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Highlights: One Day’s Loss Not Whole Picture, Says Paytm Founder On Weak Market Debut – dot newz

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No investor comes for one day, said Paytm’s Vijay Shekhar Sharma.

New Delhi:

Paytm founder VIjay Shekhar Sharma is speaking to NDTV over the company’s market debut after India’s biggest-ever IPO. The mobile payments giant lost more than a quarter of its value on its market debut Thursday after raising $2.5 billion in the country’s biggest-ever IPO, as traders questioned whether the loss-making firm would ever turn a profit.

Vijay Shekhar Sharma, once named India’s youngest billionaire, wiped tears from his eyes when the national anthem was played at an opening ceremony before trading began at the Bombay Stock Exchange.

Highlights:

  • I broke down because the term “Bharat Bhagya Vidhaata” touch a nerve inside me. This national anthem line just brings tears in my eyes, as the meaning resonates with what we do at our company.
  • This is the time in history when Indians are building technology for Indians. And this technology will then get exported.
  • There is no doubt that a payments company can expand to insurance, investments. We need to explain the business model of our company, and execute that business model.
  • No investor comes for one day. We should not say investors lost wealth. One day’s loss not the whole picture.
  • We have to do a good job in explaining the model and it’s just the first day.
  • We are growing on revenue, we are growing on margin. We are expanding and we will continue to expand.
  • Stock market deserves good quality company, and creates good revenue generation.
  • The investment that we doing is on engineering and sales people. We could switch to profit if we don’t invest in customer acquisition and new technology. That is a choice we are making. 
  • There is always someone to help those in startup ecosystem, whenever there is some trouble with any of the ministries.
  • India is proving the point that it is a big market to list your company.
  • India will become a sustainable place for tech companies which will generate more employments.
  • My advice to the Finance Minister would be, “Keep doing what you are doing.
  • The beauty of India entrepreneurs is that we understand the landscape of India much better.
  • 40% of Paytm was bought for 8 lakh rupees at one point.
  • If we don’t build it, someone else will build it. And I believe that we can build it. I do believe that soon we will achieve the ‘Great Indian Dream’ to build technology for India.
  • Soon there will be a term called the ‘Great Indian Dream’.
  • I am an avid music listener. For me, this is a big big moment to pull off this IPO. Few more classical songs to listen to, and then go back to working hard.



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High Altitude Areas In Uttarakhand Receive Season’s First Snowfall – dot newz

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The sky remained overcast in the plains with isolated light showers at several places (File)

Dehradun:

The Himalayan temple of Kedarnath and the high altitude areas of Chamoli district received the season’s first snowfall on Thursday while it drizzled in the lower areas intensifying the chill across the state.

Besides the Kedarnath shrine in Rudraprayag district, the Musk Deer Park, Valley of Flowers and the Nanda Devi National Park in Chamoli district also received snowfall, officials in Dehradun said.

The sky remained overcast in the plains with isolated light showers at several places, including state capital Dehradun.

The temperature recorded in Dehradun on Thursday was 15.4 degrees Celsius, Tehri 10 degrees Celsius, Pantnagar 18.4 degrees Celsius, Mukteshwar 8.4 degrees Celsius and Almora 13.4 degrees Celsius, the MeT Department in Dehradun said.



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37 Years On, Bhopal Gas Tragedy Victims Still Await Adequate Compensation – dot newz

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“In 1984, Congress was in power in Madhya Pradesh and at Centre”: Bhopal Gas Tragedy Minister

Bhopal:

Thirty-seven years after the Bhopal gas tragedy, termed as the world’s worst industrial disaster, the survivors and the family of the dead are still waiting to be compensated fairly with an organisation working for them claiming that each victim has so far received less than one-fifth of the allotted sum.

The leak of methyl isocyanate, a toxic gas, from the pesticide plant of Union Carbide on the intervening night of December 2 and 3, 1984, had killed over 3,000 people and left 1.02 lakh others affected at that time. However, the number of affected later rose to over 5.70 lakh.

Talking to PTI, Madhya Pradesh’s Bhopal Gas Tragedy Relief and Rehabilitation Minister Vishvas Sarang said, “In 1984, the Congress was in power in Madhya Pradesh and at the Centre. The two governments did not put forth the case of the victims in a right manner to enable them to get more compensation.”

Bhopal Gas Peedith Sangharsh Sahayog Samiti (BGPSSS) co-convener ND Jayaprakash said the Supreme Court assisted settlement on February 14-15, 1989 worth Rs 705 crore was based on the assumption that only around 3,000 persons died and 1,02,000 were affected.

“This compensation was a complete sham as each gas victim ended up being given less than one-fifth of the sum allotted even as per the terms of that unjust settlement,” he added.

When asked to explain, he said that the financial aid was USD 470 million in 1989. The dollars turned into more than Rs 3,000 crore in 2004, when the disbursements started.

“But the number of the victims swelled to 5.73 lakh and this amount was distributed among them. So, each victim got one-fifth of the compensation,” he added.

“The failure on the part of the Supreme Court to hear the long-pending curative petition against the unjust settlement of 1989, has had an adverse impact on the interests of the gas victims,” he said in a media statement.

The curative petition (civil), which was filed by the Union of India on December 3, 2010 to challenge the unjust settlement of 1989 and to seek additional sum of at least another Rs 7,724 crore as compensation was last listed before the Constitution Bench of the Court on January 29 last year, he said.

“However, the hearing was postponed to February 11 last year. Sadly, the matter was never listed on that date or ever since then,” he said.

Failure to dispose of the curative petition has also meant the indefinite postponement of the hearing of the Special Leave Petition (SLP) filed on March 17, 2010 by eight members of Bhopal Gas Peedith Mahila Udyog Sangathan (BGPMUS) and BGPSSS, he said.

In the SLP, the two NGOs have sought enhancement of settlement sum by a factor of five in terms of the magnitude of the disaster as assessed by the claim courts and in terms of the gravity of injuries suffered by the gas victims on the basis of their medical records, Jayaprakash said.

Failure to dispose of the pending curative petition and the SLP for over a decade has effectively denied the gas-victims several thousands of crores of additional compensation that they are legitimately entitled to, he added.

In the curative petition, the Centre has sought Rs 7,724 crore as additional funds from successor firms of US-based Union Carbide Corporation, now owned by Dow Chemicals, for giving compensation to victims of the Bhopal gas tragedy.

The Centre, in its plea, is seeking a direction to Union Carbide and other firms for Rs 7,722 crore additional amount over and above the earlier settlement amount of USD 470 million in 1989 for paying compensation to the gas tragedy victims.

On June 7, 2010, a local court had convicted seven executives of Union Carbide India Limited (UCIL) to two years of imprisonment in connection with the incident. The then UCC chairman, Warren Anderson, was the prime accused in the case but did not appear for the trial. On February 1, 1992, the Bhopal CJM court had declared him an absconder. He died in the US in 2014. 



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5 Contacts Of Bengaluru Omicron Patient Test Positive For Covid, Isolated – dot newz

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Bengaluru:

Five contacts of an Omicron patient have turned out to be Covid positive, Karnataka announced today, shortly after the Union health ministry said the first patients of the new Covid variant have been found in the state. The patients have been isolated and their samples have been sent for genome testing, Karnataka said amid concern over the highly infectious strain that has set off global alarm.

One of the two initial patients is a 46-year-old health worker from Bengaluru, who developed symptoms of fever and body ache on November 21.

He tested positive the following day and was admitted to hospital; his sample was sent for genome sequencing on the same day.  But three days later he was discharged.

After extensive contact tracing, the Karnataka government said he had 13 direct contacts and more than 250 secondary contacts.

The other confirmed Omicron patient is a 66-year-old South African national who came to India with a negative Covid report.

The man, who received both vaccine doses, tested positive on arrival and was asymptomatic, following which he was told to self-isolate.

A week later, with a negative Covid report from a private lab, he flew to Dubai. Samples from his 24 primary and 240 secondary contacts have returned negative test results.



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