New Delhi, July 29 (IANS) Ola Electric on Monday said that allegations made by CE Info Systems Ltd, the parent company of MapMyIndia, in a legal notice against the EV firm are false and misleading.

In the legal notice, CE Info Systems alleged that Bhavish Aggarwal-led Ola Electric copied its data to launch its own mapping service in India.

The news about legal notice against Ola Electric came as the EV firm geared up for its much-anticipated IPO on August 2.

In a statement, the company said it wishes to address the recent claims made by CE Info Systems in relation to the alleged issues with Ola Maps vis-a-vis MapMyIndia. “We would like to state unequivocally that these allegations are false, malicious and misleading. Ola Electric stands by the integrity of its business practices. We will suitably respond to the notice shortly,” said an Ola Electric spokesperson.

In the legal notice, MapMyIndia claimed that Ola Electric breached the license agreement. In 2022, Ola Electric had onboarded MapMyIndia to offer navigation services for its S1 Pro electric scooter.

When reached, MapMyIndia declined to comment.

–IANS

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New Delhi, July 29 (IANS) Gautam Adani, Chairman of the Adani Group, on Monday had an “insightful meeting” with FedEx CEO Rajesh Subramaniam, adding that he is “excited” about future collaborations with the global logistics company.

In a post on X, Gautam Adani appreciated Subramaniam for visiting Mundra to see the Group’s world-class Port and Special Economic Zone (SEZ).

“Proud to see an Indian at the helm of a top company revolutionising global logistics through digital innovation,” said the Adani Group Chairman.

Gautam Adani further said that the FedEx CEO’s vision is truly inspiring, adding that he is “excited for future collaborations”.

Subramaniam said recently that India is a key market for the company as its GDP continues to grow amid robust talent and digital transformation. FedEx recently launched its advanced capability community in India that will serve as a hub for the company’s technological and digital innovation.

–IANS

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Mumbai, July 29 (IANS) India is leading the global digital revolution, emerging as a frontrunner on the back of its robust digital public infrastructure, a vibrant financial technology (FinTech) ecosystem, and a conducive policy environment to emerge as the fastest-growing digital economy in the world, according to the RBI Report on Currency and Finance (2023-24) released on Monday.

Globally, India ranks first in biometric-based identification (Aadhaar) and real-time payments volume, second in telecom subscribers, and third in terms of the startup ecosystem, the report points out.

The flagship Unified Payments Interface (UPI) has revolutionised the retail payment experience for end users, making transactions faster and more convenient.

In the digital currency arena, the Reserve Bank is at the forefront with pilot runs of the e-rupee, the central bank digital currency (CBDC).

The digital lending ecosystem is becoming vibrant with initiatives such as the Open Credit Enablement Network, the Open Network for Digital Commerce, and the Public Tech Platform for Frictionless Credit.

FinTechs are collaborating with banks and non-banking financial companies (NBFCs) as lending service providers. They are also operating platforms to facilitate digital credit.

BigTechs are backing payment apps and lending products as third-party service providers.

Digitalisation in finance is paving the way for next-generation banking, improving access to financial services at affordable costs, and enhancing the impact of direct benefit transfers by the effective targeting of beneficiaries in a cost-efficient manner. Loans in the retail segment are being enabled by online payments and innovative credit assessment models with instant disbursements.

E-commerce is being boosted through embedded finance.

All these innovations are making financial markets more efficient and integrated, the report points out.

On the external front, digitalisation is driving growth in India’s services exports and lowering remittance costs. India’s digital journey is setting a benchmark for peer economies.

The Reserve Bank’s initiatives for internationalisation of home-grown payment modes, cross-border fast payment network linkages, and knowledge and experience sharing with peers are energising the transformation of its digital public infrastructure as a global public good.

At the same time, digital technologies also present challenges related to cybersecurity, data privacy, vendor and third-party risks. Emerging technologies can introduce complex products and business models with risks that users may not fully understand, including the proliferation of fraudulent apps and mis-selling through dark patterns. Balancing financial stability, customer protection, and competition while supporting an environment congenial for innovations is the key policy challenge, the report states.

The report finds empirical support for the positive role of the regulatory framework in increasing the confidence of consumers in digital financial products, boosting operating and technical efficiencies of financial institutions and engendering more liquid and integrated financial markets.

–IANS

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New Delhi, July 29 (IANS) SARS-CoV-2, the virus responsible for Covid-19, was detected in six common backyard animals in the US, with antibodies indicating prior exposure found in five species, a new study found on Monday.

The six species were deer mice, Virginia opossums, raccoons, groundhogs, Eastern cottontail rabbits, and Eastern red bats.

The virus found in one opossum showed viral mutations that were previously unreported and can potentially impact how the virus affects humans and their immune response. The exposure rates ranged from 40 to 60 per cent, depending on the species, said the study conducted by Virginia Tech University.

The study, published in the journal Nature Communications, reveals that the highest exposure to SARS-CoV-2 was in animals near hiking trails and high-traffic public areas, suggesting human-to-animal transmission.

Genetic tracking confirmed the presence of unique viral mutations, closely matching human variants, indicating cross-species transmission. “The virus can jump from humans to wildlife when we are in contact with them,” said Carla Finkielstein, an associate professor at Virginia Tech.

The research involved testing 798 nasal and oral swabs from animals, including deer mice, Virginia opossums, and raccoons.

The researchers emphasised there is no evidence of the virus being transmitted from animals to humans, mitigating concerns about typical interactions with wildlife. They noted that the study fills a critical gap in understanding SARS-CoV-2’s transmission among common backyard wildlife, for a lot of studies to date have focused on white-tailed deer, while what is happening in much of the common backyard wildlife remains unknown.

The study’s findings underscore the need for broader surveillance to monitor these viral mutations, which could pose challenges for vaccine development, because it is a widespread virus that can be transmitted very easily without prior knowledge, making it much more dangerous.

–IANS

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New Delhi, July 27 (IANS) Navratna defence PSU Bharat Electronics Ltd (BEL) on Monday reported a 46.2 per cent increase in net profit to Rs 776.14 crore for the April-June quarter of FY 2024-25 from Rs 530.84 crore in the same period of the previous year, according to a company statement.

The Profit Before Tax (PBT) during Q1 of FY 2024-25 stood at Rs 1,037.34 crore, with a growth of 47.40 per cent over the PBT of Rs 703.75 crore recorded in the corresponding period of the previous year.

BEL has achieved a turnover of Rs 4,105.14 crore, registering a growth of 19.10 per cent during the first quarter of FY 2024-25, compared to Rs 3,446.69 crore recorded in the corresponding period of the previous year.

Recording a sharp rise in defence orders resulting from the Aatmanirbhar drive of the government, the order book of the defence major, as on July 1, 2024, stood at Rs 76,705 crore.

Earlier this year, BEL received an order valued at Rs 1,092 crore from Larsen & Toubro for the supply of Communication and Electronic Warfare (EW) sensors and systems.

As part of the deal, BEL will supply 14 “cutting edge” domestically manufactured EW sensors and systems to L&T, the company said in a regulatory filing. These state-of-the-art systems, manufactured domestically by BEL, will be installed on three Cadet Training Ships for the Indian Navy. This collaboration between BEL and L&T exemplifies the strong partnership between the two companies and underscores the broader cooperation within the Indian industry to cater to the increasing orders.

Additionally, BEL has secured other orders valued at Rs 1,092.65 crore which encompass the supply of LRUs for T-70 and T-90 Tanks, communication systems for the Indian Navy, as well as other spares and services.

–IANS

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