The <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> dived 872 points while the Nifty finished below the 17,500-mark on Monday, in tandem with a sell-off in world stocks on renewed concerns over global growth and hawkish stance of central banks. Declining for the second consecutive session, the 30-share BSE Sensex tumbled 872.28 points or 1.46 per cent to close at 58,773.87. Similarly, the broader NSE Nifty declined 267.75 points or 1.51 per cent to 17,490.70. Barring ITC and Nestle India, all Sensex components posted losses. Tata Steel was the top laggard, skidding 4.50 per cent, followed by Asian Paints, Wipro, Sun Pharma, Larsen &amp; Toubro, Bajaj Finance, UltraTech Cement and Bajaj Finserv. " Global markets were weak as dollar index strengthened over hawkish statements made by US Fed Chairman. On the other hand, China's property market continued to be in trouble, which forced China to cut policy rates yet again," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd. Vinod Nair, Head of Research at Geojit Financial Services, said consolidation was triggered in the market in anticipation of tighter monetary policy by the US Fed and worries over a slowdown in global economic activity. "The current risk reward is not favouring investors as the <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> is now trading at a premium valuation of 21.5x P/E (1-year forward basis), above the long-term average. Rising dollar index and higher US 10-year bond yield act as the near-term headwinds for the market," he added. In the broader market, the BSE midcap gauge fell by 1.80 per cent and the smallcap index declined 1.17 per cent. All the BSE sectoral indices ended lower, with metal falling 2.69 per cent, followed by realty (2.47 per cent), basic materials (2.44 per cent), consumer discretionary goods &amp; services (2.01 per cent), finance (1.88 per cent) and bank (1.88 per cent). Elsewhere in Asia, markets in Seoul, Tokyo and Hong Kong ended lower, while Shanghai settled in the green. Bourses in Europe were trading in the negative zone during mid-session deals. Wall Street had ended lower on Friday. Meanwhile, the international oil benchmark Brent crude was trading 0.95 per cent lower at USD 95.80 per barrel. The rupee recovered early losses to close flat at 79.84 (provisional) against the US dollar amid a strong greenback overseas. Foreign institutional investors (FIIs) bought shares worth a net Rs 1,110.90 crore on Friday, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/airport-services-aggregator-dreamfolks-services-ipo-to-open-on-august-24-price-band-at-308-326-apiece/articleshow/93712223.cms">Airport services aggregator DreamFolks Services IPO to open on August 24, price band at ₹308-₹326 apiece</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/discounts-favourable-exchange-rates-are-driving-up-luxury-home-sales/articleshow/93704498.cms">Discounts, favourable exchange rates are driving up luxury home sales</a>

Sensex nosedives 872 points in tandem with global markets; ITC, Nestle buck trend

<ul><li>Markets gained during the week after losing ground for the previous two consecutive weeks.</li><li><keyword id="91748" type="General" weightage="50" keywordseo="indian-rupee" source="Orion">Indian Rupee</keyword> gained 22 paisa or 0.28 per cent to close at Rs 79.58. </li><li>Shares which were issued at Rs 326, saw a discovered price of Rs 505 on <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>, a high of Rs 550 and closed at Rs 462.65. </li></ul>Markets gained during the week after losing ground for the previous two consecutive weeks. BSESENSEX was up 989.85 points or 1.68 per cent to close at 51,793.18 points. <keyword id="6354813" type="General" weightage="50" keywordseo="nifty" source="Orion">NIFTY</keyword> gained 293.90 points or 1.68 per cent to close at 17,833.35 points. The broader indices saw BSE100, BSE200 and BSE500 gain 1.60 per cent, 1.67 per cent and 1.73 per centrespectively. BSEMIDCAP was up 1.86 per cent while BSESMALLCAP was up 2.53 per cent. Indian Rupee gained 22 paisa or 0.28 per cent to close at Rs 79.58. Dow Jones lost on the first two days and then gained on the remaining three days to end the week with gains of 833.27 points or 2.66 per cent to close at 32,151.71 points. In primary news, there was one listing, one issue which had opened for subscription and also closed and a third which had its roadshow. The issue from Dreamfolks Services Limited listed on Tuesday and fared well on expected lines. Shares which were issued at Rs 326, saw a discovered price of Rs 505 on BSE, a high of Rs 550 and closed at Rs 462.65. By Friday, shares lost some ground and closed lower at Rs 430.80. The issue from Tamilnad Mercantile Bank had tapped the markets with its fresh issue in a price band of Rs 500-525. The issue was subscribed 2.85 times with QIB portion subscribed 1.62 times, HNI portion was subscribed 2.94 times and Retail portion was subscribed 6.43 times. There were 1.33 lakh applications. Considering the issue, the response from QIB's could at best be said as tepid. The issue from Harsha Engineers Limited opens on Wednesday the 14th of September and closes on Friday the 16th of September. The price band is Rs 314-330. The company makes bearing cages as its key product and supplies to leading bearing manufacturers not only in India but also globally. Japanese manufacturers have begun to buy from Harsha and this could be a big boost in revenues going forward. The company reported revenues of Rs 1,321.48 crore for the year ended March 2022 and a profit after tax of Rs 91.94 crore. The PE at the top end of the band is 27.73 times. The company has undergone a restructuring exercise and has amalgamated all its businesses under one name. This has diluted the equity to some extent and while the basic EPS for the year ended March 22 was 16.06, on a diluted basis it works out to Rs 11.09. The share and the business look attractive. Coming to the markets in the week ahead, our markets would find strong resistance at the 17,750-800 levels and 59,450-59,550 levels. While we have almost closed at the above levels, we need to break out of them and sustain at higher levels. In case they do manage to break these levels for any reason, the previous tops made at 18,000 and 60,400 would be very strong resistances in the period coming up. Strong support exists at 17,350 and 58,200. If these break then the next level would be 17,000-17,050 and 57,250-57,350. For a clear trend to emerge, 17,000 and 57,250 on the lower side and 18,000 and 59,550 on the upper side need to be decisively broken. Currently we have no news or momentum in the markets to break these levels. The strategy would be to buy on dips and sell on rallies. One interesting development that has taken place in the last week, was that shorts in the futures were squared off to a large extent and to that effect markets have become hollow. In case there is any bad news and markets take a beating, the fall could become sharper than expected. Trade cautiously. (Arun <keyword id="6358183" type="General" weightage="100" keywordseo="kejriwal" source="Orion">Kejriwal</keyword> is the founder of <keyword id="715020" type="General" weightage="50" keywordseo="kejriwal-research-and-investment-services" source="Orion">Kejriwal Research and Investment Services</keyword>. The views expressed are personal) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tamilnad-mercantile-bank-ipo-how-to-check-allotment-status/articleshow/94138952.cms">Tamilnad Mercantile Bank IPO: Here’s how you can check the allotment status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/one-person-dying-every-44-seconds-due-to-covid-who-chief/articleshow/94131553.cms">One person dying every 44 seconds due to Covid: WHO chief</a>

The market strategy would be to buy on dips and sell on rallies: Arun Kejriwal

The week gone by saw markets gain on three of the five trading sessions, yet they lost considerable ground. The start of a new September futures series was also a mixed bag with the series beginning with a bang but by end of day turning out to be just about positive. BSESENSEX lost 812.28 points or 1.36 per cent to close at 58,833.87 points while <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">NIFTY</keyword> lost 199.55 points or 1.12 per cent to close at 17,558.90 points. The broader indices saw BSE100, BSE200 and BSE500 lose 1.00 per cent, 0.85 per cent and 0.65 per cent respectively. BSEMIDCAP gained 0.61 per cent while BSESMALLCAP was up 0.85 per cent. The Indian Rupee lost 6 paisa or 0.08 per cent to close at Rs 79.86 to the US Dollar. Dow Jones had a torrid week and was under pressure. It lost on three of the five days and Friday was literally a meltdown when it lost just over 1,000 points. It lost 1,008.38 points after <keyword id="45672" type="General" weightage="80" keywordseo="fed" source="Orion">FED</keyword> chairman <keyword id="1727754" type="General" weightage="80" keywordseo="jerome-powell" source="Orion">Jerome Powell</keyword> reiterated that they are on track to reach interest rates of between 3.75 per cent - 4 per cent by the end of the calendar year. This means that the next hike in September would be 75 basis points and the next one in November may bring a 50-basis points hike. The last and final meeting in December would decide where interest rates end at the end of the year. Currently interest rates in the US are in the range of 2.25-2.50 per cent. This statement by Powell, caused markets to plummet as over the last fortnight they had built in a softer rate hike. The impact of what happened in the US on Friday will be felt over the world when they resume trading on Monday. Our markets are closed for a holiday on Wednesday the 31st of August on account of Ganesh Chaturthi, the day when Lord Ganesh is brought home. It used to be a celebration in just Mumbai and Maharashtra, but is now a national event. This would break trading momentum and being a mid-week holiday, any meaningful rally would be difficult to sustain. In primary market news, it was a blockbuster Friday with one listing and one issue closing for subscription, and both doing very well. The listing from Syrma SGS Technology Limited which had issued shares at Rs 220 closed day one at Rs 313.05. The script gained Rs 93.05 or 42.5 per cent. The share saw robust trading and it was a little surprising that at the end of the day, no names were reported of people who had bought the stock. The issue from Dreamfolks Limited which had tapped the markets with its offer for sale of 172.42 lac shares in a price band of Rs 308-326 closed. The issue was open from Wednesday the 26th of August to Friday the 28th of August. The issue was subscribed 56.67 times with QIB portion subscribed 70.53 times, HNI portion subscribed 37.66 times and Retail portion subscribed 43.60 times. The issue got a favourable rub-off from the subscription and performance of Syrma SGS. Whether this replicates in future issues would be something that would be keenly watched. Issues to open from 1st September would see a change in the way money gets blocked against bids made through brokers. It was witnessed in almost all issues over the last 12 months, that investors bid for shares on the last day and then took a call depending on the final subscription whether they would block their money against the bid or allow the same to lapse. This saw many IPOs which were subscribed to actually end as undersubscribed and getting bailed out by reducing the offer for sale component. In the case of one issue, the merchant bankers had to contribute to the shortfall through the underwriting agreement. This would no longer be possible. It would be interesting times at the markets. Coming to the week ahead, we have a mid-week Wednesday trading holiday which would break the momentum. The previous week's top of 60,400 and 18,000 would act as very strong resistances on any upside that the markets make while levels of 58,200 and 17,400 would act as immediate support. However, if markets break these support levels, we would have another sharp fall of maybe another 2 per cent in the benchmark indices happening rapidly. The new support could then be around 17,000 on NIFTY and 57,000 on BSESENSEX. The big concern would now be the FED announcement and the fact that the US market which fell 1,000 points on Friday is now becoming a cause for concern. The strategy would be to buy on really sharp dips and sell on any rallies. (Arun <keyword id="6358183" type="General" weightage="100" keywordseo="kejriwal" source="Orion">Kejriwal</keyword> is the founder of <keyword id="715020" type="General" weightage="50" keywordseo="kejriwal-research-and-investment-services" source="Orion">Kejriwal Research and Investment Services</keyword>. The views expressed are personal) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pyjamas-out-power-suits-in-apparel-and-cosmetic-sellers-gain-as-indians-go-back-to-office/articleshow/93804412.cms">Pyjamas out, power suits in: apparel and cosmetic sellers gain as Indians go back to office</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/millenial-and-gen-z-couples-want-fewer-guests-at-their-weddings-says-survey/articleshow/93804294.cms">Millenial and Gen Z couples want fewer guests at their weddings, says survey</a>

Markets under pressure and look vulnerable: Arun Kejriwal

The US has received sufficient number of applications needed to reach the <keyword id="10784391" type="General" weightage="80" keywordseo="congressionally" source="Orion">Congressionally</keyword> mandated 65,000 H1-B <keyword id="6359421" type="General" weightage="20" keywordseo="visa" source="Orion">visa</keyword> cap for the fiscal year 2023, the country's federal agency for immigration services said on Tuesday. The <keyword id="6358066" type="General" weightage="20" keywordseo="h-1b-visa" source="Orion">H-1B visa</keyword> is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire thousands of employees each year from countries like <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> and China. The H-1B visa programme is the most sought-after work visa among foreign professionals, including Indians. We have received a sufficient number of petitions needed to reach the Congressionally mandated 65,000 H-1B visa regular cap and the 20,000 H-1B visa US advanced degree exemption, known as the master's cap, for fiscal year 2023, the <keyword id="368921" type="General" weightage="50" keywordseo="us-citizenship-and-immigration-services" source="Orion">US Citizenship and Immigration Services</keyword> (<keyword id="137642" type="General" weightage="80" keywordseo="uscis" source="Orion">USCIS</keyword>) said in a statement. USCIS has completed sending non-selection notifications to registrants' online accounts. The status for registrations properly submitted for the FY 2023 H-1B numerical allocations, but that were not selected, will now show, Not Selected: Not selected not eligible to file an H-1B cap petition based on this registration, it said. Meanwhile, the federal agency will continue to accept and process petitions that are otherwise exempt from the cap, it said. Petitions filed for current H-1B workers who have been counted previously against the cap, and who still retain their cap number, are exempt from the FY 2023 H-1B cap, it said. However, USCIS will continue to accept and process petitions filed to extend the amount of time a current H-1B worker may remain in the US, change the terms of employment for current H-1B workers, allow current H-1B workers to change employers, and allow current H-1B workers to work concurrently in additional H-1B positions, it added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/10000-investment-in-gensol-engineering-ev-stock-gave-2-77-lakh-return-in-a-year/articleshow/93740070.cms">This EV firm rose 2600% in a year: ₹10,000 invested in this stock a year ago is worth ₹2.77 lakh</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-opens-today-check-out-important-details-related-to-the-ipo/articleshow/93740178.cms">DreamFolks Services IPO opens today — Check out important details related to the IPO</a>

US has reached the H-1B visa limit for the financial year of 2023

The Government has raised windfall profit tax on diesel export to Rs 13.5 per litre and on jet fuel exports to Rs 9 per litre. This was done after a fortnightly review on Wednesday, a Finance Ministry notification said. Windfall profit tax on domestically-produced crude oil has also been hiked by Rs 300 per tonne to Rs 13,300. On Aviation Turbine Fuel (ATF) exports, tax was raised to Rs 9 per litre from the earlier Rs 2, according to the notification. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-heres-how-you-can-check-the-allotment-status/articleshow/93918081.cms">DreamFolks Services IPO: Here’s how you can check the allotment status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-multi-cap-fund-has-survived-the-worst-market-cycles-and-yet-delivered-the-highest-returns/articleshow/93914048.cms">This multi-cap fund has survived the worst market cycles and yet delivered the highest returns</a>

Windfall profit tax raised on export of diesel, Jet fuel

<ul><li>Even after the <keyword id="6473060" type="General" weightage="80" keywordseo="syrma" source="Orion">Syrma</keyword> SGS IPO received an overwhelming response, experts believe that another IPO season is not on the horizon.</li><li>The regulatory approval for at least 30 IPOs received in the last financial year will lapse by the end of the year. 31 IPOs received an approval this financial year.</li><li>Companies will watch the performance of the next few IPOs and the secondary markets before opening issues, say two market experts that Business Insider spoke to. </li></ul>Even before the public offer of <keyword id="14738256" type="General" weightage="50" keywordseo="syrma-sgs-tech" source="Orion">Syrma SGS Tech</keyword> was oversubscribed 33 times last week, three companies – Digit General Insurance, Concord Biotech and <keyword id="1126663" type="General" weightage="50" keywordseo="balaji-solutions" source="Orion">Balaji Solutions</keyword> – had filed their papers with the markets regulator in the third week of August to go public. Another IPO DreamFolks is all set to open for subscription this week. Yet, experts are not convinced that another IPO season is on the horizon. “It’s too early to say that the season of IPOs has started. A lot of companies in the pipeline will be watching for two things – the response that the next few IPOs get and also the market momentum. If the markets remain volatile, companies will allow their approvals to lapse,” Pranav <keyword id="3517398" type="General" weightage="80" keywordseo="haldea" source="Orion">Haldea</keyword>, managing director of Prime Database told Business Insider India. While a few companies like PharmEasy, Inox Green Energy and <keyword id="12727880" type="General" weightage="50" keywordseo="nandan-terry" source="Orion">Nandan Terry</keyword> withdrew their draft papers, scrapping IPO plans, at least four more companies’ approvals will lapse by the end of August. The approvals for another 15 will lapse by the end of the year. “IPOs are a once-in-a-lifetime event for companies and they would want to do it at the perfect time. If the market is not giving them the valuation that they expect, they will not go ahead,” said Haldea. Only <keyword id="4093871" type="General" weightage="50" keywordseo="utkarsh-small-finance-bank" source="Orion">Utkarsh Small Finance Bank</keyword> has re-filed its IPO papers, even as many more companies that planned to go for an IPO in the last financial year let it lapse. Over 32 IPOs that received a go ahead in 2021-22 have been put on hold, while 31 more received an approval in 2022-23. Of these 31 from the current financial year, only Syrma and DreamWorks have gone ahead and opened their issues to the public. A lot of companies file DRHPs assuming issues will sail through but a number of factors like valuations and demand for fresh issuances among domestic and foreign investors play a key role. “There are 10-12 conditions that they have in mind during the filing and many of these conditions may change,” said Arun <keyword id="6358183" type="General" weightage="80" keywordseo="kejriwal" source="Orion">Kejriwal</keyword>, founder of Kejriwal Research &amp; Investment Services. A lot of IPOs from last year that are still in the pipeline, had issue sizes between ₹400-800 crore. However there are a few like Emcure <keyword id="6363818" type="General" weightage="50" keywordseo="pharma" source="Orion">Pharma</keyword> which had plans to raise over ₹4,500 crore as well. The decision to go ahead with an IPO will not depend on the size of the issue, but on pricing, says Kejriwal. “When the momentum is good, subscriptions and listings are good, it’s possible to slip in a bad issue but not when the market is still picking up. After <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> capped the amount that HNIs (high networth individuals) can borrow to invest in IPOs to ₹1 crore, they will have to invest their own funds and that will make a huge difference to subscriptions,” says Kejriwal. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/meet-indias-real-gully-boy-vidit-aatrey-of-meesho-is-taking-the-entrepreneurial-dream-deep-inside-bharat/articleshow/93702491.cms">Meet India’s Real Gully Boy: Vidit Aatrey of Meesho is taking the entrepreneurial dream deep inside Bharat</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/upi-transactions-will-remain-free-government-says-it-has-no-plan-to-charge-them/articleshow/93702248.cms">UPI transactions will remain free, government says it has no plan to charge them</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-slips-517-points-goes-below-the-60000-mark/articleshow/93701486.cms">Sensex slips 517 points, goes below the 60,000-mark</a>

Too early to say primary market is seeing a revival

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> depreciated by 14 paise to 79.66 against the US dollar in opening trade on Thursday, tracking the strength of the American currency overseas. At the interbank foreign exchange market, the rupee opened at 79.55 against the greenback, then fell further to 79.66, registering a decline of 14 paise over its last close. On Tuesday, the rupee had finished at a nearly two-week high of 79.52. The domestic forex market was closed on Wednesday on account of Ganesh Chaturthi. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.28 per cent to 109. The rupee opened weaker against the dollar as prospects of further aggressive policy tightening by the US Federal Reserve and the European Central Bank (ECB) weighed on Asian currencies and equities, said Sriram Iyer, Senior Research Analyst at Reliance Securities. "Oil prices remained subdued this Thursday and could cap losses, but weak Asian and emerging market peers will cap gains," Iyer said, adding the range for the rupee in this session is 79.30 to 79.75. The global oil benchmark Brent crude futures fell 2.84 per cent to USD 96.49 per barrel. On the domestic equity market front, the 30-share BSE Sensex was trading 683.03 points or 1.15 per cent lower at 58,854.04, while the broader NSE Nifty was down 189.55 points or 1.07 per cent to 17,569.75. Foreign institutional investors turned net buyers in the capital market on Tuesday as they purchased shares worth Rs 4,165.86 crore, as per exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-heres-how-you-can-check-the-allotment-status/articleshow/93918081.cms">DreamFolks Services IPO: Here’s how you can check the allotment status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-multi-cap-fund-has-survived-the-worst-market-cycles-and-yet-delivered-the-highest-returns/articleshow/93914048.cms">This multi-cap fund has survived the worst market cycles and yet delivered the highest returns</a>

Rupee falls 14 paise to 79.66 against US dollar in early trade

Growth opportunities for airlines are tremendous as passenger volume will double from 200 million currently to 400 million over the next seven to 10 years", said <keyword id="29632" type="General" weightage="50" keywordseo="jyotiraditya-scindia" source="Orion">Jyotiraditya Scindia</keyword>, Union Minister for <keyword id="6368649" type="General" weightage="80" keywordseo="civil-aviation" source="Orion">Civil Aviation</keyword> on Tuesday. Speaking at an ASSOCHAM event on CEOs' Roundtable discussion, the Minister said that aviation is competing closely with the railways in the air-conditioned segment. "The railways today carries 125 million passengers in 1st and 2nd AC, airlines on the other hand carried 144 million domestic travellers before the pandemic and in the next 5 to 10 years, civil aviation will carry the bulwark of transportation for this limited section," the Minister said. Railways is growing at 5.6 per cent <keyword id="107168" type="General" weightage="50" keywordseo="cagr" source="Orion">CAGR</keyword> while civil aviation is growing at 10.3 per cent CAGR, the Union Minister said. Talking about the growth, <keyword id="24899" type="General" weightage="100" keywordseo="scindia" source="Orion">Scindia</keyword> said that from a fleet size of roughly 400 aircrafts in 2013-2014, it has grown to about 700 aircrafts now. And it can go up to 1,200 in the next 5 years. "We had just 74 airports in 2013-2014, we have added 67 airports in the past 8 years alone. Much of the growth in the future is going to come from the regional airports, the growth rate in metro airports is about 7.8 per cent in 2010-2015 and has remained in that vicinity. Growth in non-metro airports has jumped from 10.8 per cent in 2010-2015 to 31 per cent at present. The government is continuously working to put in place new policies and removing impediments to enable faster growth of the industry," he added. Speaking in the interactive session, Ajay Singh, Senior VP ASSOCHAM &amp; CMD SpiceJet said: "The government and Civil Aviation minister has been very proactive in engaging with the sector, they have given us their time and have been aggressively espousing the requirements of the sector. We have been talking about this whole concept of taxes on fuel for the longest time and it is Minister Scindia who has reached out to the states and got many of them to reduce the VAT on fuel from 25-30 per cent to 0-5 per cent. The success of the <keyword id="3119605" type="General" weightage="50" keywordseo="regional-connectivity-scheme" source="Orion">Regional Connectivity Scheme</keyword>, success of the <keyword id="2573" type="General" weightage="50" keywordseo="air-india" source="Orion">Air India</keyword> divestment too can be attributed to the minister." Deepak Sood, Secretary General ASSOCHAM delivering his welcome speech, said: "This platform is crucial for the aviation sector as an enabler of growth and aviation will play a significant role in the development of India as a nation. The sector is hit hard by the pandemic and is currently under stress, but it has shown resilience and has regained the growth trajectory." SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/it-dept-seeks-to-prosecute-anil-ambani-for-holding-secret-funds-in-swiss-accounts/articleshow/93742866.cms">IT dept seeks to prosecute Anil Ambani for holding secret funds in Swiss accounts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-opens-today-check-out-important-details-related-to-the-ipo/articleshow/93740178.cms">DreamFolks Services IPO opens today — Check out important details related to the IPO</a>

Air passenger volume will double from 200 min to 400 mn in 7-10 years: Scindia

US President Joe <keyword id="60973" type="General" weightage="100" keywordseo="biden" source="Orion">Biden</keyword> has appointed more than 130 Indian-Americans to key positions in his administration so far, the best representation from the community that makes up around one per cent of the American population. In doing so he has not only fulfilled his promise to the community that he had made as a presidential candidate in 2020, but also shattered the record of his predecessor Donald Trump who had appointed more than 80 Indian-Americans and his previous boss Barack Obama, who had appointed over 60 Indian-Americans to key positions during his eight years of presidency. More than 40 Indian-Americans has been elected at various state and federal levels including four in the US House of Representatives. Not to miss the more than 20 Indian-Americans leading top US companies. While the first-ever presidential appointment was done during the time of Ronald Regan, this time Biden has appointed Indian-Americans to almost all departments and agencies of his administration. "Indian-Americans have been imbued with the sense of seva (service) and this is reflected in their enthusiasm to pursue positions in public service instead of the private sector," Silicon Valley-based entrepreneur, philanthropist and venture capitalist M R Rangaswami told PTI. "The Biden administration has now appointed or nominated the largest group to date and needless to say we are proud of our people and their accomplishments for the United States," Rangaswami said. Rangaswami is founder and head of <keyword id="1530020" type="General" weightage="80" keywordseo="indiaspora" source="Orion">Indiaspora</keyword>, a US-based global organization for Indian-origin leaders. Indiaspora keeps a track of Indian-origin leaders. Biden, who has maintained a close relationship with the community since his Senator days, often jokes around about his Indian relationship. He made history in 2020 by selecting Indian-origin Kamala Harris as his running mate. The list of Indian-Americans in the White House as compiled by Indiaspora reflects that there would be only a few meetings inside the White House or in Biden's Oval Office that would not have an Indian-American presence. His speech writer is <keyword id="600122" type="General" weightage="50" keywordseo="vinay-reddy" source="Orion">Vinay Reddy</keyword>, while his main advisor on COVID-19 is Dr Ashish Jha, his advisor on climate policy is <keyword id="35801" type="General" weightage="50" keywordseo="sonia-aggarwal" source="Orion">Sonia Aggarwal</keyword>, special assistant on criminal justice is Chiraag Bains, Kiran Ahuja heads the Office of Personnel Management, Neera Tanden is his senior advisor, and Rahul Gupta is his drug czar. Last week when India's Ambassador to the US, Taranjit Singh Sandhu, hosted a reception at India House on the occasion of Independence Day, Indian-Americans from his administration were representing almost all major branches of the US government. <keyword id="14795772" type="General" weightage="50" keywordseo="young-vedant-patel" source="Orion">Young Vedant Patel</keyword> is now the Deputy Spokesperson at the Department of State, while Garima Verma is the Digital Director in the Office of the First Lady. Biden has also nominated several Indian-Americans to key ambassadorial positions. According to the list prepared by Indiaspora, more than 40 Indian-Americans have been elected to various offices across the country. Four are in the House of Representatives -- Dr Ami Bera, Ro Khanna, Raja Krishnamoorthi and Pramila Jayapal. This includes four Mayors. Led by Indian-Americans Sunder Pichai of Google and <keyword id="276564" type="General" weightage="50" keywordseo="satya-nadella" source="Orion">Satya Nadella</keyword> of Microsoft, there are over two dozen Indian-Americans heading US companies. Among others include Shantanu Narayen of Adobe, Vivek Lall of General Atomics, Punit Renjen of Deloitte, Raj Subramaniam of FedEx. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tiruppur-garment-industry-in-crisis-as-a-steep-rise-in-yarn-prices/articleshow/93743444.cms">Tiruppur garment industry in crisis as a steep rise in yarn prices</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-opens-today-check-out-important-details-related-to-the-ipo/articleshow/93740178.cms">DreamFolks Services IPO opens today — Check out important details related to the IPO</a>

Over 130 Indian-Americans hold key positions in Biden administration, and it's a record

As the government probes multiple fires in electric two-wheelers, only 1 per cent household consumers plan to buy an e-scooter in the next six months amid safety and performance concerns, a new report showed on Monday. Around 32 per cent of respondents are not convinced about the safety and performance of electric scooters in August while in March this year, the number stood at 17 per cent - as more than two dozen electric two-wheelers caught fire in March and April, according to data provided by community social media platform LocalCircles. After more than two dozen electric two-wheelers caught fire in March and April, around 7,000 units were "voluntarily" recalled by electric scooter makers such as <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword>, Pure EV, and <keyword id="143042" type="General" weightage="80" keywordseo="okinawa" source="Orion">Okinawa</keyword>. The government set up a committee of experts from Centre for Fire, Explosive and Environment Safety (CFEES) and the Indian Institute of Science to carry out detailed investigation and frame 'quality-centric' guidelines for EV manufacturers, which are expected to be released soon. The fallout of EV fires is that just 1 per cent of over 11,000 respondents said they plan to buy an e-scooter in the next 6 months. Nearly 5 per cent said they are keen to buy but "were not convinced about the infrastructure available for e-scooters where I live/work" and 7 per cent said they do not have funds for buying e-scooters. The survey also revealed that appetite for e-scooters is not high as 31 per cent households do not drive them and an additional 9 per cent shared that they had enough vehicles at home so had no plans to buy a two-wheeler. "The fire incidents, which resulted in injuries for some along with loss of vehicle, adversely impacted consumer sentiments leading to decline in electric vehicle two-wheeler sales for two months," the survey said. <keyword id="2622993" type="General" weightage="80" keywordseo="ather-energy" source="Orion">Ather Energy</keyword> and <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> have suffered the biggest drop in sales as customers delay purchasing EVs amid battery fire incidents. There are currently over 1,640 operational public EV charging stations in India, of which more than 940 are in nine mega cities. Of these, 678 EV charging stations were installed between October 2021 and January 2022. The current capacity is geared to power about 1.8 lakh new electric vehicles. While there are people keen to buy e-scooters, concern over safety and performance are rising. "It is critical for the government and industry to win consumer confidence," the report mentioned. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-fintechs-raised-29-bn-this-year-thats-14-of-the-total-global-funding-share-report/articleshow/93721531.cms">Indian fintechs raised $29 bn this year, that's 14% of the total global funding share: report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/airport-services-aggregator-dreamfolks-services-ipo-to-open-on-august-24-price-band-at-308-326-apiece/articleshow/93712223.cms">Airport services aggregator DreamFolks Services IPO to open on August 24, price band at ₹308-₹326 apiece</a>

Only 1% of Indians plan to buy e-scooters in 6 months over safety, performance concerns: report

The income tax department has sought to prosecute <keyword id="54268" type="General" weightage="50" keywordseo="reliance-group" source="Orion">Reliance Group</keyword> Chairman <keyword id="9171" type="General" weightage="50" keywordseo="anil-ambani" source="Orion">Anil Ambani</keyword> under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged <keyword id="10924" type="General" weightage="100" keywordseo="ambani" source="Orion">Ambani</keyword>, 63, with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.A show cause notice in this context was issued to Ambani early this month. The department said he was liable to be prosecuted under Sections 50 and 51 of the Black Money (undisclosed foreign income and assets) Imposition of Tax Act of 2015 that stipulates a maximum punishment of 10 years imprisonment with a fine.It has sought his response to the charges by August 31.Ambani's office had not responded to a query sent on the matter till the time of this story being filed. The businessman has been charged with evading tax, by way of holding undisclosed assets abroad, for the assessment years 2012-13 to 2019-20.According to the notice, a copy of which was accessed by PTI, tax officials found that Ambani was an "economic contributor as well as beneficial owner" of a Bahamas-based entity called '<keyword id="14796281" type="General" weightage="50" keywordseo="diamond-trust" source="Orion">Diamond Trust</keyword>' and another company called Northern Atlantic Trading Unlimited (NATU) which was incorporated in the British Virgin Islands (BVI). In the case of the Bahamas trust, the department found it had a company called Dreamwork Holdings Inc. This firm was the owner of a Swiss bank account, which had a peak balance of USD 32,095,600 (USD 3.2 crore) as on December 31, 2007.The notice said the trust got initial funding of USD 25,040,422 (USD 2.5 crore). The department alleged that the "source of funding" for this was from Ambani's "personal account". It found that Ambani gave his passport as the KYC document for the opening of this trust in 2006. The beneficiaries of this trust were his family members too.The BVI company, incorporated in July 2010, has an account in Bank of Cyprus, Zurich. The department claimed Ambani was the "ultimate beneficial owner" of this company and the funds that it has.The company is also alleged to have received USD 10 crore in 2012 from a Bahamas registered entity called PUSA, whose "settlor and beneficial owner" is stated to be Ambani, as per the department. "From the evidence available, it is obvious that you are the economic contributor as well as beneficial owner of the foreign trust Diamond Trust, the bank account of underlying company <keyword id="14796280" type="General" weightage="50" keywordseo="dreamworks-holding-inc" source="Orion">Dreamworks Holding Inc</keyword>, settlor and beneficial owner of NATU and PUSA. Therefore, the funds/assets available with the above entities belong to you," the department said. The department alleged that Ambani "failed to disclose" these foreign assets in his income tax return (ITR) filings and hence contravened the provisions of the Black Money Act, brought by the Modi government soon after it was first elected to power in 2014. Tax officials said such "omission was not bona fide in nature and is intentional". "Thus, you have wilfully attempted to evade tax, penalty or interest chargeable or imposable under this Act (Black Money) on the undisclosed foreign asset....since you have wilfully attempted to evade tax you are liable to be prosecuted under section 51 of the Black Money Act, 2015," the order said.The total value of the undisclosed funds in the two accounts has been assessed by tax officials at Rs 8,14,27,95,784 (Rs 814 crore) and tax payable on this amount at Rs 4,20,29,04,040 (Rs 420 crore). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-opens-today-check-out-important-details-related-to-the-ipo/articleshow/93740178.cms">DreamFolks Services IPO opens today — Check out important details related to the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/10000-investment-in-gensol-engineering-ev-stock-gave-2-77-lakh-return-in-a-year/articleshow/93740070.cms">This EV firm rose 2600% in a year: ₹10,000 invested in this stock a year ago is worth ₹2.77 lakh</a>

IT dept seeks to prosecute Anil Ambani for holding secret funds in Swiss accounts

<ul><li><keyword id="6368035" type="General" weightage="100" keywordseo="essar" source="Orion">Essar</keyword> on Friday announced signing definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain Ports and Power infrastructure assets which are primarily captive to Hazira steel plant operations.</li><li>The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and <keyword id="47654" type="General" weightage="50" keywordseo="arcelormittal" source="Orion">ArcelorMittal</keyword>.</li><li>With this deal, Essar will conclude its planned asset monetisation programme and complete the debt repayment plan of $25 billion (Rs 2,00,000 crore) with the Indian banking sector being almost fully repaid.</li></ul>In one of the largest post-pandemic M&amp;A deals in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, Essar on Friday announced signing definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain Ports and Power infrastructure assets which are primarily captive to Hazira steel plant operations. The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and ArcelorMittal. <keyword id="124029" type="General" weightage="50" keywordseo="rewant-ruia" source="Orion">Rewant Ruia</keyword>, Director, Essar Ports &amp; Terminals Limited, said: "With this deal, which yields a multifold return on our investments, Essar Ports &amp; Terminals has unlocked value for all its stakeholders and will continue to focus on building new and modern core infrastructure assets in India and overseas." Prashant Ruia, Director, <keyword id="275818" type="General" weightage="50" keywordseo="essar-capital" source="Orion">Essar Capital</keyword>, said: "Essar is now repositioned for growth and resurgence. After consolidating our businesses over the last 4 years, we have now entered the next growth phase focused on helping build a sustainable energy future that will impact lives and livelihoods for a greener world." With this deal, Essar will conclude its planned asset monetisation programme and complete the debt repayment plan of $25 billion (Rs 2,00,000 crore) with the Indian banking sector being almost fully repaid. Essar's aggregate revenues will stand at $15 billion (Rs 1.2 lakh crore) and an AUM (Asset Under Management) of $8 billion (Rs 64,000 crore) comprising of various assets spread across India and overseas. These assets under Energy sector include a 10 MTPA refinery in the UK, 15 TCF reserves (including some producing fields) of Unconventional Hydrocarbons in India &amp; Vietnam and a 1,200 MW Power Plant in India; Infra sector assets include a storage terminal in UK of 3 million m3 capacity and a 20 MTPA Port in India; Metals &amp; Mining sector assets include a major iron ore mine and pellet project in the US; Technology &amp; Services sector assets include Global EPC business and IT solutions provider with centres across 30 plus countries. By monetizing assets in a planned and strategic manner, that were built with earlier technologies over the last several years, Essar is now poised to reinvest in new assets with the latest, more efficient and ESG-compliant technologies to last the next several decades. Essar has planned significant investments in its core sectors of energy, infrastructure, metals &amp; mining, and technology &amp; services. While ongoing businesses will provide operational stability, our renewed focus will be to transition existing assets to green and invest in sector-transforming clean businesses around the investment themes of decarbonisation and digitisation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-subscribed-56-68x-on-day-3-on-strong-institutional-retail-investor-demand/articleshow/93804359.cms">Dreamfolks Services IPO subscribed 56.68x on day 3 on strong institutional, retail investor demand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sequoia-capital-offloads-2-of-its-stake-in-zomato/articleshow/93802868.cms">Sequoia Capital offloads 2% of its stake in Zomato</a>

Arcelor Mittal Nippon Steel signs ₹19,000 crore deal to buy Essar's port and power assets

<ul><li>Municipal corporation in <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> seeks to curb the use of plastic containers used for food deliveries.</li><li>Delivery partners in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> are still in the process of making the transition to eco-friendly options.</li><li>Restaurants in India are struggling to come up with practical eco-friendly solutions.</li><li>Cost of most eco-friendly packaging can range from ₹17-245 per kg as compared to plastic which costs ₹15-18 per kg. </li></ul>In the last two years, restaurant take-outs have gone up exponentially. While both restaurants and delivery partners are happy about it, city authorities are concerned about the rising plastic waste – be it bags, plastic boxes or containers that are used to pack food. After banning single-use plastics, Mumbai city authorities are making a move to curb the use of plastic boxes and containers for food deliveries. In a meeting with restaurant <a href="https://www.freepressjournal.in/mumbai/mumbai-no-food-deliveries-in-plastic-boxes">bodies this month</a>, the Brihanmumbai Municipal Corporation (BMC) suggested restaurants and hotels use steel containers instead. This, the city says, is phase II of their initiative to fight plastics, after a nation-wide ban on single-use plastics in July this year. ‘Want a practical eco-friendly solution’ Pradeep Shetty, senior vice president, <keyword id="4905471" type="General" weightage="50" keywordseo="hotel-and-restaurant-association-of-western-india" source="Orion">Hotel and Restaurant Association of Western India</keyword> (HRAWI) told Business Insider India that looking for alternate solutions was not easy as they scramble to satisfy their already-demanding customers’ need for speed with services like 10-minute delivery. Steel containers, Shetty says, are completely impractical. It will also double the cost of delivery. “The plastics used in restaurants are not one-time use. If they ban plastic containers, do they have an eco-friendly plan in place? Will the Indian customer base be willing to pay more for an eco-friendly alternative? Our country does not have a Starbucks clientele as customers who can afford Starbucks can pay for eco-friendly packaging,” said Shetty. That said, the food delivery ecosystem has been trying to transition to eco-friendly options but it’s still work in progress. Swiggy launched a packaging-assist programme in 2016 with the aim of partnering with restaurants across Mumbai, Pune and Bangalore, to provide eco-friendly packaging solutions. Swiggy did not respond to queries sent seeking an update on its five year old initiative. What’s the cost of saving the environment? While the transition to eco-friendly options is on the rise, it is slow and will take time for them to become mainstream and popular. The biggest challenge remains the prohibitive cost and limited availability of most eco-friendly options – be it reusable glass containers, bamboo or <keyword id="82169" type="General" weightage="20" keywordseo="edible-cutlery" source="Orion">edible cutlery</keyword>. While bagasse, made of sugarcane residue, is the only cheap option at ₹3,000 a tonne, or ₹3 a kilogram, the rest are much higher than plastic, which costs ₹15-18 per kilogram. Cost of eco-friendly options <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Biodegradable material </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;">Cost </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;">Bagasse </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;">₹3,000 per tonne </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;">Areca Leaves </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;">₹3 per piece </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;">Bamboo </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;">₹110-120 per kg </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;">Birchwood </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;">₹48-175 per square feet </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;">Polylactic Acid (Biodegradable Plastic) </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;">₹245 per kg </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;">Glass Cullet Scrap </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;">₹17-35 per kg </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: IndiaMart <keyword id="1772508" type="General" weightage="80" keywordseo="chai-point" source="Orion">Chai Point</keyword>, an Indian tea retail company, partnered with India-based sustainable food packaging company <keyword id="12927457" type="General" weightage="50" keywordseo="ecoware" source="Orion">Ecoware</keyword> in 2016 to develop 100% <keyword id="763264" type="General" weightage="80" keywordseo="biodegradable" source="Orion">biodegradable</keyword> packaging made of bagasse. Even though Chai Point paper cups remain non-biodegradable, their containers, spoons and sticks are eco-friendly, the company claims. “We are also planning to introduce pineapple waste which can be used as a container, prolonging shelf life and is an eco-friendly solution,” Amuleek Singh Bijral, founder of Chai Point, told Business Insider India. Eco-friendly products can also be made out of Areca leaves, bamboo, birchwood, and biodegradable plastic called polylactic acid (PLA), said Devendra Agrawal, Founder of boutique investment bank Dexter Capital Advisors. Edible cutlery – made out of a mix of sorghum flour, rice flour and wheat flour – is another eco-friendly option that is seeing interest, he said. “Edible cutlery by being tasty, nutritious and environment-friendly, is setting new trends. This eliminates the need for disposal and recycling, thus being a great solution for sit-in restaurants,” said Agrawal. Restaurants and aggregators are taking baby steps towards adopting eco-friendly options. “What aggregators are doing is not revolutionary, they are merely promoting a packaging solution or a company. It’s the restaurants that are doing the packaging and we are trying to be as eco-friendly as possible as we have already done away with single-use plastics,” said Shetty. Change takes time and an adjustment in mindset. A lot of time, energy, investments and collaboration are needed for take-outs to become completely eco-friendly. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/india-inc-s-credit-profiles-improve-as-earnings-growth-outpaces-debt-sp/articleshow/93779118.cms">India Inc.’s credit profiles improve as earnings growth outpaces debt: S&amp;P</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-subscribed-3-37x-on-day-2-on-strong-retail-investor-demand/articleshow/93773247.cms">Dreamfolks Services IPO subscribed 3.37x on day 2 on strong retail investor demand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/mercedes-benz-says-25-of-its-sales-in-india-will-be-electric-by-2027/articleshow/93771806.cms">Mercedes-Benz says 25% of its sales in India will be electric by 2027, plans to launch three new electric cars this year</a>

You Searched For "Dreamfolks Services IPO" and got 13 results

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Too early to say primary market is seeing a revival

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Takeouts without plastics is impractical now say restaurants with ‘few or no’ eco-friendly options

Eetika Kapoor