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Posted On:
31-05-2024

Jindal Power to partner with Venezuelan state oil company: Report

India’s Jindal Power Ltd. will partner with Venezuela’s state oil company in a crude venture just months after securing a contract to run the country’s largest iron-ore complex, according to people familiar with the agreement. Jindal executives agreed to partner with Petroleos de Venezuela SA in the oil-rich Orinoco Belt, the people said, asking not be named discussing non-public information. The move to operate the Petrocedeno venture marks Jindal’s first foray into the oil business and will fill the void left when TotalEnergies SE and Equinor ASA departed the project in 2021. Jindal’s entrance comes as Venezuela reshapes its oil partnerships amid the reimposition of US sanctions after President Nicolas Maduro’s fell short of promises to ensure fair elections. PDVSA and Jindal didn’t respond to requests for comment. After years of economic crisis, hyperinflation, mismanagement and sanctions, many foreign companies quit the country. PDVSA has been working to attract new foreign partners to revive oil production, increase revenue and reduce debt. The Jindal-PDVSA deal was reached in Caracas in mid-April, hours before the US announced the imminent reimposition of sanctions. Jindal has submitted an application for US Treasury Department permission to operate in Venezuela, one of the people said, which could be necessary after May 31 to avoid breaching US restrictions.
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Posted On:
01-06-2024

Avoid hype of new tech, prioritise relevance for customers: Flipkart exec

Businesses must understand new technology before incorporating it into solutions, avoiding hype, said Ravi Vijayaraghavan, Chief Data Analytics Officer and SVP at Flipkart. In a fireside chat session during the 4th edition of AI @Walmart 2024, he said businesses often get caught in the "fog of the hype" around any new technology.Building customer-centric use cases is crucial, he emphasised and advised against becoming overly focused on technology. "Whenever a new technology comes, today it is GenAI, it was something else in the past...there is what I call the fog of hype, it is some sort of a need or urgency to incorporate that technology into your products or services. I would resist that and first understand the problem that one is trying to solve," he said.n 9 out of 10 cases, he further spoke, data beats algorithm. "When you're building a solution, make sure that you have the right data, that would make it a powerful solution," he said. He mentioned that finding the right balance between simplicity and complexity is crucial for businesses. "Simpliciity is key. ..I ask my team to not complicate things but to use the simplest model that will solve the problem in a meaningful manner." However, one should not be afraid of complexity, he said, "Some problems are truly complex. to be able to balance when you have to be simple and when to be complex is a skill in itself...keep simple problems simple and understand complexity where there is complexity".
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Posted On:
01-06-2024

BSE acquires entire equity stake of S&P Dow Jones Indices in Asia Index

Leading stock exchange BSE Ltd on Friday said it has completed the acquisition of S&P Dow Jones Indices' entire equity stake in Asia Index Private Limited (AIPL), making it a wholly-owned subsidiary of the bourse. AIPL was a joint venture between S&P DJI and BSE and is best known for calculating and maintaining the popular index Sensex. In a statement, BSE said AIPL will continue to provide its services to clients who are subscribed to AIPL's indices or data products. "AIPL is committed to improving and expanding its product offerings by working closely with the financial market ecosystem and other relevant stakeholders," it added.In April, index provider S&P Dow Jones Indices announced that it was targeting to sell its entire equity stake in Asia Index by May 31. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Posted On:
01-06-2024

Charging ahead: Focus on net carbon zero, says TaMo's Shailesh Chandra

In the middle of the first Covid-19 lockdown in 2020, Shailesh Chandra, who had recently taken the reins of the passenger vehicle arm of Tata Motors after finding success with the electric vehicle (EV) business, set out to meet the company’s dealers. “In my first meeting with them, I was literally ragged,” remembers Chandra, the managing director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility. He found that only 30 per cent of the dealerships were making money at that time. “Then why were the remaining 70 per cent sticking around?” he wondered, although he knew the answer.
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Posted On:
03-06-2024

Amul milk price hiked by Rs 2 per litre across all variants from June 3

The price of Amul milk across all variants has been hiked by Rs 2 per litre with effect from Monday in view of the increase in the overall cost of operation and production of milk, Gujarat Cooperative Milk Marketing Federation (GCMMF) said. With this, the price of the Amul milk pouch will go up by Rs 2 per litre in all markets across the country.The price of Amul milk across all variants has been raised by Rs 2 per litre with effect from June 3, said Jayen Mehta, MD of GCMMF, which markets the milk and dairy products under the 'Amul' brand.The last time GCMMF had raised the milk price was in February 2023. The hike is necessitated to compensate farmers for their increased cost of production, Mehta said. With the fresh hike, the revised milk prices for variants such as 500 ml Amul buffalo milk, 500 ml Amul Gold milk, and 500 ml Amul Shakti milk stand at Rs 36, Rs 33, and Rs 30, respectively. "The increase of Rs 2 per litre translates to the range of 3-4 per cent increase in MRP which is much lower than the average food inflation. It is worthwhile to note that since February 2023, Amul has made no increase in prices of fresh pouch milk in major markets," GCMMF said in a statement.This price hike is being done due to the increase in the overall cost of operation and production of milk, it said.
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