With rising temperatures and sweltering heat in Tamil Nadu, the state's power demand has reached a record high of 19,000 Megawatt, the highest in history. This surpasses the previous high of 18,882 Megawatt recorded just a day before. Despite this, the state government has managed to meet the demand without any power outages. The energy policy note for 2023-24 projects a further increase in peak demand and daily energy consumption for the state.
A Singaporean entrepreneur, Bryan Oh, has been featured on Forbes' prestigious 30 Under 30 list for his groundbreaking approach to tackling the problem of toxic batteries. Oh and his co-founder Kenneth Palmer launched Neu Battery Materials in 2021 to address the increasing amount of toxin-leaking lithium batteries in landfills. Their patented recycling process has caught the attention of Forbes for its potential to significantly reduce emissions and the entrepreneurs now have plans to build a commercial recycling factory. Out of the 27 entries from Singapore on the list, 35 representatives have made the cut, with Oh being among them.
Citi Research has started coverage on both Western Digital and Seagate with Buy ratings, citing expectations of a rebound in the storage market. In their analysis, analysts predict a significant increase in demand for storage products, driven by hyperscalers and AI-driven data growth. The positive outlook is reflected in the rise of premarket trading for both companies, with Citi giving WDC a $90 target price and STX a $110 target price. While the analysts acknowledge potential risks such as macro factors and pricing volatility, they remain optimistic about the future of the storage media industry.
Vineet Nayyar, a renowned figure in the Indian Business landscape, passed away at the age of 85. A former Indian Administrative Service (IAS) officer, Nayyar also worked with the World Bank and held several senior positions in the private sector. He played a significant role in Tech Mahindra's acquisition of Satyam and was appointed as the Vice Chairman of crisis-hit IL&FS in 2018. His demise has left a void in the business world, with many paying their respects to his leadership and wisdom.
The tech industry mourns the loss of Vineet Nayyar, former Vice-Chairman of Tech Mahindra, who passed away at the age of 85. Known for his crucial role in Tech Mahindra's growth and revival of Satyam Computer Services, Nayyar was a respected tech evangelist with over 40 years of experience in both private and public sectors. His contributions to the industry and his exemplary leadership will be remembered fondly.
The CBI has arrested Dheeraj Wadhawan in connection with the ongoing probe into the DHFL bank fraud case, adding to the charges he already faced from the central agency in 2022. This follows previous arrest and release on bail for Wadhawan in connection with the Yes Bank corruption case. As regulatory actions continue to escalate against the Wadhawan brothers, including penalties for disclosure violations and SEBI's recent decision to attach their assets for recovery of dues, Dheeraj Wadhawan has appealed for bail on medical grounds as he recovers from spinal surgery. Business mogul or fraudulent mastermind? The investigation continues.
This season of Bridgerton revolves around the "friends to lovers" trope as we see Penelope Featherington desperately trying to find a husband to escape her awful sisters and her crush on her good friend, Colin Bridgerton. But while Coughlan is a highlight of the season with her charm and wit, the lack of chemistry and depth from the male lead makes it difficult to invest in their romance. Nonetheless, the show continues to captivate viewers with its execution of classic romance tropes.
With the rise of streaming services and new regulations from TRAI, traditional television channels are struggling to hold onto their market share and advertising revenue. As the industry fights to adapt to the changing landscape, fears of government intervention and the need for divestment in state-owned channels add further challenges. Amidst all this, Hang Seng, the main stock market index in China, has experienced significant gains in 2024, raising questions about the potential for a comeback in Chinese stocks. However, recent geopolitical conflicts, such as the Russia-Ukraine tensions and the conflict in Gaza, serve as a reminder of the risks involved in relying on foreign weapons systems and technologies, highlighting the need for India to strengthen its own defense capabilities.
The recently announced Union Budget of 2021 has introduced new tax implications for long-term capital gains (LTCG) and dividend income on equity and equity mutual funds. While LTCG will continue to be taxed if profits exceed Rs 1 Lakh, annual dividend income will now be taxable in the hands of the investor. This has caused concerns among investors, but there are some strategies to mitigate the impact of the new taxes on their portfolios.
After reports surfaced that the Income Tax department is planning uniform treatment for all asset classes once the new government takes charge, Union Finance Minister Nirmala Sitharaman debunked these rumours, calling them pure speculation. She took to social media to clarify that these claims were not verified by the Finance Ministry. Currently, India has differential tax structures for various financial assets, such as stock investments and fixed deposits. The proposed changes would aim to prevent tax base erosion and bring about a uniform treatment for all asset classes.