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Time of India
a day ago
- Business
- Time of India
Laxmi India Finance eyes Rs 254-cr via IPO; issue to open on July 29
NBFC player Laxmi India Finance Ltd on Wednesday fixed a price band of Rs 150-158 per share for its upcoming Rs 254-crore initial public offering (IPO). The initial share sale will open for public subscription on July 29 and conclude on July 31, the company announced. Explore courses from Top Institutes in Please select course: Select a Course Category others MBA Leadership Product Management Artificial Intelligence Data Science Project Management CXO Finance Digital Marketing Data Analytics MCA Cybersecurity Management Others Design Thinking healthcare PGDM Operations Management Degree Public Policy Technology Data Science Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details The Jaipur-based company's IPO is a combination of fresh issue of 1.84 crore equity shares and an offer for sale of 56.38 lakh shares by promoters. Overall, the IPO size is pegged at Rs 254.26 crore at the upper end of the price band. Proceeds from the fresh issue will be used to shore up its capital base to meet future capital requirements towards onward lending and for general corporate purposes. Laxmi India Finance, a non-deposit-taking NBFC, offers a diverse product portfolio, including MSME (micro, small and medium enterprises) loans, vehicle loans, construction loans, and other lending solutions to customers. Live Events As of March 2025, the company's assets under management (AUM) increased to Rs 1,277 crore from Rs 687 crore as of March 2023, representing a CAGR (compound annual growth rate) of over 36 per cent, primarily driven by an increase in volume of its loans and strengthened branch network. Its operational network spans across 158 branches in rural, semi-urban and urban areas in Rajasthan, Gujarat, Madhya Pradesh, Chhattisgarh and Uttar Pradesh as of March 2025. The NBFC player's revenue from operations increased 42 per cent to Rs 246 crore for fiscal 2025 against Rs 173 crore in the preceding fiscal, and its profit after tax rose 60 per cent to Rs 36 crore compared to Rs 22.5 crore during the period. PL Capital Markets is the sole book-running lead manager to the public issue.
Time of India
a day ago
- Politics
- Time of India
Admitted or submitted? Crucial technicality over Justice Varma motion in spotlight after Dhankar's exit
Former Vice-President and Rajya Sabha Chairman Jagdeep Dhankhar 's abrupt resignation on Monday has stirred a constitutional and political storm, particularly over his handling of a motion seeking the removal of Allahabad High Court judge Yashwant Varma. At the centre of the controversy is a crucial legal distinction: was the notice filed by 63 Opposition MPs merely submitted , or was it admitted by Dhankhar? That difference isn't just semantic—it could determine who gets to pick the three-member panel that will examine the charges against Justice Varma. Explore courses from Top Institutes in Please select course: Select a Course Category others Management Leadership Digital Marketing Public Policy PGDM Healthcare Design Thinking Operations Management Finance Artificial Intelligence Cybersecurity Product Management Technology MCA Data Science MBA Project Management Data Analytics healthcare CXO Data Science Others Degree Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mountain Gear for Extreme Conditions Trek Kit India Learn More A move that upset the govt According to TOI sources, Dhankhar earned the ire of the ruling establishment by taking cognisance of the Opposition's Rajya Sabha notice for initiating proceedings against Justice Varma. This, despite the government having already signalled its preference to initiate the process in the Lok Sabha, backed by signatures from 145 MPs across party lines. That notice had been submitted earlier on Monday to Speaker Om Birla. Live Events While Dhankhar's move may have been procedurally valid—the Rajya Sabha notice had the required minimum of 50 signatories—it was seen by the government as undermining its broader strategy to build an all-party consensus on the judge's removal. Notably, the Rajya Sabha motion was signed only by Opposition MPs. The Legal Tangle: Submission vs Admission In a statement made in the Upper House on Monday afternoon, Dhankhar referred to the Judges (Inquiry) Act, 1968, noting that when such notices are received in both Houses on the same day, no inquiry committee can be formed unless the motion is admitted by both. If admitted in both Houses, the Speaker and the Chairman are to jointly form the committee. Crucially, however, he stopped short of stating that he had formally admitted the motion, instead noting that it met the numerical requirement. He also argued that the Speaker or Chairman has no discretion to reject or admit such a motion if presented simultaneously in both Houses—a claim that legal experts say is not explicitly supported by the 1968 Act. He directed the Rajya Sabha Secretary General to initiate further steps, a move that suggested at least partial procedural endorsement. Who will decide now? With Dhankhar's resignation accepted by President Droupadi Murmu, Deputy Chairman Harivansh has taken over as officiating Rajya Sabha Chairman. His next steps will be closely watched. 'There's no guarantee he will back Dhankhar's reading of the situation,' a senior official told TOI. "In any case, he has no special interest in matters concerning judiciary and is unlikely to diverge drastically from the speaker in the choice of the members of the inquiry panel," the source further said.
Time of India
2 days ago
- Time of India
Train reservations: After chart timing and Tatkal, railways announces another important change in ticketing process
The railway ministry has introduced another key change in the passenger ticketing process, following its recent updates to chart preparation and Tatkal bookings. A new circular issued on Tuesday outlines revised rules for handling special travel requests, aimed at streamlining operations and preventing last-minute delays. The railway ministry has revised the timing guidelines for submitting emergency quota (EQ) requests, following its recent change in reservation chart preparation timing to eight hours before a train's departure. As per a circular issued by the ministry on Tuesday, passengers seeking emergency quota in trains must now submit their request a day before the journey. This change applies to all trains. Railway Reservation: Emergency Quota Request "Emergency quota request for all the trains leaving between 0000 hours and 1400 hours should reach EQ cell up to 1200 hours on the previous day of journey," the circular said. Explore courses from Top Institutes in Please select course: Select a Course Category others Others Data Analytics Management Operations Management Project Management Leadership Cybersecurity Data Science Technology Product Management Finance PGDM Healthcare Public Policy MCA MBA Digital Marketing healthcare Degree Data Science Design Thinking CXO Artificial Intelligence Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details "Emergency quota request for all the remaining trains leaving between 14.01 hours and 23.59 hours should reach EQ cell up to 1600 hours on the previous day of journey," it added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Knee pain prices might surprise you Knee pain | search ads Find Now Undo Requests received on the same day as the train's departure will not be accepted. Train Reservation: Holiday guidance also updated In case of Sundays or public holidays, the circular mentioned that requests for trains leaving on such days must be made on the previous working day. Live Events 'The requests for the release of accommodation in trains, for which the emergency quota is to be released on Sundays or clubbed holidays after Sundays, should be given during office hours on the previous working day,' the circular stated. High number of requests from officials The railway ministry noted that the reservation cell of the Railway Board handles a large volume of EQ requests from VIPs, railway officers, senior officers, and other departments. 'All efforts are made to allot the quota judiciously and with common prudence,' the circular stated. Officers advised to follow timings strictly The ministry has asked all officers to strictly follow the revised timings so that train charts are not delayed. 'The allotments are given in time and chart preparation is not delayed, which not only results in extreme difficulties to the travelling public but can also lead to a delay in the departure of trains,' the ministry said. Forwarding authorities have also been asked to verify the genuineness of each EQ request and comply with existing guidelines on allotment. Indian Railways Revamps Ticket Booking System Earlier this month, Indian Railways implmented major changes to its passenger reservation system to make train travel more comfortable for passengers. The changes include new rules for booking Tatkal tickets, earlier preparation of train charts for waitlisted passengers, and an overall upgrade to the reservation system. Train Chart Preparation Reservation charts are now prepared four hours before a train's departure. A new proposal suggests preparing these charts eight hours in advance. For trains leaving before 2:00 PM, charts will be finalized at 9:00 PM the previous day. The Railway Minister has approved this idea and wants it implemented gradually. This change will give passengers with waitlisted tickets more clarity and time to make alternative travel arrangements if needed. Tatkal Ticket Booking Starting July 1, 2025, only verified users are allowed to book Tatkal tickets through the IRCTC website and mobile app. Additionally, OTP-based authentication for Tatkal bookings will begin at the end of July. The Railway Minister has instructed officials to expand the authentication process for Tatkal reservations. Users will need to verify their identity using Aadhaar or other valid government IDs stored in their DigiLocker accounts. New Passenger Reservation System By December 2025, a new passenger reservation system will be in place. This upgrade, implemented by CRIS, will significantly increase ticket booking capabilities. The modern system will handle over 150,000 ticket reservations per minute, a fivefold increase from the current 32,000 tickets per minute. The system's enquiry processing ability will also increase tenfold, from 400,000 to over 4 million enquiries per minute. The upgraded system will have a user-friendly interface, support multiple languages, and allow users to specify seating preferences and view fare calendars. It will also include dedicated facilities for Divyangjan, students, patients, and other specific categories. Clerkage Charges Indian Railways is considering removing or reducing "clerkage" charges, which are deducted from refunds for cancelled or unconfirmed waitlisted tickets. Currently, a clerkage charge of Rs 60 is applied to both AC and non-AC reserved tickets, while Rs 30 is charged for unreserved second-class tickets. This charge applies even to cancellations made through the IRCTC website. If implemented, this change would benefit passengers with waitlisted tickets.
Time of India
2 days ago
- Business
- Time of India
Dixon sees margin boost in FY26, bets big on camera and display units
Dixon Technologies expects its operating margins to improve by 120-130 basis points in FY26 and go up even higher in FY27 after a full ramp-up of its new component business, with management expecting to more than compensate for the loss in PLI sops after the scheme ends next year. Revenues from its mobile business in Q1FY26 grew 125% on-year to Rs 11,663, while operating profit grew 131% on-year to Rs 395 crore. Dixon's mobile business contributed 91% to its topline of Rs 12,838 crore. Explore courses from Top Institutes in Please select course: Select a Course Category others healthcare PGDM Product Management Digital Marketing Design Thinking Data Science Management Project Management Cybersecurity Degree Finance CXO Operations Management Leadership MCA Public Policy Technology Artificial Intelligence Healthcare Data Science MBA Data Analytics Others Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details Dixon's EBITDA margins dropped by 10 basis points on-year to 3.8% in the quarter ended June 2025. Net profit for the quarter doubled on-year to Rs 280 crore. The contract manufacturer will start making camera modules , and display assemblies by the end of this fiscal, with precision mechanical components from the next fiscal, under the government's Rs 22,000 crore electronics component manufacturing scheme, Dixon MD Atul Lall said in an earnings call Tuesday. Dixon has projected Rs 750-800 crores in capital expenditure for its camera modules and display assembly business in FY26, with an additional Rs 300-400 crores in expanding capacities in its core EMS (electronics manufacturing services) business. The company is acquiring a majority stake in the India operations of Kunshan Q-Tech Microelectronics, among the five largest camera module manufacturers globally for Rs 400 crore. It has also formed a joint-venture with HKC for display assembly, with a facility getting ready in the next 45 days, Lall said. However, the joint venture deals and acquisitions are currently pending approval under the government's press note 3, which mandates ministerial approval for investments coming from neighbouring countries, especially China. Lall said the approval process is going well for these deals. Dixon expects a 15% sequential growth in orders ahead of the festive season, and a boost in export volumes for its anchor customer, Motorola to the United States. The company is also negotiating a large export opportunity for another global brand, Lall said. For the current year, exports are projected to reach Rs 7000 crore, from Rs 1600 crore last fiscal if the export deal works out, with Lall projecting Rs 11,000 crore in exports by FY27. The company has also started exporting to Africa, where it sees a large opportunity having been able to meet the cost targets. 'The ASP (average selling price) for export is almost similar to domestic ASP but exports have some ramp up requirements wherein we have to invest more in the organisation. So while the margin levels are finally going to be similar, initially the costs are going to be more,' Lall said. Dixon is also expanding its top management with more talent as it expands aggressively into newer categories. The company appointed a vice president of strategy and digital transformation, and another top executive to head the component business. 'We have hired an expert from Taiwan who heads our display manufacturing business, and a Korean expert who head our R&D for washing machines and appliances,' Lall said.
Time of India
3 days ago
- Business
- Time of India
Why has a U.S. government employee been barred from leaving China and detained for months?
A U.S. government employee from the Commerce Department has reportedly been barred from leaving China due to an alleged visa irregularity, escalating tensions between Washington and Beijing at a time when bilateral relations remain fragile. The individual, an American citizen of Chinese descent, works for the U.S. Patent and Trademark Office under the Department of Commerce. According to reports by The Washington Post , the man failed to disclose his affiliation with the U.S. government on his visa application while entering China. This omission, Chinese authorities claim, has led to the imposition of an exit ban, effectively preventing his return to the United States. Explore courses from Top Institutes in Select a Course Category others Product Management Data Analytics healthcare Operations Management CXO PGDM MBA Design Thinking Technology Data Science Management Project Management Degree MCA Artificial Intelligence Leadership Cybersecurity Others Digital Marketing Data Science Public Policy Healthcare Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details The U.S. State Department has not officially confirmed the identity or current location of the individual, though it has reiterated that the safety of American citizens remains a top priority. China Silent as U.S. Seeks Answers Chinese Foreign Ministry spokesperson Guo Jiakun told reporters on Monday that he had 'no information to share' regarding the individual's status. 'China is a country that upholds the rule of law and we handle all relevant cases in accordance with legal procedures,' Guo stated at a regular press briefing. The U.S. Commerce Department has not issued a formal comment on the matter, while the State Department, in response to media queries, said it had 'nothing to share' on the specifics of the case. However, it reaffirmed its broader commitment to the welfare of U.S. citizens overseas. Live Events Exit Bans Add to Mounting Tensions This incident follows a growing number of cases where U.S. citizens have been blocked from exiting China, typically citing unresolved legal matters or civil disputes. While Chinese laws allow exit bans in such circumstances, human rights observers and Western governments have raised alarm over the increasing use of such restrictions on foreign nationals, especially those involved in civil—not criminal—cases. Exit bans often go undisclosed until a person attempts to leave the country. According to U.S. officials, these practices have spurred caution among investors, global executives, and government workers planning to travel to China. The State Department's travel advisory currently urges U.S. citizens to 'exercise increased caution' in China due to the 'arbitrary enforcement of local laws,' including exit bans. Detained for Months, Movement Tracked Reports suggest the U.S. government worker has been held in China 'for months.' He was initially stopped in April in Chengdu, the capital of Sichuan province, before being escorted to Beijing by a U.S. official, according to the South China Morning Post . His current whereabouts remain unknown. The man is a veteran of the U.S. Army and had been visiting family at the time of the travel. This marks the first publicly known case of a U.S. government-affiliated employee being blocked from leaving China. Under Chinese laws, foreigners can face travel restrictions during civil litigation or while under criminal investigation, even in the absence of formal charges. Most exit bans in recent years have involved civil disputes rather than accusations of criminal wrongdoing. Similar Cases Add to Anxiety Just last week, The Wall Street Journal reported that Chenyue Mao, a Wells Fargo executive of Chinese descent, was also subjected to an exit ban. The bank subsequently imposed travel restrictions on its staff regarding China. Beijing, for its part, stated that Mao was 'involved in a criminal case' and was cooperating with authorities. The rise in such incidents has raised concerns among U.S. lawmakers. John Moolenaar, Republican Chairman of the House Select Committee on the Chinese Communist Party, expressed alarm over the recent developments. 'I am gravely concerned by what appears to be another case of CCP hostage diplomacy,' he said. 'This is a tactic, not a coincidence—and it's unacceptable. The freedom of all Americans must remain a top priority.' Diplomatic Stakes Amid Trade Frictions The incident unfolds against the backdrop of mounting economic tensions between the United States and China. President Donald Trump has set an August 12 deadline for Beijing to agree to new trade terms or face additional tariffs. Currently, Chinese goods face a cumulative U.S. tariff rate of 55 percent, along with a 10 percent tax on all imports. In response, China has condemned what it describes as U.S. 'bullying' and warned of retaliatory measures. Despite the war of words, Trump has spoken positively of Chinese President Xi Jinping. U.S. Secretary of State Marco Rubio recently indicated that the two leaders are likely to meet later this year, although a formal announcement is yet to be made. When asked whether a Trump-Xi summit was being planned, Chinese Foreign Ministry spokesperson Guo Jiakun declined to comment, stating, 'No information to provide currently.' What Lies Ahead for the U.S. Worker It remains unclear how long the exit ban on the U.S. Commerce Department employee will last. Previous cases in China have seen travel bans remain in effect for extended periods while investigations are underway, often without a clear legal resolution. Experts suggest that this case could become a critical point of discussion in diplomatic negotiations between the two countries, particularly in the run-up to any potential summit between the heads of state. A source familiar with the situation told The Washington Post , 'No administration wants an American rolled up in China at the end of the day. The message was delivered at an extremely high level for the Chinese to let him go.' Calls for Transparency and Accountability Legal experts and international rights advocates have called for increased transparency in how exit bans are administered. 'These are legal black holes,' said one analyst, 'where people can be caught in limbo for months without formal charges, hearings, or recourse.' The U.S. government continues to caution its citizens to fully disclose employment history and other relevant details when applying for visas to countries with strict entry and exit regulations, including China. For now, the case of the detained U.S. worker serves as a stark reminder of the complexities and potential risks facing American citizens abroad—especially in countries where diplomatic and legal frameworks differ significantly from those in the U.S. FAQs Why has a U.S. government employee been barred from leaving China? The U.S. Commerce Department employee, reportedly from the U.S. Patent and Trademark Office, was barred due to an alleged visa irregularity—specifically, failing to disclose his U.S. government affiliation on his visa application. What is the nationality and background of the individual involved? The individual is an American citizen of Chinese descent and a U.S. Army veteran. He was reportedly visiting family in China at the time of the incident.
