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As Steel Prices Soar PSU Contractors Seek ‘Blacklisting’ To Escape Penalties For Not Executing The Projects
There was a time when a contractor would give an arm and a leg to win a big government tender. Not anymore. According to ministry mandarins, many contractors who bagged major contracts are doing their utmost to get blacklisted to avoid executing the tenders, and escape severe penalties for failing to meet the project execution milestones. According to a highly placed PSU source, many of the contractors had bagged the contracts in 2020, when steel prices were in the range of Rs 37,000 per tonne. The contractors, as is the norm, would have factored in a 15-20% hike in steel prices. In reality steel prices doubled to Rs 72,500 in March 2022 before falling to around Rs 60,000 per tonne in April 2022 “There is no way the contractors can execute projects at these prices; it’s totally unviable. But given the stringent penalties for failing to meet tender conditions, the only hope for contractors to escape the penalties is to get blacklisted on some count or the other,’’ said a source. If a large number of contractors get blacklisted it will be a big setback for all public sector undertakings. With the government chalking up a CAPEX of Rs 7.5 lakh crore in 2022-23, it will be a lose-lose proposition for everybody. So, should public sector undertakings go in for re-tendering the contracts?
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First Commodity Exchange Of Bangladesh, Harnesses Indian Expertise Through MoU With MCX
The Multi Commodity Exchange of India (MCX) has signed an MoU, to provide technical support for Bangladesh’s first commodity exchange. The Chittagong Stock Exchange has decided to launch Bangladesh’s first commodities exchange, on futures markets next year and roped in MCX to draw up the regulations and bye-laws, the settlement methods, besides providing tech and infrastructure support for the new exchange. MCX which is working on a five-year plan is scouting for talent to manage and work on the project. The new exchange is expected to provide competitive pricing and rationalise price manipulations in the commodities sector in that country. The exchange is also expected to provide farmers with greater liquidity. The exchange is expected to trade in gold, tea, agricultural produce, iron ore etc. MCX, India’s first listed exchange, is a commodity derivatives exchange that facilitates online trading of commodity derivatives transactions, thereby providing a platform for price discovery and risk management. The Exchange, which started operations in November 2003, operates under the regulatory framework of the Securities and Exchange Board of India (SEBI). MCX offers trading in commodity derivative contracts across varied segments including bullion, industrial metals, energy and agricultural commodities, as also on indices constituted from these contracts. It is India’s first Exchange to offer commodity options contracts, bullion index futures and base metals index futures contracts.
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After Introducing India To Sport Climbing World Cup, The Gang Of Four Sets Sights On Olympics 2032
Sport Climbing is a form of rock climbing that relies on permanent anchors fixed to the rock for protection. Meet Franco Linhares – a retired microbiologist, Abhijit Burman – a robotic technician, Aniruddha Biswas – a senior scientist and Anushka Kalbag – an architect, all avid climbers with big dreams to host the Sport Climbing World Cup for the first time in India.  It was a difficult proposition without financial resources. Luckily, the Tata Trusts agreed to chip in. It all began with Burman organising several international climbing events in India. He then frequented Europe to convince the International Federation for the Sports (IFSC) to allow India to host the Sport Climbing World Cup. Then in 2016, India got lucky. The 2016 World Cup held in Mumbai was one of the best ever. Burman was offered the 2017 World Cup as well. Parallely, IFSC, was making a pitch for inclusion of the sports in the Tokyo Games, and one of the key criteria was that sports needed to have a global appeal, and Tokyo saw Sport Climbing making its debut. Now the foursome is looking at an Olympics medal for India in 2032, and have launched the Basalt Project, to train Indian climbers. More power to the Gang of Four.
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Speculation Rife After Media Veteran Uday Shankar Joins Business Standard Board
Ever since Uday Shankar, former chairman & CEO of Star India and President of Walt Disney Asia Pacific, joined Business Standard as non-executive director in February this year, rumour mills have been on an overdrive. Avid media watchers say, BS has been looking for a good investor to buy a majority stake. Shankar, a former TV journalist who redefined media business in the country, is not joining the board for its ornate position. They say, going by his past track record, he may play an active role in the running of the paper and chalking out its growth plans. Coincidentally, Shankar has entered into a new venture with his former employer James Murdoch. The venture will be focusing on technology and media opportunities, including digital media, in the emerging markets. “The fact that BS has been looking for an investor is no secret and hence it will not be a surprise if Uday Shankar buys a majority stake in the paper,’’ said an insider. The paper has been quietly witnessing a slew of changes. Veteran business journalist TN Ninan, who transformed the paper, after getting in Uday Kotak and company to buy stake from Ananda Bazaar Patrika, has stepped down as chairman and director after over three decades of association. The business daily’s CEO Shivendra Gupta has been appointed as MD & CEO.

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Editor’s Note: Short Post Noticed By People Who Matter

Four years have zipped by and we are crossing another milestone on 31st January 2025 – it’s our 4th Anniversary. It feels good.
Looking back at the 1460 days, I must say Short Post has made its mark with people who matter via 4000 stories published in the areas of politics, business, entertainment and sports. All made possible by the unflinching commitment and dedication of our senior editors, most of whom have been part of this journey from Day One.
Small pack, big impact is in essence the story of Short Post which was launched at the height of the Covid-19 pandemic in 2021. It shows our conviction. In all humility, I can say, we have created a new niche in the news segment space like Hindustan Unilever which created a new segment, when it launched CloseUp Gel.
Yes, we have created a brand (in a limited sense), created demand (readers) and created supply (senior journalists). But we are facing teething problems like all start-ups. What makes us happy and confident is the recognition of our efforts. For instance, we have an arrangement with the OPEN Magazine, part of the $4.5 billion Kolkata-based Sanjiv Goenka-RPG Group. This arrangement sees around 10 Short Post stories posted on OPEN Magazine website every week. This arrangement is testimony that our content has been well received! Also, I may add that the Maharashtra government has recognised Short Post and has allowed our senior editor to cover the Assembly sessions. Ditto: Odisha.
Our goal is to ensure that Short Post becomes a habit. I would like people to keep checking their smartphones to know the latest Authentic Gossip. As regards AI and the fear of it disrupting all businesses including media. On that, personally, I have no such fear as I am confident AI cannot smell news particularly Authentic Gossip. That’s the place we are well entrenched.