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New Delhi, Feb 12: Cooking gas LPG price on Wednesday was hiked by a steep Rs 144.5 per cylinder due to spurt in benchmark global rates of the fuel.

But to insulate domestic users, the government almost doubled the subsidy it provides on the fuel to keep per cylinder outgo almost unchanged.

LPG price was increased to Rs 858.50 per 14.2 kg cylinder from Rs 714 previously, according to a price notification of state-owned oil firms.

This is the steepest hike in rates since January 2014 when prices had gone up by Rs 220 per cylinder to Rs 1,241.

Domestic LPG users, who are entitled to buy 12 bottles of 14.2-kg each at subsidised rates in a year, will get more subsidy.

The government subsidy payout to domestic users has been increased from Rs 153.86 per cylinder to Rs 291.48, industry officials said.

For Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries, the subsidy has increased from Rs 174.86 to Rs 312.48 per cylinder.

After accounting for the subsidy that is paid directly into the bank accounts of LPG users, a 14.2-kg cylinder would cost Rs 567.02 for domestic users and Rs 546.02 for PMUY users.

The government gave out 8 crore free LPG connections to poor women under PMUY to increase coverage of environment-friendly fuel in kitchens.

Normally, LPG rates are revised on 1st of every month but this time it took almost two weeks for the revision to take place - a phenomenon which industry officials said was due to approvals needed for such a big jump in subsidy outgo.

Others said the decision to defer the increase could have been because of assembly elections in Delhi. Delhi voted on February 8.

Bengaluru, Mar 19: The Karnataka government has extended the statewide coronavirus shutdown till March 31 as the number of positive cases rose to 14, of whom 11 are those who came in from foreign countries.

In an emergency Cabinet meeting, the state government set up a task force of four ministers to lead the defence against the virus. This core team will have Rs 200 crore to orchestrate the combat.

When chief minister B S Yediyurappa announced the shutdown last week, it was to be in force until March 21, but it was always unlikely that the Covid-19 scare would have waned by then.

Several more restrictions were announced today. Quarantine will be mandatory for all passengers arriving from foreign countries. While schools, colleges and business establishments will continue to be closed, restrictions have been extended to marriages, fairs and social functions as well.

Public entry to Vidhana Soudha, Vikas Soudha and the M.S. Building has been barred till March 31.

While setting up the task force, the government has earmarked Rs 200 crore for the coronavirus campaign. The chief minister said there is no dearth of funds for fighting the virus.

The task force will have deputy chief minister Ashwathnarayana, home minister Basavaraj Bommai, medical education minister Sudhakar, health and family welfare minister B Sreeramulu and chief secretary T M Vijaybhaskar.  Sreeramulu will head the task force.

The task force will monitor coronavirus cases on a daily basis and orchestrate the response of all stakeholders. It will issue a daily bulletin on the epidemic and also run awareness campaigns.

With quarantine now mandatory for passengers coming in foreign countries, community centres, hotels, convention centres, resorts and even PGs will be rented to accommodate the new arrivals.

The compulsory quarantine will be for 15 days.

A quarantine stamp will be imprinted on the right hand of passengers coming in from foreign countries.

Since the Centre has relaxed the rules for using SDRF funds, the state government will draw from it to contain the pandemic; therefore, there will be more funds available to all districts, chief minister B S Yediyurappa said in the Assembly.

In further measures, all passengers and suspected Covid-19 cases will be tracked by their mobile phones.

Primary stage

“We are in the first and second stages of the epidemic. The virus is still at a primary stage and has not spread to community level," medical education minister Sudhakar said in the Assembly.

"It is important that we do not let the epidemic enter the third stage. It is possible if we implement stringent measures. People have responded positively to the state government’s measures and are cooperating with our decisions," Sudhakar said.

Bengaluru, Jan 10: Education technology company Byju’s is learnt to have raised $200 million in a funding round from Tiger Global Management, which has valued the Bengaluru-based start-up at around $8 billion, making it the third-largest unicorn (start-up valued over $1 billion) in the country.

With this, the Byju Raveendran-founded company has seen over 50 per cent jump in its valuation in just around nine months. In March 2019, Byju’s was valued $5.4 billion, when it raised around $31 million from General Atlantic, and Chinese investment giant Tencent.

At the current valuation, Byju’s has now replaced home-grown cab-hailing major Ola as the third-largest unicorn, next only to Paytm and OYO, which are valued around $16 billion and $10 billion, respectively.

Byju’s confirmed the transaction through a press statement, though the company declined to share any specific details of the deal. Tiger Global could not be immediately reached for its comments.

“We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long-term vision of creating an impact by changing the way students learn,” said Raveendran. “This partnership is both a validation of the impact created by us so far and a vote of confidence for our long-term vision.”

This is Tiger Global’s first investment in the edutech space in India after Vendantu, an online tutoring platform, where it, along with WestBridge Capital, led a $42-million round in August.

An early backer of India’s internet growth story, the New York-headquartered Tiger Global has been a prolific investor in the Indian start-up space. Its portfolio in the country ranges from consumer focused e-commerce companies that are vital for the growth of the sector, such as Flipkart, Delhivery, Grofers, Quikr and PolicyBazaar, to mention a few.

After tasting success with Flipkart, one of its earliest investments, where it had pumped in around $1 billion, the PE major is now doubling down its focus on the Indian start-up space, under its new investment head Scott Shleifer.

Shleifer, who set up international private equity practice for Tiger Global, is said to be as aggressive deal maker like his predecessor Lee Fixel, who left the investment firm in March. Since then, Tiger has also invested in a host of technology-focused companies in diverse sectors including Ninjacart, CRED, NoBroker and Facilio to mention a few.

“Byju’s has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India,” Shleifer was quoted in the press statement issued by the edutech firm.