Latest news with #GovernmentofOdisha
Mint
4 days ago
- Business
- Mint
Small-cap multibagger stock rises over 4% despite stock market dip; here's why
RIR Power Electronics share price jumped over 4% on Thursday despite the broader weakness in the Indian stock market. The small-cap sock rallied as much as 4.77% to ₹ 225.15 apiece on the BSE. The surge in RIR Power Electronics share price came after the company announced that the government of Odisha approved fiscal support for Phase 1 of the company's Silicon Carbide (SiC) semiconductor plant in Bhubaneswar. 'The Electronics & Information Technology Department, Government of Odisha, has approved fiscal support for Phase 1 for RIR Power Electronics Limited towards its Silicon Carbide (SiC) semiconductor manufacturing facility in Odisha,' RIR Power Electronics said in a regulatory filing. Odisha Computer Application Center (OCAC), the nodal agency for Electronics & Information Technology Department, Government of Odisha has approved and notified the fiscal support agreement for pro-rata disbursement of capital subsidy to the Company, the company added. This project was approved by the State-Level Single Window Clearance Committee (SLSWCC) and the state cabinet in the last fiscal year with a total project cost of ₹ 618 crore for both, phase-1 and phase-2. Capital expenditure incurred is ₹ 65 crore and eligible government capital subsidy is ₹ 32 crore. The facility will manufacture high-power SiC MOSFETs, IGBTs and diodes ranging from 3.3 kV to 20 kV, catering to key industries, including Electric Vehicles (EVs), Renewable Energy and Power Grid Systems, Power Electronics and Industrial Automation. RIR Power Electronics share price has declined 19% over the past month and is down 14% in the last six months. On a year-to-date (YTD) basis, the small-cap stock has fallen 26%. Despite the recent weakness, the stock has shown signs of a short-term rebound, gaining 18% in the past three months. Over the long term, however, RIR Power Electronics share price has delivered exceptional returns. The stock has surged 260% in two years and delivered a staggering 8,185% return in the last five years, making it a notable multibagger in the broader market. At 1:15 PM, RIR Power Electronics share price was trading 2.61% higher at ₹ 220.50 apiece on the BSE. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Business Standard
4 days ago
- Business
- Business Standard
RIR receives state govt. support for SiC semiconductor plant in Bhubaneshwar
The Electronics & Information Technology Department, Government of Odisha, has approved fiscal support for Phase 1 for RIR Power Electronics towards its Silicon Carbide (SiC) semiconductor manufacturing facility in Odisha. Odisha Computer Application Center (OCAC), the nodal agency for Electronics & Information Technology Department, Government of Odisha has approved and notified the fiscal support agreement for pro-rata disbursement of capital subsidy to the Company. This project was approved by the State-Level Single Window Clearance Committee (SLSWCC) and the state cabinet in last fiscal year with a total project cost of ~Rs 618 crore for both, phase-1 and phase-2. Project Financials and Status: Total project cost: Rs 618 crore Capital expenditure incurred: Rs 65 crore and eligible government capital subsidy: Rs 32 crore We extend our sincere gratitude to the Government of Odisha for their forward-thinking support in helping bring this first-of-its-kind SiC semiconductor facility to life. Their backing empowers us to introduce advanced technologies and modern manufacturing capabilities to the state. This development lays a strong foundation for innovation, employment generation, and energy-efficient solutions in electric vehicles, renewables, power electronics, and industrial automation across India, said Dr. Harshad Mehta, Chairman & Director, RIR Power Electronics.
Canada News.Net
25-07-2025
- Business
- Canada News.Net
Odisha CM inaugurates first-ever 'ODISHA TEX 2025' to boost textile investment, jobs
Bhubaneswar (Odisha) [India], July 25 (ANI): Odisha Chief Minister Mohan Charan Majhi on Friday said that 'Odisha is going to be the textile hub of Eastern India,' while inaugurating Odisha TEX 2025, Eastern India's largest textile and apparel industry event, organised by the Government of Odisha in Bhubaneswar. The landmark event marked a historic moment for India's textile sector, attracting over 650 delegates, including global brands, leading textile and apparel companies, investors, technology providers, startups, and senior government officials. Odisha TEX 2025 showcased the state's growing strength in textiles and apparel and its commitment to creating a world-class ecosystem for manufacturing, innovation, and employment generation. The event witnessed multiple strategic investment commitments from leading textile and apparel companies, promising to make Odisha a hub for apparel and technical textiles. A total of 33 MoUs were signed, unlocking investments worth Rs 7,808 crore and generating employment for over 53,300 people. More than 160 companies, including respected names like Page Industries, First Step Baby Wear, KPR Mills, Sportking, Adarsh Knitwear, Anubhav Apparels, Bon & Co., and BL International actively participated in the summit. Together, they represent the full spectrum of India's textile value chain from yarn and fabrics to finished garments and technical textiles. The key announcements and policy were the launch of two state-of-the-art Textile & Footwear Parks with plug-and-play facilities for global-standard manufacturing. The Introduction of modern Workers' Hostels to enhance industrial stability and MoUs for Skill Development, enabling youth especially women to gain expertise in automated garmenting, textile machinery, and wearable technologies. The Chief Minister, Majhi, also announced that the employment cost subsidies under the Odisha Technical Textile & Apparel Policy 2022 will be increased from Rs 5,000 to Rs 6,000 per month per male worker & from Rs 6,000 to Rs 7,000 per month per female worker. The Chief Minister also announced that Odisha Tex will be an annual event portraying Odisha's rich handloom legacy & the state foray into modern Textiles, Apparel & Technical Textiles Ecosystem. 'Odisha offers the most attractive incentive packages in the country under its Industrial Policy Resolution 2022 and the Odisha Apparel & Technical Textiles Policy 2022, backed by excellent infrastructure and governance,' said the CM Majhi. Announcing a dedicated Task Force under the Industries Department, the Chief Minister assured investors of fast-track implementation and full government support. He emphasised Odisha's ambitious vision to create over 1 lakh jobs in textiles and apparel by 2030, while expanding new textile clusters in Bolangir, Keonjhar, Sambalpur, Jatsinghpur, Ganjam, and Cuttack. 'Odisha TEX 2025 is not just an event; it is a declaration that Odisha is ready to lead Eastern India's textile revolution,' CM Majhi said. 'With world-class infrastructure, progressive policies, and a skilled workforce, we are creating unmatched opportunities for investors and livelihoods for our people.' Minister for Industries Sampad Chandra Swain stated, 'Odisha Tex 2025 marks a new era for Odisha's textiles industry bringing policies, fast-track approvals, world-class clusters, and China+1 sourcing opportunities. Backed by skill-linked courses and industry-ready talent, Odisha promises sustainable growth, regional development, and a seamless experience for investors through responsive governance and a dedicated task force. Odisha offers a unique competitive advantage from raw material availability to port connectivity and a supportive policy framework, making it the most attractive destination for textile and apparel investments.' Minister for Handloom, Textiles & Handicrafts Pradeep Bala Samant added, 'Our commitment is two-fold, driving modern textile investments while strengthening Odisha's rich handloom heritage. By prioritising the development of a robust textile ecosystem, empowering traditional weavers, and boosting market access, the government ensures inclusive growth. We congratulate the investors for partnering with us through MoU signings, shaping Odisha's textile future. (ANI)
India.com
08-07-2025
- Business
- India.com
Mindtree Co-Founder Subroto Bagchi Still Cant Part With His Re 1 SBI Cheque --The Reason Will Humble You
New Delhi: In a world where money and fame are viewed as indicators of success, Mindtree co-founder Subroto Bagchi has shared a powerful message. Bagchi posted a photo of an old paper cheque on the social media platform X. It was his salary of Re 1. Bagchi views this pay as his biggest wealth that he would never ever part with. The salary drawn by Bagchi may be modest but it serves as a reminder that true wealth is more than just money. It's more the sense of fulfillment that comes from serving your state. Bagchi served as the Chief Advisor to the Government of Odisha in Institution and Capacity Building. He shared a picture of his last drawn salary cheque on X. In the post, Bagchi disclosed the biggest wealth of his life which he truly cherishes. Speaking about his time working with the Odisha government, Bagchi said that he received Re 1 for every year of service. He received eight cheques in eight years. This is Bagchi's greatest wealth that he would never part with. What is the biggest wealth in this one life that I would never ever part with? Well, for every year of the work I did with the government, the deal was, they pay me Rs 1. For the 8 years out there, I got 8 cheques & this one here was my last salary drawn _ — Subroto Bagchi (@skilledinodisha) July 5, 2025 Displaying the cheque, Bagchi said, "What is the biggest wealth in this one life that I would never ever part with? Well, for every year of the work I did with the government, the deal was that they paid me Re 1. For the 8 years out there, I got 8 cheques and this one here was my last salary drawn." Bagchi is a private-sector professional turned IT entrepreneur, an author and a public servant. He co-founded Mindtree, a globally respected IT and consulting firm in 1999. Bagchi took on the role of chairman of Odisha Skill Development Authority in 2016. He was also the chief spokesperson of the government on COVID-19. Netizens reaction to Bagchi's post The post shared by Bagchi went viral, with many people calling it a rare example of true selfless service. One user said, "Your gesture is a lotus in the mud of public virtue—its fragrance best left unannounced. True service, like silent rivers, nourishes without noise; let not the echo of a token drown the quiet power of genuine giving." "What a spectacular contribution to Odisha. You could have created Rs 8,000 Crores in 8 years in the Corporate World. Salute!!" said another user. Another user commented, 'True selfless service, sir. A rarity in today's world. Thank you for your great service to Odisha.' A user said, "You are a great man who thinks for his country rather than for self-growth." "We need more people like Subroto Bagchi in Odisha who are successful in their fields and committed to contributing to our beloved state in whatever way they can,' said another user.
NDTV
05-07-2025
- Business
- NDTV
Mindtree Co-Founder Calls Re 1 Salary His "Life's Biggest Wealth"
Entrepreneur Subroto Bagchi has shared a picture of his last drawn salary cheque on social media. Mr Bagchi served as the Chief Advisor to the Government of Odisha in Institution and Capacity Building. In the post, the Mindtree co-founder revealed the biggest wealth of his life, and it's not money. Mr Bagchi has shared a heartfelt story about what he truly values the most. Talking about his time working with the Odisha government, Mr Bagchi said that he was paid Re 1 for each year he served. Over eight years, he received eight cheques. Showing the last one, he said, "What is the biggest wealth in this one life that I would never ever part with? Well, for every year of the work I did with the government, the deal was that they paid me Re 1. For the 8 years out there, I got 8 cheques and this one here was my last salary drawn." The SBI cheque was dated July 3, 2024. What is the biggest wealth in this one life that I would never ever part with? Well, for every year of the work I did with the government, the deal was, they pay me Rs 1. For the 8 years out there, I got 8 cheques & this one here was my last salary drawn ???? — Subroto Bagchi (@skilledinodisha) July 5, 2025 The post went viral, with many people calling it a rare example of true leadership. A user commented, "What a spectacular contribution to Odisha. You could have created Rs 8,000 Crores in 8 years in the Corporate World. Salute!!" What a spectacular contribution to Odisha. You could have created Rs 8000 Crores in 8 years in Corporate World. Salute !! — Akshay Kumar Parija (@akshay_parija) July 5, 2025 Another said, "Your gesture is a lotus in the mud of public virtue—its fragrance best left unannounced. True service, like silent rivers, nourishes without noise; let not the echo of a token drown the quiet power of genuine giving." your gesture is a lotus in the mud of public virtue—its fragrance best left unannounced. True service, like silent rivers, nourishes without noise; let not the echo of a token drown the quiet power of genuine giving. ???? — sanjay Thakur (@sanjaykbank) July 5, 2025 "You are a great man who thinks for his country rather than for self-growth," wrote the next. You are a great man who thinks for his country rather than self growth. — R K Singh ???????? (@rks196) July 5, 2025 "No words can explain nor describe the noble deeds done by you and you are just a living legend and inspiration for many," commented another. — Rudra Das (@RudraPintu) July 5, 2025 Mr Bagchi, in 2016, took on the role of chairman of Odisha Skill Development Authority. He was also the chief spokesperson of the government on COVID-19.
