This 21-year-old Delhi boy got a Rs 1.25 crore placement offer from Uber

21-year-old Sidharth, a computer science engineering student has been offered the job of a software engineer at the Uber’s San Francisco office. He will get an annual package of Rs 1.25 crore with other benefits.

In picture, 21-year-old Sidharth ( Image source- HT)

In picture, 21-year-old Sidharth ( Image source- HT)

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A student of Delhi Technology University (DTU) has received a placement offer of Rs 1.25 crore from Uber.

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21-year-old Sidharth, a computer science engineering student has been offered the job of a software engineer at the Uber’s San Francisco office. He will get an annual package of Rs 1.25 crore with other benefits.

“It was a delight to have received the job offer and I am now looking forward to move to San Francisco,” Sidharth.

“I had actually done a seven-week internship with Uber earlier. So this is a pre-placement offer that I have received. Along with me, I think there is someone from one of the IITs,” he said.

Sidharth is an alumnus of Delhi Public School and had cleared the class 12 examinations with a glaring marks of 95.4 per cent. After clearing theJoint Entrance Examination (JEE) Main, he took admission into Delhi College of Engineering.

Sidharth told HT, “From the beginning, I wanted to do computer science engineering and with my score I was not getting the subject at any of the IITs. Moreover, I love Delhi and did not want to move from here,” he said.

source”cnbc”

Tata,Motors,shares,tank,over,10%,,mcap,dives,Rs,15,068,crore

Tata Motors shareholders reject pay proposals of 3 executivesTata Motors shareholders reject pay proposals of 3 executives
NEW DELHI: Shares of Tata Motors on Wednesday plunged over 10 per cent, wiping out Rs 15,068 crore from its market valuation, after the company reported a 96.22 per cent decline in consolidated net profit for the December quarter.

The stock tanked 10.32 per cent to end at Rs 436.55 on BSE. During the day, it nosedived 10.64 per cent to Rs 435.

The stock was the worst performer among the 30-sensex components.

At NSE, shares of the company dived 9.45 per cent to close at Rs 436.45.

Led by the sharp dip in the stock, the company’s market valuation plummeted by Rs 15,067.81 crore to Rs 1,25,488.19 crore.

In terms of volume, 36.29 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.

The stock had lost 5 per cent in the previous session as well.

“TAMO reported another weak quarter with both standalone business and JLR performance coming well below our/street expectation,” Kotak Securities said in a report.

Homegrown auto major Tata Motors on Tuesday reported a 96.22 per cent decline in consolidated net profit to Rs 111.57 crore for the December quarter, dragged down by losses in domestic operations and lower profit of its British arm JLR.

It had posted net profit of Rs 2,952.67 crore in the same quarter of last fiscal, Tata Motors said in a BSE filing.

The company’s consolidated sales during the October- December quarter were down 2.2 per cent to Rs 67,864.95 crore as against Rs 69,398.07 crore in the year-ago period.

On a standalone basis, Tata Motors’ loss after tax widened to Rs 1,046 crore in the third quarter of 2016-17, from Rs 137 crore a year ago

source”cnbc”

Demonetisation, higher fuel see SpiceJet Q3 net profit plunge 24% to Rs 181.1 crore

File photo used for representational purposeFile photo used for representational purpose
NEW DELHI: Low cost carrier SpiceJet on Tuesday reported a profit of Rs 181.1 crore in the quarter ended December 2016, down 24% from a profit of Rs 239.9 crore in the same quarter in previous fiscal. The airline said that demand in the quarter had softened “due to demonetisation.”

“Profits for the quarter were impacted by demonetisation and higher fuel prices,” the airline said. The airline recorded a load factor of 90.7% for the quarter, the highest in the industry, and had highest on time performance across metros.

“We have reported our eighth successive profitable quarter despite headwinds. Our… aircraft order signifies the end of the turnaround phase for SpiceJet and marks the beginning of a growth story. This order will help build an even stronger and more profitable airline. We will be relentless in reducing our costs and identifying new avenues for revenue generation,” said SpiceJet chairman Ajay Singh.

“The company’s total liabilities exceed its total assets by Rs 65,154.4 lakh as of December 31, 2016. These conditions… indicate the existence of a material uncertainty that may cast significant doubt about the company’s ability to continue as a going concern,” the airline’s auditor, S R Batliboi and Associates, says in its limited review.

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hope spicejet performs better in the next quarterNatarajan D

The LCC’s total income from operations in Q3 was Rs 1,642.4 crore, up from same quarter in previous fiscal’s figure of Rs 1,459.9 crore. However, fuel cost rose to Rs 473.7 crore this Q3 over Rs 366.6 crore in Q3 FY 2016.

source”cnbc”

Plugging LPG subsidy leaks leads to Rs 21,000 crore savings

Representative image.Representative image.
NEW DELHI: As many as 3.3 crore fake, ghost and duplicate LPG connections have been blocked, leading to saving of Rs 21,000 crore in subsidies, said oil minister Dharmendra Pradhan.

“When we assumed office (in 2014), we had a system of misdirected subsidies, rich and upper middle class were entitled to LPG subsidies. There were many duplicate connections and the subsidised LPG was diverted to commercial and industrial segments,” he said, addressing the Asia LPG Summit organized by World LPG Association here.
As a result, poorest of the poor never had access to LPG. In 2014, almost half of Indian households didn’t have LPG connections.

Pradhan said the Direct Benefit Transfer of LPG was launched in 2014 wherein subsidy was directly paid into the bank accounts of the beneficiaries.

“This made the process transparent and plugged the subsidy leakages which was otherwise being misused through ghost accounts,” he said.

source”cnbc”

Payments bank of Paytm gets Rs 218 crore infusion

Representative photoRepresentative photo
BENGALURU: Paytm Payments Bank has received Rs 218 crore in fresh capital as it prepares to start operations this month from Uttar Pradesh.

Vijay Shekhar Sharma, founder and CEO of Paytm who holds the payments bank licence has infused Rs 111 crore, while One97 Communications and One97 India Communications, the parent of Paytm, put in the rest of the amount, as per latest regulatory filings sourced via business research platform Tofler.

Earlier in January , Sharma said he had managed to get the final nod from RBI to kick-start the bank. Paytm Payments Bank has issued 2,18,000,000 shares to the three shareholders.

The development comes on the back of two other payments banks -Airtel Payments Bank and India Post Payments Bank launching their operations.

TOI had reported its in December 9 edition, about Sharma selling 1% of his personal holding in Paytm’s parent firm One97 Communications for about Rs 325 crore to invest in the payments bank. Sharma holds 51% stake in Paytm Payments Bank, as per RBI guidelines. Paytm had planned to start its payments bank last year but had to postpone the launch multiple times due to regulatory delays. After getting RBI nod, Sharma had said that about Rs 400 crore would be pumped in to the payments bank.

Paytm, which is run by One97 Communications, created two separate entities -Paytm E-commerce and Paytm Payments Bank. The wallet business of has also been transferred to the newly created payments bank entity to meet RBI’s guidelines. It is unclear how much ownership Alibaba would have in the payments bank. The Chinese internet behemoth is an existing shareholder in One97, and also holds around 40% stake in the recently separated Paytm’s online marketplace business, as reported by TOI in its February 3 edition.

source”cnbc”

Gujarat government to provide Rs 200 crore for student innovation policy

It is widely speculated that the policy, which is all set to roll out, will support students to realise their innovative ideas into reality.

Gujarat Chief Minister Vijaybhai Rupani.

Gujarat Chief Minister Vijaybhai Rupani.

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In what appears as a major boost among the students to be more innovative, the Gujarat government has, of late, determined to provide a grant worth Rs 200 crore to establish country’s first ever student start up and innovation policy.

It is widely speculated that the policy, which is all set to roll out, will support students to realize their innovative ideas into reality.

While the policy targets to support as many as 1,000 innovations in a year, the policy will also create pre-incubation in universities across the state to convert student’s innovative ideas from proof of concept (PoC) upto minimum viable proto-type (MVP), as reported by Economic Times.

Apart from these, the policy will also provide support for patent filing.

More on the policy:

The policy, which will be monitored by the Education Department, was announced by Gujarat Chief Minister Vijaybhai Rupani.

“The policy’s target is to create a conducive environment enabling 1% of our graduates to become job creators, and the Student Innovation Fund would help develop an innovation and pre-incubation ecosystem across the state,” said Education Minister Bhupendrasinh Chudasama.

Of Rs 200 crore provided by the state government as State Innovation Fund, Rs 100 crore will be proportionately allotted by the state. Whereas the remaining Rs 100 crore will be utilised for other purposes in the form of university and CSR funds.

source”cnbc”

IIT Bombay to accept Rs 8 crore from 1991 batch

The legacy project was set up by the 1991 batch to benefit the institute and the stakeholders associated with the institute.

IIT Bombay

IIT Bombay

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IIT Bombay 1991 batch made a solemn promise of Rs 8 crore for the legacy project at the alumni day 2016.

The enormous contribution was to commemorate the 1991 Silver Jubilee and also appears as an act of gratitude to the institute.

The legacy project was set up by the 1991 batch to benefit the institute and the stakeholders associated with the institutes.

A generous legacy to remember:

It is anticipated that the funds will be utilised for numbers of projects and for the well-being of its students such as providing scholarship to deserving students, upgradation of hostel facilities, and for student counseling.

“IIT Bombay alumni have made significant contributions towards the growth of the Institute. Our aspiration is to see IIT Bombay among the top ranks of technical universities in the world. We need continued support from our alumni to realise this dream,” Pramod Chaudhari, Executive Chairman of Praj Industries said.

Chaudhari, after signing a Memorandum of Understanding said that all the credits for what he had achieved today goes to the institute.

“IIT Bombay is largely responsible for what I am today and what I have achieved. I have learned my early lessons of engineering and entrepreneurship at IITB. I am happy to collaborate with my alma mater to set-up this Learning and Teaching Centre that is aimed at fostering innovation, evidence-based practices and collaboration among students,” said Chaudhari, as reported in The Indian Express.

source”cnbc”

UPES,Dehradun,to,award,590,scholarships,for,teaching,assistantship,worth,Rs,3.53,crore

The University of Petroleum and Energy Studies (UPES), Dehradun will be awarded a total 590 scholarships worth Rs 3.53 crore. Special scholarships are also being offered for Uttarakhand Domicile students.

UPES Dehradun Scholarship

UPES Dehradun Scholarship

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The University of Petroleum and Energy Studies (UPES), Dehradun will be awarded a total 590 scholarships worth Rs 3.53 crore to under-graduate srudents from the commencing academic session 2017.

Apart from this, it is also offering teaching assistantship to students who are planning to pursue one of the three post-graduate courses- MTech, MPlan and MDesign. By performing teaching and research related work at the campus for few hours every week, eligible students from these courses can earn a monthly assistantship.

(Read: Tribal youths convince parents to send children to school)

Special scholarships are also being offered for Uttarakhand Domicile, students and 150 toppers from Uttarakhand board will be awarded the same if eligible. This year the university is awarding scholarships worth INR 1.53 crore more compared to last academic year and has included new programs like BDesign, BPlanning and MBA.

About UPES, Dehradun:

The University of Petroleum and Energy Studies (UPES) was established in the year 2003 through UPES Act, 2003 of the State Legislature of Uttarakhand. It offers industry-focused specialised graduate, post graduate and doctoral programmes in key areas such as energy, infrastructure, transportation, information technology, design, planning & architecture, public policy and legal studies.

source”cnbc”