Business News Live: Government may give one year time to comply with data protection rules
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Asia Healthcare buys majority stake in AINU, will invest Rs 600 crore
Asia Healthcare Holdings (AHH) has acquired a majority stake in Asian Institute of Nephrology and Urology (AINU). Along with this, it has announced to invest Rs 600 crore in AINU. Asia Healthcare Holdings said in a statement on Wednesday that this investment will be through both primary and secondary channels. AINU is a specialty hospital network of urology and nephrology care, present in four cities with expertise in robotic urology surgery.
Government may give one year time to comply with data protection rules
The government may give units one year to comply with the norms of the Digital Personal Data Protection Act, 2023. Minister of State for Electronics and Information Technology Rajiv Chandrashekhar said this on Wednesday. He said that the government is considering giving one year’s time to the units to adapt their system to it. Speaking to reporters separately on the sidelines of a discussion with the industry, Chandrashekhar said guidelines for eight rules, including the Data Protection Board and approval management, will be issued in a month. The minister said, ‘The industry wants some more time for ‘edge-gating’, different timelines for this change for different data units. We expect the transition for most rules, except ‘age-gating’, to be completed within 12 months.
Signature Global’s Rs 730 crore IPO opens, you can invest till September 22
The Rs 730 crore initial public offering (IPO) of real estate company Signature Global opened for subscription on Wednesday. The company will mainly use the funds received from the IPO to reduce its debt burden and expand its business. The IPO will close on 22 September. The price range for the IPO has been fixed at Rs 366 to Rs 385 per share. The total size of the IPO is Rs 730 crore. Under this, the company will issue new shares worth Rs 603 crore. Apart from this, it also includes offer for sale (OFS) of Rs 127 crore. Delhi-NCR based company Signature Global has already raised Rs 318.5 crore from anchor investors. Signature Global Chairman Pradeep Aggarwal had recently said that the company had a net debt of Rs 1,100 crore at the end of the last financial year. Out of the amount received from IPO, the company will use Rs 432 crore to repay the loan.
Japan’s trade affected in August due to decline in demand in China
Japan’s exports declined by 0.8 percent last month compared to a year ago due to declining demand from China and the rest of Asian countries. According to preliminary data released by the Finance Ministry of Japan on Wednesday, there has been a huge decline of 18 percent in Japan’s imports during this period. Thus, Japan’s trade deficit in August was 930.5 billion yen or 6.3 billion dollars. Japan has suffered a trade deficit for the second consecutive month. According to the data, Japan’s exports to Asian markets declined by 8.8 percent. The main reason for this is the export incident to China. Exports to China have come down by 11 percent in value. China’s economy has slowed down in recent months. The hopes of China’s economy recovering after the Covid-pandemic have suffered a setback.
Indian stock market disappointed, Sensex fell by 611 points, Nifty also slipped below 20 thousand.
There was disappointment in the Indian market on Wednesday, the second trading day of the week. In pre-opening, BSE Sensex opened with a loss of 611 points, while Nifty is trading around 20,000. Since this morning, softness was being seen in the Asian market. Earlier, Gift Nifty was also trading down.
ISC expresses disapproval of WHO’s suggestion of nutrition-based taxation on food products
Indian Sellers Collective (ISC) has expressed concern over a recent report of the World Health Organization (WHO). In this report, it has been suggested to implement a taxation system based on nutritional content. WHO’s report titled Growth of Ultra-Processed Foods in India: Analysis of Trends suggests increasing taxes on unpackaged and unlabelled foods. Currently, five percent tax is levied on such products under the Goods and Services Tax (GST) system. This also includes implementing ‘point-of-sale marketing’ restrictions, curbing freebies and discounts offered by small grocers or kirana stores, and cracking down on the unorganized food manufacturing sector, the Indian Sellers Collective statement said. Advocacy has been done.
Google will connect chatbot ‘Bard’ with other Google apps
Search engine Google is expanding the reach of artificial intelligence (AI)-powered chatbot Bard and linking it with Google apps like Maps, Docs and Drive. This will improve its services in more languages and countries. It is believed that Google has taken this step to compete with the open-source GenAI platform ChatGPT. Google said that chatbot Bard is now available in languages and countries around the world. Google is also integrating real-time information about Maps, YouTube, hotels and flights to expand Bard’s capabilities to extract information from Google apps and services. Google said that these services will already be active, but you can turn them off at any time.
Indications are coming from global market, Indian market may start weak.
Today the Indian market may again have a weak start. Weakness continues in the markets of Asia. Meanwhile, Gift Nifty is also trading down this morning. The impact of the Federal Reserve’s decision was visible on the American market. Meanwhile, the price of natural gas produced from difficult fields like KG-D6 of Reliance Industries can be reduced by about 14 percent from next month. Due to this, the prices of natural gas are expected to decrease amid the reduction in fuel prices globally.
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