Covishield Side Effects, Patanjali Show Cause Notice, Indian Oil & Green Power, Mahindra's New SUV, Etc.

Market Briefs

Main Briefs

Patanjali Foods Faces GST Heat: Show Cause Notice Issued Over Rs 27 Crore Input Tax Credit:

Show Cause Notice:

• Patanjali Foods, led by Yoga guru Ramdev, faces a show cause notice from the Directorate General of GST Intelligence.

• The notice questions why input tax credit worth Rs 27.46 crore shouldn't be recovered from the company.

Regulatory Filing:

• Received on April 26, the notice cites provisions of the Central Goods and Services Act, 2017 and Uttarakhand State Goods and Services Act, 2017.

Company's Response:

• Patanjali Foods pledges to defend its case and take necessary actions.

• The financial implications remain uncertain until proceedings are completed.

Other Developments:

• Patanjali Foods mulls acquiring the non-food business of its promoter group, Patanjali Ayurved.

• Operating under brands like Patanjali and Ruchi Gold, the company spans edible oils, food, FMCG, and wind power generation segments.

• Patanjali Ayurved acquired Ruchi Soya through insolvency and rebranded it as Patanjali Foods Ltd.

Indian Oil Corporation Makes Green Power Push with ₹5,215 Crore Investment:

Investment Plan:

• Indian Oil Corporation (IOC) aims to invest ₹5,215 crore to develop 1 GW of renewable energy capacity in India.

• The investment plan, approved by the board, will focus on standalone ground-mounted solar, onshore wind, or wind-solar hybrid projects in phases.

Equity Contribution:

• IOC will contribute ₹1,304 crore in equity for the initiative, demonstrating its commitment to renewable energy.

• The company plans to house its renewable energy business in a wholly-owned subsidiary.

Diversification Strategy:

• Expanding beyond oil and gas, IOC is venturing into solar, wind, hydrogen, and electric vehicle (EV) charging.

• It aims to offer EV charging facilities at 10,000 fuel stations and has already rolled out EV battery-swapping facilities in the national capital region.

Strategic Partnerships:

• Recently, IOC signed a preliminary pact with Ja

  pan's Panasonic to manufacture lithium-ion cells for two- and three-wheelers, emphasising its commitment to sustainable mobility solutions.

AstraZeneca Vaccine: From Origin to Side Effects, Unveiling the Journey:

The Emergence of the AstraZeneca Vaccine:

• Developed in 2021, the AstraZeneca vaccine, known as Covishield in India, emerged as a pivotal response to the global Covid-19 crisis.

• Despite its rapid development, concerns regarding safety and efficacy have persisted since its inception.

Understanding the AstraZeneca Vaccine:

• The AstraZeneca vaccine, designated as AZD1222 or Covishield, is a viral vector vaccine designed to combat the SARS-CoV-2 virus, utilising a weakened version of a common cold virus (adenovirus) to deliver genetic material from the Covid-19 virus.

Development and Distribution:

• Developed through a collaboration between the University of Oxford and AstraZeneca, the vaccine witnessed significant production and distribution efforts.

• India's Serum Institute played a crucial role in manufacturing Covishield, enabling its distribution both domestically and internationally.

Side Effects and Global Scrutiny:

• Common side effects of the AstraZeneca vaccine include mild to moderate symptoms, such as discomfort at the injection site, fatigue, fever, and headache.

• Despite its widespread usage, several countries banned the vaccine due to reported cases of blood clots, raising concerns about its safety profile.

The Thrombosis Controversy:

• Recent court documents revealed AstraZeneca's acknowledgment of a rare side effect, Thrombosis with Thrombocytopenia Syndrome (TTS), associated with the vaccine.

• TTS involves the formation of blood clots combined with low platelet levels and has led to a class-action lawsuit against AstraZeneca.

Conclusion:

• While the AstraZeneca vaccine continues to play a crucial role in global vaccination efforts, concerns regarding its safety and potential side effects underscore the ongoing challenges in combating the Covid-19 pandemic.

Briefs, You Can’t Miss:

• Bengaluru Records Zero Rainfall in April, a First Since 1983.

• India's Oil Import Expenditure Could Reach $101-104 Billion in FY25, Predicts ICRA.

• Election Commission Encourages Telecom Operators to Boost Voter Turnout Through SMS Campaigns.

• M&M Leads SUV Segment, Emerging as Category Revenue Leader.

• KVS Manian Expected to Join Federal Bank Following Departure from Kotak Mahindra.

• ICICI Prudential Faces GST and Penalty Order of Rs 835 Crore.

• NPCI May Consider Lowering Interchange Fees for UPI Credit Line Transactions.

• Centre Asks Amazon and Flipkart to Establish ONDC Storefronts to Support Government Network.

• Manufacturing Licences of 14 Products from Patanjali, Divya Pharmacy Suspended: Uttarakhand SLA to SC.

• Australia Adds MDH and Everest to Watch List Amid Spice Maker Dispute.

• Hyundai Sets Sights on Launching First Hybrid Car in India by 2026, Reveals EVs Long-Run Strategy.

• India Shifts Oil Imports, Purchasing More from Russia and Less from Iraq and Saudi Arabia in April.

World Briefs

• Mount Erebus, Active Volcano in Antarctica, Erupts Gold Crystals Valued at Rs 5 Lakh Daily.

• Apple's Market Share Declines While Global Smartphone Sales Increase.

• Accenture Analyses Publicly Available Employee Data to Assess Generative AI's Impact on Banking Tasks.

• Eight Newspaper Publishers File Lawsuits Against Microsoft and OpenAI for Copyright Infringement.

AI Briefs

• NIST Introduces New Platform for Evaluating Generative AI Capabilities.

• OpenAI Unveils ChatGPT Memory Feature for Plus Users, with Team, Enterprise, and GPT Access to Follow.

• Financial Times Collaborates with OpenAI to Enable AI Training on Content and Develop New AI-Driven Features.

• Amazon's CodeWhisperer Renamed Q Developer, Expands Functionality.

Company Of The Day

Company Name: Patanjali Ayurved

Founder: Acharya Balkrishna, Baba Ramdev

Year Of Foundation: 2006

Headquarter: Haridwar, Uttarakhand, India

Industry: Patanjali Ayurved Ltd is not just a company; it is a concept that connects the emerging potential of millions of rural masses.

Why In News In India?

• Uttarakhand suspends 14 Patanjali products due to misleading ads. The Supreme Court reviews Ramdev's apology publication and criticizes the ad size. Patanjali is directed to stop disease treatment claims as per the 1954 Act.