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Business

New-Age Firms Plan to Reallocate IPO Proceeds for Higher Returns

Newly listed new-age companies in India are reconsidering how they use their IPO proceeds, aiming to invest ₹500-700 crore in higher-yield growth opportunities due to delays in execution. These firms plan to seek shareholder approval to revise deployment strategies, with the process expected to take at least six months. Industry executives highlight the need to clearly justify the shift to avoid concerns from proxy advisory and minority shareholder groups.

Mint Markets··Mumbai

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Entertainment

Surendrapuri Theme Park Near Hyderabad Showcases Major Pilgrimages

Surendrapuri Theme Park, located 60 km from Hyderabad in Yadadri Bhuvanagiri district, is India's first mythological theme park. Also called Kunda Satyanarayana Kaladhamam, it features sculptures depicting stories from Ramayana, Mahabharata, and the Vedas. The 3 km park includes a 101-foot Panchmukhi Hanuman, caves of heaven and hell, and replicas of major pilgrimages like Jagannath and Kashi Vishwanath. Open 9 AM to 7 PM, tickets cost ₹350.

News18 Hindi··Telangana

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Politics

Iran Oil Minister Resigns, Replaced by NIOC CEO Amid US Blockade

Iranian Oil Minister Mohsen Paknejad resigned and was replaced by Hamid Bovard, CEO of the National Iranian Oil Company, as acting oil minister. President Masoud Pezeshkian accepted the resignation after initially asking Paknejad to stay. Paknejad had offered to resign earlier due to personal reasons. The change comes amid the US blockade on Tehran's oil exports.

News18 World·

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Politics

Karnataka Universities Prepare for Student Elections After Code Lift

Universities across Karnataka have directed affiliated college principals to prepare for student elections following the lifting of the Code of Conduct for Legislative Council elections. Bengaluru North University and Adikavi Sri Maharshi Valmiki University have issued circulars and notifications to ensure compliance with the Karnataka Department of Higher Education's guidelines. BNU Vice-Chancellor B K Ravi emphasized that student elections foster leadership qualities and many prominent academics were former student leaders.

Deccan Herald··Bengaluru

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Politics

Fadnavis Criticizes Uddhav and Raj Thackeray Over Mumbai Protest

Maharashtra Chief Minister Devendra Fadnavis sharply criticized Shiv Sena (UBT) chief Uddhav Thackeray and MNS chief Raj Thackeray for their joint protest march in Mumbai. He dismissed the protest as a political move by the estranged cousins to regain lost ground and mocked them as "Ghajinis," referencing the Bollywood character known for memory loss. The protest demanded removal of Chief Election Commissioner Gyanesh Kumar and scrapping of the Special Intensive Revision of electoral rolls in Maharashtra.

News18··Mumbai

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Technology

Menlo Ventures Says AI Compute Limits, Not Model Slowdown, Are Key

Menlo Ventures, an early backer of Anthropic, states that the main constraint in AI development is computing power, not a slowdown in frontier AI models. Partner Matt Murphy called the perceived slowdown a "red herring," emphasizing that current models are sufficiently advanced to meet market needs. Menlo Ventures led a $750 million funding round for Anthropic in 2024, highlighting confidence in the AI market's growth.

ET Tech··Menlo Park

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