Pune's Vamnicom becomes TSU's first affiliate institute
Earlier this month, Union home and cooperation minister
Amit Shah
laid the foundation stone of TSU, India's first cooperative university, which is taking shape in milk city Anand.
The affiliation has been extended to four academic programmes and six certificate courses that will be conducted by the Pune institute under the aegis of TSU to bolster the mandate of cooperative development.
The agreement was signed in the presence of Dr J M Vyas, vice-chancellor of TSU, Dr Umakant Dash, director of the Institute of Rural Management Anand, and Dr Suva Kanta Mohanty, Vamnicom's director, at the campus of TSU.
"The occasion provided fillip to the cooperative sector whose transformation was envisioned by Prime Minister Narendra Modi with the vision of 'Sahkar Se Samriddhi'. TSU was established to provide specialized education, training and research opportunities in areas such as cooperative management, finance, law and rural development," an official said.
"It will empower cooperative institutions at the grassroots level by promoting innovation, capacity building and best practices, improve governance and accelerate inclusive and sustainable rural economic development," he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
21 minutes ago
- Business Standard
Jio Financial to raise ₹15,825 cr from promoters via warrant issue
In a major boost to Jio Financial Services Ltd (JFSL), the company's board on Wednesday approved a Rs 15,825 crore capital infusion from its promoter entities through a preferential issue of warrants. The funds will be raised through the issuance of 50 crore warrants priced at Rs 316.50 each, convertible into one equity share of face value Rs 10 at a premium of Rs 306.50, the company said in a stock exchange filing today. This will be one of the largest fund raises in the Indian financial services sector in recent times. As per a company statement, the warrants will be allotted to two promoter group entities — Sikka Ports & Terminals Ltd and Jamnagar Utilities & Power Pvt Ltd — subject to shareholder and regulatory approvals. Upon full conversion, the promoter group's combined stake will rise by 10.17 per cent. The Ambani family–owned promoter entities currently hold a 47 per cent stake in the company. Jio Financial Services shares closed flat at Rs 320 a share on Wednesday. Among the promoter entities, Sikka Ports & Terminals will increase its holding from 1.08 per cent to 4.65 per cent, while Jamnagar Utilities & Power will move from 2.02 per cent to 5.52 per cent after the conversion, the statement said. The warrants are convertible into fully paid-up shares within 18 months from the date of allotment. Unconverted warrants will lapse, and any amount paid on them will be forfeited, the statement added. A source said Jio Financial, which was demerged from Reliance Industries in July 2023, is actively scaling its presence in lending, insurance and asset management. The new round of funding from the promoters would be used mainly to enter the insurance sector. On July 19, Jio Financial Services entered a 50:50 reinsurance joint venture agreement with Munich-based Allianz Group through its wholly owned subsidiary, Allianz Europe BV. The company also signed a non-binding agreement with the Allianz Group to form additional joint ventures in India's life and general insurance sectors. Several financial services companies are raising funds from investors and promoters in recent months. Earlier this month, Adar Poonawalla's promoter entity approved a Rs 1,500 crore infusion into Poonawalla Fincorp, boosting its net worth to around Rs 9,700 crore and supporting its retail expansion strategy. Tata Capital, the unlisted financial services arm of Tata Sons, is also planning a $2 billion initial public offering before September to fund its growth in the fast-expanding Indian financial services market.
Mint
21 minutes ago
- Mint
Hyundai Motor logs 4th straight profit drop, loses No. 2 sales spot to Mahindra
Hyundai Motor India Ltd (HMIL) recorded a fourth straight year-on-year decline in quarterly profit for the April-June period, hurt by high discounts and losing its second position in domestic sales to closest rival Mahindra and Mahindra Ltd. The Indian subsidiary of Korean giant Hyundai recorded a net profit of ₹ 1,369 crore in the first quarter of the financial year ending March 2026, a drop of 8% compared to the year-ago period, it said in an exchange filing on Wednesday. The company attributed the profit decline to shrinking margins as earnings before interest, tax, depreciation and amortization margin (Ebitda) fell 20 basis points to 13.3%. This margin contraction was on account of elevated discounts of around 3% during the first quarter to stir up demand for cars. Since listing in October 2024, the Gurugram-based Hyundai India has not had a single quarter where its profit has grown. In the previous four quarters, it has seen profits fall in the range of 8% to 19%. Revenue during the quarter fell 5% to ₹ 16,628 crore, with the company's domestic car sales sliding 11% to 132,259 units, trailing Mahindra's 22% increase to 152,067 units. India's largest passenger vehicle manufacturer Maruti Suzuki India Ltd sold 430,889 cars in the country in April-June, 5% less than a year ago. Passenger vehicle sales in the first three months of FY26 fell 1% to 1.01 million units, according to data from Society of Indian Automobile Manufacturers. Shares of Hyundai Motor closed about 0.8% lower at ₹ 2,084.95 apiece on the BSE on Wednesday. In a post-results interaction with the media, the management acknowledged that the demand environment in the country has been tough, hurting its sales. 'Things were quite tough,' chief operating officer Tarun Garg told reporters, before pointing to the tailwinds on the horizon such as interest rates cuts that could stimulate demand and the festive season kicking off soon. Unsoo Kim, managing director at Hyundai Motor India, expects a gradual recovery in demand for cars. 'Moving forward, we anticipate gradual recovery in domestic demand sentiments, driven by onset of monsoon and festive season coupled with government policy measures, while on the exports front, we are confident to maintain a positive momentum, in line with our growth commitments,' Kim said. The management aims to target rural markets, which are likely to revive after plentiful monsoon rains, and salary earners who will benefit from interest rate cuts. Garg noted that in the months ahead, the discounts will not see any significant rise as the company targets sustainable growth. Analysts said that near-term challenges are expected to persist for Hyundai Motor India, but there are reasons to be optimistic. 'Hyundai's margins, while lower YoY, outperform expectations, driven by an improved volume mix and cost optimization initiatives,' Mrunmayee Jogalekar, auto research analyst at Asit C Mehta Investment Intermediates Ltd, said. While the company struggled in the domestic market, its international sales were reasonably good. Hyundai sold 48,140 cars in the global markets, registering a 13% year-on-year rise in the April-June period, and preventing a larger hit to its margins. The company is banking on its plans to launch 26 new models as well as facelifts till 2030 to get into a fast-growth lane. To a question on loss of market share, Garg pointed out that registration data on the government's Vahan portal indicates that the company is gradually getting its ground back. 'In April our market share was 12.6%, in May it was 12.7% and in June it was 12.9%. With two days remaining in July, we are set to cross 13% in the month,' he said. In a report dated 10 July, analysts at Nuvama Institutional Equities noted that new launches by Hyundai ahead will help it make a gradual comeback in terms of market share. 'HMI is gunning for 26 launches by FY30E, including seven–eight new models. Over the next 18 months, we expect a new compact SUV, a micro E-SUV and multiple refreshes, ratcheting up HMI's domestic market share by ~1pp (percentage point) to 15% by FY28E,' Raghunandhan NL, Manav Shah and Rahul Kumar of Nuvama wrote.
&w=3840&q=100)
Business Standard
21 minutes ago
- Business Standard
India's electricity demand to grow just 4% in 2025 amid cooler summer: IEA
India's electricity demand is expected to grow by a moderate 4 per cent in 2025, after cooler summer temperatures in the first half of the year reduced consumption and shifted peak load to September, the International Energy Agency (IEA) said. In its mid-year update on electricity, IEA said while global power demand is rising much faster than the forecast for the 2025-2026 period than it did during the past decade, electricity demand in China and India is expected to rise at a more moderate pace in 2025 than the rapid growth seen in 2024. "After 6 per cent growth in 2024, electricity demand in India is forecast to rise by 4 per cent this year," it said. IEA projected Chinese consumption to rise 5 per cent in 2025, down from 7 per cent in the previous year. However, China alone will account for 50 per cent of global electricity demand growth, as it did in 2024. "In India, the impact of global economic uncertainties on industrial activity and cooler summer temperatures compared to 2024 led to electricity demand increasing by 1.4 per cent year-on-year in H1 2025. Demand is forecast to rise at a higher rate for the remainder of the year, reaching an annual growth rate of 4 per cent," IEA said, projecting a robust 6.6 per cent growth in 2026, driven by stronger activity in industry and services, and increasing AC stock. Citing estimates from the Ministry of Power for 2025, the Paris-based agency said peak load could reach 270 GW (8 per cent increase y-o-y) and shift to September instead of summer this year, although this should be fully met by rising generation capacity. To manage peak load growth, the government is mulling a proposal on AC standards that would cap temperature settings between 20 and 28 degrees Celsius, potentially reducing peak load by up to 60 gigawatt (GW) in 2035. On generation, IEA said the combined output from solar PV and wind was 20 per cent higher in H1 2025 y-o-y, which reached an almost 14 per cent share in the mix, up from 11 per cent in H1, 2024. Solar PV generation grew 25 per cent and wind by slightly less than 30 per cent. A significant improvement in hydro conditions since mid-2024 resulted in hydropower generation increasing 16 per cent y-o-y between January and June. Additional capacity, including the 700 MW Unit-7 at the Rajasthan nuclear power station that connected with the Northern grid in March, contributed to the 14 per cent rise in nuclear generation for the same period. A twin unit, RAPP-8, is expected to start operations in 2025-26 as part of plans to reach a nuclear capacity of 100 GW by 2047 announced under the Nuclear Energy Mission by the Government of India. "Amid strong rise in output of low-emissions sources and more moderate demand growth, coal-fired generation decreased by 3 per cent in the first six months of the year -- the first decline in the first half of the year since 2020. Gas-fired generation dropped by around 30 per cent in H1 2025, falling back to 2023 levels," it said. IEA expected coal-fired generation to rise again in H2 2025, registering around 0.5 per cent growth for the full year, followed by a 1.6 per cent increase in 2026. Gas-fired generation is forecast to decline by 3 per cent in 2025 before rebounding by 7 per cent in 2026. Capacity additions for nuclear power are expected to drive generation from this source higher, up 15 per cent this year, and 19 per cent in 2026. "Output from renewable energy sources is set to continue growing in H2 2025, with solar PV rising by 40 per cent y-o-y in 2025 and 28 per cent in 2026, while wind is projected to post more moderate growth of around 10 per cent both in 2025 and 2026. Hydropower output is forecast to continue rising as well in H2 2025, resulting in an increase of 7 per cent y-o-y this year before reaching a growth of 10 per cent in 2026," it said. India's emissions intensity is expected to fall 3.8 per cent annually. A drop in seaborne thermal coal prices to a four-year low eased input costs for coal-fired generation. On the supply-side, increased availability from thermal and renewable capacity additions strengthened market liquidity and exerted downward pressure on prices, IEA added.
