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Tamil Nadu's Hefty Cash Awards to ISRO Scientists

Nine brilliant ISRO scientists, ₹2.25 crore cash prize!

Author

ADITYA SINGH
October 03, 2023

Good Afternoon,

Picture this: Nine brilliant ISRO scientists, including the incredible K Sivan and the stellar Mylswamy Annadurai, were recently showered with a whopping ₹2.25 crore cash prize for their cosmic contributions to the nation. It's like the Oscars for space enthusiasts, folks! Our cosmic heroes were celebrated in style by none other than the Chief Minister of Tamil Nadu, the one and only MK Stalin. The whole shebang went down on October 2, 2023, where each scientist walked away with a cool ₹25 lakh in their cosmic piggy banks. They say the sky's the limit, but for these scientists, it's just the beginning of their star-studded journey! 🚀🌟🪐

Important News of the Day

1. Tamil Nadu Government announces award of ₹25 lakh for each ISRO scientist

The Tamil Nadu government has awarded a cash prize of Rs 25 lakh to nine Indian Space Research Organisation (ISRO) scientists from Tamil Nadu, including K Sivan and Mylswamy Annadurai, in recognition of their services to the nation. The Chief Minister of Tamil Nadu, MK Stalin, announced the cash award as a token of appreciation for the immense talent and contribution of these scientists to the nation. The award ceremony was held on October 2, 2023, and each scientist was awarded Rs 25 lakh.

2. Colleges to boost microchip talent pool

Around 300 engineering colleges in India have introduced chip and circuitry engineering programs to nurture a skilled workforce for semiconductor testing and manufacturing, with a focus on very large-scale integration (VLSI). The move is aimed at nurturing a skilled workforce for semiconductor testing and manufacturing. The colleges will offer chip and circuitry engineering programs with a particular emphasis on VLSI. The initiative is expected to boost the microchip talent pool in India.

3. No clearing house supervision relief offered to India, says ESMA

The European Securities and Markets Authority (ESMA) plans to derecognize six Indian clearing houses for non-compliance with European Market Infrastructure Regulation (EMIR) provisions. This means that the clearing houses will have to seek ESMA recognition again. ESMA withdrew recognition for these clearing houses in October 2022 after a failure to agree on a new Memorandum of Understanding (MoU) with Indian regulators. Indian clearing houses will be free to apply again for recognition from ESMA at any point in the future.

4. No G20 declaration at Nov summit: Amitabh Kant

The G20 summit in November will focus on implementing the Delhi declaration and proposals from a three-day meeting of the group’s finance ministers and central bank governors this month in Morocco, according to G20 sherpa Amitabh Kant. The summit will not have a G20 declaration, but a G20 Leaders’ Declaration will be adopted at the conclusion of the summit, stating leaders’ commitment towards the priorities discussed and agreed upon during the respective ministerial and working group meetings.

5. Coal supply ahead of projections: Coal India

According to Coal India Ltd (CIL) chairman and managing director P.M. Prasad, the company's supplies to thermal power plants in the first half of FY24 have been higher than the projected demand despite logistical constraints. CIL's supplies to the power sector rose to 294.8 million tonnes, which is 1.8 million tonnes more than the 293 million tonnes demand projected for the period. India boosted its domestic coal production by about 12% to 924 million tonnes to avoid shortages and reduce import dependency amid rising demand.

Stock Market Update 📈

  1. Adani Group eyes boosting its solar manufacturing capacity by 2.5 times to 10 GW by 2027
    The Adani Group is planning to significantly expand its solar manufacturing capacity, aiming to increase it by 2.5 times to reach 10 gigawatts (GW) by 2027. This strategic move reflects the company's commitment to renewable energy production and its ambition to contribute substantially to India's growing solar power sector.

  2. India's BPCL offers first gasoil cargo in over a year - sources

    India's Bharat Petroleum Corporation Limited (BPCL) has put up its first gasoil cargo for sale in more than a year. This move suggests a potential shift in the company's trading strategy and could impact the regional energy market. The sale reflects changing dynamics in the Indian energy sector, possibly influenced by evolving market conditions and business priorities.

  3. Sebi extends timeline for verification of market rumours by listed entities

    India's market regulator, the Securities and Exchange Board of India (SEBI), has granted listed entities an extended timeline for verifying and responding to market rumors. This move aims to enhance transparency and curb misinformation within the financial markets. The extension provides listed companies with additional time to investigate and confirm the accuracy of rumors, ultimately promoting investor confidence and market stability.

  4. FPIs offload ₹14,768 crore in Indian equities, turn net sellers in September; What led to trend reversal?

    In September, Foreign Portfolio Investors (FPIs) in India shifted from being net buyers to net sellers, offloading ₹14,768 crore worth of Indian equities. This trend reversal was likely influenced by various factors such as global economic uncertainties, rising bond yields, and concerns about India's economic recovery amid the ongoing pandemic, prompting FPIs to reduce their exposure to Indian stocks.

  5. RBI will cut rates only after the Fed; IT good for long-term investors, says Siddhartha Khemka of Motilal Oswal

    Siddhartha Khemka, an analyst from Motilal Oswal, suggests that the Reserve Bank of India (RBI) will reduce interest rates only after the US Federal Reserve makes a move. He also emphasizes the positive outlook for long-term investors in the information technology (IT) sector. This perspective highlights the influence of global economic factors on RBI's monetary policy and the potential benefits for IT investors with a long-term horizon.

  6. FIIs sell ₹25,000 crore in Sept on high US bond yields, crude oil prices; What's expected in Oct?

    In September, Foreign Institutional Investors (FIIs) divested ₹25,000 crore from Indian markets due to rising US bond yields and surging crude oil prices. As October begins, market analysts anticipate continued volatility and closely monitor global economic factors for their impact on FIIs' investment decisions in the Indian market.

  7. RBI grants approval to IFC for acquiring 9.7% stake in Federal Bank

    The Reserve Bank of India (RBI) has granted approval to the International Finance Corporation (IFC) for acquiring a 9.7% stake in the Federal Bank. This move signifies IFC's investment in the Indian banking sector, strengthening its position in the country's financial landscape.

  8. LIC's strategy shift helps reducing government borrowing costs: Report

    A strategic shift by LIC (Life Insurance Corporation) has led to a reduction in government borrowing costs. The specific details of LIC's strategy and its impact on government borrowing rates are not provided in the headline, but the company's actions have evidently contributed to lowering the cost of borrowing for the government.

  9. NSE registered investor base surpasses 8 crore mark

    The National Stock Exchange (NSE) has achieved a significant milestone by surpassing 8 crore investors, indicating a growing interest in stock market participation in India. This development signifies the increasing popularity and accessibility of the NSE among individuals looking to invest in stocks and other financial instruments.

Breaking News: The Scoop You Can't Miss!

1. Oil firms struggle for rigs as crude spike sparks shortage

Indian oil firms are facing a massive shortage of rigs due to a global rush sparked by rising oil prices, potentially upsetting their upstream exploration plans. State-run exploration and production companies are finding it difficult to hire offshore rigs, with global and West Asian oil companies having tied up a large number of them. A similar shortage has also hit onshore rigs. The price of oil is expected to stay elevated as demand for energy increases, according to the secretary general of OPEC+. The OPEC+ production cuts are expected to tighten the market, driving supply deficits in the second half of 2023, supporting higher oil prices.

2. PM Modi dedicates gas pipeline, road, railway projects in poll-bound Rajasthan

Prime Minister Narendra Modi visited the poll-bound states of Rajasthan and Madhya Pradesh on October 2, 2023, to lay the foundation stone for various development projects worth around Rs 7,000 crore in Rajasthan and around Rs 19,260 crore in Madhya Pradesh. The projects include the Mehsana-Bhatinda-Gurdaspur gas pipeline, a 4-lane road on NH-12, the Chittorgarh-Neemuch railway line, and the Delhi-Vadodara expressway. The visit comes ahead of the upcoming assembly elections in both states.

3. Modi, Sunak extend greetings ahead of Akshardham inauguration in New Jersey

Indian Prime Minister Narendra Modi and his British counterpart Rishi Sunak have extended greetings ahead of the inauguration of an Akshardham Temple in Robbinsville city of New Jersey. The temple is set to be inaugurated on October 10, 2023. Modi expressed his joy in a letter addressed to BAPS Swaminarayan Akshardham in Robbinsville and extended his best wishes to the BAPS Swaminarayan Sanstha and all those who have worked hard to make the temple a reality. British Prime Minister Boris Johnson also extended his best wishes to the Akshardham Temple.

4. New tax rate on online money games kicks in

The new Goods and Services Tax (GST) regime of 28% tax on online money games, casinos, and horse racing has come into effect from October 1, 2023, with the Union government issuing orders on norms to be followed covering taxes to be collected by the Centre and the Union Territories.The GST Council had earlier announced its decision to impose a 28% GST on the amount being paid at the entry level for online gaming.The tax would be levied on the full value of bets or full value of consideration paid.Gaming companies have resisted the new tax.

5. ‘Jai Jawan Jai Kisan still resonates’ Modi pays tribute to Lal Bahadur Shashtri

Prime Minister Narendra Modi paid tribute to former Prime Minister Lal Bahadur Shashtri on his birth anniversary on Monday. Modi paid floral tributes to Shashtri at Vijay Ghat memorial early in the morning. Lok Sabha Speaker Om Birla and Vice President Jagdeep Dhankar also joined in honoring the memory of former Prime Minister Lal Bahadur Shashtri at Vijay Ghat on the occasion of his birth anniversary. Modi said that the slogan "Jai Jawan, Jai Kisan" still resonates today and remembered Shashtri's contribution to land reforms, laying the foundation of milk and green revolution, abolishing the third class in railways, providing seats for women in buses, and serving the country with Gandhian ideas.

World News 🌎

  • China Is Gaining Long-Coveted Role in Arctic, as Russia Yields

  • Hunter Biden to plead not guilty of illegal gun possession charges

  • UAW strike forces GM, Ford to furlough additional 500 workers

  • ‘Donald Trump reaped over $100 million through fraud’: New York lawyer

  • White House rejects Russian claim that Western fatigue over Ukraine conflict would grow

  • Khalistan supporters stage protest outside Indian High Commission in London

  • Zimbabwe plane crash kills 6, including Indian mining tycoon, son

  • Elon Musk accuses Canadian PM Justin Trudeau of ‘crushing free speech’

  • Turkey suicide attack: Kurdistan Workers' Party accepts responsibility

  • ‘Canada’s charges against India had poor credibility at UNGA’

  • UK PM Sunak, Shapps bicker over deployment of British soldiers to Ukraine

  • Britain signs 4 billion pound deal to build attack submarines

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