Ayodhya: Massive crowd throngs Ram temple as mandir opens its doors for devotees after ‘pran pratishtha’

Devotees gathered in large numbers since 3am to have darshan of the new Ram Lalla idol on the first morning after the consecration ceremony. A massive crowd thronged the Ram Mandir in Ayodhya as the grand temple opened its doors for devotees to offer prayers on Tuesday morning, a day after the 'pran pratishtha' ceremony of Ram Lalla. Devotees gathered in large numbers since 3am to have darshan (viewing) of the new Ram Lalla idol on the first morning after the consecration ceremony, news agency ANI reported. A large number of devotees, both locals and visitors from other states, gathered near the main gateway along the Ram Path leading to the temple complex late on Monday, seeking entry to the mandir premises. As a large crowd built up near the ceremonial gateway – decked up for the consecration ceremony – police told the devotees that the temple would open to the public from Tuesday.For devotees seeking darshan of Lord Ram Lalla, the Shri Ram Janmabhoomi Teerth Kshetra website has provided specific time slots – morning slot from 7am to 11:30am and afternoon slot from 2 pm to 7pm.‘Aarti’ timings include jagran/shringar at 6:30am and sandhya aarti at 7:30pm. One can obtain passes for the 'aarti' both offline and online. The offline passes are available at the camp office at Shri Ram Janmbhoomi, requiring a valid government identity proof. The 'pran pratishtha' of Ram Lalla in Ayodhya was held amid unbridled celebrations, with Prime Minister Narendra Modi performing the main rituals officiated by a select complement of priests. The 'pran pratishtha' ceremony of Lord Ram was held at 12.29pm on Monday. The ceremonial journey leading up to the mega event included a seven-day ritual that commenced on January 16.The ceremony was attended by people from all walks of life, including representatives of various tribal communities. Major spiritual and religious sect leader were also invited to the consecration ceremony. Built-in the traditional Nagara style, Shri Ram Janmbhoomi Mandir has a length (east-west) of 380 feet and a width of 250 feet. It stands 161 feet above the ground and is supported by a total of 392 pillars and 44 doors. The pillars and walls of the temple showcase intricately sculpted depictions of Hindu deities, Gods, and Goddesses. We are very pleased. Ayodhya has decked up like a bride. We are touched even more to come to terms with the fact that we are going to have 'darshan' of the Ram Lalla," ANI quoted Tejender Singh, a devotee from Chandigarh, as saying.Another devotee said he came all the way from Odisha for the darshan of Lord Ram in Ayodhya."I have come from Odisha's Puri to Ayodhya on bike to have darshan of Lord Ram Lalla. It was a journey of 1224 kilometres. I was very eager to have 'darshan' of Lord Ram Lalla. When I was asked on my way where I was going, I said that that I was going to have darshan of Lord Ram at the temple which was not built for over 500 years," he told ANIIn the sanctum sanctorum of Ram Mandir, the child-like Lord Ram is enthroned.  

Mid-spec Tata Punch EV vs Top-end Tata Tiago EV: Cross-shopping Simplified

Tata Motors recently launched the Punch EV, introducing a new electric micro-SUV in our market. It sports a refreshed look and is based on a completely new electric car-only platform. The Punch EV joins Tata's lineup of electric vehicles, including the Tiago EV. If you are considering both the Punch EV and Tiago EV, we have simplified your decision-making process with a detailed comparison. Check it out. The mid-spec Punch EV Standard Range marginally undercuts the top-spec Tiago EV Long Range. It's important to note that, we are considering the Tiago EV configured with a 7.2 kW AC fast charger, which comes at a premium of Rs 50,000. Both the vehicles come standard with 3.3 kW AC charger. Considering the segment, the Punch EV is undoubtedly a larger vehicle than the Tiago EV, offering more space and a larger boot. It also has a longer wheelbase and that should result in more room inside the cabin.  Things change in the features department, with no significant difference between the two cars. In fact, the Tiago EV offers additional features such as rain-sensing wipers, a larger 8-speaker sound system, and a tyre pressure monitoring system. On the other hand, the Punch EV rides on larger 15-inch wheels and comes equipped with 6 airbags. As seen in the table above, there is barely any difference between the two cars in terms of powertrain specifications. However, the Punch EV's electric motor produces slightly more power. In terms of claimed range, both deliver a similar range. Do note that you get a second powertrain choice with both cars: Medium Range in the Tiago EV and Long Range in the Punch EV.  Ultimately, your decision will depend on whether to choose a larger micro-SUV or a hatchback with a smaller form factor, as both cars more or less offer a similar features set and power figures. Keeping the size factor aside, choosing the Punch EV means opting for a more modern product with an updated design. If you can configure it to higher-spec variants, you also get additional niceties like ventilated seats, and a larger infotainment and digital driver’s display. You also get the novelty factor of an SUVThe Tiago EV, on the other hand, is based on its petrol-powered counterpart, maintains the same design and feel, which might feel dated when compared to the Punch EV. Nevertheless, it does offer some additional conventional features if aesthetics are overlooked. That said, the new Punch EV is definitely the more modern product here and is our pick.

India overtakes Hong Kong as worlds fourth-largest stock market

India's stock market capitalization crossed $4 trillion for the first time on December 5, with about half of that coming in the past four years. India’s stock market has pipped Hong Kong for the first time. The combined value of shares listed on Indian exchanges hit $4.33 trillion as of Monday’s close, against $4.29 trillion for Hong Kong, according to data compiled by Bloomberg, making India the fourth-biggest equity market globally.   Its stock market capitalization crossed $4 trillion for the first time on December 5, with about half of that coming in the past four years.  India has all the right ingredients in place to set the growth momentum further,” Ashish Gupta, chief investment officer at Axis Mutual Fund in Mumbai, told Bloomberg. Hong Kong's slump is also due to an eroding China appeal. Some of China’s most influential and innovative firms are listed in Hong Kong. Beijing’s stringent anti-Covid-19 curbs, regulatory crackdowns on corporations, a property-sector crisis and geopolitical tensions with the West have hit Chinese stocks hard. The total market value of Chinese and Hong Kong stocks have tumbled by more than $6 trillion since their peaks in 2021.   New listings have dried up in Hong Kong, with the Asian financial hub losing its status as one of the world’s busiest venues for initial public offerings. Overseas funds poured more than $21 billion into Indian shares in 2023, helping the country’s benchmark S&P BSE Sensex Index cap an eighth consecutive year of gains.“There is a clear consensus that India is the best long-term investment opportunity,” Goldman Sachs Group Inc. strategists including Guillaume Jaisson and Peter Oppenheimer wrote in a note Jan. 16 with results of a survey from the firm’s Global Strategy Conference.    

Tech layoffs: Tencents Riot Games to lay off 11% employees

Riot Games, based in Los Angeles, is known for popular games like 'League of Legends'. The company stated that teams not directly involved in game development will be most affected by the layoffs.Riot Games, a subsidiary of Tencent Holdings, announced on Monday that it plans to lay off 530 employees, which is about 11% of its global staff. The news was shared in a blog post that included a letter from CEO Dylan Jadeja to the employees.Riot Games, based in Los Angeles, is known for popular games like "League of Legends". The company stated that teams not directly involved in game development will be most affected by the layoffs.  The digital gaming industry is facing challenges as audiences are hesitating to buy expensive titles or are sticking to fewer games due to high inflation. This trend was also seen last year when Electronic Arts Inc cut 6% of its staff and reduced office space. In his letter, Jadeja explained, "We're a company without a sharp enough focus, and we have too many things underway. Some of the significant investments we've made aren't paying off the way we expected them to. Our costs have grown to the point where they're unsustainable."The layoffs will allow Riot to concentrate on its live games portfolio, which includes "League of Legends", "Valorant", "Teamfight Tactics", and "Wild Rift". This was mentioned in a separate blog post by Jadeja and co-founder Marc Merrill.Riot will halt new game development under "Riot Forge" and will reduce some staff and features in "Legends of Runeterra".Tencent, which bought a majority stake in Riot Games in 2011, also has a stake in U.S. video game developer Epic Games.

Cipla shares rally 7% to hit 52-week high on strong Q3 earnings

Shares of Cipla rallied 7 percent to hit a 52-week high of Rs 1,409 in the opening trade on January 23, a day after the company reported a strong performance in Q3 on all key parameters of profit, revenue and profitability. The company's net profit for the quarter grew 32.7 percent on-year to Rs 1,049 crore despite an exceptional loss of Rs 194.8 crore. The bottomline growth was also aided by a 14.2 percent on-year increase in revenue to Rs 6,544 crore in the October-December period. Growth was largely broad-based across markets as the company clocked in its highest ever North American sales at  $230 million, up 18 percent on year. The India business grew nearly 12 percent to Rs 2,859  crore, whereas sales from the South Africa recorded a near 10 percent rise to Rs 603 crore. Growth in the India business was driven by a strong performance across branded prescription, trade generics and consumer health, while that in North America was supported by continuing momentum in key assets and robust demand in base business along with some year-end buying.The South Africa business also benefitted from the increase in revenue in local currency terms. This performance was supported by positive traction in prescription, OTC (over-the-counter) and tender.

Zomato suspends delivery of non-veg items in North India, says this is due to govt order

In response to a government order, Zomato has temporarily suspended the delivery of non-vegetarian items in several states in North India. In respect of the consecration ceremony, meat shops in some states were closed today. Here is everything you need to know. In response to a government order, Zomato has temporarily suspended the delivery of non-vegetarian items in several states in North India. Users across various cities reported the absence of non-veg food options on X (previously Twitter), leading to speculations regarding the cause. It is believed that the move is in respect of the consecration ceremony for the Ram Mandir in Ayodhya, an event of significant cultural and religious importance. Zomato, addressing user concerns on X, clarified that the decision to disable the delivery of non-veg items was in compliance with the government's notice. "We have disabled delivery of non-veg items in Uttar Pradesh, Assam, Chhattisgarh, Madhya Pradesh and Rajasthan as per govt. notice. Hope this clarification helps," stated Zomato's customer care support on the social media platform. It is not surprising because Varun Khera, the head of the National Restaurant Association of India in Uttar Pradesh, affirmed that restaurants across the state had collectively decided to serve only vegetarian food on January 22. Khera emphasized the need to honour the government's order, especially considering the magnitude of the event taking place in Ayodhya. In respect of the ceremony, meat shops in the affected states were closed today. The chief secretary of Uttar Pradesh, Durga Shankar Mishra, had issued an order instructing district magistrates to ensure the closure of liquor vends and meat shops on January 22.  

Everyman Media Group Earnings, Revenue Rose Despite Strikes

Premium cinema group Everyman Media (EMAN) said the resounding box office success of Barbie and Oppenheimer led to strong summer trading leaving it confident of meeting full year expectations. Unfortunately, both revenue and adjusted EBITDA (earnings before interest, tax, depreciation, and amortisation) fell in the first half to 29 June, admittedly against strong prior year comparatives. Investors seemed unmoved by the upbeat outlook, with the shares dropping 1% to 55p capping a disappointing 12 months for shareholders with the shares down 44%. Chief executive Alex Scrimgeour commented: ‘We are pleased to report that trading continues to be in line with the board's expectations, having achieved robust interim results despite this year's major film titles falling in the second half of 2023.  We remain confident in our prospects as we continue to be supported by a slate of high-quality second-half releases, a carefully expanded estate and new banking facilities which ensure we are well configured to take advantage of future opportunities.’Revenue fell 6% to £38.3 million in the first half, but strong trading in July and August transformed the picture with year-to-date revenue 13% higher at £60 million while EBITDA was 12% ahead at £11 million.Everyman expects to meet full-year consensus forecasts which call for revenue of £94.4 million, representing 20% growth, and EBITDA of £17.2 million compared with £7.9 million in 2022. Having opened three new venues in the first half, taking the estate to 41 cinemas and 141 screens, the company has a healthy pipeline of new opportunities.A new two-screen venue will open in Marlow in the current quarter, while a further five venues are planned for 2024 including a three-screen venue in Stratford in the third quarter.The firm agreed a new three-year loan facility of £35 million replacing a £25 million revolving credit facility and £15 million Covid interruption loan. Leisure analyst Mark Photiades at Canaccord Genuity commented: ‘The film slate for Q4 and beyond is strong with a number of major releases and independent films due including Wonka, Ferrari, Napoleon, Killers of the Flower Moon and the latest instalment of The Hunger Games.’Photiades left his forecasts unchanged but reiterated his buy rating, saying, ‘Everyman remains a premium brand, synonymous with offering a first-class cinema and hospitality experience & a best-in-class food and beverage offer prepared in-house.’

ZEE stock at 130 rupees?

Given the sharp convergence of linear TV growth, Elara Securities believes ZEE may see a sharp de-rating in the P/E valuation of its broadcasting company, to at least 10 times one-year forward or below, as a result of the incomplete merger.The termination of the merger agreement by Sony India due to purported breaches of the conditions of the merger cooperation agreement (MCA) could have a significant negative impact on ZEE Entertainment Enterprises Ltd's values in the near future. A few brokerages changed their recommendations to "Sell" for the shares when Sony demanded termination fees of $90 million. With their current target prices for ZEE slashed by up to 50%, experts declared that the transaction termination is a lose-lose situation for both parties.When the company's stock declined in value in 2019 due to a problem involving promoter share pledges and a decline in business cash conversion, ZEE's corporate governance came under scrutiny. Analysts noted that the Zee-Sony combination would have resolved ZEE's low promoter ownership issue, but they also predicted that shareholder activism against ZEE management will occur in the near future.Given the sharp convergence of linear TV growth, Elara Securities believes ZEE may see a sharp de-rating in the P/E valuation of its broadcasting company, to at least 10 times one-year forward or below, as a result of the incomplete merger.ZEE's OTT service might not be able to grow in size in a market that is so fragmented and profitable; the company stated that the Ebitda margin, excluding sports losses, might converge to 14%. Elara is concerned about any additional inventory write-offs, connected parties' debt, and Disney's noncompliance with the sports contract (ICC tournaments).The main factor that increased valuation during the previous two years was the merger with Sony. However, we lower ZEE to Sell due to the termination, with a revised March 2025E objective of Rs 170 from Rs 340. However, the target price can increase to Rs 130 if the Disney deal is upheld. Another strategic or financial partner purchasing the majority of Zee's shares could give the value multiple some relief, according to Elara.According to Emkay Global, both parties stand to lose from this arrangement, especially given the rivalry from Reliance-Disney, a larger potential player. As stated in their press release, Emkay Global stated that the termination should also lead to a legal battle between the two involved corporations."We think that shareholder activism against ZEE management may potentially be sparked by this breakdown. Furthermore, we believe that ZEE will now attract more bidders for possible agreements. Because of the stock's poor competitive posture and escalating corporate governance concerns, we currently lower it from Buy to SELL (from Buy). We reduce our target from Rs 315 to Rs 175 at eight times the Dec. 25E SA broadcasting Ebitda, according to Emkay.Due to Sony's request for a termination fee, uncertainty surrounding ZEE's new strategy and partners, and actions taken by its minority stakeholders, Nuvama Institutional Equities believes that ZEE's near-term valuation will remain low. "Our favourable opinion was based on the merger. The statement read, "We are cutting FY25E/26E EPS by 16 per cent/24 per cent; downgrade to 'REDUCE' with target of Rs 190 (13 times PE FY26E)," in light of the shifting dynamics of the business and the slower ramp-up of ad income. In addition, CLSA lowered its target price for ZEE from Rs 300 to Rs 198 since it thinks the competition will likely get more fierce following the rumored Reliance and Disney Star combination. "We think ZEE's PE will drop back to the 12x levels observed before the August 21 announcement of the Sony deal. Zee's stock PE had previously depreciated amid the promoter share pledge problem (in 2019) and the decline in corporate cash conversion, according to CLSA. This was also the time of the Covid-19 second wave.  

Byjus losses for FY22 soar to Rs 8,245 crore.

Roughly Rs 3,800 crore, or over half of Byju's losses, have come from stressed assets like Whitehat Jr. and Osmo, two significant purchases the company made. However, the persistent concern over the $1.2 billion term loan has been noted by Byju's auditor BDO, who has stated that a "material uncertainty exists."Weeks after presenting its audited FY22 financials to investors during an annual general meeting in December, parent company of troubled edtech startup Byju, Think & Learn, finally submitted them with the registrar of companies (RoC).For FY22, the business had operating revenue of Rs 5,014 crore, but losses increased to Rs 8,245 crore. Byju's entire income, according to the company's regulatory filings, was about Rs 5,300 crore. Byju's operating revenue increased by 119% in FY22, but losses increased by 80% over the same time period.Improve Your Technological Proficiency with High-Value Skill Courses: IIM Lucknow's IIML Executive Programme in FinTech, Banking, and Applied Risk Management Product Management Professional Certificate from Indian School of BusinessRoughly Rs 3,800 crore, or over half of the losses, have come from highly leveraged assets like Whitehat Jr. and Osmo, two significant purchases the company made."We are pleased that our total revenue has increased by 2.2 times, but we also recognize that 45% of the losses are attributable to our underperforming companies, such as Osmo and Whitehat Jr. We have improved our operating financial circumstances through a number of initiatives, according to a statement from Byju's CFO, Nitin Golani. "While other businesses continue to grow, these businesses were significantly scaled down to cut losses in the following years. "However, the persistent concern over the $1.2 billion term loan has been noted by Byju's auditor BDO, who has stated that a "material uncertainty exists." It did, however, add that the company's management is currently working to get the capital needed to pay off its debts to lenders by selling off assets. "Therefore, (management) has faith in the Company's ability to survive into the future. Furthermore, the management believes it is unlikely that the TLB loan will be granted based on a legal opinion."We are pleased that our total revenue has increased by 2.2 times, but we also recognize that 45% of the losses are attributable to our underperforming companies, such as Osmo and Whitehat Jr. We have improved our operating financial circumstances through a number of initiatives, according to a statement from Byju's CFO, Nitin Golani. "While other businesses continue to grow, these businesses were significantly scaled down to cut losses in the following years."However, the persistent concern over the $1.2 billion term loan has been noted by Byju's auditor BDO, who has stated that a "material uncertainty exists." It did, however, add that the company's management is currently working to get the capital needed to pay off its debts to lenders by selling off assets. "Therefore, (management) has faith in the Company's ability to survive into the future. Furthermore, the management believes it is unlikely that the TLB loan will be granted based on a legal opinion.  

The FMCG sector in India is more robust than it is globally.

According to Sudhir Sitapati, FMCG is the biggest advertiser in India by a wide margin, and advertising is essential to the FMCG sector.According to Sudhir Sitapati, CEO and MD of Godrej Consumer Products, the FMCG business in India is stronger than it is globally, and advertising is the driving force behind this."The FMCG business depends heavily on advertising, and it continues to be the biggest spender on advertising in India. In my opinion, the FMCG industry in India is stronger than it is globally, with advertising playing a major role in this. the top 5 FMCG firms on the list. Speaking at the recently held Subhas Ghosal memorial lecture, Sitapati stated, "Their EBITDA is on average 20–25 percent compared with their global peers at 15-20 percent, and they list at 60X P/E multiples vs. 20X for their global peers."Sitapati thinks that if businesses identify a trend that would propel their share values over the next 12 to 36 months, they will be willing to pay advertising firms, as FMCG is the industry in India that spends the most on advertising.Sitapati made the argument that people in charge of profit and loss, not those in charge of advertising budgets, are the true clients of advertising companies."Even though it meant sacrificing profitability, the first thing I did when I joined GCPL two years ago was drastically raise advertising spending. Two realizations influenced my personal views on advertising. As the brand manager for Surf Excel, I saw that our sales rates increased a few weeks after a measure dubbed "Proven ad recall" on our Milward Brown brand tracker increased. Put differently, a customer only needed to be able to tell the ad's tale on the spot to beg for further purchases. This idea, in my opinion, should "be famous before you get persuasive." Be renowned for what you sell, don't try to sell," he said."It is better to whisper to many than to shout to a few" has been his second advertising philosophy, and it has to do with the media.brand encroachment He went on to say that penetration, not consumption, is what spurs growth, saying, "My favorite brand in India is Santoor from Wipro. It has bravely kept to large-scale wall murals in order to reach extremely light TV viewers in rural India, all while adhering to its big notion of "Mistaken Identity" for years. Fame > persuasion because salience, not equity attributes, drives penetration, and salience is fueled by having your brand mentally accessible to as many individuals as possible. Regarding media, reach—rather than impact—is what counts, he stated.For a marketing and advertising agency, Sudhir said, building a database is essential because customers want to see figures.  

On the day of the Ram Temple event, Zomato suspended the delivery of non-vegetarian food.

New Delhi: In response to government orders, food delivery app Zomato on Monday temporarily halted deliveries of non-vegetarian items in a few states. The decision coincided with the consecration ceremony of the Ram Temple in Ayodhya. It was discovered after a customer expressed dissatisfaction on social media, writing on X, the former Twitter platform, that "Zomato is not delivering chicken in Bhopal today lmao," regarding the lack of chicken in the city.     The user surmised that it might have been because there wasn't enough meat available on Monday, the day Ayodhya held its Pram Pratishtha ceremony.It might be as a result of Zomato's decision rather than the lack of meat supply today," the user wrote.   Zomato clarified in their response, saying, "Hey, per government notice, we have disabled delivery of non-vegetable items in Uttar Pradesh, Assam, Chhattisgarh, Madhya Pradesh, and Rajasthan. Hope this clarification helpsOn January 22, all restaurants in the state of Uttar Pradesh made the decision to serve only vegetarian food, according to Varun Khera, the head of the National Restaurant Association of India in Uttar Pradesh. Meat stores in the impacted states were closed on Monday in observance of the consecration ceremony. According to reports, district magistrates in Uttar Pradesh were instructed by Chief Secretary Durga Shankar Mishra to ensure that meat and liquor stores close on January 22.Assam's Chief Minister Himanta Biswa Sarma also announced closing meat shops until 4 pm on Monday for the Ram Temple event. He requested restaurants in the state to avoid serving non-vegetarian food until 2 pm.      

JSW Group To Fund ₹ 400 Billion For Odisha's Electric Vehicle Projects

The JSW Group plans to invest 400 billion rupees, or $4.81 billion, in Odisha's electric vehicle (EV) manufacturing projects as it competes with both local and foreign companies in the country's tiny but rapidly expanding EV market. Tata Motors dominated the 2% of India's car sales that were electric last year, but the government wants to see 30% of the market by 2023. In the first two stages of its plan, JSW Group will invest 250 billion rupees in a plant that makes EV batteries and a plant that makes EV components, the company said in a statement on Monday.The conglomerate intends to invest 150 billion rupees in a third phase to establish a complex for manufacturing electric vehicle components. In November, China's SAIC Motor and India's JSW Group established a joint venture with an aim to build the ecosystem for electric vehicles and promote green mobility. According to a top government official who spoke to Reuters, India has not yet decided whether to lower import taxes on electric vehicles (EVs) under a proposed policy for automakers that commit to local manufacturing. This could facilitate Tesla's entry into the market. You can only listen to the newest music on JioSaavn.com. According to people who spoke to Reuters earlier this month, Tata, Mahindra & Mahindra and Hyundai Motor of South Korea have requested that New Delhi stick to the current course of action, which discourages any decrease in taxes on hybrid vehicles.