affected by neurological disorders.”

    Amrita University is committed to advancing biomedical technologies to empower individuals, envisioning a future where everyone can engage with the world independently.

  • Five automakers to recall over 1,56,000 cars for faulty parts

    Seoul, July 11: Kia, Nissan Korea and three other carmakers will voluntarily recall more than 1,56,000 vehicles due to faulty components, the transport ministry here said on Thursday.

    The five companies, also including Hyundai Motor Co., Porsche Korea and Toyota Motor Korea Co., will recall 1,56,740 units of 32 different models, the Ministry of Land, Infrastructure and Transport said in a statement.

    The problems that prompted the recall include poor durability of the electronic control hydraulic unit of 1,39,478 units of the Sorento SUV model, reports Yonhap news agency.

    Also, 8,802 vehicles across eight Nissan models, including the Q50 model, were found to have defective manufacturing of the propeller shaft.

    Hyundai’s luxury brand Genesis will recall 2,782 GV70 units due to defective engine ignition connection bolts. Porsche Korea will recall 2,054 vehicles across 17 models, including the 911 Carrera 4 GTS Cabriolet, due to a safety issue involving the lane-keeping function.

    Toyota Korea will recall 737 vehicles across three models, including the Prius 2WD, due to a defect in the rear door external handle, the ministry said.

  • Decline in markets continues, Sensex down 315 points, Nifty 86 pts

    sensex

    Indian market benchmarks — BSE Sensex was down 315 points or 0.39 per cent to 79,610.08 levels while Nifty50 slipped 0.35 per cent or 86 points at 24,238.95.

    Tata Motors, ITC were the top gainers while HDFC Bank, Nestle India were the top losers on BSE on Thursday.

    sensex

    SensexIANS

    Similarly, Nifty shows Coal India, Tata Motors remained the top gainers while Sun Pharma, HDFC Bank were the top laggards.

    However, smallcaps were buzzing in an otherwise weak market as Nifty SmallCap soared 0.28 per cent while MidCap was trading 0.13 per cent higher. Sectorwise, Nifty Realty was the top loser, down over 1 per cent but Auto was the top gainer, up 0.27 per cent.

  • The Hottest New Openings In Saudi: Prepare For An Unforgettable Stay


    The Hottest New Openings In Saudi

    SAUDI ARABIA: A dynamic destination with plenty on offer, Saudi has something for everyone. Whether you’re the type of traveler who seeks a quiet hotel on a private island, a remote desert getaway, a bespoke wellness retreat, or a lavish spot in a bustling city – we’ve got you covered!

    Gearing up to take Saudi’s spirit of hospitality to a whole new level, the country is slated to welcome a series of new properties set against some of the most spectacular backdrops. Blending nature, tradition, and modernity, here’s a look at the hottest new openings that will forever change your definition of a ‘hotel’.

    Six Senses Southern Dunes

    Set against the mesmerizing backdrop of desert plains and the Hijaz Mountains, stands the Six Senses Southern Dunes, The Red Sea resort that honors the Nabataean architectural heritage and majestic desert surroundings. With Oasis being the heart of the resort, the canopy of the hotel, inspired by a desert flower is a self-shading structure that will host vibrant activities and functions under one roof. The villas are structured parallelly for the guests to enjoy the views of the surrounding dunes. This spot also has two signature restaurants, an outdoor pool, a fitness center, and a world-class Six Senses Spa for guests to enjoy.

    Lastly, a fun fact about this hotel- it made it to the ‘2024 Hot List’ published by Condé Nast Traveller for best hotels in the world.

    Desert Rock Resort

    Set in a hidden valley and nestled between the mountains is the Desert Rock Resort which will be welcoming guests across the globe this year. Part of Red Sea Global, the hotel will allow its guests to immerse themselves in nature on a whole new level while offering unparalleled luxury.

    The hotel is an architectural masterpiece and sits fully integrated in the mountainside, preserving its striking natural silhouette. Offering a truly one-of-a-kind experience guests can even stay in rooms carved out of the rock itself. All rooms provide undisrupted views out to the horizon, allowing guests to admire the vast desert vistas that stretch out ahead.

    Nujuma, A Ritz Carlton Reserve The Red Sea

    Blending intuitive and heartfelt service with stunning natural beauty and indigenous design, Nujuma is the first property from the brand in the Middle East and joins an exclusive collection of only five Ritz-Carlton Reserves worldwide. The hotel is situated on a pristine set of private islands, which are part of the Red Sea’s Blue Hole cluster of islands. Surrounded by unspoiled natural beauty and designed to blend seamlessly with the environment, the resort features 63 one-to-four-bedroom water and beach villas.

    When not soaking up the tranquil surroundings from the comfort of their own villa, guests will be able to indulge in a lavish spa, swimming pools, a range of restaurants, and a retail area, or learn more about the prized natural setting at a Conservation Centre.

    Bab Samhan, Diriyah

    Bab Samhan is set to open its doors this year, making it the first-ever hotel to open within the UNESCO World Heritage site Diriyah. Promising to blend contemporary luxury with the signature Najdi architectural style, the hotel will boast 106 rooms each offering a distinct ambiance that will immerse guests in the culture and history of the area. With the property located in North Diriyah and close to both scenic Wadi Hanifah and At-Turaif, guests get a chance to enjoy the hotel’s amenities as well as nearby attractions.

    Dar Tantora, AlUla

    Dar Tantora is an upscale eco-lodge from The House Hotel, which has recently opened its door to the world. Located in the historic AlUla Old Town, the property is a fusion of heritage and contemporary design which is set to transport guests back to the 12th century while offering them the utmost comfort of modern-day hospitality. The hotel includes 30 guest rooms created from restored and repurposed historical mud-brick buildings using modern engineering in tandem with traditional materials and techniques for a truly authentic Old AlUla experience.

  • Sensex, Nifty end flat as markets turn to consolidation phase

    Sensex, Nifty end flat as markets turn to consolidation phase

    IANS

    The Indian benchmark indices ended flat on Monday as the stock markets turned to a consolidation phase due to the absence of major triggers to support the current premium valuation in the near term, prompting investors to book some profits.

    The Sensex closed at 79,960.38 points, or 36.2 points down while the Nifty closed at 24,320, just 3.3 points down.

    Top Nifty gainers were ONGC, ITC, HDFC Life, HUL and Tata Consumer Products, while losers were Divis Labs, Titan Company, BPCL, and Shriram Finance.

    The BSE midcap and smallcap indices ended marginally lower.

    According to market watchers, the earnings season is around the corner, and the initial expectation is subdued. With stable input prices and ongoing price cuts, the period of margin expansion appears to be concluding, which is likely to affect earnings and valuations.

    sensex

    The rupee ended flat at 83.50 per dollar on Monday compared to Friday’s close of 83.49.

    According to Aditya Gaggar, Director of Progressive Shares, among the sectors, FMCG and energy were the top performers while PSU banks and metal were the major laggards.

    “The Railway segment was the star performer of the day as almost all the counters surged over 5-6 per cent,” he said.

    According to analysts, as the market trades near all-time high levels, investors and traders can consider maintaining their positions with appropriate stop-loss orders.

    “The Nifty remained range-bound during the day, as market participants appeared to be in no hurry to decide the market’s direction. Support remains at 24,240, and a fall below this level might weaken the strength of the bulls,” said Rupak De from LKP Securities.

    (With inputs from IANS)

     

  • Noble Hospitals And Research Centre In Asociation With The Rotary Club Of Pune Synergy Inaugurates The Human Milk Bank


    Noble Hospital team members and rotarian members at the launch of Human Milk bank at Noble Hospitals and Research Centre

    Noble Hospitals and Research Centre in association with Rotary Club of Pune Synergy inaugurates the Human Milk Bank for premature babies and non-lactating mothers- The human milk bank will cater to eastern Pune

    PUNE: Noble Hospitals and Research Centre in association with the Rotary Club of Pune Synergy today inaugurated the Human Milk Bank to support premature babies and mothers who are unable to breastfeed. The Human Milk Bank was inaugurated at the hands of veteran well-known actress and producer Shweta Shinde, Rtn. Manjoo Phadke, District Governor, Rotary Dist.3131, Rtn. Shital Shah, District Governor Elect, Rtn. Sonam Thakur, President, of Rotary Club of Pune Synergy along with Dr.Dilip Mane, Chairman and Managing Director of Noble Hospitals and Research Centre, Dr.HK Sale, Executive Director, Dr. Divij Mane, Director, Dr. P D Pote, Director, Department Of Pediatrics,  Dr. Abhay Mahindre, Director Neonatology, Dr. Mangesh Lingayat, Director, Dept. of Ophthalmology, Dr. Pradeep Suryawanshi, Neonatologist, Dr. Anil Khamkar, Neonatologist, and others were present on the occasion. 

    Rtn. Dr. Archana Shingavi and Rtn. Neeraj Panchal has made significant efforts to establish a human milk bank at Noble Hospitals and Research Centre.

    Breast Milk is of extreme importance to babies as it provides nutritional requirements, helps in neurodevelopment, protects against common childhood diseases, and can help babies from possible adult diseases in the future like diabetes, etc. According to WHO, the first 2 years of a child’s life are particularly important, as optimal nutrition during this period lowers morbidity and mortality, reduces the risk of chronic disease, and fosters better development overall.

    Well-known actress and producer Shweta Shinde congratulated Noble Hospital and Rotary Club of Pune Synergy for this initiative and said that this will be extremely useful for pre-term babies and their overall well-being. 

    Dr. Abhay Mahindre, Director of Neonatology at Noble Hospitals and Research Centre said that the Human Milk Bank will be a boon, especially for pre-mature or babies requiring neonatal care. Human milk has a significant impact on the well-being of infants, especially premature babies.  The State-of-the-art Human Milk Bank will be catering to the needs of Eastern Pune and will collect, screen, store, and distribute human milk for babies in need with thorough quality and safety checks. The milk received from donor mothers is tested at the milk bank for infections, then pasteurized and sent to a deep freezer. The Human Milk is strongly supported by expert lactation consultant Dr. Sangeeta Kharate.

    Dr Mahindre added that Breast Milk is of crucial importance for any child. Formula feed is not an option. Apart from premature babies, the human milk bank will also be of crucial importance in cases where the mother is unable to breastfeed properly or in babies with issues like cleft palate, cleft lips, etc. If a mother is unable to breastfeed, we try to find out the reasons and address them with breastfeeding, expression techniques, or medications. If sufficient milk is still not produced, then human milk has to be given to the babies.

    Dr.Dilip Mane, Chairman and Managing Director of Noble Hospitals and Research Centre said the state-of-the-art Human Milk Bank is a part of our continuous process of expansion of our services aimed at the overall well-being of patients and people at large. He added that this is the seventh human milk bank in Pune and the first in eastern Pune.