Mumbai Apr 27 PTI Countrys largest life insurer LIC on Wednesday set the price band at Rs 902-949 per share for its Rs 21000 crore initial public offering IPO which will open for subscription on May 4 At the upper end of the price band the government will garner around Rs 21000 crore With this IPO which is through an offer-for-sale OFS route the government is looking to divest its 35 per cent stake in the insurer by selling 2213 crore shares Speaking on the occasion Department of Investment and Public Asset Management DIPAM Secretary Tuhin Kanta Pandey said listing of LIC is part of the long-term strategic vision of the government and will highly enhance the value of the corporation in the long-run This LIC IPO is right sized considering the capital market environment and will not crowd out capital supply given the current market environment Pandey said here on Wednesday Even after the reduced size of about Rs 20557 crore LIC IPO is going to be the biggest initial public offering ever in the country he said In February the government had planned to sell a 5 per cent stake in the company The decision to list now has taken into account the combination of multiple factors including market demand stabilizing market conditions reducing volatility domestic flows and the corporations financial performance he said Pandey said the market is undoubtedly benefiting from strong structural tailwind given concerns in other markets The market has recovered from temporary shock due to global geopolitical events seen earlier In the IPO the retail investors and eligible employees will get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per equity share The issue will open for subscription on May 4 and to close on May 9 The bid lot for the issue would be 15 PTI HV BEN DRR

Mumbai Apr 26 PTI Tripping at an important substation feeding power to the megapolis led to a power cut of over an hour in many parts of the countrys financial capital on Tuesday aggravating woes for people already sweltering under a heat wave Lines at the Padgha substation located near Kalyan tripped at about 10 am leading power companies to resort to load shedding to maintain grid balance which resulted in the power disruption in the Mumbai Metropolitan Region The power outage comes at a time when Maharashtra is reeling under a power deficit of 3500 MW which has resulted in the state discom being forced to carry out load shedding or compulsory power cuts in pockets to manage the demand-supply situation and safeguard the grid Typically pockets in the city and well-paying consumers in the adjoining areas do not face such load shedding but there have been at least two instances in recent past where large scale disruptions did happen The financial capital had faced a power outage on October 12 2020 which took up to 18 hours to get fully restored while there was another incident in February this year on a weekend which had also led to temporary stoppage of the suburban train services considered as the citys lifeline A load shedding of between 2250-2350 MW had to be undertaken by cutting power supply to certain pockets as the supply was not able to keep pace with the demand following the tripping incident on Tuesday morning as per officials from the Maharashtra State Electricity Transmission Company MSETCL Areas in central Mumbai like Mahim and Dadar reported power outages from 10 am along with suburbs like Mulund and Bhandup which are serviced by the state discom Adjoining areas of Thane Kalyan-Dombivili Ambernath Bhiwandi Navi Mumbai and parts of the Palghar district also suffered as the load management in the face of disrupted supply led to suspension of supply officials said A civic body official said its water treatment centre at Thane districts Pise Panjrapol -- which processes water coming into the city from Bhatsa Dam -- also suffered in the power cut which will lead to the eastern suburbs getting only 60 per cent of water and western suburbs getting 75 per cent of the daily supply Officials from MSETCL started efforts to restore the supply to consumers in the morning but it took more than an hour for their efforts to bear fruit officials said It took some more time before the supply was fully restored at the residences and establishments of all the consumers by around 1130 am Consumers serviced by all the major discoms including Adani Electricity Tata Power and the state discom suffered in the power outage However the two private discoms were entangled in a war or words which started with the Adani group firm mentioning the Tata group companys name in its statement about the incident The power outage caused due to tripping at Tata Powers Dharavi Receiving Station due to tripping of 400 kV Mahatransco transmission system affected our consumers in Chembur Mankhurd Govandi Santacruz and Bandra area a spokesperson for Adani Electricity which distributes power in suburban Mumbai said adding that it was able to restore entire power supply within 40 minutes Tata Power responded by saying the claim was misleading and tripping at MSETCLs end had a resultant impact on Tata Powers network It is a known fact that Mumbais power network is wired up to keep the citys system safe from widespread outages in case of any major tripping In such a scenario automated power supply trimming gets activated like what has happened today resulting in load trimming to effectively manage the load it said leading the rival to point out that it was only mentioning facts A spokesperson for the Brihanmumbai Electric Supply and Transport undertaking which supplies power to the city said areas like Mahim Dadar Shivaji Park area serviced by it faced cuts for up to 40 minutes before the power was restored It can be noted that temperatures have soared in the past few days and on Monday the Met office had also warned of a heat wave causing a rise of up to 3 degree Celsius in day temperatures In the last episode of a power outage on February 27 supply to the train network had also been impacted However there was no such impact on Tuesday and the traffic continued smoothly The October 2020 outage which had no such precedent had been attributed to a cyber attack by state actors by many voices including Maharashtras Power Minister Nitin Raut PTI AA KK ABM ABM

Cuttack Apr 25 PTI The Orissa High Court Monday directed three Union secretaries and the Chairman of the Railway Board to resolve the crisis of coal supply to National Aluminum Companys smelter plant at Angul and its Alumina refinery at Damanjodi in 24 hoursA Division Bench headed by Chief Justice S Muralidhar ordered since the essential dispute concerns two Central PSUs-MCL and NALCO and also involves the role of the Railways the court considers it appropriate to direct that the Secretary Power the Secretary Coal the Secretary Mines and the Chairman Railway Board will sit together in virtual or hybrid mode with the Managing Directors of the MCL and NALCO not later than 6 pm April 26 to find the way for resolving the crisis to ensure that the smelter plant of NALCO at Angul and its Alumina refinery at Damanjodi are not pushed to the brink of a shutdown The dry fuel scarcity issue was brought to the notice of the High Court by the Nalco Officers Association and the court had directed the Mahanadi Coalfields Limited MCL last week to consider the request of the countrys biggest aluminium manufacturer on a priority basisWhen the matter came up for adjudication on Monday counsel for the NALCO informed the Court that coal supply from the MCL had come down by 60 per cent of the contracted demand and coal stocks available with the alumina major can keep its units going only for three more daysOn the other hand counsel for the MCL submitted that the coal company should not be compelled to supply dry fuel only to NALCO through rakes as MCL is also required to supply the fossil fuel to other power plants as wellThe MCL counsel also urged the Court to direct NALCO to lift coal from MCLs pit at Bharatpur about 20 km from the smelter plant either by road or by Merry Go Round MGR a dedicated rail line connecting the coalmine pit head with NALCOs smelter plantMeanwhile the HC received two other writ petitions in which the Utkal Chamber of Commerce and District Small Scale Manufacturing Enterprises expressed apprehensions that MSMEs in the state would suffer if the power supply was reduced due to the non-availability of coal for thermal power plants PTI COR AAM MM MM

New Delhi Apr 23 PTI The government is likely to sell a 35 per cent stake in Life Insurance Corporation LIC through an initial public offering which will hit the markets in the first week of the next month an official said The issue size is expected to be worth Rs 21000 crore valuing the countrys largest insurer at Rs 6 lakh crore LIC is likely to file the red herring prospectus with market regulator Sebi by Wednesday LIC IPO is likely to come to the market in May first week 35 per cent stake dilution subject to regulatory approval an official said In February LIC had filed draft papers with Sebi wherein it had said that the government will sell 5 per cent stake or 316 crore shares in the state-run insurer However the IPO plans faced headwinds due to the ongoing volatility in stock markets due to Russia-Ukraine war forcing the government to cut the issue size to 35 per cent Reservations for policyholders and employees and discounts issue dates and issue price will be known by Wednesday the official added PTI JD ANZ MR MR

Chennai Apr 23 PTI Judges cannot blindly apply rules as conflicts have a human face and before rendering any decision they have to weigh socio-economic factors and the impact of their decision on the society Chief Justice of the Supreme Court Justice N V Ramana said here on Saturday In this era of instant noodles people expect instant justice But they do not realise that real justice will be a casualty if we strive for instant justice he said addressing an event at the Madras High Court People looked up to the judiciary in times of distress And they firmly believe that their rights would be protected by the courts It is necessary to contemplate how to improve the functioning of the judiciary how to reach out to the people and fulfil their justice needs On the language used in courts Justice Ramana said a common citizen cannot relate to the practices procedures and language of courts Hence efforts should be on making the general population an active part of the justice delivery process The parties must understand the ongoing process and development of their case It should not be like chanting mantras in a wedding which most of us do not understand he said Pointing out that strengthening the judicial institutions has been his top priority Justice Ramana said buttressing judiciary is imperative for a democracy sustained on the rule of law During the last one year of his tenure as Chief Justice he has been highlighting various issues affecting the countrys legal system he said The biggest issue affecting all institutions nowadays including the judiciary is ensuring sustained faith in the eyes of the public The judiciary is vested with immense constitutional responsibility of maintaining the rule of law and checking executive and legislative excesses We have the duty of upholding and enforcing the constitutional values It is no doubt a heavy burden But it is one that we have gladly chosen on the day we took our constitutional oath This is the reason why strengthening judicial institutions has been my top priority he added Dispensing justice is not only a constitutional duty but also a social one Conflicts are inevitable for any society But constructive resolution of conflict is integral to maintain the social order he said Constructive conflict resolution is not a mere technical job Particularly in a country like India judges cannot blindly apply the rules procedures and statutes After all conflicts have a human face We are constantly aware about our duty to render justice not merely procedural but also substantial Before rendering any decision the judges have to weigh several socio-economic factors and the impact of their decision on the society Justice Ramana said he firmly believed that judiciary should never be viewed as a mere enforcer of law as it is an engine of social integration Judging is not an easy task and judges should be aware of social realities We have to carefully watch the changing social needs and expectations The world is moving very fast We are witnessing this change in every sphere of life and mentioned how from 5 day test match the game has moved on to the 20-20 format He also referred to other aspects like preference to short duration entertainment over a 3-hour long movie From filter coffee we have moved on to instant coffee In this era of instant noodles people expect instant justice But they do not realise that real justice will be a casualty if we strive for instant justice Further he said judges should sharpen ideas and perceptions We need to expand our knowledge base and adopt technology as an enabler There cannot be a gap between the mind of a judge and the needs of the society Ultimately we are entrusted with the duty to deliver justice for all and quoted a couplet from Tamil classic Tirukkural the substance of which is intense probe fairness and not unduly favouring anyone Underlining the peoples belief that their rights would be protected by the judiciary and on reaching out to the people to fulfill their justice related aspirations he dwelt on Indianisation of justice system This is precisely why I have been a strong proponent of Indianisation of the Justice Delivery System By Indianisation I mean moulding the Indian Judicial System for the benefit of the Indian populace It is a multidimensional concept that called for inclusivity providing access to people to participate in the proceedings removal of language barrier reforms in practice and procedure development of infrastructure filling up of vacancies augmenting the strength of judiciary and so on Inclusivity is one of the most important dimensions of Indianisation Any profession having representation from all classes and sections will be beneficial to all I have been a strong proponent of higher representation of women at all levels of the legal profession Speaking of women particularly we need women from all classes and all sections to find a place within the judicial system he said and quoted verses of nationalist poet Mahakavi Bharati on equality of men and women The social and geographical diversity of the nation must find reflection at all levels of the judiciary With the widest possible representation people get to feel that it is their own judiciary Everyone has a voice in this system and they form a substantial part of it In fact we are awaiting a day where a persons gender orientation birth or identity would not act as a barrier A judge from marginalised sections of the society understands the issues of the marginalised people better There is a severe gap between the existing infrastructure and the projected justice needs of the people He said ever since he assumed office strengthening judicial infrastructure both in terms of manpower and physical infrastructure has been on the top of his priorities He said he was deeply aware about the problems being faced by the judges advocates and litigants While certain states including Tamil Nadu have been actively working to augment their judicial infrastructure several other states are in dire need of immediate attention That is the reason why I am championing the Judicial Infrastructure Authorities - both at national and state levels - which will implement the National Court Development Project I have already sent a comprehensive proposal in this regard to the Government of India Referring to a related issue of filling up judicial vacancies and increasing the sanctioned strength of judges he said it is necessary to reduce the case load per judge and improve the judge to population ratio As on today out of 1104 sanctioned posts of High Court judges there are 388 vacancies From day one it has been my endeavour to fill judicial vacancies After he assumed office 180 recommendations were made so far for appointments in High Courts Out of this 126 appointments were made and 54 proposals are awaiting approval by the government The government has received nearly 100 proposals from various High Courts which are yet to be transmitted to Supreme Court I am hoping that the High Courts will expedite the process of sending the proposals to fill the remaining 212 vacancies On demands from various regions to allow the usage of local language in the High Courts as provided for under Article 348 of the Constitution he said a lot of debate has taken place on this subject There are certain barriers that have prevented local languages from being adopted in proceedings before the High Courts I am sure with innovation in science and technology and advancements such as artificial intelligence some of the issues associated with introduction of local languages in High Courts may be solved in the near future The practice of law before Constitutional courts should be based on ones intelligence and understanding of law and not mere proficiency in language It is time for some decision to be taken on this issue after assessment of the pros and cons he said PTI VGN SA SA

Mumbai Apr 22 PTI Goa Chief Minister Pramod Sawant on Friday said his government is developing infrastructure in such a way that the coastal state will emerge as the countrys tourism capital going forward and sought investment in the key sector through public-private partnership PPP modelSpeaking at Times Networks India Economic Conclave 2022 here on the topic How the States are Driving Aatmanirbhar Agenda he said different aspects of tourism - adventure medical cultural and spiritual - are being given a fillipWe are asking people to invest under PPP model public-private partnership We have activated our PPP cell for those who want to invest in the tourism sector said Sawant who won a second term in office last month following the BJPs victory in Assembly polls in the coastal stateThe government is looking for investment under the PPP framework especially in bungee jumping and promoting Goa as a preferred destination for weddings he saidHighlighting that Goa famous for its sandy beaches shrines vibrant nightlife and thrilling water activities is trying to attract high-end international and national travellers Sawant said the state has already formulated a new tourism policy under which those who want to invest under the PPP model will get ease of doing business and single window clearance We are developing infrastructure in such a way that Goa will be the tourism capital of the country Sawant said adding after the COVID-19 pandemic the tiny state will be the safest destination for holiday-makersThe chief minister claimed that be it the health road or tourism infrastructure they have completed everything in the last eight yearsI feel whatever is required at present for the next 50 years that infrastructure we have already completed in these eight years he said adding Goa annually attracts 15 million touristsThe CM said impact of double engine development BJP in power at the Centre and also in the state was now visible in GoaHe said the state government is keen on sustainable iron ore mining which has been banned following a Supreme Court order a few years agoDefinitely this time in this new tenure of BJP government we are starting with mining We have already formed mining corporations We have already formulated a mining dump policy in a different way This time we are starting with sustainable ways Sawant saidThe CM said the issue of land allotment for an IIT Indian Institute of Technology which witnessed agitations in the past has now been resolved Within three months land will be given for the proposed IIT in Goa after which work on the project will startAlready we have started the National Science Forensic University under the home ministry in the state of Goa We are starting an arbitration centre on the lines of one in Singapore The first international arbitration centre we are starting in Goa Sawant saidSawant claimed Goa is the first state that has provided water connection to every household has achieved 100 per cent electrification and also acquired the status of being open defecation freeHe said Goa is also the first state to have a marine cluster and results of its blue economy will be visible prominently in the futureAccording to the chief minister the upcoming international airport at Mopa in Goa will be inaugurated on August 15 2022 and the new aerodrome will also benefit neighbouring MaharashtraSawant said the Goa government is setting up separate electronic manufacturing and IT clusters PTI KK RSY RSY

Bhopal Apr 22 PTI The Narendra Modi government at the Centre has succeeded in finding permanent solution to problems such as the terrorism in Jammu and Kashmir left-wing extremism and drugs menace and armed groups in the North East Union Home Minister Amit Shah claimed here on Friday Speaking at the inauguration of the 48th All India Police Science Congress AIPSC organised by the Bureau of Police Research and Development BPRD he also stressed that police should remain two steps ahead of criminals by becoming tech-savvyIn the last eight years the Narendra Modi government almost settled the Kashmir issue and also solved Naxalism as well as the problem of armed groups and drugs in the North East the Union minister saidMany armed groups have surrendered to join the mainstream After Article 370 was abrogated a new era of enthusiasm and development has begun in Kashmir Shah said After the abrogation of Article 370 large-scale development is happening in Jammu and Kashmir he said This change was possible because the government worked on a strategy after intense discussions and analysing the problems he added In his speech Shah also underlined the need to modernise the police force to strengthen internal securityPolice need to be tech-savvy to remain two steps ahead of criminals he saidThe two-day event is being held at the Central Academy of Police Training CAPT hereEvery state has to adapt to the technologies used by other states and focus on mordernizing the police force and training methods Shah further saidPolice in the entire country should work in tandem and with coordination with each other the Union home minister addedData is a new science and big data has solutions to all the problems Shah said adding that police forces across the country must keep this in mindUnder the Modi government security agencies have gained the upper hand vis a vis terror groups he claimedThe law and order is a state subject and that is why police work on the direction of elected governments in respective states But in such a situation forming uniform response becomes a major challenge he saidIf the state police continue to function in isolation then it will not be possible to face all these challenges in a perfect manner he saidIndia is emerging as a major power in the world as it has democracy demographic dividend demand and decisiveness and also a leader capable of changing the countrys destiny Shah saidThe prime minister has announced a technology mission for police in the country and the home ministry has drawn up a roadmap for this he saidWe will send it through BPRD to the state police for seeking their suggestions and through it the entire police force in the country will be equipped with same type of equipment and technology Shah saidAbout four lakh police personnel were affected by the coronavirus pandemic and 2712 of them lost their lives in the line of duty the Union minister noted condoling their deathsMadhya Pradesh Chief Minister Shivraj Singh Chouhan also spoke on the occasionThe main objective of the conference is to provide a common platform to representatives of various police forces social scientists forensic experts and other stakeholders to deliberate on issues concerning police an official saidAbout 100 participants from different states Union territories Central Armed Police Force CAPF Central Police Organisation CPO prisons and correctional administration as well as forensic science laboratories and various universities are taking part in the conference he addedMadhya Pradesh Governor Mangubhai Patel will chair the valedictory session on SaturdayAfter the event Shah took part in a brief roadshow on his way to the state BJP headquarters PTI MAS LAL NP KRK KRK

New Delhi Apr 21 PTI Prime Minister Narendra Modi on Thursday said India moving from the 75th year of independence to its centenary in 2047 cannot be a routine affair and it should be a watershed moment for the countryOur Amrit Kaal is not just to laud the last seven decades We may have gone from 70-75 years of independence in routine We may gone from 60-70 years of independence in routine But from 75 to 2047 India at 100 cannot be routineOur Amrit Mahotsav should be a watershed The period of the next 25 years should be seen as single time unit and not as different pieces Modi said addressing bureaucrats on the occasion of 15th Civil Services DayThe prime minister further said the prime responsibility of civil servants is to uphold the countrys unity and integrityWe cannot make any compromise on that Whenever we make any decision even at the local level however populist and attractive it may be it must be weighed if this decision in a small village will prove to be a hindrance to the unity and integrity of the country or not he saidLauding the efforts of young entrepreneurs Modi said India has seen 14 unicorns in the first quarter of 2022During the last eight years he said many big changes have been implemented in the country which have behavioural change at their coreModi also conferred the Prime Ministers Awards for Excellence in Public Administration for effective implementation of identified priority programmes and innovationHe presented 16 awards for five identified Priority Programmes and for innovations in the sphere of public administration and delivery of services PTI AKVABS ABS DIV DIV

Kolkata Apr 20 PTI TCG Group on Wednesday said it is planning to develop Indias first private sector quantum computer in Kolkata which will usher in a new era in research projectsQuantum computers are machines that use the properties of quantum physics and can vastly outperform even the best supercomputers in carrying out certain tasksTCG led by Purnendu Chatterjee also announced that it wants to get university status for its existing research centre TCG CREST where PhD scholars are working in frontier technologiesChatterjee announced the projects at the sixth Bengal Global Business Summit organised by the state governmentHe did not disclose any investment figure on quantum computing and research but said it can run into thousands of crores of rupeesA company official claimed that the countrys defence establishment has set up a quantum computing labCREST is working in the areas of quantum computing neurosciences cryptology data driven intelligence and sustainable energy he saidThe research works are being led by globally renowned scientists who have joined the initiative from institutions and universities which are known for their leadership in research efforts globally Chatterjee saidProf Sabyasachi Bhattacharya who was director of Tata Institute of Fundamental Research and is now associated with TCGs CREST said We dont want to keep research with education separate That is the reason for seeking university status for CREST CREST has already applied for that statusAs a part of the global innovation ecosystem these research centres along with a university will help curate an intellectual property base with entrepreneurial opportunities and high-end jobs in the state Chatterjee said PTI BSM dc NN NN

Bengaluru Mar 31 PTI Exide Industries on Thursday announced an investment of Rs 6000 crore in Karnataka This is for setting up one of the largest giga factories for advanced cell chemistry technology Exide Industries MD CEO Subir Chakraborty met with Chief Minister Basavaraj Bommai this morning for Rs 6000 crore investment in a Lithium-Ion cell manufacturing giga factory Department for Industries and Commerce said in a statement Stating that this will be one of the countrys largest giga factories for advanced cell chemistry technology it said Exide has requested 80 acres of land in the Haraluru Industrial Area near Bengaluru airport The project is expected to generate 1200 -1400 employment opportunities it added PTI KSU NVG NVG