India launched 14 satellites Wednesday morning, boosting the morale of its space agency which lost contact with a spacecraft to trying to land on the moon in September.

Polar Satellite Launch Vehicle-C47 (PSLV-C47) placed in orbit India’s earth observation satellite Cartosat-3 and 13 nano-satellites for the US when it blasted off from the Indian Space Research Organisation (Isro’s) Satish Dhawan Space Centre in Sriharikota at 9:28am.

Seventeen minutes after lift-off, Cartosat-3 separated from the launch vehicle and put into orbit. The 13 US satellites will be launched in the next eight minutes, completing the first business order of Isro’s newly formed commercial arm NewSpace India Ltd.

Cartosat-3, India’s third-generation earth observation satellite, will be used for large-scale urban planning and to monitor coastal land, rural resources and infrastructure development. The satellite, which will last for five years and weighs 1,625kg, can pick a 25-cm object from its orbital perch about 509 km away, making it one of the sharpest earth-imagers. Read Complete Article

Passenger vehicle (PV) buyers looking for hefty discounts till the last month or day before the new emission norms (BS-VI) take effect could be in for disappointment. Let alone a discount, they might not even get the model, variant or colour of choice in

BS-IV-compliant vehicles, said car dealers and automakers.

Though lower than last month, consumer offers on PVs continue in the current month. However, depending on a particular model, fuel type and variant, the offers may not last beyond a month as stock levels at most dealerships have seen significant reduction after Diwali (October 27).

“A lot of models of various brands are already in short supply,” said Sanjay Thakker, chairman, Landmark Group. “Those looking to buy BS-IV models shouldn’t wait.” Landmark is a dealer for Mercedes, Honda Cars, Renault, Nissan, Chrysler, and Volkswagen.

This is a stark departure from the previous years of emission norm change. Manufacturers usually pull out all stops to woo buyers till the last day ahead of the changeover, to make the most of the rush to beat the price hike. Read Full Story

Business News: Four companies, including Mukesh Ambani’s Reliance group and Bharti Airtel, on Monday collectively submitted 11 bids for three Anil Ambani group companies, which are up for sale as going concerns as part of the Insolvency and Bankruptcy Code (IBC) process.

The three companies for sale are Reliance Communications (RCom), Reliance Telecom (which holds the spectrum), and Reliance Infratel (which controls the tower and fibre assets). RCom also owns real estate and enterprise businesses.

The bids were opened by the committee of creditors, which held a meeting that continued until late night on Monday in Mumbai. It will meet again on Friday to discuss and possibly finalise the winning bids for the three companies

The value of the financial bids as well as which companies they have bid for, however, could not be ascertained. Read Complete Article

Rating agency Moody’s on Monday said the amendments to India’s bankruptcy code enabling the resolution of finance companies are credit positive for banks.

India’s banks are largest lenders to non banking finance Institutions (NBFI). The provisions in the IBC provide for the orderly resolution of a stressed company. Until now, the only resolution framework for NBFIs was through liquidation.

“We expect an orderly resolution process via the IBC will help limit losses for creditors as compared with liquidation,” Moody’s said in a statement.

On November 18, 2019, the government (Baa2 negative) amended the country’s Insolvency and Bankruptcy Code (IBC) 2016. It allows for the resolution of NBFIs, including housing finance companies, with asset sizes greater than Rs 500 crore via the IBC.

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Godrej Appliances on Monday said it will invest Rs 700 crore to increase its annual appliance production capacity by 19 lakh units by 2022, taking it up to 65 lakh units per annum.

The appliances maker also plans to introduce newer technologies and carry out backward integration.

“Godrej Appliances is all set to invest another Rs 700 crore by 2022. This latest announcement takes the tally of Godrej Appliances’ investment in capacity and technology expansion to Rs 1,100 Crore over a period of six years,” the Godrej & Boyce Mfg Co unit said.

The fresh investment is aimed at raising the company’s annual appliance production capacity by 19 lakh units by 2022, increasing it up to 65 lakh units per annum, it added.

With this investment, Godrej Appliances plans to double the current capacity for washing machines – both fully automatic top load and semi-automatic – at its Shirwal and Mohali plants. Read Complete Article

Business News: Having asked for a 10-day extension from a Resolution Professional, Mukesh Ambani’s Reliance group is expected to make a bid for his brother Anil Ambani’s Reliance Communications (RCom) and its related companies on Monday.

The companies are up for grabs as going concerns from the Anil Ambani stable under the Insolvency and Bankruptcy Code (IBC) process. They include RCom, Reliance Telecom (which has the spectrum), and Reliance Telecom Infrastructure which houses the tower and fibre assets. Rcom also has subsidiaries which control its real estate and data centre businesses. The bids close on Monday and it is expected that the committee of creditors will open them on the same day for discussions.

The structure of how the bid will be made is not clear as, under the regulatory rules, a bid by Reliance Jio (which is not a listed entity) acquiring RCom (a listed entity) would require the former to merge the latter. Yet that is clearly not acceptable to the group which is looking at coming out with a separate IPO for Jio. An e-mail to Jio elicited no response.

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Averting a major showdown with the Uttar Pradesh power employees on the illegal investment of their provident fund (PF) in Dewan Housing Finance Corporation Limited (DHFL), the Yogi Adityanath government has announced to underwrite the outstanding corpus.

Besides, the state has also started the process of disinvesting the PF corpus in two other non-banking finance companies as well — LIC Housing Finance and PNB Housing Finance, which would be invested in other public sector financial institutions as per norms.

While Rs 4,122 crore was invested in DHFL alone by the two trusts managing the PF of the power employees between March 2017 and December 2018, about Rs 2,267 crore is still to be repaid by the company, which has been barred by the Bombay High Court from making fresh repayments.

The employees had been demanding the state to issue a gazette notification undertaking to ensure repayment of the corpus in DHFL, which is being probed by the enforcement directorate for money laundering. While the employees had observed 48 hour ‘work boycott’ on November 18-19, they had further announced to proceed on indefinite stir beginning November 28, if the state government failed to concede to their demands. Readmore

Chinese smartphone brand Vivo on Friday launched in India the Vivo U20. Second in the company’s budget U-series smartphones, the Vivo U20 boasts waterdrop-shaped notch screen, big capacity battery with fast charge support, triple rear cameras and capacitive fingerprint sensor on the back. The phone comes in 4GB RAM + 64GB storage and 6GB RAM + 64GB storage configurations, priced at Rs 10,990 and Rs 11,990, respectively. Both the variants will go on sale from November 28 on Amazon India and Vivo e-Store.

Vivo U20 specifications

The Vivo U20 has a 6.53 waterdrop-shaped notch screen of fullHD+ resolution. The screen is covered under Panda Panda MN228, which is a protective glass just like the Corning Gorilla Glass. The phone is powered by Qualcomm Snapdragon 665 system-on-chip, paired with up to 6GB RAM and 64GB internal storage. The dualSIM phone has a storage expansion slot, which supports up to 512GB microSD card. The phone boots Android Pie operating system, covered under Vivo FunTouch OS user interface. Powering the phone is a 5,000 mAh battery, which supports 18W fast charging through charger that comes with the phone. Read Complete Article

The pink ball feels like a “heavy hockey ball” to Virat Kohli, who is extremely wary of the challenges its weight, hardness and colour could pose while fielding.

Indian cricket will finally embrace the pink revolution when Kohli’s formidable team lock horns with a deflated Bangladesh in their maiden Day/Night Test starting here on Friday.

“One thing that surprised me was the fielding sessions. In the slips balls hit so hard it almost felt like a heavy hockey ball, all those synthetic ball that we’re used to play with in the younger days,” Kohli said on the eve of the match.

“It’s purely because of the extra glaze on the ball, it is definitely much more harder. For some reason it felt heavy and even the throws took a lot more effort than the red colour to reach the wicketkeeper.”

India had their first brush with the SG pink ball after they wrapped up the opening Test inside three days in Indore. Read Complete Article

Shoppers will soon be able to work out the true carbon footprint of their purchases thanks to an app from one of the most digitally savvy nations in the world.

Unlike other carbon-footprint calculators already on the market, the application developed by Enfuce Financial Services Oy, a Finnish payment services provider, does not rely on users inputting the data manually. Instead, it combines data from credit cards and banks with purchase data from retailers to provide real-time calculations of how a given product affects the climate.

With an estimated 70% of carbon emissions globally attributed to end users, Enfuce chairman and co-founder Monika Liikamaa says the app will help people adapt their lifestyles and make them compatible with the goal of keeping global warming within 1.5 degrees Celsius. Read Complete Article