January 31, 2024 - Indo Gazette

Budget 2024: A Game-Changer for India’s Online Gaming Arena

India / January 31, 2024

INDIA Last Updated: January 31, 2024, 11:25 AM IST. Budget 2024: A Game-Changer for India’s Online Gaming Arena Budget 2024: A Focused Gaze on the Future of Online Gaming and AVGC Sector As the clock ticks closer to the announcement of Budget 2024-25, the online gaming industry, backed by a battalion of startups, is on the edge of their seats. The sector has been under a microscope, facing stringent regulatory reviews and a heavy taxation regime, especially in the real-money gaming (RMG) segment. The Tax Conundrum and Industry’s Expectations The past year has been challenging, with the Ministry of Electronics and Information Technology (MeitY) attempting to provide clarity by introducing online gaming rules in early 2023. However, the imposition of a 28% GST on the RMG segment by the GST council added to the sector’s woes. This fiscal strain was palpable, as the industry’s investment flow took a nosedive from INR 4,294 crores in 2022 to a mere INR 1,555 crores in 2023, (according to Inc42 data). This downturn sets a crucial stage for Finance Minister Nirmala Sitharaman to inject vitality and clear direction into the industry. The sector’s immediate plea is for a progressive taxation regime. The implementation of a flat 28% tax on all online gaming bets, irrespective of the game’s nature, has sparked considerable debate and concern, particularly as major gaming entities grapple with substantial tax notices. While the GST Council hinted at a potential review of this new tax regime after six months, the industry is keen on more definitive policies and clarity. Nurturing Talent: The Need for Skill-Building Programmes The online gaming sector isn’t just about play; it’s a robust ecosystem offering a plethora of job opportunities, from content creation and game design to engineering and marketing. However, the talent pool is not commensurate with the industry’s needs, primarily due to inadequate skill-building initiatives. Gaming firms are now looking towards Budget 2024 to bridge this gap by introducing and funding industry-focused skill-building programmes. The AVGC Sector: Awaiting Clear Directions and Funds The Animation, Visual Effects, Gaming, and Comic (AVGC) sector, despite being recognized and bolstered by the formation of a dedicated task force, remains in a state of anticipation. The task force’s report, suggesting the formation of a national AVGC Mission and a dedicated budgetary outlay, has not seen much progress. The industry is now hoping for a clear roadmap and allocated funds in the upcoming Budget to nurture and develop this burgeoning sector. Budget 2024: What to Expect and Where to Watch Mark your calendars for February 1st, as Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024–25 at 11 am. This budget, a prelude to the 2024 Lok Sabha elections, will outline the government’s expenditure framework and set a record for FM Sitharaman as she presents her sixth consecutive Budget. The event will be broadcast live on official channels including Sansad TV, Doordarshan, and Zee Business, ensuring that stakeholders and citizens can tune in to the financial blueprint of the nation. Key Highlights of Budget 2024: Fiscal Challenges: The online gaming industry has been facing stringent regulatory scrutiny and a heavy tax burden, with the GST council imposing a 28% GST on the real-money gaming (RMG) segment. Investment Decline: There’s been a significant reduction in investments within the gaming industry, plummeting from INR 4,294 crores in 2022 to INR 1,555 crores in 2023. Demand for Progressive Taxation: The industry seeks clarity and a more progressive taxation regime, especially after the introduction of a uniform 28% tax on all bets in online games. Skill Development Focus: Gaming firms are advocating for the announcement of skill-building programs tailored for the industry in the upcoming Budget to address the talent shortage. Anticipation for AVGC Sector Support: There’s a keen anticipation for clear directives and dedicated funding for the Animation, Visual Effects, Gaming, and Comic (AVGC) sector, following the establishment of a dedicated task force. Budget Presentation Date and Time: Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024–25 on February 1st at 11 am. Broadcast Information: The Budget presentation will be broadcast live on official channels including Sansad TV, Doordarshan, and Zee Business, as well as on their respective YouTube channels. As Budget 2024 inches closer, the gaming industry, with bated breath, hopes for a fiscal framework that not only addresses the immediate challenges but also paves the way for sustainable growth and innovation in the sector. The anticipation is high, and the stakes are even higher, as the nation looks forward to a Budget that acknowledges and fosters the potential of the online gaming and AVGC sector. Latest News India Budget 2024: A Game-Changer for India’s Online Gaming Arena January 31, 2024 // India // Science & Tech Journey to Jupiter’s Moon: The Europa Clipper Mission. 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Journey to Jupiter’s Moon: The Europa Clipper Mission.

Science & Tech / January 31, 2024

SCIENCE & TECHNOLOGY Last Updated: January 31, 2024, 09:35 AM IST. Journey to Jupiter’s Moon: The Europa Clipper Mission A Fresh Stage in Space Exploration: NASA is preparing for a pioneering mission called Europa Clipper, aimed at exploring Jupiter’s moon, Europa. This celestial object, covered in ice, conceals a puzzling salty ocean beneath its surface, which could provide the right conditions for life. The main goal of the mission is not to find life but to thoroughly investigate Europa’s ocean, ice shell, makeup, and geological features, providing a more detailed understanding of its potential for supporting life. The Europa Clipper, meticulously assembled at the Jet Propulsion Laboratory, is a marvel of engineering. It boasts a suite of nine sophisticated science instruments, including a magnetometer to study magnetic fields, a mass spectrometer, and a surface dust analyzer. The mission’s camera system is set to provide the first high-resolution global map of Europa, capturing both wide and narrow-angle images. Its radar will delve into the mysteries of the ice shell, searching for water within and beneath. The mission, slated for launch from Kennedy Space Center in October, is a testament to human curiosity and the relentless pursuit of knowledge. Navigating the Unknown: The Mission’s Course The Europa Clipper mission is a journey of exploration and discovery. Upon its launch, the spacecraft will perform an impressive series of 45 flybys of Europa, with its closest approach bringing it within 25 kilometers of the moon’s surface. These flybys will allow the mission to gather comprehensive data on Europa’s atmosphere, surface, and interior. The spacecraft will measure the moon’s magnetic field, analyze the plasma surrounding it, and use a suite of instruments to study the surface in unprecedented detail. Preparing for a Distant Touchdown While the Europa Clipper is not designed to land on Europa’s surface, NASA is exploring the possibilities of a future landing mission. The agency has revealed innovative landing gear designs, resembling spider-like legs, capable of absorbing the impact of a heavy spacecraft’s touchdown. These designs are currently undergoing rigorous testing, simulating conditions on Europa’s icy terrain. Although the Europa Lander remains a proposal, the groundwork is being laid for this ambitious extension of the Clipper mission. The Europa Clipper’s suite of instruments is poised to conduct a symphony of scientific investigations. From studying the moon’s faint atmosphere to mapping its surface in detail, each instrument plays a critical role. The spacecraft will capture stereoscopic, color images of the surface, track temperature variations, and even probe the ice shell’s depth and composition. By examining Europa’s gravitational field, scientists hope to unravel the secrets of its internal structure, providing invaluable insights into this intriguing ocean world. The Europa Clipper mission stands at the forefront of space exploration, representing humanity’s insatiable quest to understand the cosmos. With its advanced suite of instruments and ambitious objectives, the mission is set to uncover the mysteries of Europa, inching closer to answering the age-old question of whether we are alone in the universe. As the spacecraft undergoes final preparations for its journey, the world watches with bated breath, anticipating the discoveries that lie ahead on this distant, icy moon. Latest News Science & Tech Journey to Jupiter’s Moon: The Europa Clipper Mission. January 31, 2024 // Science & Tech // Business OYO’s Ritesh Agarwal Joins Shark Tank India, Promises to Tackle Investment Delays January 31, 2024 // Business // Business Apeejay Surrendra Park Hotels Gears Up for IPO: A Strategic Leap with ₹920 Crore Offering January 31, 2024 // Business // Business NTPC’s Profits Surge by 7.3% in Q3, Announces ₹2.25 Dividend Amidst Revenue Dip January 31, 2024 // Business // Health World AIDS Day 2023: 35th Year in the Fight Against HIV December 1, 2023 // Health // Science & Technology News Journey to Jupiter’s Moon: The Europa Clipper Mission. January 31, 2024 OpenAI Faces Leadership Turmoil: Sam Altman Steps Down as CEO – What’s Next? November 18, 2023 Cosmic Shockwave: How a Distant Supernova Impacted Earth’s Ozone Layer November 17, 2023 This Week No posts found.

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OYO CEO Ritesh Agarwal Advocates for Transparency in Shark Tank India Investments

OYO’s Ritesh Agarwal Joins Shark Tank India, Promises to Tackle Investment Delays

Business / January 31, 2024

BUSINESS Last Updated: January 31, 2024, 10:02 AM IST. OYO’s Ritesh Agarwal Joins Shark Tank India, Promises to Tackle Investment Delays OYO CEO Ritesh Agarwal Advocates for Transparency in Shark Tank India Investments. Amidst the dynamic and competitive atmosphere of Shark Tank India, Ritesh Agarwal, the founder and CEO of OYO Rooms, emerges as the newest judge in the show’s third season. His entry into the reality show brings a fresh perspective and a commitment to enhancing transparency in the investment process. Having been recognized as one of the youngest self-made billionaires, Agarwal’s journey with OYO Rooms has significantly transformed the hospitality sector, mirroring the success of ventures like Airbnb. His approach to business and investments is marked by a deep understanding of entrepreneurial challenges and a resolve to address the complexities of start-up financing. Controversy, however, is not far behind. Allegations of delayed release of funds and discrepancies in deal closure have marred the show’s reputation. Entrepreneurs who have successfully pitched their ideas on Shark Tank India have voiced their concerns about the changing terms and re-negotiation of valuations. Agarwal acknowledges these issues and stresses the need for a more transparent investment process. “It is crucial to ensure detailed communication about the investments,” he remarked, highlighting the importance of understanding entrepreneurs’ shifting perspectives and financial estimates. The show has seen its share of disputes among the judges and participants. Former judge Ashneer Grover addressed the issue by suggesting that judges should secure funds in escrow prior to filming, ensuring that promises made on the show are backed by actual financial commitment. Agarwal, echoing this sentiment, believes in the significance of making the investment process as clear as possible to both the participants and the audience. In his role as a judge, Agarwal aims not just to invest but to add value to the entrepreneurs’ ventures, understanding the profound impact of investment decisions on start-ups. His vision for Shark Tank India is not only to offer financial support but also to serve as a platform where entrepreneurship is celebrated and nurtured. As the show progresses, Ritesh Agarwal’s presence promises a shift towards greater transparency and support for the entrepreneurial spirit, paving the way for a more trusting and fruitful investment environment. Latest News Business OYO’s Ritesh Agarwal Joins Shark Tank India, Promises to Tackle Investment Delays January 31, 2024 // Business // Business Apeejay Surrendra Park Hotels Gears Up for IPO: A Strategic Leap with ₹920 Crore Offering January 31, 2024 // Business // Business NTPC’s Profits Surge by 7.3% in Q3, Announces ₹2.25 Dividend Amidst Revenue Dip January 31, 2024 // Business // Health World AIDS Day 2023: 35th Year in the Fight Against HIV December 1, 2023 // Health // Sports Australia’s Record 6th World Cup Win: Australia vs India World Cup Final Recap November 20, 2023 // Sports // Business News OYO’s Ritesh Agarwal Joins Shark Tank India, Promises to Tackle Investment Delays January 31, 2024 Apeejay Surrendra Park Hotels Gears Up for IPO: A Strategic Leap with ₹920 Crore Offering January 31, 2024 NTPC’s Profits Surge by 7.3% in Q3, Announces ₹2.25 Dividend Amidst Revenue Dip January 31, 2024 RBI’s New Twist in Personal Loan Policies: Higher Costs Ahead? November 17, 2023 Financial Challenges Shadow Miss Universe as JKN Global Grapples with Bankruptcy November 17, 2023 1 2 This Week Business Diwali Muhurat Trading 2023: Stock Market Gears Up for Auspicious Sunday Session November 12, 2023 // Business // Business,India,Latest News Investors’ Festival: Diwali Muhurat Trading Sparks Market Enthusiasm November 10, 2023 // Business,India,Latest News // Business Tata Power Faces Share Price Setback: Insights into the ₹248.15 Drop and the Factors Behind It November 9, 2023 // Business // Business [DRAFT] BUSINESS November 9, 2023 // Business //

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Apeejay Surrendra Park Hotels Gears Up for IPO: A Strategic Leap with ₹920 Crore Offering

Business / January 31, 2024

BUSINESS Last Updated: January 31, 2024, 07:35 AM IST. Apeejay Surrendra Park Hotels Gears Up for IPO: A Strategic Leap with ₹920 Crore Offering Disclaimer: Information provided is for educational purposes only; do your own research. consult a professional before making investment decisions. Apeejay Surrendra Park Hotels, a distinguished entity in India’s hospitality sector, is set to make a notable entrance into the public market with its initial public offering (IPO) scheduled from February 5 to February 7, 2024. The IPO is ambitiously pegged at ₹920 crores, consisting of a fresh equity issue of ₹600 crores and an offer for sale (OFS) amounting to ₹320 crores. While the exact price range remains under wraps, a price band of ₹147-155 has been set, inviting investors to engage with the company’s promising prospects. The composition of the OFS is intriguing, with shares worth ₹296 crores being offloaded by the promoter, Apeejay Pvt Ltd, and additional shares being sold by RECP IV Park Hotel investors and co-investors. The company has thoughtfully allocated the IPO, reserving a substantial 75% for qualified institutional buyers, 15% for non-institutional investors, and 10% for the retail sector. Retail participants are encouraged to bid for at least 96 shares, necessitating an investment ranging from ₹14,112 to ₹14,880. Renowned as the eighth-largest hotel chain in India, Apeejay Surrendra Park Hotels manages an impressive network of 27 hotels, alongside 80 restaurants, nightclubs, and bars as of March 2023. The company’s venture into the retail food and beverage market with ‘Flurys’ signifies its strategic diversification and commitment to revenue growth. From a financial perspective, the company’s performance is commendable, with a revenue increase of 14% to ₹272 crores and a profit after tax boost of 24% to ₹22.9 crores for the six months concluding in September 2023. The capital raised from the IPO is principally designated for debt repayment and general corporate purposes, illustrating the company’s prudent financial stewardship. Key contributors to this significant financial event include JM Financial, Axis Capital, and ICICI Securities as the book-running lead managers, and Link Intime India as the registrar, ensuring a smooth and structured IPO process. Key Points to Note: IPO Schedule: February 5 to February 7, 2024. Price Band: ₹147-155. Company Portfolio: Eighth-largest hotel chain in India, with a broad array of hospitality and F&B offerings. Financial Highlights: 14% revenue growth and 24% increase in profit after tax for the six-month period ending September 2023. Strategic Use of Proceeds: Debt repayment and general corporate purposes. In essence, Apeejay Surrendra Park Hotels is gearing up for a strategic IPO, positioning itself to attract a broad spectrum of investors and fortify its presence in the hospitality industry. With a strong operational base, a diversified portfolio, and a clear financial roadmap, the company is set to make a significant impact as it debuts in the public market. Latest News Business Apeejay Surrendra Park Hotels Gears Up for IPO: A Strategic Leap with ₹920 Crore Offering January 31, 2024 // Business // Business NTPC’s Profits Surge by 7.3% in Q3, Announces ₹2.25 Dividend Amidst Revenue Dip January 31, 2024 // Business // Health World AIDS Day 2023: 35th Year in the Fight Against HIV December 1, 2023 // Health // Sports Australia’s Record 6th World Cup Win: Australia vs India World Cup Final Recap November 20, 2023 // Sports // World Elon Musk and the White House: A Collision Course over Hate Speech November 18, 2023 // World // Business News Apeejay Surrendra Park Hotels Gears Up for IPO: A Strategic Leap with ₹920 Crore Offering January 31, 2024 NTPC’s Profits Surge by 7.3% in Q3, Announces ₹2.25 Dividend Amidst Revenue Dip January 31, 2024 RBI’s New Twist in Personal Loan Policies: Higher Costs Ahead? November 17, 2023 Financial Challenges Shadow Miss Universe as JKN Global Grapples with Bankruptcy November 17, 2023 Diwali Muhurat Trading 2023: Stock Market Gears Up for Auspicious Sunday Session November 12, 2023 1 2 This Week Business,India,Latest News Investors’ Festival: Diwali Muhurat Trading Sparks Market Enthusiasm November 10, 2023 // Business,India,Latest News // Business Tata Power Faces Share Price Setback: Insights into the ₹248.15 Drop and the Factors Behind It November 9, 2023 // Business // Business [DRAFT] BUSINESS November 9, 2023 // Business //

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NTPC’s Profits Surge by 7.3% in Q3, Announces ₹2.25 Dividend Amidst Revenue Dip

Business / January 31, 2024

BUSINESS Last Updated: January 31, 2024, 06:45 AM IST. NTPC’s Profits Surge by 7.3% in Q3, Announces ₹2.25 Dividend Amidst Revenue Dip NTPC Ltd, India’s leading state-owned power giant, has recently announced a commendable performance in its financial results for the third quarter ending December 31, 2023. The company reported a substantial 7.3% year-on-year increase in its consolidated net profit, reaching ₹5,208.9 crore. This financial upswing comes despite a slight dip in revenue, with consolidated revenue from operations experiencing a 4% decline, totaling ₹42,820.4 crore. Interestingly, the Board of Directors has declared a second interim dividend of 22.5% (₹2.25 per share) on the face value of paid-up equity shares of ₹10 each for the financial year 2023-24. This decision follows the first interim dividend of the same amount, declared and paid in the previous quarter of 2023. These consistent dividends reflect the company’s strong financial position and commitment to delivering shareholder value. While the net profit showed a robust increase, the operational earnings painted a different picture. The consolidated EBITDA (earnings before interest, tax, depreciation, and amortisation) declined by 21.5% to ₹11,362.2 crore. Additionally, the EBITDA margin also saw a decrease, standing at 26.5% in comparison to 32.5% in the same quarter of the previous fiscal year. Notably, NTPC’s performance in energy production and supply was particularly impressive. The company reported an increase in gross electricity generation, achieving 89.467 billion units during the third quarter, a significant jump from 78.646 billion units in the year-ago period. Moreover, the company’s coal output increased substantially, reaching 8.09 million metric tonnes (MMT) in the quarter, up from 5.35 MMT a year ago. These figures underscore NTPC’s capacity to meet the growing energy demands of the nation. However, the market response to these results was mixed. Following the announcement, NTPC shares fell by 1.2% on the NSE, indicating investor caution amidst the mixed financial outcomes. Despite this initial dip, the company’s long-term performance remains strong, with a 90% rally in the past year and a significant 128% increase in the last two years. NTPC’s latest quarterly results highlight its continued growth and resilience in the energy sector. The increased net profit amidst a challenging operational landscape demonstrates the company’s efficient management and strategic vision. As India’s energy demand continues to rise, NTPC’s role as a key player in the sector remains more critical than ever. Disclaimer: Information provided is for educational purposes only; do your own research. consult a professional before making investment decisions. Latest News Business NTPC’s Profits Surge by 7.3% in Q3, Announces ₹2.25 Dividend Amidst Revenue Dip January 31, 2024 // Business // Health World AIDS Day 2023: 35th Year in the Fight Against HIV December 1, 2023 // Health // Sports Australia’s Record 6th World Cup Win: Australia vs India World Cup Final Recap November 20, 2023 // Sports // World Elon Musk and the White House: A Collision Course over Hate Speech November 18, 2023 // World // Science & Tech,World OpenAI Faces Leadership Turmoil: Sam Altman Steps Down as CEO – What’s Next? November 18, 2023 // Science & Tech,World // International News NTPC’s Profits Surge by 7.3% in Q3, Announces ₹2.25 Dividend Amidst Revenue Dip January 31, 2024 RBI’s New Twist in Personal Loan Policies: Higher Costs Ahead? November 17, 2023 Financial Challenges Shadow Miss Universe as JKN Global Grapples with Bankruptcy November 17, 2023 Diwali Muhurat Trading 2023: Stock Market Gears Up for Auspicious Sunday Session November 12, 2023 Investors’ Festival: Diwali Muhurat Trading Sparks Market Enthusiasm November 10, 2023 1 2 This Week Business Tata Power Faces Share Price Setback: Insights into the ₹248.15 Drop and the Factors Behind It November 9, 2023 // Business //

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