Author: Supriya Jena

  • IndusInd Bank’s 22% Share Drop: A Major Accounting Error Explained

    IndusInd Bank’s 22% Share Drop: A Major Accounting Error Explained

    This morning, over 640,000 shareholders of IndusInd Bank were shocked to see their shares drop by 22%. The bank revealed that it made a big mistake in its accounting, reporting an error of about ₹1,577 crore (which is a lot of money) in its foreign exchange derivatives. This problem will affect the bank’s overall value by about 2.35% as of December 2024. Shareholders are worried because this mistake will show up in their earnings for the fourth quarter.

    What Went Wrong?

    In a review of its accounts related to foreign currency transactions over the past 7 to 8 years, IndusInd Bank found some mix-ups. While they seemed to show accurate data externally (with outside parties), what they kept inside had a different approach. This led to them mistakenly reporting higher profits.

    Since April 2024, IndusInd Bank has stopped these internal hedging transactions. They discovered the accounting error in September 2024 and have let the Reserve Bank of India (RBI) know about it. They are also conducting an outside audit to figure out exactly what happened. They explained the situation to analysts but didn’t share it during their last earnings call.

    Why Did Shares Fall So Much?

    The news caused IndusInd Bank’s shares to plunge to ₹702.60, knocking around ₹15,000 crore off its market value. Many financial experts downgraded the stock and lowered their suggested prices for it.

    While the financial damage might not be as significant, investors are worried about the trustworthiness of the bank. Many believe it will take time to rebuild trust and make the stock worth investing in again. Analysts are concerned about the bank’s management, especially since there are worries about how this mistake went unnoticed for so long.

    Various questions remain unanswered, such as why this wasn’t caught earlier and why auditors did not see any issues. Because of this, the value of the bank’s book (its total assets minus its liabilities) is now in question.

    IndusInd Bank investors are left wondering if this is the end of bad news or if there could be more trouble ahead.

  • Shahid Afridi Calls Out PCB Chairman for Lack of Cricket Knowledge

    Shahid Afridi Calls Out PCB Chairman for Lack of Cricket Knowledge

    Former Pakistani cricketer Shahid Afridi has raised important concerns about cricket in Pakistan. He claims that the chairman of the Pakistan Cricket Board (PCB), Mohsin Naqvi, admitted he doesn’t know much about cricket. This revelation comes after the Pakistani cricket team had a disappointing performance in the ICC Men’s Champions Trophy 2025, where they lost to New Zealand and India. Their last game against Bangladesh was canceled due to rain, leaving Pakistan at the bottom of their group.

    People are criticizing everything about the team’s performance, including the coach Aaqib Javed and his choices for players. Notably, Pakistan only took one main spin bowler, Abrar Ahmed, to the tournament, which was hosted by Pakistan.

    Afridi urged Naqvi to work with experts in cricket instead of bureaucrats who don’t understand the game. He mentioned that he met Naqvi and appreciated the improvements made at the Gaddafi Stadium but emphasized that a lack of cricket knowledge among PCB officials could hurt the team.

    Afridi pointed out that many current members of the PCB’s selection committee have no real experience in cricket. He believes they should strengthen the domestic cricket system in Pakistan because a better foundation will lead to a stronger national team. Afridi stated, “If the guardian is good, the child will automatically be good,” suggesting that good leadership leads to better players.

    Mohsin Naqvi, who is also the caretaker minister of the Pakistan government, took over as PCB chairman last year. Under his leadership, Pakistan’s cricket team also failed to advance in the ICC Men’s T20 World Cup.

  • Robots Join Race Against Time to Rescue Trapped Workers in Nagarkurnool

    Robots Join Race Against Time to Rescue Trapped Workers in Nagarkurnool

    Nagarkurnool – On Tuesday, robots joined the rescue operation to find seven people who have been trapped in a collapsed tunnel since February 22. A team from a robotics company in Hyderabad sent a robot into the tunnel early Tuesday morning, along with 110 rescue workers.

    The Telangana government decided to use robots to keep rescuers safe because the tunnel is filled with water and mud, making it dangerous. State irrigation minister N Uttam Kumar Reddy announced on March 8 that they would spend ₹4 crores for the robot experts to help. Pieces of a large Tunnel Boring Machine are underwater and have caused risky conditions.

    Chief Minister A Revanth Reddy visited the tunnel on March 2 and suggested using robots to protect rescue workers. Teams from different organizations, including the NDRF and Singareni Collieries, are working together, following cadaver dogs and radar surveys to focus on areas where the trapped workers might be.

    Two days ago, the rescuers found the body of Gurpreet Singh, who was an operator for a foreign company. His family in Punjab received ₹25 lakhs as compensation. The other seven people trapped are Manoj Kumar, Sunny Singh, Gurpreet Singh (another one), Sandeep Sahu, Jegta Xess, and Anuj Sahu, and they all come from Jharkhand. The eight workers got stuck when a part of the Srisailam Left Bank Canal project tunnel collapsed.

  • Michael Vaughan Hails India’s Unmatched Cricket Talent After Trophy Win

    Michael Vaughan Hails India’s Unmatched Cricket Talent After Trophy Win

    Former England cricket captain Michael Vaughan praised the Indian cricket team for their amazing talent after they won the Champions Trophy for the third time by defeating New Zealand in Dubai. Vaughan shared his thoughts on social media, saying that even if India had sent a second-string team, they could still have reached the finals. He mentioned young players like Yashasvi Jaiswal, Tilak Varma, and Rinku Singh, along with experienced players like Rishabh Pant and Jasprit Bumrah, showing how strong Indian cricket is.

    In the final match, India won without losing a single game in the tournament. Captain Rohit Sharma played a big role, scoring 76 runs and helping the team chase down a target of 252 runs. Even though there were some tense moments, India finished the game with one over to spare.

    Kuldeep Yadav and Varun Chakravarthy did an excellent job with their spinning bowling against New Zealand. Other key players like Shreyas Iyer and Axar Patel also made important contributions during the match. Vaughan’s comments highlight just how much talent India has in one-day cricket, showing that there are lots of players ready to shine in the future.

  • Gensol Engineering Shares Fall 5% After Major Investment Announcement

    Gensol Engineering Shares Fall 5% After Major Investment Announcement

    Shares of Gensol Engineering, a company that specializes in solar power, fell 5% to ₹289.90 during early trading on the Bombay Stock Exchange (BSE) on Tuesday, March 11. This drop happened after the company’s promoters said they would invest ₹28.99 crore by changing some warrants into shares.

    In a statement, Gensol Engineering confirmed that its promoters are showing strong support for the company’s future by investing ₹28,99,99,885.50 (that’s Twenty-Eight Crores and Ninety-Nine Lakhs Ninety-Nine Thousand Eight Hundred Eighty-Five and Fifty Paise). The promoters will buy a total of 4,43,934 shares at ₹871 each. This money will help Gensol grow in renewable energy and electric vehicles.

    This new investment comes after some news that credit agencies downgraded the company’s ratings. Gensol also announced that its Chief Financial Officer (CFO) resigned to seek other opportunities. On Monday, the company’s shares already closed down by 5% at ₹305.15.

    Gensol Engineering is now under the Additional Surveillance Measure (ASM): Stage 1, which is a rule used by the Securities and Exchange Board of India (SEBI) to protect investors from trading that is too risky or speculative. Being in ASM Stage 1 means the stock is experiencing high price changes or volatility.

  • Duterte Detained: Facing ICC Charges for Drug War Actions

    Duterte Detained: Facing ICC Charges for Drug War Actions

    Former President Rodrigo Duterte of the Philippines was taken into custody when he landed at Manila airport. This happened because the International Criminal Court (ICC) issued a warrant for his arrest. Duterte is being accused of crimes against humanity because of his “war on drugs” policy during his time as president. This policy, which started in 2016, is linked to many cases where unarmed people suspected of using drugs were killed by both police and vigilantes. The ICC began looking into these accusations in 2019.

    Duterte spoke at a rally in Hong Kong, expressing that he would cooperate if the ICC wanted to arrest him. He defended his actions, saying he did them for the good of the people. He asked, “If I did them for my own sake or my family, why would I do it? I did it for you, your children, and our country.” He insisted, “What’s my crime? I worked hard for peace and a better life for all Filipinos.”

  • Syngene Acquires U.S. Facility, Boosting Biologics Capacity

    Syngene Acquires U.S. Facility, Boosting Biologics Capacity

    Syngene International is making headlines as it has just bought a new biologics facility in the United States from Emergent Manufacturing for $36.5 million. This is an important step for Syngene because this new site will help them expand their bioreactor capacity to 50,000 liters. This means they can do more work on developing and manufacturing large molecules, which are important for medicine.

    The acquisition will also help Syngene keep delivering supplies smoothly from their four facilities in India and North America. They offer many services like cell line development and process optimization.

    Emergent, which had to close this facility last year to save costs, still has rights to use the facility alongside Syngene. Although the facility had some quality issues during the pandemic, it has been cleared by the U.S. Food and Drug Administration (FDA) and is now fully compliant with rules.

    This deal is expected to be finalized by March 2025, and it will double Syngene’s bioreactor capacity from 20,000 liters, boosting their capabilities in large molecule work. However, Syngene’s CFO, Deepak Jain, mentioned that it might slightly lower profit margins in the short term because of the expenses linked to the new facility.

    Share prices for Syngene fell by 1.96% and lagged behind their rivals over the past year. However, they have seen a positive return of 20.02% over the last three years. According to Trendlyne data, Syngene’s performance over the past year has not impressed compared to their sector, industry, Sensex, and Nifty50.

  • Duterte Faces Possible Arrest Over ‘War on Drugs’ as ICC Issues Warning

    Duterte Faces Possible Arrest Over ‘War on Drugs’ as ICC Issues Warning

    The Philippines is anxious as news spreads that the International Criminal Court (ICC) might issue a warrant to arrest former President Rodrigo Duterte over his controversial “war on drugs.” This policy led to the deaths of many Filipinos during his presidency.

    Duterte, who is currently in Hong Kong, has stated he will accept arrest if the ICC goes through with the warrant. However, the current Philippine government, led by President Ferdinand Marcos Jr., has not received any official news about an arrest warrant from Interpol.

    Recently, a video showed the head of the Philippine National Police and an Interpol representative at the airport in Manila, which added to the speculation. Duterte’s “war on drugs” started when he became president in 2016. He promised to eliminate drug dealers, which led to serious accusations. Human rights groups claim that police and some vigilantes killed many unarmed people suspected of using drugs, while the authorities have denied these claims.

    The ICC is investigating possible crimes against humanity linked to Duterte’s drug policy. Although Duterte pulled the Philippines out of the ICC, President Marcos’s government has indicated they could arrest him if necessary. A government spokesperson, Claire Castro, said the police are prepared to act if they receive an official request from Interpol.

  • IIT Madras Launches New Admission Route for Science Olympiad Winners

    IIT Madras Launches New Admission Route for Science Olympiad Winners

    The Indian Institute of Technology (IIT) Madras has started a new way for students to get into its undergraduate programs. This program, called ‘Science Olympiad Excellence’ (ScOpE), is for students who have done very well in national and international science competitions.

    Starting from the academic year 2025-2026, students can apply for admission without going through the regular JEE (Advanced) exams. This is similar to how some students get admitted through sports and fine arts.

    Each program will have two extra seats just for these applicants, and one seat will be reserved specifically for female students. To apply, candidates must have completed Class 12, just like those applying through JEE (Advanced). The age limit and other rules will also be the same. However, students who have studied at an IIT before cannot apply.

    Eligible candidates need to be Indian citizens or have an Overseas Citizen of India (OCI) or Person of Indian Origin (PIO) card that was issued before March 4, 2021. They also need to have participated in at least one major science competition in the last four years, such as:

    – Mathematics: International Mathematical Olympiad Training Camps (IMOTC) organized by Homi Bhabha Centre for Science Education (HBCSE).
    – Physics, Chemistry, Biology: Orientation-cum-Selection Camps (OCSCs) organized by HBCSE.
    – Informatics: International Olympiad for Informatics Training Camp (IOITC) organized by the Indian Association for Research in Computer Science (IARCS).

    The director of IIT Madras, Prof. V. Kamakoti, said that this new program is about inviting students who are curious and creative thinkers. He believes that real breakthroughs come from exploring ideas rather than just memorizing facts.

    Admission to programs through ScOpE will depend on a special ranking list called the ScOpE Rank List (SRL), based on each candidate’s performance in five Olympiads: Physics, Chemistry, Mathematics, Informatics, and Biology. More details on how the ranking will be created will be available on their website.

  • Odell Beckham Jr. Speaks Out on Diddy Lawsuit Allegations

    Odell Beckham Jr. Speaks Out on Diddy Lawsuit Allegations

    Odell Beckham Jr. is in the news after being named in a serious lawsuit with Sean “Diddy” Combs. A woman has accused Odell and others, including comedian Druski and singer Jaguar Wright, of sexual assault, drugging, and kidnapping. The lawsuit was first filed last October, but it was recently updated to include Odell’s name. The woman is asking for $50 million as compensation for her claims.

    On social media, Odell, who is 32 years old, expressed his shock at these accusations. The woman claims the attack made her feel powerless and unable to move. Both Odell and Druski deny the allegations. Odell responded to Druski’s post on X (formerly Twitter), expressing his disbelief and faith in God, saying, “This world makes no sense. I know who I am and who you are. Stay strong. The truth will come out.”

    Druski, 30, added that he was not a well-known person back in 2018 when the alleged incident happened. He said he was poor and lived with his mom, which makes the accusation seem ridiculous. Druski said, “My heart goes out to real victims of abuse, but I’m sure the proof will show that this is false and that people are trying to take advantage of the legal system.”