Latest news with #Moneycontrol
News18
10 hours ago
- Business
- News18
Cognizant Gets Land For Just 99 Paise In Visakhapatnam, To Set Up Rs 1,582-Crore IT Campus: Report
Last Updated: IT company Cognizant is reportedly set to invest Rs 1,582 crore in a new IT campus in Vazag, which is expected to generate 8,000 jobs over the next eight years. In a move to woo tech investment, the Andhra Pradesh government is allotting land to IT giant Cognizant Technology Solutions for just 99 paisa to set up a major campus in Visakhapatnam, according to a report by Moneycontrol citing sources. It said the company is set to invest Rs 1,582 crore to establish the new IT campus in the city. The nominal land rate, just under one rupee, underscores the state's aggressive push to transform Visakhapatnam into a full-fledged IT and innovation hub. Cognizant is set to invest Rs 1,582 crore in the project, which is expected to generate 8,000 jobs over the next eight years, according to the report. 'Cognizant has sought 21.31 acres of land at Kapulauppada under the Visakhapatnam Metropolitan Region Development Authority (VMRDA), and the state government would allot the land for a nominal rate of just 99 paisa," one of the sources told Moneycontrol. Cognizant has set March 2029 as the target date for commencing commercial operations from the facility, as per the report. The development aligns with Chief Minister N Chandrababu Naidu's vision of positioning Visakhapatnam as the economic capital of Andhra Pradesh. Naidu has repeatedly emphasised the city's potential to emerge as a digital powerhouse. Earlier this year, Andhra's IT and Human Resources Minister Nara Lokesh had hinted at Cognizant's likely entry into the state. At the World Economic Forum in Davos, Lokesh met with Cognizant CEO Ravi Kumar S, urging the company to consider expanding into tier-2 cities like Visakhapatnam. In April, the Andhra Pradesh government also allotted 21 acres of land to India's largest IT services company Tata Consultancy Services (TCS) for 99 paise. In April, the state's minister of technology Nara Lokesh told CNBC-TV18 that he aims to make Vishakapatnam a new hub for IT investments. 'I keep joking and telling people that if Goa were to marry Bangalore and have a child, that could be Visakhapatnam. We have it all, and we believe that this could be the trigger for larger investments coming to Visakhapatnam," he said during the interview. First Published:
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Business Standard
a day ago
- Business
- Business Standard
TPG Asia to offload 6% stake in Sai Life Sciences via ₹102 crore block deal
Private equity firm TPG Asia is planning to divest around 6 per cent of its stake in Sai Life Sciences through a block deal, Moneycontrol reported on Thursday, citing industry sources. The transaction aims to raise approximately $102 million and will involve the sale of about 12.5 million shares, according to CNBC-TV18. "The deal has been launched and the floor price is ₹710 per share, a 2.5 per cent discount to the last trading price," a source told Moneycontrol. IIFL Capital and Jefferies are acting as advisors on the transaction. TPG Asia currently holds a 24.73 per cent stake in Sai Life Sciences. The company, which functions as a contract research, development, and manufacturing organisation (CRDMO), partners with global pharmaceutical and biotech firms in drug development and production. Sai Life debuted in the Indian markets in December 2024. Sai Life Sciences Q4 earnings see sharp growth Sai Life Sciences reported a 57.26 per cent increase in net profit for the quarter ended March 2025, rising to ₹88.27 crore from ₹56.13 crore in the same period last year. Revenue for the quarter also saw strong growth, rising 31.94 per cent to ₹579.51 crore from ₹439.21 crore. For the full financial year ending March 2025, net profit surged 105.45 per cent to ₹170.13 crore, up from ₹82.81 crore in FY24. Annual revenue rose 15.66 per cent year-on-year to ₹1,694.57 crore, compared to ₹1,465.18 crore the previous year. Sai Life share price and market performance Shares of Sai Life Sciences last traded at ₹729.20 apiece on the BSE at the close of markets on Thursday.
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First Post
a day ago
- Business
- First Post
FATF considering to put Pakistan back on grey list, or is it ‘too early' to talk about it?
Pakistan could be placed back on the FATF 'grey list' for the fourth time in the coming weeks due to its continued failure to curb terror financing, according to a report, citing sources familiar with the matter read more Pakistan's national flag at the Mausoleum of Muhammad Ali Jinnah in Karachi, Pakistan on August 14, 2022. Reuters File Pakistan could be placed back on the Financial Action Task Force's (FATF) 'grey list' for the fourth time in the coming weeks due to its continued failure to curb terror financing, according to a Moneycontrol report, citing sources familiar with the matter. The global financial watchdog is expected to release an evaluation report by late June or early July which is likely to highlight Pakistan's shortcomings in addressing terror financing, potentially leading to its reclassification under enhanced monitoring, commonly referred to as the grey list, added the report. STORY CONTINUES BELOW THIS AD At a FATF plenary held in France's Strasbourg last week, India reportedly raised concerns over Pakistan's terror networks and the alleged support they receive from the Pakistani government, further influencing deliberations on Islamabad's compliance status. 'The exact details and outcome of the meeting is confidential but there is a possibility that Pakistan could be grey listed again,' Moneycontrol quoted one of the sources as saying. Moneycontrol reported on May 23 that India was preparing to raise Pakistan's terror record at the FATF meeting, as part of a broader push to highlight Islamabad's links to terrorism following the April 22 attack in Jammu and Kashmir's Pahalgam. In what was one of the deadliest terror attacks in recent years, 26 people, most tourists, were killed in a mass shooting. According to the Indian government, two of the attackers were Pakistani nationals. The FATF 'grey list,' officially termed 'jurisdictions under increased monitoring,' includes countries with strategic deficiencies in their frameworks to combat money laundering, terrorist financing, and proliferation financing. These countries are placed under closer scrutiny by the FATF to ensure they are making measurable progress on agreed action plans. Pakistan has previously appeared on the grey list three times — in 2008–2009, 2012–2015, and most recently from 2018 to 2022. STORY CONTINUES BELOW THIS AD While the FATF has already begun monitoring Pakistan's activities, a formal decision on whether to return the country to the grey list is still pending. 'That decision would be known in the coming weeks,' Moneycontrol quoted a government official as saying. FATF condemns Pahalgam attack On June 16, FATF condemned the 'brutal terrorist attack' in Pahalgam and said, 'This, and other recent attacks, could not occur without money and the means to move funds between terrorist supporters.' 'In addition to setting out the framework for combating terrorist financing, the FATF has enhanced its focus on the effectiveness of measures countries have put in place,' the statement said. 'That is how, through our mutual evaluations, we have identified gaps that need to be addressed. The FATF has developed guidance on terrorist financing risk to support experts that contribute to evaluations of the 200+ jurisdictions in the Global Network,' it added. Although countries on the grey list are not usually subjected to sanctions or heightened due diligence requirements, their inclusion can still carry significant economic consequences, according to sources, adding, these may include a drop in foreign direct investment and increased compliance costs for businesses due to stricter financial monitoring. STORY CONTINUES BELOW THIS AD 'The June 16 statement is not common for FATF. The attribution to Pulwama indicates India's diplomatic strength and the recognition of Pakistan's role in supporting terrorism on the global platform,' another official told Moneycontrol. 'Enhancing focus on 'effectiveness of measures' put by countries (to counter terror financing) is a change in their way of analysing nations… they never emphasised on effectiveness earlier.' After the Pahalgam terror attack and Operation Sindoor, India dispatched seven diplomatic delegations to key countries to highlight Pakistan's continued support for terrorism and reinforce its global stance on counterterrorism. Meanwhile, the FATF is preparing to release a detailed report on terrorist financing, including misuse of social media, crowdfunding, and virtual assets, according to its June 16 statement. The report will be based on case studies shared by FATF's Global Network. FATF, which meets three times a year, issues 'Mutual Evaluation Reports' (MERs) to assess countries' efforts in combating terror financing and money laundering. Countries failing to meet FATF standards may be placed on the 'grey list', a warning to improve, or the more severe 'black list.' STORY CONTINUES BELOW THIS AD Currently, Myanmar, Iran, and North Korea are blacklisted, with FATF urging members and jurisdictions to impose enhanced due diligence and, in serious cases, countermeasures to protect the global financial system. Decisions to grey- or blacklist a country are made by consensus. At least four of FATF's 39 members must oppose the resolution to block it. Pakistan, previously grey-listed from 2018 to 2022, was removed after FATF found it 'compliant' or 'largely compliant' with 38 of its 40 recommendations across two key action plans. With inputs from agencies
India.com
2 days ago
- Business
- India.com
Narayana Murthy's BIG revelation! Offered Rs 20000000000 to IIT Kanpur, but failed to donate due to..., IISc was given Rs...
More bad news for Infosys employees as Narayana Murthy's company sacks 370 employees due to... New Delhi: The founder of Infosys, Narayana Murthy, has said that around 20 years ago, he had offered shares worth Rs 8 crore to IIT Kanpur as a donation. However, Murthy was unable to complete the donation since it was not clear whether shares or equity stakes could be donated, as per the government's rules. The Infosys founder disclosed that the value of those bonus shares offered to IIT Kanpur has since surged 256 times. This means the current worth of those shares would be around Rs 2,000 crore. While speaking to Moneycontrol, Murthy stated that if IIT Kanpur had accepted the shares back then, their value today would have exceeded Rs 2,000 crore. Bengaluru institute turns rich The Indian Institute of Science (IISc) in Bengaluru was offered shares worth crores by Infosys founder Narayana Murthy. Today, the price of the share has spiked 768 times. Murthy revealed that the equity being offered to IIT Kanpur alone would have generated Rs 500 crore in dividends over just eight years. However, under Indian law, educational institutions cannot be given equity or shares as donations. IIM Ahmedabad Launches Scholarship Program The Indian Institute of Management (IIM) Ahmedabad has launched a scholarship program for the next 20 years. Under this initiative, MBA toppers will be awarded equity-based fixed income benefits. The scholarship will be merit-based and will cover tuition fees, hostel charges, mess expenses, books, and other related costs. Thousands of crores could have been donated by now Not only IIT Kanpur, Narayan Murthy has also tried to donate to several other educational institutions through equity stakes. Had all of them accepted, the value of those shares today would have reached around Rs 15,000 to Rs 16,000 crore. Just ICAC alone earns Rs 110 to Rs 120 crore in annual dividends from its shareholding.
India Today
2 days ago
- Business
- India Today
Narayana Murthy says he is using ChatGPT for his lectures, preparation time reduced from 30 hrs to 5 hrs
Infosys founder NR Narayana Murthy has shared that he now uses ChatGPT to prepare for his lectures and speeches. He says the AI tool has helped him save a lot of time, cutting down his preparation hours from around 30 to just five. Speaking to Moneycontrol, Murthy explained that earlier, he would spend nearly 25 to 30 hours preparing each lecture, as he focused a lot on building the right theme, structure, and message. But after his son, Rohan Murty, suggested he try using ChatGPT, things changed. "In a matter of five hours, I could improve the draft. In other words, I improved my own productivity by as much as five times," he believes this is a clear example of how AI can make people more productive rather than replace them. He has always maintained that AI should be seen as a support tool to make work easier and more efficient. He also pointed out that AI is only useful if people ask the right questions. Recalling his son's advice, Murthy said that it's important to define your needs clearly while using AI. Only then can the tool give helpful further said Indian IT companies can take advantage of this technology to speed up tasks like coding, reduce mistakes, and solve more complex problems. With AI handling routine parts of the work, Murthy believes engineers and programmers can focus on smarter and more challenging tasks. To explain his thoughts better, Murthy compared the current AI wave to how computers were first introduced into the banking sector in the UK during the 1970s. He said people were worried that computers would take away jobs, but the reality turned out to be different. As banks started using computers to complete tasks faster, workers got more free time, and the number of jobs actually increased over the feels something similar will happen with AI, where, instead of reducing opportunities, it could help people become better at defining tasks and solving bigger shared his experience while launching a scholarship at IIM Ahmedabad, through his family's investment firm, Catamaran. The scholarship will support the top MBA student each year for 20 years. It will be funded through a mix of equity and fixed income investments and is designed to adjust with inflation.
