Karnataka Bank reports fraud of Rs 34 crore against IL&FS Transportation - The Daily Guardian
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Karnataka Bank reports fraud of Rs 34 crore against IL&FS Transportation

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Mangaluru (Karnataka) [India], February 19 (ANI): Karnataka Bank has reported to the Reserve Bank of India a fraud in its credit facilities extended to IL&FS Transportation Networks Ltd with an outstanding balance of Rs 34.16 crore.
“The above entity had availed credit facilities from us during 2016 under multiple banking arrangements wherein our bank was one of the member banks and during 2018, the borrowing account was classified as a non-performing asset and has been fully provided for.”
“As such, there is no impact on financials of the bank going forward,” said the private sector lender in a statement issued on Friday.
IL&FS, a major infrastructure financing and construction company, collapsed in late 2018 after a series of defaults that triggered fear of contagion in India’s financial sector and forced the government to take control and overhaul its board. (ANI)

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Marine Electricals bags new order of Rs 81 crore from GRSE

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Mumbai (Maharashtra) [India], March 8 (ANI): Marine Electricals India Ltd on Monday announced bagging a new order worth Rs 81.18 crore from Garden Reach Shipbuilders and Engineers (GRSE) for supply and service of integrated bridge system for anti-submarine warfare shallow water craft project.
The integrated technical solution provider in electrical automation now has an order book totalling Rs 427 crore.
Chairman Vinay Uchil said the Indian shipyards have seen strong traction in last few years in terms of order intake. Wiith the renewed thrust of government, order inflows for shipyards are expected to be quite strong for construction of new vessels.
“As an approved vendor within the marine electrical and electronics ecosystem, this augurs well for Marine Electricals India as it provides strong visibility of orders with progress of ship constructions,” he said in a statement.
The company has been a leading player offering comprehensive electrical solutions to marine segment as well as other industries for more than 40 years.
It has a strong presence in emerging segments with high electrical needs like solar power, railways, Metro, electrical vehicles charging, large residential and commercial buildings. (ANI)

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Specialty chemicals major DCW raises Rs 410 crore through NCDs, OCDs

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Mumbai (Maharashtra) [India], March 8 (ANI): Specialty chemicals major DCW Ltd said on Monday it has completed refinancing of its debt with issuance of non-convertible debentures (NCDs) totalling Rs 350 crore and optionally convertible debentures (OCDs) to be converted into equity within 18 months amounting Rs 60 crore.
DCW (earlier known as Dhangadra Chemical Works) will utilise the funds in refinancing the existing term loans and augment working capital.
The company expects this fundraise to enhance capacity utilisation and meet increasing product demand. These NCDs carry a moratorium of 18 months and a tenure of six years.
Chief Financial Officer Vimal Jain said DCW saw strong investor interest for NCDs and OCDs, and could manage the fundraise at favourable terms.
“Through these transactions, the company extended its debt stack maturities and added additional liquidity to the balance sheet. DCW’s credit profile remains stable with positive bias.”
With the completion of this refinancing, said Jain, the company has managed to enhance financial flexibility and is on a firmer footing to achieve long-term growth.
DCW is a specialty chemical company manufacturing PVC, C-PVC caustic soda, soda ash and synthetic iron oxide pigment. It is the only domestic manufacturer C-PVC, a versatile thermoplastic used mainly for manufacturing hot and cold-water pipes, industrial liquid handling and a wide range of products serving a variety of applications.
DCW’s caustic soda, SIOP and PVC units are in close proximity to the Tuticorin Port in Tamil Nadu, giving the company a competitive edge over its peers to export products to global markets. (ANI)

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Rajwada Cricket League (R.C.L) is all set to commence on March 7, 2021

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Kota (Rajasthan) [India], March 8 (ANI/PNN): The much-awaited sixth edition of Rajwada Cricket League (RCL) commenced on March 7. The action will last for seven days as the finals are listed to be played on March 13 at the renowned JK Pavilion International Cricket stadium, Nayapura, Kota, said Amin Pathan, Chairman, (RCL).
The league would witness the presence of several International cricketers and glamourous Bollywood personalities.
Six teams to compete for the glory
As per Amin Pathan, a total of six teams are competing to claim their authority over the prestigious cup and they have been segregated into two groups of three teams each. Group A would comprise Kota Chambal Tigers, Jodhpur Jodhana Royals, Jaipur Pinkcity and Udaipur Mewar Royals, Ajmer Meru Warriors, Jaisalmer Jaguars will complete Group B.
The twenty-over format league will be played in accordance with all the ICC guidelines and a total of two games will be played for the first six days of the league as a complete day will be dedicated to the grand finals. The time slots for the first and second games will be 9.00 AM – 12.30 PM and 1.00 PM – 4.30 PM respectively. As with former years, the fans are going to witness enthralling and fiercely fought games of cricket this year as well.
Presence of international cricketers and Bollywood stars
Season six of R.C.L. will be beautified by the presence of Bollywood star Suniel Shetty, Sohail Khan, Ali Kuli Mirza (singer), Shahzad Khan, Sargam, Kainaat Arora, Jo Jo. Other guests will be Faisal Sheikh (Faisu), Faiz Baloch, Rashid Khan, Zubin Shah, Amir Arab and Azhar Khan.
From the cricketing front, Kota is all set to welcome cricketing legend Mohammad Azharuddin, Mohammad Kaif, Pragyan Ojha, Pankaj Singh, Munaf Patel, Praveen Kumar as their presence on the field will boost up the participating cricketers.
Apart from this, ministers, member of parliament and member of legislative assemblies from state and central government will also grace the occasion.
J.K. Pavilion stadium all set to host R.C.L.
In order to make this a successful event, the City Development trust and other departments are leaving no stone unturned. The coordination between different departments is what will make this edition one of the grandest. Cosmetic tasks as whitewash, grass cutting and ground levelling are in full swing. Two large LED screens will be installed which will allow the fans to catch all the on-field action more defined manner. The centre and practice pitches are being curated by an international curator.
R.C.L. emerging as the future of cricket
Pathan emphasized that previous editions of R.C.L. not only benefitted cricket in Rajasthan but also helped create cricketers for India. The likes of Khaleel Ahmed, Deepak Chahar, Kamlesh Nagarkoti, Rahul Chahar, Salman Khan, Nathu Singh, Mahipal Lomror all have showcased their talent in the previous editions.
Huge fan base expected to watch the cricketing action
If the trend from the past seasons is to be taken into consideration, we are expecting a huge turn around during the matches quoted by Pathan. The approximate seating capacity is 20,000 and we are expecting the stadium to be full, however, during these unprecedented times of Covid – 19, we are determined to follow all the administrative and medical guidelines.
The young brigade from schools, colleges and coaching institutes are expected to occupy the major seating capacity. Considering the success of previous seasons, a lot of institutions from Kota are coming forward to become a part of this event.
Rajasthani cultural shows
In order to promote Rajasthani culture, we have made arrangements to organize a traditional Rajasthani dance, Sahariya dance and folk art. This will be a good exhibition and source of entertainment for all players, spectators and the invited guests.
Players selected post proper trials
Pathan confirmed that proper cricket trials were conducted in order to pick the best and deserving players. A total of 180 cricketers took part in the trial. The players were being selected keeping in mind the main expertise associated with the game of cricket i.e. bowling, batting and wicket Keeping.
Initially, the trials were conducted for the players from outside Kota and later local guys showcased their area of expertise.
This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)

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Artificial Intelligence and IoT can improve travel experience

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New Delhi [India], March 8 (ANI/SRV Media): Aamir J Ahmad, the CEO of the online ticketing platform BusAndTicket.com, opens up about use of technology to improve Travel Experience.
In interaction with Media, Aamir Junaid Ahmad, CEO – BusAndTicket, a technocrat himself, shared how the company is planning to use technology for improving bus ticket booking and travel experience for its customers.
With the AI advancement in the world, we will soon implement new ways the technology can improve customer experience. AI and IoT together will give more personalized ticket booking experience and will help users find the best deals and recommendations to fulfill their travel plans with ease. The more they use the service, the more information will be available to further customize the search results.
BusAndTicket.com is coming up for the first time with the concept of dynamic pricing in bus ticket booking using the Analytical Benefits of AI. The bus seat rates can change based on weather, events, and how many seats are available. However, this will be implemented subject to approval by the stake holders.
The use of IoT is been adopted for resolving the issue of lost luggage, which is causing a lot of stress to passengers as well as a lot of costs to the bus travel industry. BusAndTicket.com aims of adopting IoT tools to reduce baggage mishandling at bus stands.
Sensor-based baggage solutions will send a push notification to the traveller when the bag gets loaded and each time the bag is adjusted or unloaded. In this way the passenger will know exactly when the luggage is loaded, unloaded or accessed. Use of such technology to track their baggage via a link found on their mobile ticket will build confidence among the passengers.
While the implementation of these technologies can be complex and expensive, it pays off in the long run by improving user experience and customer retention. After all, customers are most likely going to return to a service if they’ve been satisfied with it in the past.
This story is provided by SRV Media. ANI will not be responsible in any way for the content of this article. (ANI/SRV Media)

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Spoton Logistics strives to eliminate gender disparity in the logistics sector

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New Delhi/Bengaluru (Karnataka) [India], March 8 (ANI/NewsVoir): Spoton Logistics, India’s engineering and technology-driven logistics company, announced multiple initiatives anchored towards encouraging women in the organization to take up leadership roles and at the same time, providing them with consultancy to balance their professional and personal lives, as needed.
The company is also hosting an online self-defence class and a leadership training session on March 8, on account of International Women’s Day.
Spoton Logistics has also set up a support group for women in the organization primarily aimed at addressing any bias they face in day-today lives and offering them compassion and feedback that helps them find new possibilities and leads them to drive important changes in their personal and professional lives.
Commenting on the same, Abhik Mitra, MD & CEO, Spoton Logistics, stated, “Conventionally, the logistics industry has been dominated by men owing to a number of reasons. In order to combat the skewed gender ratio both at ground level as well as the top-level, Spoton has been committed to lead a culture of equal opportunity.
To further propagate this, we are introducing a mentoring program to groom and encourage more women to have significant participation in the organisation and be willing to take up leadership roles and not confine themselves. We are confident to lead the change in the industry and cement our position as one of the top employers in the sector.”
Jothi Menon, Director – HR, Spoton Logistics, added, “Logistics has been one of the highest-employment-generating sectors for the country. We, at Spoton, are dedicatedly working towards a larger vision of creating tremendous opportunities for women in the sector by creating a more inclusive workplace.
The objective is to nurture greater knowledge sharing and create a thriving ecosystem for innovation, enhanced decision-making and heightened group performance. To achieve this, we are consistently tapping into large talent pools, providing an equal opportunity for women from all walks of life to be a part of the organisation and become self-reliant.”
As a matter of fact, Spoton Logistics has always been extremely supportive of women who wish to join the organisation back even after a prolonged period of time, whether newly wedded women or returning mothers. The company has consistently offered them the flexibility to work from anywhere and set their mind at ease.
In January 2021, in a bid to encourage women team members, Spoton invited Apurva Purohit, Author of the book ‘Lady, You’re the Boss’. While the book draws from Apurva Purohit’s personal experiences and reveals how women minimise themselves, suffer from the imposter syndrome, and settle for less; it seamlessly weaves in real-life anecdotes to provide tips on dealing with discrimination at the workplace and encourages women to take the lead.
She also answered questions on how women can achieve a balance between work and life. There were some practical tips given on how to address gender bias.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

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Equity indices close flat after volatile session, UPL up 7 pc

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Mumbai (Maharashtra) [India], March 8 (ANI): Equity benchmark indices erased early intra-day gains and ended marginally higher on Monday with Nifty PSU bank up by 1.6 per cent.
The BSE S&P Sensex wound up 36 points or 0.07 per cent higher at 50,441 while the Nifty 50 ticked up by 18 points or 0.12 per cent to 14,956.
Sectoral indices at the National Stock Exchange were mixed with Nifty PSU bank up by 1.6 per cent, metal by 0.8 per cent and pharma by 0.4 per cent. But Nifty realty slipped by 1 per cent.
Among stocks, agro-chemicals major UPL jumped by 7 per cent to Rs 633.45 per share while energy major GAIL was up by 4.2 per cent to Rs 153.40.
Larsen & Toubro rose by 3.4 per cent, ONGC by 3.3 per cent, SBI Life by 2.8 per cent, State Bank of India by 1.6 per cent, HCL Technologies by 2.4 per cent and Axis Bank by 1.9 per cent.
However, IndusInd Bank fell by 2.2 per cent to Rs 1,016.85 per share. Bajaj Finance, Bajaj Auto, Bharti Airtel, Hindustan Lever and Titan too were in the red zone.
Meanwhile, Asian shares reversed morning trends and fell on worries over monetary policy tightening.
Japan’s Nikkei dropped by 0.42 per cent while Hong Kong’s Hang Seng slipped by 1.92 per cent. South Korea’s Kospi also tumbled by 1 per cent. (ANI)

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