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Ola Electric Customer Service Feud: Kunal Kamra vs. CEO

The ongoing feud between comedian Kunal Kamra and CEO of Ola Electric , Bhavish Aggarwal, has recently reignited on social media. Kamra has taken to X (formerly Twitter) to express his frustration over Ola Electric’s handling of customer complaints and its refund policies. The exchanges between the two have not only entertained but also raised questions about customer service in the rapidly growing electric vehicle (EV) market. Background of the Feud Kamra’s Latest Criticism In a recent post on X, Kamra escalated his criticisms, stating: Aggarwal’s Response Aggarwal’s responses have often been direct and pointed: Key Highlights from Their Exchanges The Bigger Picture: Ola Electric’s Challenges As the electric vehicle market grows, companies like Ola Electric face increasing scrutiny regarding their service quality and transparency. Summary The clash between Kunal Kamra and Bhavish Aggarwal underscores a significant issue in the electric vehicle industry: the necessity of effective customer service and transparent communication. Specifications of Ola Electric Scooters This ongoing saga serves as a reminder of the vital role customer service plays in the success of emerging technologies. The spotlight is now on Ola Electric to respond not only to public criticism but also to its customers’ needs.

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Mohandas Pai Questions Government’s AI Hubs Excluding Bengaluru

In a recent exchange on social media, Mohandas Pai, the former Chief Financial Officer of Infosys, expressed his frustration regarding the Indian government’s decision to establish three AI Centres of Excellence (CoEs) without including Bengaluru, often referred to as the technology capital of India. His comments sparked a lively debate, particularly with Zoho CEO Sridhar Vembu and Google DeepMind’s Director Manish Gupta, who defended the selection process and called for the avoidance of regional political narratives. Background of the AI Centres of Excellence Initiative The Indian government announced the establishment of three AI CoEs aimed at enhancing capabilities in key sectors such as healthcare, agriculture, and sustainable cities. The selected locations are: AI Centre of Excellence Location Focus Area AIIMS and IIT Delhi New Delhi Healthcare IIT Ropar Punjab Sustainable Cities IIT Kanpur Uttar Pradesh Agriculture This initiative, with an investment of ₹990 crores, is part of the government’s broader vision to leverage artificial intelligence for national development. Mohandas Pai’s Concerns On X (formerly Twitter), Mohandas Pai voiced his discontent with the central government’s decision. He questioned why Bengaluru was overlooked for these significant AI initiatives, stating: His post was directed not only at Union Minister Dharmendra Pradhan and IT Minister Ashwini Vaishnaw but also tagged Prime Minister Narendra Modi and several Bengaluru MPs. Responses from Tech Leaders In response to Pai’s criticisms, Sridhar Vembu, who co-chairs the committee responsible for the selection of the AI hubs, offered clarifications about the decision-making process: Manish Gupta of Google DeepMind echoed Vembu’s sentiments, reinforcing that the decision-making was done with a focus on the entire nation’s benefit, rather than regional biases. The Broader Implications Pai’s comments reflect a growing sentiment in certain regions regarding equitable development. His frustration is rooted in a broader concern that Bengaluru, as a significant contributor to India’s tech landscape, deserves more recognition and investment. Conclusion The exchange between Mohandas Pai and the tech leaders highlights the complexities surrounding governmental decision-making in regional development. As India strives to enhance its AI capabilities, it is crucial to ensure that the voices of all regions are heard, fostering an inclusive approach that recognizes the contributions of various states. In summary, while Pai’s concerns shed light on the feelings of neglect among some constituents, Vembu and Gupta’s responses emphasize the importance of objective evaluation in decision-making processes. The ongoing dialogue between India’s tech leaders and policymakers is vital for achieving equitable growth and maximizing the potential of AI in the country.

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mehndi design

Bollywood-Inspired Mehndi Designs for Karwa Chauth 2024

Karwa Chauth is a cherished festival for married women, a day to celebrate love, tradition, and devotion. One of the most exciting parts of the preparations for this special occasion is applying mehndi design —an art form that enhances the beauty and spirit of the celebration. Women across the country adorn their hands and feet with intricate mehndi patterns, symbolizing their love and commitment. Inspired by Bollywood celebrities such as Priyanka Chopra and Alia Bhatt, the mehndi designs for Karwa Chauth 2024 are a beautiful blend of tradition and modern aesthetics. In this article, we will explore different mehndi design ideas, including minimalist, floral, traditional, geometric, and personalized patterns, to help you create a standout look for Karwa Chauth 2024. Whether you’re looking for something simple and elegant or bold and elaborate, these designs will add a special touch to your celebration. Trending Mehndi Designs for Karwa Chauth 2024 1. Minimalist Mehndi Design For those who prefer simplicity and elegance, a minimalist mehndi design is perfect. This design typically features delicate swirls, paisleys, and fine dot work. Running along the index finger and extending towards the wrist, it creates a semi-elegant, understated look. Minimalist designs often include dainty elements that leave plenty of negative space on the skin, offering a chic and modern take on traditional mehndi. Key Features: 2. Floral Mehndi Design Floral motifs are a classic choice for Karwa Chauth mehndi. This design style incorporates flowers, vines, and leaves, creating a feminine and romantic pattern. The flowers are arranged in a balanced manner, often starting from the wrist and moving up towards the fingers, or covering the back of the hand. Floral mehndi is perfect for those who want a timeless yet intricate design. Key Features: 3. Traditional Full-Hand Mehndi Design For those looking to embrace the full tradition of Karwa Chauth, a heavy, elaborate mehndi design is the way to go. Traditional designs cover both palms and often feature geometric shapes, floral elements, and other intricate motifs. The darkened fingertips add to the distinctly traditional feel, making this design ideal for those who want to fully immerse themselves in the festive spirit. Key Features: 4. Lacy Mehndi Design Lacy mehndi designs are inspired by the fine, intricate patterns of lace. These designs create an elegant and sophisticated look, featuring spirals and crisscross patterns that resemble the texture of lace fabric. The patterns often wrap around the wrist or cover the back of the hand, adding a touch of modern elegance to the traditional mehndi art. Key Features: 5. Geometric Mehndi Design Geometric mehndi designs involve clean, symmetrical shapes like squares, triangles, and diamonds. These designs create a bold, eye-catching statement and are perfect for women who want something modern and unique. Large floral motifs can be combined with geometric patterns to create a balanced yet bold design that stands out. Key Features: 6. Shaded Mehndi Design Shaded mehndi designs add depth and dimension to traditional patterns. By incorporating shading into elements like peacock motifs or paisley designs, these patterns become more dynamic and three-dimensional. Shaded designs are perfect for those who want a luxurious, detailed mehndi that adds an extra level of sophistication. Key Features: 7. Personalized Mehndi Design with Initials A growing trend in Karwa Chauth mehndi is the addition of personalized elements, such as your spouse’s initials or a hidden message. This can be a romantic touch, with initials cleverly incorporated into the design, often hidden within a larger floral motif or intertwined with geometric patterns. It adds a special, personal meaning to your mehndi, making it even more memorable. Key Features: Mehndi Care Tips for Karwa Chauth 2024 To ensure your mehndi looks dark and beautiful for Karwa Chauth, follow these care tips: Mehndi Design Table for Karwa Chauth 2024 Design Type Key Elements Ideal For Minimalist Delicate paisleys, swirls, and fine dot work Subtle and elegant look Floral Flower motifs, vines, leaves Feminine and romantic style Traditional Geometric shapes, floral elements, darkened tips Fully traditional, festive look Lacy Lace-like spirals and crisscross lines Elegant and modern appearance Geometric Symmetrical squares, triangles, and diamonds Bold and striking statement Shaded Shading within peacock or paisley designs Luxurious, detailed design Personalized Initials or personal messages hidden in the design Romantic and meaningful touch Conclusion Karwa Chauth 2024 is the perfect opportunity to celebrate love and tradition with stunning mehndi designs that complement your festive attire. Whether you’re inspired by Bollywood stars or looking for a unique design that represents your personal style, the options are endless. From minimalist patterns to elaborate traditional motifs, these mehndi ideas will help you create a beautiful look for the occasion. Don’t forget to take care of your mehndi to ensure it turns out dark and vibrant, adding the perfect finishing touch to your Karwa Chauth celebration. With these Bollywood-inspired designs, you’re sure to make a lasting impression this Karwa Chauth!

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Polish YouTuber Karolina Goswami Faces Threats After Critique

Karolina Goswami, a Polish YouTuber based in India, has recently found herself at the center of a controversy involving her critique of Dhruv Rathee, a popular content creator. Following her public analysis of his content, Goswami has been subjected to threats and intimidation from Rathee’s supporters. Despite these challenges, she remains determined to live and continue her work in India. In this article, we’ll explore who Karolina Goswami is, the nature of the conflict, and the broader issues surrounding online harassment and freedom of expression. Who Is Karolina Goswami? Karolina Goswami is a Polish citizen and an Overseas Citizen of India (OCI) cardholder. She is married to Anurag, an Indian man, and together they live in India with their children. Karolina and her husband run a popular YouTube channel called India in Details, where they share content about their experiences living in India, raising a family, and discussing social, cultural, and political topics related to the country. With over 1.1 million subscribers, the channel has garnered attention from both Indian and international audiences. Goswami’s content often highlights India’s rich culture, traditions, and the challenges of modern life in the country. Her positive approach toward India and the Indian lifestyle has made her a favorite among many viewers. However, her recent critiques of Dhruv Rathee, a well-known content creator known for his political and social commentary, have drawn the ire of his supporters. The Controversy: Karolina vs. Dhruv Rathee The conflict between Karolina Goswami and Dhruv Rathee began when Goswami publicly analyzed some of Rathee’s videos on her YouTube channel. She accused him of spreading misinformation and engaging in “anti-India propaganda.” In her videos, Goswami claimed that Rathee’s content was misleading and aimed at presenting a negative image of India. She demanded that Rathee’s social media accounts be banned, stating that his content was harmful and deceptive. This critique did not sit well with Rathee’s supporters. Soon after she posted these videos, Goswami began receiving threats, which escalated to over 220 in May 2024. These threats included death and rape threats directed at her and her family. Screenshots of these threats were shared by Goswami on social media to highlight the severity of the situation. Despite the harassment, Goswami has remained resolute in her criticism of Rathee and his content. Attack in Germany and the Need for Security This isn’t the first time Karolina Goswami has faced such hostility. In 2023, while she and her husband were in Germany, they were reportedly attacked by Dhruv Rathee’s supporters. During the attack, their car was vandalized, and their devices were stolen. This incident marked the beginning of a series of threats and attacks that have continued into 2024. Given the ongoing threats, Goswami made an appeal to the Indian government in May 2024, requesting security for her family. She expressed her concern for their safety and provided evidence of the threats she had received. However, according to Goswami, there was no response from the government, leaving her and her family vulnerable to further attacks. Viral Video and Public Response On October 15, 2024, Karolina Goswami shared a now-viral video on Instagram that further highlighted her plight. In the video, which has garnered over 4.5 million views, Goswami is seen walking with two security guards and her children in India. The video shows her determination to continue living in the country despite the ongoing threats. “We fear nothing. We will continue living in India,” she says in the video, demonstrating her resilience in the face of adversity. The video has sparked significant public attention, with many social media users rallying behind Goswami. While she has received support from numerous followers praising her courage, others have criticized her for provoking Rathee’s fan base with her critiques. This has led to a wider conversation about online harassment and the responsibilities that content creators have regarding their influence on their audience. Reactions and the Broader Issue of Online Harassment The threats faced by Karolina Goswami have raised important questions about online harassment, particularly in the context of political and social commentary. With the rise of social media platforms, public figures and influencers are increasingly vulnerable to attacks from online communities. This incident brings to light the darker side of online engagement, where disagreements and critiques can quickly escalate into harassment and violence. Supporters of Goswami have initiated campaigns to raise awareness about the dangers of online harassment. Many have called for stronger protections for individuals who face such threats, especially those who voice opinions that may be unpopular or controversial. The ongoing situation highlights the need for social media platforms and governments to address the issue of online harassment more effectively. Timeline of Events To provide a clearer understanding of the situation, here’s a timeline of the key events: The Importance of Free Speech and Responsibility While the conflict between Karolina Goswami and Dhruv Rathee’s supporters continues, it raises broader issues about freedom of expression. In a democratic society, individuals should be free to express their opinions and engage in healthy debate without fear of retribution or violence. At the same time, content creators have a responsibility to ensure that their work does not incite harm or encourage hostility among their followers. In this case, Goswami has stood firm in her criticism of Dhruv Rathee, despite the backlash from his supporters. Her decision to remain in India and continue her work underscores her commitment to freedom of speech and her belief in standing up for her views. Future Steps: What Lies Ahead for Karolina Goswami? As the situation unfolds, Karolina Goswami has made it clear that she will not back down. Her recent video indicates that she is prepared to face the challenges head-on, with the support of her family and security personnel. Despite the lack of response from the Indian government regarding her plea for protection, Goswami remains committed to her work and her life in India. The road ahead for Goswami may involve further legal action to ensure her safety and that of her

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Kabaddi Live: Telugu Titans Defeat Bengaluru Bulls 37-29 in PKL 2024

The Pro Kabaddi League (PKL) 2024 season kicked off in thrilling fashion with a riveting clash between Telugu Titans and Bengaluru Bulls at the Gachibowli Indoor Stadium in Hyderabad. With fans eagerly awaiting the start of Season 11, kabaddi live updates delivered a captivating contest that saw Telugu Titans secure a solid 37-29 win over the Bulls. This victory not only gives the Titans a positive start but also marks a significant shift from their underwhelming performances in the previous two seasons. Match Overview: Telugu Titans vs. Bengaluru Bulls The first match of the season was a battle of grit and strategy, as both teams aimed to start the tournament on a high note. The Telugu Titans, led by Pawan Sehrawat, showcased a strong performance, making key raids and holding off a relentless Bulls attack. Sehrawat was a standout performer with his Super 10, and the Titans’ defense stood firm against Bengaluru’s raiders. In contrast, the Bulls’ Pardeep Narwal struggled to find his form, and despite a late rally, they couldn’t overcome the Titans’ lead. Key Moments in the Match Team Performance Analysis Telugu Titans The Titans, who had previously struggled in the league, turned the tide in their favor with a collective effort. Pawan Sehrawat’s powerful raids led the charge, while their defense, led by Krishan Dhull, ensured the Bulls’ raiders were repeatedly thwarted. Telugu Titans inflicted two all-outs on Bengaluru Bulls, sealing a well-deserved win. Bengaluru Bulls For the Bulls, it was a night of missed opportunities. Pardeep Narwal, a key player for Bengaluru, had an off-day, struggling to break through Telugu’s defense. While Saurabh Nandal and Nitin Rawal worked hard in defense, it wasn’t enough to turn the game in their favor. Despite a brief comeback, the Bulls fell short by seven points. Match Statistics Team Raid Points Tackle Points All-Outs Super Tackles Final Score Telugu Titans 22 10 2 1 37 Bengaluru Bulls 20 8 1 2 29 Turning Points Player of the Match: Pawan Sehrawat Pawan Sehrawat was undoubtedly the standout performer for Telugu Titans, completing a Super 10 with 12 raid points. His quick-thinking, agility, and ability to pick up points in do-or-die raids made him a formidable force on the mat. What Went Wrong for Bengaluru Bulls Upcoming Matches in PKL 2024 As the PKL 2024 season progresses, more exciting clashes are lined up. In the second match of the day, Dabang Delhi KC will face off against U Mumba in what promises to be another thrilling contest. Upcoming Fixtures: Live Streaming and Broadcast For fans eager to catch all the action live, the Pro Kabaddi League 2024 matches will be broadcast on Star Sports Network and can also be streamed live on the Disney+ Hotstar app and website. Kabaddi enthusiasts across India can enjoy uninterrupted live coverage of the PKL matches, with commentary and analysis from top experts in the game. Conclusion The opening game of PKL 2024 between Telugu Titans and Bengaluru Bulls set the tone for what promises to be an action-packed season. With teams like Puneri Paltan, UP Yoddhas, Bengal Warriors, and Jaipur Pink Panthers also vying for glory, the coming weeks are sure to deliver nail-biting finishes and high-octane kabaddi live action. Stay tuned as PKL 2024 continues to unfold with more fierce battles on the mat! This is just the beginning of what is expected to be another spectacular season of Pro Kabaddi. Can Telugu Titans maintain this winning momentum? Or will the Bulls bounce back in their next match? Only time will tell as the 2024 PKL season progresses with more intense matches ahead.

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Hyundai IPO Date: Insights and Expectations for Investors

Hyundai IPO date is October 22, with a mixed response and a subscription rate of 2.37 times. Investors should weigh risks and long-term growth potential. Despite the excitement surrounding this major listing, various signals indicate that investors should approach with caution. Here’s an in-depth look at the Hyundai IPO, including its key details, market performance, and what investors can expect moving forward. Key Details of the Hyundai IPO The IPO Journey Analysts’ Perspectives Market analysts have expressed varied opinions on Hyundai’s IPO and its potential listing performance. Here’s a summary of their insights: Long-Term Investment Potential For investors considering a longer-term strategy, several factors support a positive outlook for Hyundai: Potential for Surprising Listing Performance Despite the current negative GMP indicating a potential discount on listing day, it’s important to recognize that GMP does not always accurately predict market performance. Here are a few reasons why Hyundai could surprise investors: Conclusion The Hyundai IPO, with its scheduled listing on October 22, presents both challenges and opportunities for investors. While the initial response has been mixed, with a noted discount in the grey market, the long-term prospects remain promising due to Hyundai’s market position, robust growth strategies, and plans for product expansion. Investors should carefully weigh the short-term uncertainties against the potential for long-term gains. As always, consulting with financial advisors and conducting thorough research will be essential in navigating this IPO landscape. For those ready to invest, Hyundai Motor India’s journey on the stock market could be worth watching closely.

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Infosys Share Price Reacts to Q2 Earnings Results

The Indian stock market witnessed a flurry of activity on October 17, 2024, as a host of companies, including Infosys, Wipro, Axis Bank, and LTIMindtree, announced their Q2 earnings. This article delves into the significant outcomes from these announcements, focusing primarily on Infosys, which has become a bellwether for the IT sector. Earnings Summary Major Companies Reporting on October 17 Company Net Profit (Q2 FY25) Revenue (Q2 FY25) YoY Change in Profit YoY Change in Revenue Remarks Infosys ₹6,506 crore ₹40,986 crore +4.7% +5% Guidance raised to 3.75%-4.5% Wipro ₹3,208.8 crore ₹22,301.6 crore +21.2% -0.95% Declared 1:1 bonus shares Axis Bank ₹6,918 crore ₹37,142 crore +18% +17.1% Strong growth in NII LTIMindtree ₹1,251 crore ₹9,432.9 crore +7.7% +6% Steady growth in revenue Polycab India ₹445.2 crore N/A +3.6% N/A Healthy profit increase Tata Communications ₹227.2 crore ₹5,767 crore +3% +18.4% Strong revenue growth Tata Chemicals ₹267 crore ₹3,999 crore -46.1% Flat Significant decline in profit Infosys Q2 Financial Highlights Infosys, India’s second-largest IT services exporter, reported its Q2 earnings with mixed results that raised some eyebrows in the market. Growth Guidance Despite missing profit estimates, Infosys revised its FY25 revenue growth guidance upward to 3.75%-4.5%, improving from the previous range of 3%-4%. This increase is attributed to a strong ramp-up of mega deals and positive demand from financial services. Key Metrics Metric Q2 FY25 Net Profit ₹6,506 crore Revenue ₹40,986 crore EBIT ₹8,649 crore EBIT Margin 21.1% Dividend ₹21 per share Record Date for Dividend October 29, 2024 Payout Date for Dividend November 8, 2024 Voluntary Attrition 12.9% Market Reaction Following the announcement, Infosys shares fell by 5%, closing at ₹1,869. This reaction can be attributed to: Other Notable Earnings Wipro Wipro reported a consolidated net profit of ₹3,208.8 crore, marking a 21.2% increase from the previous year, although revenue declined by 0.95%. The company also announced a 1:1 bonus share, which will attract investor interest. Axis Bank Axis Bank achieved an 18% increase in net profit, reaching ₹6,918 crore, supported by a robust 10% growth in net interest income (NII). This strong performance showcases the bank’s effective risk management and customer acquisition strategies. LTIMindtree LTIMindtree reported a 7.7% increase in net profit to ₹1,251 crore, with revenue climbing to ₹9,432.9 crore, reflecting a steady recovery in demand. Polycab India Polycab India saw a 3.6% increase in net profit to ₹445.2 crore, continuing its positive trajectory amidst competitive market conditions. Tata Communications Tata Communications reported a 3% rise in net profit to ₹227.2 crore, with revenue surging by 18.4%, indicating strong operational performance. Tata Chemicals Tata Chemicals, however, experienced a sharp 46.1% decline in net profit to ₹267 crore, reflecting market challenges despite flat revenue. Conclusion The mixed results from major players like Infosys, Wipro, and Axis Bank underscore the complexities of the current economic landscape. While Infosys raised its revenue guidance and remains optimistic about future growth, its lower-than-expected profit led to a sell-off in shares, reflecting the cautious sentiment in the market. Investors should closely monitor upcoming earnings and market conditions to gauge potential investment opportunities. Future Outlook With a total of 36 companies declaring earnings on the same day, including prominent names across various sectors, the coming days will be crucial for investors and market watchers. The performance of IT and banking sectors, especially, will set the tone for broader market trends in the remainder of FY25.

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Charges Against Ex-RAW Officer in Gurpatwant Singh Pannun Assassination Plot

The United States has charged a former Indian intelligence officer, Vikash Yadav, in connection with a foiled assassination plot targeting Gurpatwant Singh Pannun, a prominent Sikh separatist advocating for Khalistan. The case has significant implications for US-India relations and has raised concerns regarding state-sponsored actions against individuals in the US. Key Details of the Case Who is Gurpatwant Singh Pannun? Involvement of Vikash Yadav Timeline of Events May 2023 Early June 2023 June 1-4, 2023 June 6-9, 2023 Legal Proceedings India’s Response Implications for US-India Relations Conclusion The assassination plot against Gurpatwant Singh Pannun underscores the growing concerns surrounding international political violence and state-sponsored actions against dissidents. As the legal proceedings unfold, the ramifications for US-India relations will continue to be closely monitored. Category Details Accused Vikash Yadav Charges Murder-for-hire, Conspiracy to commit money laundering Alleged Co-conspirator Nikhil Gupta Victim Gurpatwant Singh Pannun Background of Yadav Former officer in RAW, Senior Field Officer Status At large Date of Indictment October 2024 Geographical Focus New York City, United States Implications Diplomatic tension between the US and India; concerns about international political violence Source : Source 1 / Source 2 / Source 3 This case not only highlights the complexities of international relations but also brings to light the serious implications of intelligence operations that cross national borders. The unfolding events will be critical in shaping future policies and diplomatic engagements between the United States and India.

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Manappuram Finance Shares Fall After RBI Bans Asirvad Lending

On October 18, 2024, the shares of Manappuram Finance Ltd (MGFL) took a significant hit, plunging 16.85% to touch a low of ₹147.50 on the Bombay Stock Exchange (BSE). This sharp decline follows a regulatory action by the Reserve Bank of India (RBI), which imposed restrictions on the lending operations of its microfinance subsidiary, Asirvad Micro Finance Ltd. The directive from the RBI came in light of what it described as “major supervisory concerns,” leading to a substantial drop in the stock’s value and a wave of downgrades from financial analysts. Asirvad Micro Finance contributes a substantial portion to Manappuram Finance’s consolidated assets under management (AUM), accounting for approximately 27%. Given this considerable contribution, the ban on Asirvad’s lending activities sent shockwaves through the market, raising concerns over the company’s growth prospects, profitability, and overall market sentiment. RBI’s Regulatory Crackdown: What Led to the Ban? The RBI’s decision to halt loan disbursements at Asirvad stems from concerns over the company’s pricing practices, specifically regarding the weighted average lending rate and the interest spread over its cost of funds. These were found to be excessively high and non-compliant with RBI regulations, particularly the Fair Practices Code. Additionally, Asirvad’s governance, risk management, and compliance practices were brought into question. The RBI’s investigation further revealed non-adherence to norms around assessing household income and considering repayment capacity in microfinance loans. Alongside Asirvad, the RBI also banned the lending operations of Arohan Financial Services, DMI Finance, and Navi Finserv, all of which were found to be engaging in similarly questionable pricing practices. The bans are set to take effect from October 21, 2024. Impact on Manappuram Finance’s Financials With Asirvad contributing to over a quarter of Manappuram’s AUM, this regulatory action has a direct impact on the company’s financial health. According to Motilal Oswal Financial Services (MOFSL), Asirvad accounted for 21% of Manappuram’s profit after tax (PAT) in FY24, making it a crucial arm of the parent company. Asirvad’s AUM, which includes microfinance and gold loans, stood at ₹12,300 crore as of June 30, 2024, with around ₹1,200 crore attributed to its gold loan portfolio. The ban on Asirvad’s operations is expected to severely restrict growth in the coming quarters, leading analysts to cut their earnings projections. MOFSL has downgraded Manappuram Finance’s stock from ‘Buy’ to ‘Neutral’ and revised the target price to ₹160. They have also slashed FY25 and FY26 PAT estimates by 9% and 17%, respectively, factoring in lower loan growth and diminished profitability at Asirvad. Similarly, Jefferies, another major brokerage, downgraded the stock to Hold, reducing its price target to ₹167. They warned that Manappuram may have to inject capital into Asirvad if microfinance loans face increased defaults, further impacting the company’s financial stability. Market Reactions and Investor Sentiment Investors reacted swiftly to the news, leading to a major sell-off in Manappuram Finance’s stock. By the end of trading on October 18, the stock had plummeted to ₹150.73, a level not seen in 11 months. Analysts from Morgan Stanley downgraded the stock to Equal Weight, cutting the price target to ₹170. The firm also lowered its consolidated earnings forecast by 20% for FY25 and 30% for FY26 and FY27, citing the potential long-term impact of the RBI’s embargo on Asirvad. Morgan Stanley highlighted that while Manappuram’s standalone valuations remain attractive, investor interest could take a long time to recover due to the negative sentiment surrounding the ban. Long-Term Outlook for Asirvad and Manappuram Finance Asirvad’s management has pledged to implement the corrective measures mandated by the RBI in a time-bound manner. The board has committed to conducting a thorough review of the company’s governance, risk management, and regulatory compliance framework. However, market analysts estimate that the ban could remain in place for six to nine months, during which time loan growth will be heavily constrained, further denting the company’s bottom line. Asirvad is expected to focus on servicing existing customers and managing collections during the ban period. The RBI will reassess the situation once Asirvad demonstrates full compliance with regulatory guidelines. However, it is unclear how quickly the company will be able to recover from the damage caused by the halt in its operations. Impact on the Broader NBFC Sector The RBI’s action against Manappuram and its subsidiary comes at a time when the central bank has been increasing scrutiny over non-banking financial companies (NBFCs). During the recent Monetary Policy Committee meeting, RBI Governor Shaktikanta Das expressed concerns that some NBFCs were prioritizing rapid growth at the expense of prudent risk management, thereby posing a potential risk to financial stability. The crackdown on Asirvad, as well as the other three NBFCs, signals the RBI’s growing intolerance for aggressive pricing strategies, particularly in the microfinance sector, where borrowers are often from lower-income segments. These actions highlight the importance of fair pricing practices and stringent compliance with regulatory norms. What’s Next for Manappuram Finance? With Asirvad contributing a significant portion to Manappuram Finance’s overall profitability, the company faces an uphill battle in the months ahead. Analysts agree that the focus will be on how quickly Asirvad can implement the necessary corrective measures and restore its lending operations. However, the broader impact on investor sentiment may take longer to resolve. As of now, Manappuram’s other businesses, such as gold loans and vehicle loans, remain unaffected. Yet, with microfinance forming such a large part of its business, the company’s growth prospects are likely to be subdued in the near term. Table: Manappuram Finance – Key Financial Figures (FY24) Metric Value Consolidated AUM ₹45,600 crore Asirvad’s Contribution to AUM 27% Asirvad’s AUM ₹12,300 crore Asirvad’s PAT Contribution (FY24) 21% Manappuram Standalone Net Worth ₹10,700 crore Asirvad’s Net Worth ₹2,250 crore Conclusion Manappuram Finance’s sharp stock decline is a direct result of the RBI’s intervention in its subsidiary Asirvad Micro Finance. With key regulatory concerns and the suspension of loan operations, the company’s earnings and future growth potential have been called into question. Despite the ongoing challenges, Asirvad’s commitment to rectifying its compliance issues offers some hope

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naveen babu

Tragic Death of Naveen Babu: A Heartfelt Farewell

The recent death of Naveen Babu, a former Additional District Magistrate in Kannur, has sent shockwaves throughout Kerala. Allegedly taking his own life following corruption allegations made against him, Babu’s passing raises significant questions about the pressures faced by public officials and the impact of public scrutiny. The emotional farewell for Babu took place in Malayalapuzha, where his family and community gathered to pay their last respects. A Distressing Farewell Emotional scenes unfolded as Naveen Babu’s body was brought to the District Collectorate and later to his home in Malayalapuzha. The presence of hundreds of mourners, including state ministers like K Rajan and Veena George, highlighted the impact he had on those around him. Babu’s daughters and wife, visibly grief-stricken, carried out the last rites. As they lit the pyre, the community reflected on the significant loss of a man who had dedicated over 30 years to public service. Allegations of Corruption The circumstances leading up to Babu’s death are troubling. On October 14, during his farewell party, PP Divya, the Kannur District Panchayat President, accused him of corruption related to a petrol pump approval in Chengalai. She claimed that he had delayed the necessary approvals and had only acted on the matter shortly before his transfer, implying ulterior motives. These serious allegations reportedly took a heavy toll on Babu, contributing to his tragic decision. Just a day after these allegations surfaced, Babu was found hanging in his quarters, prompting a police investigation into the incident. His family’s concerns about the validity of the claims against him have since sparked widespread outrage. They firmly believe that there is more to this story, alleging a “mystery and conspiracy” surrounding his death. Legal Consequences In the wake of Babu’s death, the police have charged PP Divya with abetment to suicide under section 108 of the Bharatiya Nyaya Sanhita (BNS). This charge is non-bailable and carries a potential prison sentence of up to ten years. As the investigation unfolds, police have recorded statements from various officials and colleagues who worked alongside Babu. Many of them have defended his character, emphasizing his dedication and professionalism throughout his career. Remembering a Dedicated Official Babu’s colleagues have shared heartfelt memories of him, describing him as a diligent, compassionate public servant. Divya S Iyer, the former Pathanamthitta District Collector, expressed disbelief over the allegations, stating, “I cannot believe the allegations against him. He worked selflessly.” Similarly, IAS officer PB Nooh recalled Babu’s gentle demeanor and efficient work ethic, particularly during crises like the 2018 floods and the Covid-19 pandemic. Nooh lamented the tragic end of a man who was known for his positivity and dedication to his job. “He deserved a better send-off after more than 30 years of service,” he stated, highlighting the injustice perceived by Babu’s colleagues. Political Implications The controversy surrounding Babu’s death has also fueled political tensions in Kerala. Opposition parties, including the Congress and BJP, have demanded the resignation and arrest of PP Divya, accusing the ruling CPI(M) of trying to discredit Babu. The accusations against Divya have prompted a deeper investigation, and the State Human Rights Commission has called for an inquiry into the circumstances surrounding Babu’s passing. The emotional aftermath of Babu’s death has led to public outcry and protests, drawing attention to the pressures faced by civil servants and the potential consequences of public accusations. Family members and supporters have emphasized that Babu should not be remembered for the allegations against him, but rather for his dedication to public service and his role as a loving husband and father. Source :- Source 1 / Source 2 / Source 3 Conclusion Naveen Babu’s tragic death serves as a somber reminder of the mental and emotional toll that public scrutiny can exert on individuals in positions of authority. His legacy will be shaped not only by his professional accomplishments but also by the painful circumstances surrounding his untimely departure. As investigations continue, the community and the state must grapple with the implications of this heartbreaking incident and work towards creating a more supportive environment for those in public service. The loss of Naveen Babu is felt deeply across Kerala, and his family and friends continue to seek answers to the questions raised by his untimely death. The call for justice and truth remains loud and clear, as the community remembers a man who served with integrity and dedication.

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