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user	Big bull Rakesh Jhunjhunwala is under SEBI scanner on insider trading charges in family-owned firm Aptech, media reports said. The capital markets regulator has served the summons to the billionaire investor who is being investigated along with some other family members who are also shareholders in the education firm, The Economic Times and the Mint reported citing unidentified sources. Rakesh Jhunjhunwala holds just over a 24 percent stake in Rs 160-crore worth Aptech Ltd. The education firm is the only investment in Rakesh Jhunjhunwala’s portfolio in which he holds management control. It was in the year 2005 that Rakesh Jhunjhunwala bought an equity stake in Aptech for the first time. He picked up 10 per cent stake at Rs 56 per share. Aptech shares were trading at Rs 164.50, down 8.95 points, or 5.16 per cent on NSE. The major investments of Rakesh Jhunjhunwala, who is also known as Warren Buffett of India for his stock-picking ability, include Titan, Lupin and Crisil. The ace investor was in the news recently for making an investment offer to the YES Bank. Rakesh Jhunjhunwala, along with his wife Rekha Jhunjhunwala, is the promoter of the privately owned stock trading firm Rare Enterprises. He has time and again expressed confidence in India’s stocks, capital markets, and the nation’s economic potential. Also read: GST collections cross Rs 1 lakh crore mark three months in a row in January Rakesh Jhunjhunwala had recently told CNBC TV-18 in an interview that the ongoing phase of weakness would pass away soon, and that the economic scenario of the country is not as bad as some of the people are making out. He had also said that the government should take steps to remove fear in the business community. Rakesh Jhunjhunwala, a Chartered Accountant by qualification, is known to have a portfolio worth over Rs 15,000 crore, mostly in Indian equities. Insider trading is known as the trading of a public company’s stock or other securities including bonds or stock options based on material, nonpublic information about the company. In India, it is considered illegal. Summarise this report in a few sentences.	Rakesh Jhunjhunwala is under investigation on insider trading charges. he is also being investigated along with some other family members. he holds just over a 24 percent stake in Rs 160-crore worth Aptech. the education firm is the only investment in his portfolio in which he holds management control. ace investor is also known as Warren Buffett of india for his stock-picking ability.
user	Japan's services sector contracted for a sixth straight month in July, suggesting economic activity remained under pressure from the coronavirus crisis as the third quarter got under way. The final Jibun Bank Japan Services Purchasing Managers' Index (PMI) edged up to a seasonally adjusted 45.4 in July, hardly an encouraging change from 45.0 in June and a preliminary 45.2 reading. The survey highlights the continued struggle facing the world's third-largest economy as the pandemic cripples activity and hurts customer demand, though firms' business expectations turned positive for the first time in five months. "While there were some positive signs in terms of domestic sales, large parts of the service sector remained impacted by fragile customer demand and the cancellation of projects due to the pandemic," said Tim Moore, director at IHS Markit, which compiles the survey. "As a result, service providers commented on the need to reduce fixed overheads and an aversion to replacing departing staff." COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show The headline index stayed below the 50.0 threshold that separates contraction from expansion for the sixth month, the longest such run since an eight-month stretch through September 2011. The survey also showed firms shed more jobs and new export business contracted further. Japan fell into recession for the first time in 4-1/2 years in the first quarter. Preliminary gross domestic product data due later this month is expected to show the country suffered its deepest postwar slump in April-June. More than a fourth of surveyed businesses saw a drop in activity since June, IHS Markit said, with firms also grappling with lower tourism and cancelled events. The composite PMI, which includes both manufacturing and services, remained in decline as well, rising to a five-month high of 44.9 from June's final 40.8. Summarise this report in a few sentences.	the final Jibun Bank Japan Services Purchasing Managers' Index (JIS) edged up to a seasonally adjusted 45.4 in July. the survey highlights the continued struggle facing the world's third-largest economy. a vaccine works by mimicking a natural infection. a vaccine also helps quickly build herd immunity to put an end to the pandemic.
user	BENGALURU: At a time when companies are shrinking offices following the Covid-19 crisis, WeWork India is close to signing a 2400 seats office deal with Commonwealth Bank of Australia The office space will come up at WeWork’s Manyata tech park facility in Bengaluru. "The workspace will be fully fitted by WeWork and has a 4 years lock-in period,” said three people aware of the deal.The Commonwealth Bank of Australia went live with Tata Consultancy Services BaNCS platform in 2010 that supported its first Indian branch in Mumbai. The new office space at WeWork will function as shared services centre for CBA Services India catering to US, Australia and Asian markets.Last year, Commonwealth Bank of Australia appointed industry veteran Pankajam Sridevi as MD India to scale up business. WeWork India did not comment on the deal.Separately, WeWork India is reviewing and modifying spaces in common areas and conference rooms at its properties to ensure social distancing norms. The company is ensuring a minimum of 6ft distance between two people across its properties.WeWork India, a fully-owned subsidiary of Embassy Group Had earlier told ET that it plans to raise $200 million (about Rs 1,421 crore) to expand its India operations. The company currently has 40,000 members and 57,000 desks in 34 locations.Since the launch of the American shared workspaces provider in India, the Bengaluru-based Embassy Group has invested Rs 1,500 crore in the WeWork affiliate. It currently operates desks across the top six markets in the country, including Bengaluru, Gurgaon and Mumbai.The company holds the franchise for WeWork in India till the end of 2021. It would like to retain the brand but WeWork global holds the first right of refusal and can buy the Indian realty developer out.Embassy Group had paid around $200 million for the franchise two years ago. Currently, the developer holds 80% stake in the franchise. Summarise this report in a few sentences.	weWork India close to signing a 2400 seat office deal with Commonwealth Bank of Australia. the office space will come up at WeWork’s Manyata tech park facility in Bengaluru. the deal has a 4 year lock-in period and is being reviewed by the company. weWork india currently has 40,000 members and 57,000 desks in 34 locations.
user	Indian markets started off on a strong note on April 15 but failed to hold onto gains and closed in the red on weak global cues and worries over the extended lockdown likely to hit India Inc. in the coming quarters as well. Global markets slipped as warnings of the worst global recession since the Great Depression in the 1930s underlined the economic damage done during the coronavirus pandemic even as some countries try to re-open for business, said a Reuters report. The International Monetary Fund predicted that the world this year would suffer its steepest downturn since the Great Depression. Tracking weak global trends, the bulls failed to keep the momentum going, which led to more than 1,000-point drop in the Sensex from its intraday high. The Nifty50 also gave up the psychologically important 9,000-level it had reclaimed in intraday trade. Let’s look at the final tally on D-Street: the S&P BSE Sensex fell 310 points to 30,379 while the Nifty50 ended at 8,925, down 68 points. Sectorally, the action was seen in FMCG, realty, capital goods as well as metals while profit-taking was visible in banks, finance, auto, oil & gas and telecom stocks. The broader markets outperformed the benchmarks. The S&P BSE Midcap index was up 1.3 percent while the S&P BSE Smallcap index closed with gains of 1.1 percent. The government in the morning released revised guidelines for the extended lockdown, allowing some business activity to reduce the pain for millions of people, especially the daily-wage earners, but failed to lift the sentiment. "Indian markets seemingly set aside the economic implications of the extended lockdown, although it lost ground on the negative opening in the European markets. With the earnings season starting, management commentary on the impact of COVID-19 on their respective businesses will be in focus,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol. COVID-19 is the respiratory disease caused by the coronavirus. “Almost all sectors have been affected by the lockdown and the market will try to measure the future financial impact of this, rather than focusing on the previous quarter numbers. This is expected to drive stock-specific moves in the market in the coming days,” he said. IT companies kick off the earnings season and investors will be keen on how the virus spread has impacted their services and the locations in which those services are offered. Wipro, in the evening, reported 5.3 percent sequential fall in its consolidated profit at Rs 2,326.1 crore for the quarter ended March 2020. The company didn’t provide revenue guidance for the April-June quarter on account of uncertainty over COVID-19. Top Nifty gainers include Shree Cements, Britannia Industries, HUL and UPL Top Nifty losers include HDFC Bank, Bajaj Finance, Hero MotoCorp and Kotak Mahindra Bank. Stocks & sectors Sectorally, the action was seen in the S&P BSE FMCG index, which was up 4.3 percent, followed by the S&P BSE Realty index that gained 1.9 percent and the S&P BSE Capital Goods index ended closed with gains of 1.3 percent. Profit-taking was visible in the Bankex that was down 2.4 percent. The S&P BSE Finance fell 2.3 percent and the S&P BSE Auto index was down 1.6 percent. A volume spike of more than 100% was seen in stocks like Bosch, Wipro, Apollo Hospitals, UPL, Motherson Sumi, and HUL. Long Buildup was seen in stocks like HUL, Escorts, Motherson Sumi, Glenmark, and Ramco Cements Short Buildup was seen in stocks like JustDial, TVS Motor, Wipro, and Muthoot Finance. More than 30 stocks on the BSE bucked the trend to hit a fresh 52-week high. These include Sanofi India, Dr Reddy’s Laboratories, Cipla, Sun Pharma and Bajaj Healthcare. Stocks in news Motherson Sumi Systems: The share jumped 13 percent on fundraising plans. The board of the auto components major has given in-principle approval to raise Rs 1,000 crore to enhance liquidity during uncertain times of coronavirus pandemic, according to a company statement. Metropolis Healthcare: The share price was down 6 percent after private equity giant Carlyle launched a block deal to near exit the multinational pathology chain owner, sources told Moneycontrol. L&T: The share price added over a percent after the company received two contracts from National Capital Region Transport Corporation (NCRTC). Titan Company: Shares were down almost 2 percent after Rakesh Jhunjhunwala pared his stake during the March quarter. The ace investor reduced his stake in Titan by 1,03,25,250 shares, or 17.39 percent, quarter-on-quarter (QoQ). UPL: The share jumped over 7 percent after the company reassured investors about demand and business operations. Demand for crop protection products remains strong and all its factories around the world are in operation, it said in a filing to the exchanges. Technical View The Nifty formed a bearish candle on the daily charts. The last three sessions of price action is suggesting that the Nifty is in a consolidation mode, with 8,900 as the lower base of this minor consolidation zone. A breach of 8,900 can induce more selling pressure but weakness will be confirmed on a close below 8,792, which could take the index towards 8,550-7,850 Contrary to this, strength in the index shall be expected on a close above 9,112. Traders are advised to avoid buying the dip but can consider fresh long positions on a close above 9,112 for an initial target of 9,390. Summarise this report in a few sentences.	global markets closed in the red on weak global cues and worries over the extended lockdown. the broader markets outperformed the benchmarks. the government released revised guidelines for the extended lockdown. the lockdown is expected to hit India Inc. in the coming quarters. the world this year will suffer its steepest downturn since the Great Depression.
user	Emma Walmsley will leave GlaxoSmithKline Plc looking very different from when she took over. The chief executive officer, who’s been in office for eighteen months now, is moving to bulk up GSK and then break it up into two separately listed companies some years down the line. Since she took over, on the deals front, GSK took full control of the consumer healthcare joint venture by buying out partner Novartis AG’s stake. Then GSK sold its Horlicks nutrition business to Unilever Plc for £3.1billion pounds, and on the same day announced the buyout of TESARO, an oncology-focused company for £4billion pounds. Just as the investing community was ready to shutter their spreadsheets for the holidays, GSK followed up by hiving off its entire consumer health business to a joint venture with Pfizer. GSK conceded a premium to retain management control in the 68:32 venture, and within three years of the transaction closing, this venture would be demerged and listed separately. That will leave GSK’s investors two distinct choices, to own a stake in the pharmaceuticals and vaccines business, or the consumer health business or both. The financial structure is such that the pharma business is being left with a lighter balance sheet, giving it the required ability to invest in research and in capital expenditure to grow. As in most things corporate, the long run will reveal how all this actually works out. But the moves appear bold and sensible, reshaping the company to face up to a changed business environment. Indian homegrown pharmaceutical companies could also do reflect on what kind of transformation their business model calls for. That painfully irritating interview question, ‘Where do you see yourself five years from now?’ is a question that investors should put to pharmaceutical companies more often. Most of them look like clones of each other, starting off with a domestic generic business that scaled up well, moving on to sell in relatively easy to enter emerging markets, and finally moving on to the lucrative western markets. The situation today looks dramatically different from a decade ago, when all of this made eminent sense. US markets are no longer the gift that keeps on giving. A combination of competition, price erosion and quality problems at plants have affected sales growth of some of the biggest companies. While the worst can be said to be over, that’s hardly the phrase that excites. Myriad problems such as price controls, currency fluctuations and political upheavals are affecting their performance in other markets. Companies are trying different tactics within existing business lines, to become more profitable, lower expenditure and focus their research investments. But is that enough? This may be the time when chief executives can call their boards’ attention to the transformative changes happening in the West, and argue it’s time for bolder steps. Most companies have healthy balance sheets and that’s an invaluable ally when attempting change. The decline in valuations in recent years may also make investors more receptive to plans that may have short-term costs. There is the domestic complication of owners also being managers, and their desire to change. What could these steps be? It will vary but it could be one or more of acquisitions, divestments and even the unthinkable -- joining forces with domestic rivals in some markets or business lines. (Correction: A previous version of this article erroneously said GSK had hived off its consumer healthcare business to Novartis, instead of Pfizer. The error is regretted.) Summarise this report in a few sentences.	gsk has bought out partner's stake in consumer health joint venture. then sold its Horlicks nutrition business to unilever plc for £3.1bn. then announced buyout of TESARO, an oncology-focused company. gsk has also sold its entire consumer health business to a joint venture with Pfizer.
user	live bse live nse live Volume Todays L/H More × Shares of Ashok Leyland surged more than 4 percent intraday on April 9 after it unveiled plans to scale up its global operations by setting up more assembly plants overseas, including in the CIS (Commonwealth of Independent States) region and African countries. According to a report in Mint, the commercial vehicle major is hopeful that its new range of medium and heavy commercial vehicles (M&HCV) and light commercial vehicles (LCVs) will help it break into new markets, beyond hotbeds such as the Middle East, SAARC countries and pockets in Africa. The Chennai-based Hinduja flagship has earmarked Rs 1,500 crore capex for various projects including a platform for light commercial vehicles (LCVs). At 1503 hours, Ashok Leyland was quoting at Rs 91, up 4.36 percent on the BSE. Summarise this report in a few sentences.	the commercial vehicle major is hopeful that its new range of medium and heavy commercial vehicles (M&HCV) and light commercial vehicles (LCVs) will help it break into new markets. the Chennai-based Hinduja flagship has earmarked Rs 1,500 crore capex for various projects including a platform for light commercial vehicles (LCVs) at 1503 hours, Ashok Leyland was quoting at Rs 91, up 4.36 percent on the BSE.
user	ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company is exposed to certain market risks which exist as part of its ongoing business operations and the Company uses derivative financial instruments, where appropriate, to manage these risks. The Company, as a matter of policy, does not engage in trading or speculative transactions. See Note A - "Significant Accounting Policies" in the Notes to the Consolidated Financial Statements for further information on accounting policies related to derivative financial statements. Foreign Exchange Risk The Company is exposed to fluctuations in foreign currency cash flows related to third party purchases and sales, intercompany product shipments and intercompany loans. The Company is also exposed to fluctuations in the value of foreign currency investments in subsidiaries and cash flows related to repatriation of these investments. Additionally, the Company is exposed to volatility in the translation of foreign currency earnings to U.S. Dollars. Primary exposures include the U.S. Dollars versus functional currencies of the Company's major markets which include the Euro, the British Pound, the German Mark, the French Franc, the Irish Punt, the Italian Lira and the Australian Dollar. The Company assesses foreign currency risk based on transactional cash flows and identifies naturally offsetting positions and purchases hedging instruments to protect anticipated exposures. At December 31, 2000, the Company had foreign exchange contracts with a notional value of $20.3 million. The fair market value of these arrangements, which represents the cost to settle these contracts, was an asset of approximately $1.3 million at December 31, 2000. Interest Rate Risk The Company is exposed to interest rate volatility with regard to future issuances of fixed rate debt and existing issuances of variable rate debt. Primary exposure includes movements in the U.S. prime rate and London Interbank Offer Rate ("LIBOR"). The Company uses interest rate swaps to reduce interest rate volatility. At December 31, 2000, the Company had approximately $257 million of interest rate swaps fixing interest rates between 5.44% and 9.66%. The fair market value of these arrangements, which represents the cost to settle these contracts, was a liability of approximately $0.4 million at December 31, 2000. At December 31, 2000, the Company performed a sensitivity analysis for the Company's derivatives and other financial instruments that have interest rate risk. The Company calculated the pretax earnings effect on its interest sensitive instruments. Based on this sensitivity analysis, the Company has determined that an increase of 10% in the Company's weighted average interest rates at December 31, 2000 would have increased interest expense by approximately $4 million in 2000. ITEM 8. Summarise this report in a few sentences.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The Company is exposed to certain market risks, such as foreign exchange and interest rate volatility, which it manages through the use of derivative financial instruments. At December 31, 2000, the Company had foreign exchange contracts with a notional value of $20.3 million and interest rate swaps with a notional value of $257 million. A sensitivity analysis performed at December 31, 2000 showed that an increase of 10% in the Company's weighted average interest rates would have increased interest expense by approximately $4 million in 2000.
user	Although the Coronavirus outbreak poses new threats to India’s economic growth, for the amalgamated entity of Indian Bank and Allahabad Bank it “should be possible” to clock around 12% loan growth at the end of the next fiscal. The merged entity, which is scheduled to start functioning from April 1, may tap markets for growth capital during the second half of 2020-21, said Padmaja Chunduru, MD & CEO, Indian Bank. “We have put 12% loan growth for the amalgamated entity for the first year of operations. That was the projection which we had made,” Chunduru said during a conference call on Thursday. To start with, global advances figure for the merged entity will be around Rs 3.83 lakh crore. The lender’s corporate and retail loans stand at around 50% of its total loan book. The proposed merger of Chennai-based Indian Bank and Kolkata-based Allahabad Bank will make the merged entity the seventh largest bank in India. Indian Bank is the anchor bank in this merger process. Notably, the merged entity will be known as Indian Bank and will have its headquarters in Chennai. Amalgamated Indian Bank will have over 6,000 branches without much overlap. “Credit growth of 12% was put in place when we were doing amalgamation planning. Let us see how long coronavirus outbreak will go on and how quickly we will come back (to normal). On that basis we will recalibrate, if necessary. But it’s (2020-21) a long year, and it has not even started. I think this should be possible. However, we will take a review again in two months time,” Chunduru averred. The combined entity’s capital to risk weighted assets ratio (CRAR) will be around 13%. “We have done our projection that, it should be well enough to take care of the growth for at least the initial period. And as the position evolves, for the growth capital we will be reaching the markets for the bank. We have a plan to tap the markets for the second half of the next fiscal. But both the quantum and the timing will depend on the market conditions. There is absolutely no urgent necessity for it,” she said in a reply to a question asked by FE. Summarise this report in a few sentences.	the amalgamated entity of Indian Bank and Allahabad Bank is scheduled to start functioning from April 1. global advances figure for the merged entity will be around Rs 3.83 lakh crore. the merged entity will be known as Indian Bank and will have its headquarters in Chennai. the combined entity’s capital to risk weighted assets ratio (CRAR) will be around 13%.
user	live bse live nse live Volume Todays L/H More × Morgan Stanley slashed earnings forecast for a third time after the virus outbreak which led to a cut in the Sensex target from 36,000 earlier to 32,000 in the base case scenario for 2020. Morgan Stanley’s FY21 Sensex EPS growth estimate says it could be in the range of 10 percent, down from 20 percent in mid-February. The revised Sensex target for December 2020 suggests an upside of 20 in the base case and a 6% downside in the bear case. Despite the muted outlook, Morgan Stanley believes that investors with a 12-month view should put money to work in the equities. It is time to buy quality businesses where share prices have undergone a massive correction and thus valuations have become attractive. Morgan Stanley highlights 20 stocks in the focus list which include names like Bharti Airtel, Baja Auto, Maruti Suzuki, Motherson Sumi, Titan Company, Godrej Consumer and ITC, among others. The Indian market, which has plunged by about 40 percent from the recent peak, might be still away from an absolute bottom with precision, but it's close on many metrics, Morgan Stanley said in a note. “Our proprietary sentiment indicator is at its lowest level ever suggesting completely broken sentiment for stocks, historical VaR is at a new high, change in realized volatility is the highest for any bear market, and valuations are skirting with all-time lows and well below the levels hit during the global financial crisis,” it said. This bear market is only two months whereas bear markets generally last at least 6 months. Given the pace of the decline, it may not be following the past average duration. “The price decline of around 40% also leaves some more downside risk on the table when compared with past bear markets,” said the Morgan Stanley note. The global investment bank recommends investors buy stocks of quality businesses where prices have corrected sharply. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.	the Sensex EPS growth estimate says it could be in the range of 10 percent, down from 20 percent in mid-February. the revised Sensex target for December 2020 suggests an upside of 20 in the base case and a 6% downside in the bear case. the global investment bank recommends investors buy stocks of quality businesses where share prices have undergone a massive correction.
user	Trading on New Zealand's stock exchange was halted for several hours on Wednesday after what appeared to be a second offshore cyber attack in as many days, bourse operator NZX Ltd said. The cyber attack was similar to one late on Tuesday, the bourse said, where its network provider faced a distributed denial of service (DDoS) attack - a common way to disrupt a server by overwhelming the infrastructure with a flood of internet traffic until they can no longer cope with the scale of data requested. NZX said cash market trading was halted at 11.24 am local time (2324 GMT) on Wednesday and resumed at 3.00 p.m. Trading in the final hour on Tuesday was also affected. The NZX website and markets announcement platform were also impacted. "NZX's network provider continues to investigate the source of the issue. We will provide further information once available," the company said in an emailed statement. Summarise this report in a few sentences.	the cyber attack was similar to one late on Tuesday, the bourse said. cash market trading was halted at 11.24 am local time (2324 GMT) on Wednesday. trading in the final hour on Tuesday was also affected. the network provider continues to investigate the source of the issue. the company will provide further information once available. 'we will provide further information once available,' the company said in an emailed statement.
user	Every fall is not the same, but similar. It is a good time to pick up businesses having longevity, and ride through this volatility. But, investors cannot expect to reap benefits immediately as markets don't like uncertainty, Hemang Kapasi, Portfolio Manager – Equity Investment Products, Sanctum Wealth Management, said in an interview with Moneycontrol’s Kshitij Anand. Edited excerpt: Q) Indian market snaped two-weeks of positive close and turned negative. What led to the fall on D-Street especially when it started off on a bullish note? A) If one does an analysis of equity market performance for the last one month, all the major world equity market indices are in positive territory from ~5-15 percent. Investors worldwide turned euphoric about the resumption of economic activities as lockdowns are being lifted across the world supported by stimulus packages by the governments and liquidity pumped in by the central banks. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show Even Indian equity markets participated in this rally with gains of about ~11 percent in the last one month. Post a sharp up move in the equity markets world over, and just before the FOMC meeting, investors were seen booking profits ahead of an important event, and Indian equity markets were no exception. Q) What is the way ahead for markets? Do you think we could retest 7,500? If not, which are the crucial levels that one can watch out for on the downside and on the upside? A) Going forward, equity markets would be a function of economic recovery and sustained liquidity support provided by central banks to support financial markets. As India is still coming out of lockdown and if one goes by forecasted negative GDP growth for the year, then we are likely to be trading on the higher range on indices. Q) Do you think we are staring at another nationwide lockdown as cases with respect to COVID-19 go up? If yes, what could be the impact? A) Lockdown would not be a solution as the pandemic is here to stay for some time till the vaccine is found. Lockdown can be used to create health infrastructure, but it can’t contain cases as seen in this lockdown. Lockdown impacts the whole economy and impacts each and every one. Governments, Corporates, and individuals will have to work around this taking precautions and move ahead as economic implications are far more severe if lockdown is implemented Q) OECD sees 7% contraction in India’s growth – if second waves hit India. Do you think there could be another stimulus announcements from the government? A) As a lender of last resort, the Government has to take measures to support the economy. To predict the manner in which it can be implemented is a futile exercise, governments have to step up to revive demand when the need arises. Q) Small and midcaps outperform slightly in the week gone by --- some stability there as major selling was seen in the top overbought stocks? A) With equity markets having a big up move in the last one month, there is some positivity seen in mid & small-cap space. Having said that they are still down 22 percent from their 1 year high and 32 percent down from their all-time high in December 2017 Q) What is your call on financials? How should investors trade NiftyBank in the coming week? A) Financials are a place of uncertainty for the next 6 months. In the coming days they might be struggling on both topline and bottom-line. Credit growth pick-up might take a bit of time to pick up as banks have become risk-averse to lending in these uncertain environments and on the other hand they will have to deal with rising NPA’s related provisions. That’s the reason the financial sector is among the worst-performing sector in the last 3 months, having said that any improvement in the above two-aspect will lead to huge re-rating for this sector. Q) The most abused phrase is ‘It’s different this time’. But, this time it is actually different, and history might just rhyme and not repeat. This time the only thing which is certain is uncertainty. What are your view? A) Its true, history may not repeat but it does rhyme. Every fall is not the same but similar. It is a good time to pick up businesses having longevity and ride through this volatility. But, investors cannot expect to reap benefits immediately as markets don't like uncertainty. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.	investors can't expect to reap benefits immediately as markets don't like uncertainty. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection.
user	Item 3. Legal Proceedings - ------ ----------------- Various lawsuits, claims and proceedings are pending against the Company. The Company is one of a number of defendants in numerous proceedings that allege that the plaintiffs contracted cancer and/or suffered other injuries from exposure to "toxic" substances purportedly supplied by the Company and other defendants. The Company is also subject to a number of environmental contingencies (see Note 18, "Environmental Costs," for further detail) and is a defendant in a number of lawsuits covering a wide range of other matters. In some of these matters, the remedies sought or damages claimed are substantial. While it is not possible to predict with certainty the ultimate outcome of these lawsuits or the resolution of the environmental contingencies, Management believes, after consultation with counsel, that resolution of these matters is not expected to have a material adverse effect on financial condition. These matters, if resolved in a manner different from Management's current expectations, could have a material adverse effect on the Company's operating results or cash flows. In 1998, Management learned that Engelhard and several other companies operating in Japan had been victims of a fraudulent scheme involving base-metal inventory held in third-party warehouses in Japan. The inventory loss was approximately $40 million in 1997 and $20 million in 1998. The Company is vigorously pursuing various recovery actions. These actions include negotiations with the various third parties involved and, in several instances, the commencement of litigation. In the first quarter of 1998, Engelhard recorded a receivable from the insurance carriers and third parties for approximately $20 million. This amount represents Management's and counsel's best estimate of the minimum probable recovery from the various insurance policies and other parties involved in the fraudulent scheme. The Company is involved in a value-added tax dispute in Peru. Management believes the Company was targeted by corrupt officials within the former Peruvian Government. On December 2, 1999, Engelhard Peru, S.A., a wholly owned subsidiary, was denied refund claims of approximately $28 million. The Peruvian tax authority also determined that Engelhard Peru, S.A. is liable for approximately $63 million in refunds previously paid, fines and interest as of December 31, 1999. Interest and fines continue to accrue at rates established by Peruvian law. Engelhard Peru, S.A. is contesting these determinations vigorously, and Management believes, based on consultation with counsel, that Engelhard Peru, S.A. is entitled to all refunds claimed and is not liable for these additional taxes, fines or interest. In late October 2000, a criminal proceeding alleging tax fraud and forgery related to this value-added tax dispute was initiated against two Lima-based officials of Engelhard Peru, S.A. Although Engelhard Peru, S.A. is not a defendant, it may be civilly liable for criminal conduct of its representatives and Engelhard Peru is assisting in the vigorous defense of this proceeding. Management believes the maximum economic exposure is limited to the aggregate value of all assets of Engelhard Peru, S.A., including unpaid refunds, which is approximately $30 million. Item 4. Summarise this report in a few sentences.	The Company is involved in various legal proceedings, including lawsuits alleging that plaintiffs contracted cancer and/or suffered other injuries from exposure to "toxic" substances, environmental contingencies, and a range of other matters. Management believes that resolution of these matters is not expected to have a material adverse effect on financial condition, but if resolved differently, could have a material adverse effect on the Company's operating results or cash flows. In 1998, the Company was a victim of a fraudulent scheme involving base-metal inventory held in third-party warehouses in Japan, resulting in a loss of approximately $60 million. The Company is pursuing various recovery actions, including negotiations and litigation. In Peru, the Company is involved in a value-added tax dispute with the former
user	New Delhi: The clutter of new releases did not help Bollywood’s box office collections this weekend. Out of the six Hindi movie offerings, the four that did manage to register any collections at all, remained dull. Kajol-starrer Helicopter Eela, horror flick Tumbbad, Govinda-starrer FryDay and romantic drama Jalebi had only managed ₹ 3.05 crore, ₹ 2.75 crore, ₹ 1.10 crore and ₹ 1.65 crore at last count. Trade website Box Office India had called their opening day a disaster Friday with the four not managing earnings of even ₹ 2 crore with around 2,500 screens put together. The other two Hindi releases, Maal Road Dilli and Play This did not even register an opening. “Poor start to all the new releases on Friday, if reviews clearly matter, they should jump now," tweeted film trade and exhibition expert Girish Johar. The big Hindi film winner this weekend was director Sriram Raghavan’s crime thriller Andhadhun that spilled over from its release last week to make ₹ 13.50 crore this weekend, taking its total box office collections to ₹ 40.87 crore. “Andhadhun is super strong, continues to collect more on weekdays vis-à-vis day one," trade analyst Taran Adarsh had tweeted about the film’s consistent performance last week. Eclipsing all Hindi releases this week, however, is N.T Rama Rao Jr’s Telugu action drama Aravindha Sametha Veera Raghava that has collected ₹ 49.10 crore in the Telugu-speaking states alone. The film has further stormed the overseas territories, making A$ 286,527 ( ₹ 1.50 crore) in Australia and $ 1,644,876 ( ₹ 12.11 crore) in the United States. “Telugu film Aravindha Sametha continues its dream run in USA… emerges the first choice of moviegoers (among Indian films) in Australia this weekend," Adarsh tweeted. To be sure, Telugu films are currently storming the most important overseas markets for Indian cinema, historically dominated by Bollywood. “2018 is a landmark year for Telugu films overseas. Till a few monsoons ago, the business of Telugu films in USA was being cheered and celebrated by the industry. Post Baahubali 2: The Conclusion, yet another lucrative market has opened up for well-made Telugu movies: Australia," Adarsh tweeted. “Three Telugu releases in 2018 - Rangasthalam, Bharat Ane Nenu and Aravindha Samethahave grossed higher numbers than most Indian imports in Australia this year, especially Hindi and Punjabi movies." Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Summarise this report in a few sentences.	box office india had called their opening day a disaster. four films managed earnings of even 2 crore. andhadhun won with 13.50 crore. eclipsing all Hindi releases this week is telugu action drama aravindha sametha. tumbbad, fryday and jalebi had only managed 3.05 crore.
user	Transcript Hello There! Good Morning. Welcome to the ETMarkets Morning podcast. This is Saloni Goel from ETMarkets.com, and here is all the news you need to start your day The Headlines: >> Axis Bank set to buy stake in Max Life >> No Indo-US trade deal during Trump trip >> Telcos’ AGR dues likely to rise sharply AND >> Adani eyes equity exposure in Simplex And We have more. Stay with us. Let’s first have a quick glance at how the markets are looking like... Nifty futures on Singapore Exchange traded 127 points higher at 7am (IST), signalling a possible bounce on Dalal Street. Asian stocks edged up, supported by a fall in coronavirus cases and expectations of more Chinese stimulus to offset the economic impact of the epidemic, while the Japanese yen nursed heavy losses after suffering its steepest drop in six months. >> MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1 per cent. Buoyed by the cheaper yen, Japan's Nikkei rallied 1.5 per cent. Markets in Australia and New Zealand minted record highs. >> The S&P 500 and Nasdaq rose to record closing highs on Wednesday as optimism that China would take more measures to prop up its economy eased concerns about the economic impact of the coronavirus epidemic. Dow rose 115.84 points, or 0.4%, to 29,348; the S&P500 gained 15.86 points, or 0.47%, to 3,386, and the Nasdaq added 84.44 points, or 0.87%, to 9,817. LET ME NOW quickly GO OVER the top news we are tracking this morning. Axis Bank set to buy big stake in Max Life Axis Bank, India’s fourth-largest private sector lender in terms of market capitalisation, is set to acquire more than 20% stake in Max Life Insurance through fresh issue of equity. The proposed deal is aimed at building a strategic and long-term relationship with Axis Bank, which contributes more than 54% to Max Life’s revenue, they said. It will also eliminate uncertainty over the insurer having a strong, strategic bancassurance partner, they said. Axis Bank, which currently owns a little over 2% of Max Life, is expected to infuse more than Rs 2,000 crore in the insurer. Five mutual fund SIPs deliver big returns Average SIP return for a basket of 139 diversified equity mutual funds over a two-year period has been 7.52%; while for a five-year period it has been 8.59%. Five equity fund schemes have stayed ahead of the pack and SIPs in them have delivered a 14% CAGR over the last five years. Investments into equity mutual funds through SIPs have picked up sharply over the last five years with many new investors coming in. The mutual fund industry has 3.04 crore SIP accounts and is adding 9.81 lakh SIP accounts on an average every month in 2019-20. No Indo-US trade deal during Trump trip India and the US have delinked the much-anticipated bilateral trade deal from the forthcoming visit of President Donald Trump, while affirming to continue talks with the larger purpose of eventually moving toward a free trade agreement. “We can have a trade deal with India, but I am really saving the big trade deal for later on. We are doing a big trade deal with India. I don’t know whether we will have it before the election, but we will have a very big deal with India,” Trump said in Washington Telcos stare at largest AGR dues The statutory dues of telecom operators — pegged at Rs 1.64 lakh crore — is set to rise sharply with the Department of Telecommunications (DoT) now in the process of calculating dues for FY18 and FY19, officials said. The adjusted gross revenue (AGR) dues of Rs 92,642 crore in licence fees, interest and penalties — which was submitted to Parliament and the Supreme Court — is till FY17. Spectrum usage charge (SUC) dues of Rs 70,869 crore though are updated till January 23, 2020. NOW, LET’S HAVE A QUICK LOOK AT SOME OF THE TOP CORPORATE NEWS THIS MORNING >> The Adani Group is in talks with promoters of Simplex Infrastructures to take equity exposure in the latter through a fresh share sale >> Mortgage lenders such as Tata Capital Housing Fin, Piramal Capital & Housing Fin, PNB Housing Fin and L&T Housing Fin have got nearly 80% of the Rs 15,000 crore secured loans sanctioned by banks in the December quarter. >> Brookfield, Omers, Mubadala and Abu Dhabi Investment Authority are among the global investors in early stage talks with Tata Power to invest $500-600 million in its renewable energy platform >> A clutch of PE funds including Apax Partners and Kedaara Capital are in early stages of discussions to acquire US-headquartered information technology and services company CSS Corp LASTLY a look at OIL, >> Oil prices rose nearly 1 per cent, extending big gains from a day earlier. Brent crude futures rose 45 cents, or 0.8 per cent, to $59.57 a barrel. Summarise this report in a few sentences.	axis bank set to buy big stake in max life through fresh issue of equity. nifty futures on Singapore exchange traded 127 points higher at 7am (IST) nifty futures on shanghai exchange traded 127 points higher at 7am (IST) nifty futures on shanghai exchange traded 127 points higher at 7am (IST)
user	RBI Governor Shaktikanta Das (PTI) live bse live nse live Volume Todays L/H More × The Reserve Bank of India (RBI) may extend the loan moratorium facility by another three months, according to a report by State Bank of India (SBI) economists. "With the lockdown now extended up to May 31, we expect RBI to extend the moratorium by three months more. This will imply companies need not pay till August 31," said Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI in a report titled 'Will supply create its own Godot/Demand? Over to RBI now!' Such a step will still imply almost minimal possibility of companies being able to service their interest liabilities in September, failing which the account might be classified NPA (non-performing assets) as per extant norms, the report said. "The RBI needs to give operational flexibility to banks for a comprehensive restructuring of the existing loans and also a reclassification of 90-day norm," the report said. The RBI had initially announced the moratorium for dues falling March 1 and May 31. This was to help the borrowers from across the segments to tide over the crisis phase. But with lockdown period being extended again, companies are still not in a position to resume their businesses yet. Hence, extension of the loan moratorium becomes necessary. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show In a recent meeting with RBI, banks, NBFCs and MFIs too had made a case for extending the moratorium period beyond 31 May considering the difficulties in the operating environment for borrower firms. According to a report by rating agency, ICRA, about 328 companies have applied with banks for moratorium scheme to conserve capital. Banks were initially hesitant to extend the moratorium facility to NBFCs even though NBFCs had offered the same to their customers. This created a temporary cash flow mismatch for these companies. Later majority banks agreed to extend the scheme to NBFCs. Economic package not to help to boost demand Of the Rs 20 lakh crore package, the direct fiscal impact of the reforms however comes to around only Rs 2.0 lakh crore (1 percent of GDP), SBI report said. “The package does not do much to boost consumption in short term and that could act as a drag on growth,” the report said. On may 17, Goldman Sachs too had said that the economic package announced by the Narendra Modi government over the past few days to help economic recovery is unlikely to have an immediate impact on growth.Godldman Sachs now estimates real GDP to fall by 5 percent in fiscal year 2021. "There have been a series of structural reform announcements across several sectors over the past few days. These reforms are more medium-term in nature, and we therefore do not expect these to have an immediate impact on reviving growth. We will continue to monitor their implementation to gauge their effect on the medium-term outlook for the Indian economy," said Goldman Sachs in a report. The -5 percent growth for FY21 would be deeper compared to all "recessions" India has ever experienced, Goldman Sachs said. Prime Minister Narendra Modi on May 12 had announced that the government will unveil a Rs 20 lakh crore economic package to help the economy tide over the COVID-19 crisis. Subsequently, FM Nirmala Sitharaman explained the details of the package in series of press conferences. Follow our full coverage of the coronavirus outbreak here Summarise this report in a few sentences.	the reserve bank of india may extend the loan moratorium facility by another three months. this will imply companies need not pay till august 31, according to a report by state bank of india. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection.
user	Troubled edtech major Byju’s on Saturday reported its delayed audited financial accounting for the year ended March 2022 — in parts — showing a 2.3 times growth in revenue to ₹3,569 crore in its standalone business. Ebitda loss of the core business — financials for which were reported — was down to ₹2,253 crore in FY22, from ₹2,406 crore in the previous year, according to a company statement. State Bank of India (SBI), the country’s largest lender by loans outstanding, met D-Street expectations to report an 8% increase in the second-quarter net profit on steady credit demand and lower provisions as the nation’s most-valued government entity wrote back some accounts where recovery was delayed. The lender expects robust loan growth, underpinned by broad-based economic expansion. India has cleared the first 100% foreign direct investment (FDI) in the defence sector, with permissions granted to Sweden’s Saab to set up a new facility that will manufacture rockets. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live Summarise this report in a few sentences.	byju's reported a 2.3 times growth in revenue to 3,569 crore in its standalone business. Ebitda loss of the core business was down to 2,253 crore in FY22, from 2,406 crore in the previous year. state bank of india (SBI) met D-Street expectations to report an 8% increase in the second-quarter net profit.
user	3:30 pm Market Closing: Benchmark indices closed lower ahead of expiry of April derivative contracts due tomorrow. The 30-share BSE Sensex was down 115.37 points at 34,501.27 and the 50-share NSE Nifty fell 43.90 points to 10,570.50. About two shares declined for every share rising on the BSE. DB Realty, NIIT Technologies, DHFL, Indiabulls Real Estate, Berger Paints, NBCC and Marico gained up to 13 percent. IRB Infrastructure, Repco Home Finance, BHEL, Bank of India, Bank of Baroda, MCX and India Cements fell up to 4 percent. 3:15 pm Multi-nation agreement: The government today gave an ex-post facto approval for an agreement signed between India and an African island nation, Sao Tome and Principe, to increase cooperation in the field of medicinal Plants. The memorandum of understanding was signed on March 14 this year, an official statement said. The decision was taken in the Union Cabinet meeting, chaired by Prime Minister Narendra Modi here. The MoU assumes significance as there is global increase in traditional and alternative health care systems. It is resulting in world herbal trade which stands at USD 120 billion and is expected to reach USD 7 trillion by 2050, it said. 3:00 pm Appointment: Bharti Infratel board has reappointed Akhil Kumar Gupta as Executive Chairman of the company for five years with effect from August 1, 2018. "The Board of Directors in its April 23, 2018 meeting has reappointed Akhil Kumar Gupta as the Executive Chairman of the company, not liable to retire by rotation, for a further term of five years with effect from August 1, 2018," Bharti Infratel said in a BSE filing. His reappointment is however subject to shareholders' approval. 2:40 pm Rupee Update: The Indian rupee extended fall to 66.80 against the US dollar, down 42 paise from previous closing of 66.38 a dollar on bouts of month-end dollar demand from importers amid crude price volatility and rising US bond yields. 2:37 pm Europe Update: European markets were lower, as rising yields in the bond markets offset excitement surrounding corporate earnings. France's CAC and Britain's FTSE were down half a percent each while Germany's DAX lost 1.6 percent. 2:30 pm Results: Reliance Nippon Life Asset Management's March quarter profit jumped 35 percent year-on-year to Rs 162 crore and revenue increased 17.2 percent to Rs 429 crore. Operating profit grew by 3.9 percent to Rs 134 crore but margin contracted 400 basis points to 31.2 percent compared to year-ago. 2:28 pm Earnings: GIC Housing Finance share price rallied 3 percent after March quarter profit jumped 28.4 percent to Rs 60 crore and revenue increased 11.4 percent to Rs 297 crore compared to corresponding period last fiscal. Provision declined marginally to Rs 22.7 crore from Rs 23 crore on sequential basis. 2:26 pm Buzzing: Bajaj Corp share price fell up to 3 percent after fourth quarter profit increased 5.2 percent year-on-year to Rs 55.4 crore and revenue rose 8.3 percent to Rs 222 crore. Operating income was up 8.3 percent year-on-year at Rs 72.2 crore but margin was flat at 32.5 percent for the quarter ended March 2018. 2:22 pm Earnings: Sterlite Technologies fell 1.6 percent despite profit in March quarter jumped 77 percent year-on-year to Rs 112 crore and revenue increased 20 percent to Rs 847 crore. Operating profit grew by 44 percent to Rs 238 crore and margin expanded 500 basis points to 28 percent. Sterlite Tech said seeing strong wave of fibre deployment over next 10 years. 2:16 pm Market Update: Benchmark indices extended losses in afternoon, with the Sensex falling 186.36 points to 34,430.28 and the Nifty declining 70.90 points to 10,543.50 ahead of expiry of April derivative contracts due on Thursday. About two shares declined for every share rising on the BSE. HDFC Bank, ICICI Bank, Vedanta, HDFC, IOC, L&T, Maruti, Grasim, IndusInd Bank, ONGC and SBI were down up to 3 percent while TCS, Bharti Airtel and M&M remained top gainers, rising up to 3 percent. Here are the top headlines at 2 pm from Moneycontrol News' Anchal Pathak 1:55 pm Price of Energy Commodities to rise this year: Prices for energy commodities like oil, natural gas and coal are expected to jump by a whopping 20 percent this year, the World Bank has said in a report. The increase in energy prices is expected to have adverse impact on India, given that the country is heavily dependent on import of major energy commodities. The latest World Bank forecast is a 16-percentage point upward revision from October's outlook, the World Bank said in its April Commodity Markets Outlook released yesterday. Oil prices are forecast to average USD 65 a barrel over 2018, up from an average of USD 53 a barrel in 2017, on strong demand from consumers and restraint by oil producers, while metals prices are expected to rise nine per cent this year, also on a pickup in demand and supply constraints, the World Bank said. 1:45 pm Buzzing: Midcap IT company Persistent Systems share price rallied nearly 5 percent intraday despite weak Q4 earnings performance, which was already intimated by the company during the quarter. The rally in the stock is largely on the hope of positive outlook for FY19 by the brokerage houses. The stock price was quoting at Rs 760.95, up Rs 35.10, or 4.84 percent on the BSE, at 13:30 hours IST. Net profit during the quarter fell by 19.7 percent sequentially to Rs 73.7 crore and revenue declined 5 percent to Rs 752.5 crore on lower IP revenue. Revenue in dollar terms also dropped 4.6 percent to USD 116.9 million for the quarter ended March 2018, from USD 122.5 million in previous quarter. Operating profit was down 21.2 percent quarter-on-quarter to Rs 108.3 crore and margin contracted 300 basis points to 14.4 percent in Q4FY18. During the March quarter, the company had intimated that it was expecting a decline in IP revenues during Q4 FY18, which would impact revenue and EBIDTA margin for the quarter. All brokerage houses retained their rating on the stock and expect the stock to rally up to 32 percent over one year period on hopes of good earnings in FY19. 1:35 pm Global Wind Capacity: Global wind energy capacity could increase by more than half over the next five years, as costs continue to fall and the market returns to growth at the end of this decade, a report by the Global Wind Energy Council shows. In its annual report on the status of the global wind industry, the GWEC said cumulative wind energy capacity stood at 539 gigawatts (GW) at the end of last year, 11 percent higher than the previous year. That should increase by 56 percent to 840 GW by the end of 2022 as countries develop more renewable energy to meet emissions cut targets and prices continue to fall, the wind industry association said. 1:25 pm Increase in MSP prices of Raw Jute: The government increased the minimum support price (MSP) of raw jute by Rs 200 per quintal to Rs 3,700 per quintal for the 2018-19 crop season, an official release said. The decision to increase the MSP for fair average quality (FAQ) of raw jute to Rs 3,700 per quintal for 2018-19 season from Rs 3,500 per quintal in 2017-18 was taken at the meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi here. The decision would benefit jute farmers mainly in West Bengal, Assam and Bihar which account for 95 per cent of the country's jute production. 1:12 pm Results Date: Dr Reddy's Laboratories will announce its results for the fourth quarter and full year ended March 31, 2018 on May 22 after the board meeting. 1:02 pm Economic Growth: Indian economy is expected to witness a cyclical recovery driven by investments as well as consumption, and the average GDP growth is expected to rise to 7.8 percent in the first half of this year, says a report. According to the Japanese financial services major Nomura, investment and consumption demand are the main drivers for India's growth, amid worsening net exports. "Our leading indicators suggest the cyclical recovery, which started in the second half of 2017, is set to continue through the first half of 2018," Nomura said in a research note. Consistent with these data, "we expect average GDP growth to rise to 7.8 percent year-on-year in the first half 2018 from 7.2 percent in October-December 2017. Here are the top headlines at 1 pm from Moneycontrol News' Sakshi Batra 12:50 pm Videocon approaches NCLT: Debt-ridden Videocon Group approached the principal bench of NCLT requesting it to direct all insolvency case, filed by its lenders against seven group companies at different courts of Mumbai bench, to be heard together. The group has requested the principal bench sitting here to consolidate all multiple insolvency cases filed by lenders at three different courts of National Company Law Tribunal (NCLT) Mumbai and hear together. The principal bench of NCLT, headed by President Justice M M Kumar, has directed the Videocon Industries to file an affidavit having details of its group companies and courts where insolvency matters are pending. The principal bench has directed to list immediately the matter once affidavit is filed by Videocon Industries. 12:40 pm Market Update: Benchmark indices continued to trade mildly lower, dragged by banking & financials, metals, infra and FMCG stocks. The Nifty IT retained its top position in the buying list among sectoral indices, rising 1.5 percent after the rupee hit fresh 13-month low of 66.74 against the US dollar. TCS, HCL Technologies, Tech Mahindra and Infosys gained up to 2.5 percent. The 30-share BSE Sensex was down 72.74 points at 34,543.90 and the 50-share NSE Nifty fell 28.60 points to 10,585.80. 12:20 pm Airtel on Tower Merger Deal: Bharti Airtel said it will engage with potential investors to evaluate a strategic stake sale in the new tower company, after merger of Bharti Infratel and Indus Towers is completed. Earlier today, Airtel, Idea Cellular and Vodafone Group announced the merger of Indus Towers and Bharti Infratel to create a mobile tower juggernaut with over 1,63,000 towers across 22 telecom service areas. The combined company, which will fully own the respective businesses of Bharti Infratel and Indus Towers, will change its name to Indus Towers and will continue to be listed on the Indian stock exchanges. 12:10 pm Manipal Health ups offer for Fortis: Manipal Health Enterprises has again raised its offer for Fortis Healthcare by valuing its hospital business higher at Rs 6,322 crore, ahead of the Fortis Healthcare board meet tomorrow to evaluate all binding offers. The new offer from Manipal Health Enterprises (MHEPL) also proposes to arrange financial assistance of up to Rs 750 crore ..by way of debt financing or guarantees to lenders of FHL. This is the second time Manipal/TPG-led consortium has revised its offer for Fortis Healthcare (FHL). 12:05 pm Rupee Update: The rupee weakened to a fresh 13-month low by falling 33 paise to 66.71 against the American currency on bouts of month-end dollar demand from importers amid crude price volatility and rising US bond yields. The rupee opened lower at 66.48 from yesterday's closing level at 66.38 per dollar at the interbank foreign exchange here. Continued FII-selling of local equity and debt, and weak stock market also weighed on the rupee. Rising crude is putting pressure on rupee already stressed by widening fiscal deficit, a dealer said. Meanwhile, the US dollar inched higher against its major peers in early Asian trade, approaching its recent four-month high as the US 10-year bond yield poked above 3 percent to hit its highest level since early 2014. Here are the top headlines at 12 pm from Moneycontrol News' Anchal Pathak 11:55 am Merger Approval: Bhageria Industries informed BSE that the National Company Law Tribunal [NCLT), Mumbai has approved the scheme of Amalgamation of Nipur Chemicals Limited with the company. 11:40 am Market Update: The market continued to trade mildly lower amid consolidation, following negative lead from global stocks. Banking & financials, oil, metals and infrastructure stocks are under pressure. IT is the only major gainer among sectoral indices, rising over a percent ahead of Wipro earnings due later in the day and after sharp depreciation in the rupee Bharti Airtel is up more than 4 percent after reporting profit in the March quarter against expectations of loss. The 30-share BSE Sensex is down 84.76 points at 34,531.88 and the 50-share NSE Nifty declined 31 points to 10,583.40. 11:22 am PTL to Consider Dividend: PTL Enterprises informed BSE that a meeting of the board of directors of the company is scheduled to be held on May 10 to consider and approve audited financial results of the company for the quarter/year ended March 31, 2018 and to consider & recommend a final dividend, if any, on the equity share for the financial year ended March 31, 2018. Here are the top headlines at 11:15 am from Moneycontrol News' Sakshi Batra 11:15 am Crude Update: Oil prices were stable, but were below more than three-year highs reached the previous session as rising US fuel inventories and production dragged on an otherwise bullish market. Brent crude oil futures were at USD 73.77 per barrel, down 0.12 percent, from their last close, but were some way below the November-2014 high of USD 75.47 a barrel reached the previous day. US West Texas Intermediate (WTI) crude futures were down 0.18 percent, at USD 67.58 per barrel. That was also off the late-2014 highs of USD 69.56 a barrel reached earlier in April, reports CNBC. 11:05 am Gold Outlook: CARE Ratings said US developments continue to remain the key influence on prices. Gold prices are expected to remain volatile in the near term. Gold prices are expected to be negatively impacted with the US dollar expected to strengthen further on the back of better performance of the US economy and expected US interest rate hikes, it added. In the medium term, geopolitical tensions in the Middle East, increasing US government debt and rising inflation pressures, volatility and lower equity markets could support gold prices, it said. Gold is likely to remain rangebound in the short term around the USD 1,350 an ounce range. 10:55 am Narayana Hrudayalaya wind-up Malaysian subsidiary: Narayana Hrudayalaya Hospitals Malaysia Sdn Bhd , was registered as a wholly owned subsidiary of Narayana Hrudayalaya (NHL) on September 27, 2011 to set up and operate cardiac facilities in Malaysia. However, NHL had decided to terminate the project at its initial stages in FY 2014-15 due to various changes in the regulatory framework of Malaysia which made the project unviable. In view of the above NHL had decided to wind-up the said subsidiary in Malaysia. The subsidiary had commenced the process of Members' voluntary winding-up in 2017 as per the extant provisions of the Malaysian company law. The liquidation of the subsidiary has been completed and as per the search report from Companies Commission of Malaysia dated 24th April 2018, the status of the subsidiary is confirmed as dissolved. 10:45 am Buzzing: ICICI Prudential Life Insurance Ltd rose by about 15 percent in two straight days after the company reported fall in net profit but the value of new business (VNB) rose 93 percent to Rs 1,286 crore for the quarter ended March. Most brokerage firms which have come out with their note post-March quarter results maintain their buy rating while some of them raised their target price to Rs 570 which translates into an upside of 37 percent return in the next 12 months. ICICI Prudential Life Insurance’s standalone net profit for the March quarter declined 16.6 percent year-on-year on account of higher new business strain. The quarterly net profit stood at Rs 340 crore, compared to Rs 408.42 in the year-ago period. However, the private life insurance company's value of new business (VNB) rose 93.1 percent to Rs 1,286 crore in Q4FY18 as compared to Rs 666 crore a year ago. 10:37 am Market Update: The market continued to trade mildly lower amid consolidation, following weak global cues. The Nifty is trading below 10,600 levels while IT is the biggest loser among sectoral indices, falling over 1 percent. Bharti Airtel is up nearly 5 percent after reporting profit in the March quarter against expectations of loss and announcement of merger between Bharti Infratel and Indus Towers. The 30-share BSE Sensex was down 61.71 points at 34,554.93 and the 50-share NSE Nifty fell 24.80 points to 10,589.60. About 1,188 shares declined against 825 advancing shares on the BSE. 10:30 am Results Today: Wipro, Agro Tech Foods, Bajaj Corp, Future Supply, Gujarat Heavy Chemicals, ICICI Lombard, Indiabulls Real Estate, Jindal Stainless, KSB Pumps, M&M Financial, Meera Industries, Miven Machine, Reliance Nippon, Sterlite Tech, Syngene International, UltraTech Cement and Wendt will announce March quarter earnings today. 10:20 am Merger: Bharti Airtel, Idea Cellular and Vodafone Group today announced an agreement for merger of Indus Towers and Bharti Infratel to create the largest mobile tower operator in the world outside China with over 163,000 towers across 22 telecom service areas. "The combined company, which will fully own the respective businesses of Bharti Infratel and Indus Towers, will change its name to Indus Towers Limited and will continue to be listed on Indian Stock Exchanges," Bharti Group said in a statement announcing the joint deal. The combined company will own 100 percent of Indus Towers. Indus Towers is currently jointly owned by Bharti Infratel (42 percent holding), Vodafone (42 percent), Idea Group (11.15 percent) and Providence (4.85 percent). Post the deal, Bharti Airtel and Vodafone will jointly control the combined company, and the transaction is expected to close before the end of 2018-19, subject to statutory approvals. 10:10 am Technical Outlook: Shitij Gandhi of SMC Global Securities said as we are heading towards April expiry with two trading session left, the short sellers seem to be on back foot as they still holding outstanding short positions. On every dip, we have been continuously seeing short covering in the Nifty as Call Writers are covering their positions which in turn supporting upside movement in prices. In the recent weeks, we have observed that put writers are continuously shifting towards the higher band which signifies limited downside in the market ahead of expiry. Furthermore, we also anticipate that more short covering can be seen in coming sessions which can lead Nifty towards 10,700 on the day of expiry. The initial rollover data also indicates long rollover to May series. On the technical front, 10,580 spot level should act as support while 10,750 will be the immediate hurdle. 10:00 am Market Update: Benchmark indices extended losses, with the Sensex falling 100.91 points to 34,515.73 and the Nifty declining 36 points to 10,578.40. About 1,078 shares declined against 710 advancing shares on the BSE. Here are the top headlines at 10 am from Moneycontrol News' Anchal Pathak 9:55 am Rupee Update: The rupee depreciated 28 paise to 66.66 against the US dollar the interbank foreign exchange due to appreciation of the greenback amid rising US bond yields and surge in global crude oil prices. Also, a lower opening in the domestic equity market too weighed on the investor sentiment. Dealers also attributed the rupee's fall to increased demand for the US currency from importers due to month-end demand and sustained foreign capital outflows. The rupee yesterday recovered by 10 paise to 66.38 against the US dollar due to fresh selling of the American currency by exporters and banks. 9:44 am Market Update: The market is seeing consolidation amid global weakness, with the benchmark indices trading marginally lower. Investors await more corporate earnings that scheduled to be announced over next one month and Karnataka elections due next month. Bharti Airtel is up more than 2 percent after reporting profit in the March quarter against expectations of loss. The 30-share BSE Sensex was down 25.28 points to 34,591.36 and the 50-share NSE Nifty declined 12.40 points to 10,602. 9:30 am Results Reaction: Raymond share price rallied 3 percent after reporting 61.7 percent YoY growth in net profit at Rs 54.5 crore and 10.6 percent growth in revenue at Rs 1,629.8 crore for the quarter ended March 2018. Operating profit increased 33.5 percent to Rs 150.6 cror and margin expanded by 160 basis points to 9.2 percent YoY. 9:22 am Buzzing: Fortis Healthcare gained a percent after KKR-backed Radiant Life Care made a revised bid for the company with a binding offer to acquire its Mulund hospital for an enterprise value of Rs 1,200 crore. This is the second revised offer received by Fortis after Malaysian major IHH Healthcare made a binding offer to infuse Rs 650 crore immediately in the Indian firm as part of an overall proposal to invest Rs 4,000 crore. The company has received a binding offer from Radiant Life Care, FHL said in a regulatory filing. 9:18 am Earnings Reaction: Bharti Airtel share price gained more than 3 percent after reporting profit against expectations of loss in the quarter ended March 2018. Net profit fell 72.8 percent sequentially to Rs 83 crore and revenue declined 3.4 percent to Rs 19,634 crore in Q4FY18 while operating income slipped 7.3 percent to Rs 7,034 crore and margin contracted 150 basis points to 35.8 percent QoQ. 9:15 am Market Check: Benchmark indices opened lower, tracking negative trend in global stocks. The 30-share BSE Sensex was down 52.82 points at 34,563.82 and the 50-share NSE Nifty fell 21.10 points to 10,593.30. Bharti Airtel, Bharti Infratel, HPCL, BPCL and Reliance Industries were early gainers. Hindalco, Cipla and HCL Technologies were under pressure. ICICI Prudential, Raymond, Idea Cellular, Advanced Enzyme, Bajaj Corp, MMTC, Parag Milk Foods, Coffee Day, Jubilant Life, Avanti Feeds, Granule India, Gati, Jaiprakash Associates, Indiabulls Ventures and Trent gained up to 5 percent. Uniply Industries gained 2 percent after block deal of 10 lakh shares. Balrampur Chini and Reliance Naval were under pressure. 9:09 am Pre-opening Settlement: The market settled lower in pre-opening session, with the Sensex falling 23.47 points to 34,593.17 and the Nifty down 2 points to 10,612.40. 9:05 am Technical Recommendations: We spoke to SMC Global Securities and here’s what they have to recommend: Au Small Finance: BUY\| Target Rs775\| Stop Loss Rs640\| Return 12% Praj Industries Ltd: BUY\| Target Rs107\| Stop Loss Rs89\| Return 12% SBI Life Insurance: BUY\| Target Rs822\| Stop Loss Rs695\| Return 11% Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 9:03 am Stocks in news: Hero MotoCorp: Company hikes two-wheeler prices by up to Rs 625 to offset rising input cost Also Watch - Markets@Moneycontrol: Nifty likely to open lower; 3 stocks which can give up to 12% return Strides Shasun: The company will Divest Its Stake In Stride Chemicals For Rs 131 crore. State Bank of India: The bank will issue & encash electoral bonds through its 11 authorised branches from May 1-10. Fortis Healthcare: IHH has submitted binding bids for Fortis and has proposed to inject Rs 650 crore at Rs 160 per share. Blue Dart: The company’s Board will meet on May 08, 2018 to consider the financial results and recommend a dividend. Bharti Infratel: Re-appoints Akhil Kumar Gupta as Exec chairman Raymond: Company approves Rs 300 crore development plan for 20 acres land at Thane DCM Shriram: Board approves expansion of PVC capacity for Rs 32 crore Zensar Tech: Board approves stock split of equity shares in the ratio 5:1 9:01 am Market Check: Benchmark indices were higher in pre-opening trade despite global weakness, with the Sensex rising 112.63 points to 34,729.27 and the Nifty climbing 1.90 points to 10,616.30. A gauge of world stocks tumbled on Tuesday, erasing early gains as US bond yields scaled the 3 percent threshold for the first time in four years, while oil prices reversed course after climbing above the USD 75 per barrel mark, said a Reuters report. Asian shares were under pressure on Wednesday, with a rise in US bond yields above the 3 percent threshold and warnings from bellwether U.S. companies of higher costs driving fears that corporate earnings growth may peak soon, it said. Oil prices slipped on concerns that the United States might reinstate sanctions against Iran faded somewhat, reducing worries about the future of Iranian exports. Brent slid 85 cents, or 1.1 percent, to settle at USD 73.86 a barrel, said a report. Summarise this report in a few sentences.	30-share BSE Sensex down 115.37 points at 34,501.27. 50-share NSE Nifty fell 43.90 points to 10,570.50. world herbal trade stands at USD 120 billion. rupee extended fall to 66.80 against the US dollar. asian markets were lower as bond markets rose. asian markets were down.
user	New Jersey-based Conduent Incorporated on Thursday announced to expand its presence in India by opening a new location in Visakhapatnam that will help create 5,000 jobs in the city in the next two years. A global leader in digital interactions with operations in 35 countries, the Visakhapatnam site will be the company’s ninth location in the country. “The entry of global businesses like Conduent to the city is a sign of the city’s growing stature as a business hub. It is yet another example of how investing in a highly-skilled, educated workforce boosts the local economy, creates jobs for the youth and strengthens the State,” said Andhra Pradesh Chief Minister N. Chandrababu Naidu at an event here. The new site will become a key business location, helping Conduent India deliver innovation globally, in technology, transportation, healthcare, public safety, human resources, process automation and operational excellence. Conduent India employs nearly 12,000 people across nine locations in the country. “India is a strategic growth region for Conduent. As a digital interactions business that serves Fortune 500 companies and government entities around the world, being a part of this dynamic geography is the right move for our clients and our people,” said Dave Amoriell, President, Conduent Inc. The launch came less than six months after the company announced a three-year timeline for setting up a development centre in Visakhapatnam’s fintech valley. “Visakhapatnam provides access to a new professional labour market focused on technology, innovation and research,” Amoriell added. Conduent is the world’s largest provider of diversified business process services with leading capabilities in transaction processing, automation and analytics. Summarise this report in a few sentences.	the new site will be the company’s ninth location in the country. the company employs nearly 12,000 people across nine locations in the country. the launch comes less than six months after the company announced a three-year timeline for setting up a development centre in Visakhapatnam’s fintech valley. the company is the world’s largest provider of diversified business process services with leading capabilities in transaction processing, automation and analytics.
user	GUWAHATI: Meghalaya Chief Minister Conrad K. Sangma said that condition of all the patients who have tested positive is stable as of now.Products like areca nut, beetle leaf and broom sticks will be allowed to transport to different markets with restriction, and transportation outside the State will not be allowed, the CM said.He spoke at length on testing protocol and on case management protocols for confirmed positive cases. He informed that a lot of people have called asking why they have not been tested, to which Chief Minister said that testings have been prioritise and the high risk primary contacts those who lived in close proximity and contact with the positive patient are the highest primary contacts, for which testing are being done first.“The next level will be other symptomatic primary contacts. These are primary contacts who have been in close proximity with the concerned individual. And third are symptomatic high risk individuals who have visited the concern hospital on or after March 24 and registered with the government and these are more of individuals who met with the person directly,” the Chief Minister informed.He informed that all asymptotic cases and asymptomatic individuals who have visited the private Hospital after 24th of March 2020 and have registered with the government are not being tested currently. He said that all those individuals should go for mandatory home quarantine for at least 14 days and in case they develop symptoms they should call the helpline number 108.On one of the positive case detected in suburban area, the Chief Minister said, “The person was working in the house of index patient (first Covid-19 positive) and the sample of the four high risk primary contacts and 32 other primary contacts of the person who tested positive have already been collected”.He informed that the headman of that particular village have urged all the primary contact of the new case from the area to be under strict home quarantine with support of the frontline health workers. “Visits have been made by the health officials in the village and officials of the block have visited the village to ensure that they instil confidence in the villages and the family concerned,” the Chief Minister added.On case management protocol, the Chief Minister said, “All the asymptomatic category A and mild symptomatic category B positive patients do not require hospitalisation. As per the protocol issued by the MoHFW they should be either in home quarantine or they can opt to be shifted to the Government designated Corona Care centre by calling 108.”He also stated that in case the patients do not have space for themselves to self isolate at home, they can avail facilities of the Government.“Existing evidence shows that 80 per cent of the positive cases across the world fall under category A and category B”, the Chief Minister said, while adding, “Severe and symptomatic cases having respiratory distress, breathing difficulty requiring oxygen support fall under category C and they would be treated at the designated hospital”. Summarise this report in a few sentences.	asymptomatic and mild cases of positive patients do not require hospitalisation. high risk primary contacts are highest primary contacts for testing. symptomatic high risk individuals who visited private hospital after 24th of march 2020 are not being tested. all those who visited private hospital after 24th of march 2020 and registered with the government are not being tested. asymptomatic individuals who have visited private hospital after 24th of march 2020 are not being tested.
user	Representational picture The Kolkata Municipal Corporation (KMC) issued new operational guidelines on May 28 based on the state government's demarcation of Red A, B, and C zones in the city. As per the new rules, all shops in KMC markets in clean areas, i.e., Category-C, will be allowed to operate while maintaining strict social distancing of six feet between any two customers. Such shops will have to ensure there are not more than five persons at a time. For live updates on coronavirus, click here All shopkeepers and their staff will have to wear masks and gloves all the time and carry sanitizers. Salons and parlours will also be allowed to operate in these zones, provided strict health and hygiene protocols are maintained. The same will apply for any hotels and lodges, if present, in such areas. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show However, restaurants and eateries will be allowed to open for home deliveries only. Meanwhile, private offices located in KMC markets will be allowed to function with 50 percent capacity, although work from home will be encouraged. COnsumption of paan, gutka, or any tobacco product and spitting will remain strictly prohibited within KMC premises. In Buffer areas or B zones, only 25 percent of shops dealing in non-essential goods will be allowed to operate on a given day. For smooth functioning, market associations will have to submit rosters detailing which shop or stall will operate on which day to the Market Office. In the Affected areas (A zones) or containment zones, no market will be allowed to operate. If the authorities learn of any deviation from the restrictions, including hygiene maintenance, social distancing, etc., all relaxations granted will be withdrawn with immediate effect. To follow our full coverage on coronavirus, click here Summarise this report in a few sentences.	new rules allow shops in clean areas to operate with strict social distancing. salons and parlours will also be allowed to operate in these zones. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. a vaccine is a long, expensive process.
user	The Reserve Bank of India’s liquidity support for mutual funds may struggle to be effective, as its success will hang on banks’ appetite to take up the risks involved, amid low capital headroom and a likely increase in fresh non-performing loans, according to Fitch. The RBI’s Rs 50,000 crore Special Liquidity Facility for Mutual Funds (SLF-MF) will provide 90-day repo funding to banks, to extend liquidity to – or purchase commercial paper and debt securities from – local mutual funds. The size of the SLF-MF appears broadly commensurate with the scale of the funds most at risk, Fitch notes. “The official support measures announced for mutual funds in India may struggle to be effective, as undercapitalised banks are unlikely to be tempted to extend liquidity to the sector without capital relief on the facilities,” Fitch Ratings said in a statement. The facility’s structure places the onus on banks to absorb the associated credit and capital risk, which may hinder their willingness to participate, it added. The move by the banking regulator followed the suspension of redemptions in six Franklin Templeton bond funds, with combined assets under management (AUM) of approximately USD 4.1 billion equivalent, on April 23, 2020, and outflows from other funds in March 2020. Fitch further said that “the success of the SLF-MF will hang on banks’ appetite to take up the risks involved, against the system-wide backdrop of low capital headroom and a likely increase in fresh non-performing loans.”. Indian open-end mutual funds saw aggregate outflows of almost 20 per cent in March. Within this, overnight funds, the most conservative variant in India, saw assets jump by almost 50 per cent, whereas most other fund types saw outflows. “Fitch believes funds classified as “Credit Risk Funds” are most at risk if redemptions continue (their AUM declined by 10 per cent in March), particularly where funds have exposure to less liquid securities, such as unlisted securities, and/or have demonstrably higher risk appetite through exposure to defaulted entities such as IL&FS, Religare Finvest, and/or Dewan Housing,” it said. Fitch said Mutual funds form a conduit between retail and institutional investors and financial markets. Most mutual funds assume liquidity risk, through offering investors the ability to redeem daily, while investing only a limited portion of their portfolios only in risk-free assets or cash. This liquidity mismatch is most acute in mutual funds investing in illiquid assets such as property. An interruption of, or reduction in, funding provided by mutual funds to major entities or sectors, due to outflows or redemption suspensions, can have material credit implications for entities more reliant on wholesale funding. Summarise this report in a few sentences.	RBI's Rs 50,000 crore special Liquidity Facility for Mutual Funds (SLF-MF) will provide 90-day repo funding to banks. size of SLF-MF appears broadly commensurate with scale of funds most at risk. it follows suspension of redemptions in six Franklin Templeton bond funds. india open-end mutual funds saw aggregate outflows of almost 20 per cent in march.
user	Item 7A. Quantitative and Qualitative Disclosures About Market Risk Interest rate risk is related to liquidity because each is affected by maturing assets and sources of funds. ChoiceOne’s Asset/Liability Management Committee (the “ALCO”) attempts to stabilize the interest rate spread and avoid possible adverse effects when unusual or rapid changes in interest rates occur. The ALCO uses a simulation model to measure the Banks’ interest rate risk. The model incorporates changes in interest rates on rate-sensitive assets and liabilities. The degree of rate sensitivity is affected by prepayment assumptions that exist in the assets and liabilities. One method the ALCO uses of measuring interest rate sensitivity is the ratio of rate-sensitive assets to rate-sensitive liabilities. An asset or liability is considered to be rate-sensitive if it matures or otherwise reprices within a given time frame. Page \| 34 Table 5 documents the maturity or repricing schedule for ChoiceOne’s rate-sensitive assets and liabilities for selected time periods: Table 5 - Maturities and Repricing Schedule Under this method, the ALCO measures interest rate sensitivity by focusing on the one-year repricing gap. ChoiceOne’s ratio of rate-sensitive assets to rate-sensitive liabilities that matured or repriced within a one-year time frame was 65% at December 31, 2019, compared to 63% at December 31, 2018. Table 5 above shows the entire balance of interest-bearing demand deposits, savings deposits, money market deposits, and overnight repurchase agreements in the shortest repricing term. Although these categories have the ability to reprice immediately, management has some control over the actual timing or extent of the changes in interest rates on these liabilities. The ALCO plans to continue to monitor the ratio of rate-sensitive assets to rate-sensitive liabilities on a quarterly basis in 2020. As interest rates change during 2020, the ALCO will attempt to match its maturing assets with corresponding liabilities to maximize ChoiceOne’s net interest income. Another method the ALCO uses to monitor its interest rate sensitivity is to subject rate-sensitive assets and liabilities to interest rate shocks. At December 31, 2019, management used a simulation model to subject its assets and liabilities up to an immediate 400 basis point increase. The maturities of loans and mortgage-backed securities were affected by certain prepayment assumptions. Maturities for interest-bearing core deposits were based on an estimate of the period over which they would be outstanding. The maturities of advances from the FHLB were based on their contractual maturity dates. In the case of variable rate assets and liabilities, repricing dates were used to determine their values. The simulation model measures the effect of immediate interest rate changes on both net interest income and shareholders’ equity. Page \| 35 Table 6 provides an illustration of hypothetical interest rate changes as of December 31, 2019 and 2018: Table 6 - Sensitivity to Changes in Interest Rates As of December 31, 2019, the Banks were within their guidelines for immediate rate shocks up and down for all net interest income scenarios and for the up rate scenarios and the down 100 and 200 basis points scenarios for the market value of shareholders’ equity. The Banks’ percent change in the 300 and 400 basis points down scenarios for the market value of shareholders’ equity was slightly higher than the policy guidelines. As of December 31, 2018, ChoiceOne Bank was within its guidelines for immediate rate shocks up and down for all net interest income scenarios and for the up rate scenarios and the down 100 and down 200 basis points scenarios for the market value of shareholders’ equity. ChoiceOne Banks’ percent change in the 300 and 400 basis points down scenarios for the market value of shareholders’ equity was slightly higher than the policy guidelines. The ALCO plans to continue to monitor the effect of changes in interest rates on both net interest income and shareholders’ equity and will make changes in the duration of its rate-sensitive assets and rate-sensitive liabilities where necessary. Page \| 36 Item 8. Summarise this report in a few sentences.	ChoiceOne's Asset/Liability Management Committee (ALCO) uses a simulation model to measure the Banks' interest rate risk and to monitor the effect of changes in interest rates on both net interest income and shareholders' equity. The ALCO measures interest rate sensitivity by focusing on the one-year repricing gap and by subjecting rate-sensitive assets and liabilities to interest rate shocks. As of December 31, 2019 and 2018, the Banks were within their guidelines for immediate rate shocks up and down for all net interest income scenarios and for the up rate scenarios and the down 100 and 200 basis points scenarios for the market value of shareholders' equity. The ALCO plans to continue to monitor the ratio of rate-sensitive assets to rate-sensitive liabilities on a quarterly basis in 2020 and make changes in the duration of its rate-sensitive assets and rate-sensitive liabilities where necessary.
user	Crude oil prices top $42 as Opec+ laggards pledge better compliance Global oil demand may have peaked in 2019: Moody’s India's May crude oil imports post biggest decline since at least 2005 STORIES FOR YOU RECOMMENDED STORIES FOR YOU The government is likely to ask the next Finance Commission to consider a higher weight for the human development index (HDI) and sustainable development goals (SDGs) while recommending the distribution of resources among states. US electric carmaker Tesla is willing to invest up to $2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. As more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. In a clear break from the past, women are playing key roles in several ongoing boardroom conflicts, or family disputes that may extend into the boardroom, reflecting the rise in the number of women in positions where they can have their say. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Read Economic Times Epaper. Top Trending Stocks: SBI Share Price Summarise this report in a few sentences.	we're going to have to make a decision on how to distribute resources among states,' says a report. 'we're going to have to make a decision on how to distribute resources among states,' says a report. 'we're going to have to make a decision on how to distribute resources among states,' says a report.
user	Others They disrupt the reading flow They are not relevant to me They are not relevant to me They disrupt the reading flow Others I don't want to see these stories because « Back to recommendation stories « Back to recommendation stories ‘Phoenixes’ mauled by bears may rise sharply in a year’s time, hints study Go for Nifty BEES and Junior BEES MORE STORIES FOR YOU MORE STORIES FOR YOU ✕ Creditors have withdrawn 26,518 insolvency cases involving defaults of as much as ₹9.33 lakh crore before their applications were admitted by the adjudicating authority since the Insolvency and Bankruptcy Code (IBC) came into force. IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024, as India’s largest airline looks to court more business flyers and rival Air India on international routes, said people with knowledge of the matter. The initial public offering (IPO) market is in an unprecedented bull wave. Three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Read Economic Times Epaper. Top Trending Stocks: SBI Share Price Summarise this report in a few sentences.	IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024. the initial public offering (IPO) market is in an unprecedented bull wave. three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening.
user	‘Unemployment’ is the main concern for business executives globally, followed by ‘infectious diseases’ that progressed by 28 spots to emerge as the second-most recurring risk, according to the World Economic Forum’s (WEF) interactive map on ‘Regional Risks for Doing Business 2020’. Fiscal crisis the top concern in 2019 came in third among the top risks cited by business leaders globally. ‘Infectious diseases’ progressed by 28 spots, appearing in the top-10 risks in all regions except South Asia, in a year where the COVID-19 pandemic dominated global health concerns. The survey pulls 30 risks, including terrorist attacks, extreme weather events and state collapse or crisis. Surveyed regions include East Asia and the Pacific, Eurasia, Europe, Latin America and the Caribbean, Middle East and North Africa, North America, South Asia, sub-Saharan Africa. The findings are based on a survey of over 12,000 business leaders from 127 countries. The data is released ahead of the World Economic Forum’s inaugural Jobs Reset Summit (October 20-23) which aims to shape inclusive, fair and sustainable economies, societies and workplaces. While the top risks are mostly related to economics, climate-related risks are causing greater concern this year, with natural catastrophes (up seven places), extreme weather events (up five), biodiversity loss and ecosystem collapse (up eight), and failure of climate-change adaptation (up two) featuring more prominently, according to the survey. Other significant changes include human-made environmental catastrophes (down six places), failure of urban planning (down seven), and terrorist attacks (down nine). “The employment disruptions caused by the pandemic, rising automation and the transition to greener economies are fundamentally changing labour markets,” said Saadia Zahidi, Managing Director at the World Economic Forum. She added that as we emerge from the crisis, leaders have a remarkable opportunity to create new jobs, support living wages, and re-imagine social safety nets to adequately meet the challenges in the labour markets of tomorrow. Summarise this report in a few sentences.	unemployment' is the main concern for business executives globally. fiscal crisis the top concern in 2019 came in third among the top risks. ‘infectious diseases’ progressed by 28 spots to emerge as the second-most recurring risk. survey pulls 30 risks, including terrorist attacks, extreme weather events and state collapse or crisis. findings are based on a survey of over 12,000 business leaders from 127 countries.
user	Property prices remaining stable, interest rate hovering around 15-year low, and ample ready-to-move-in property or near-completion projects being available in the market are some of the reasons which ideally make it one of the best times to invest in a piece of property. However, amid the turmoil caused by Covid-19, the real estate sales have been impacted, thus making developers as well as the industry a little bit jittery. Recently Housing.com and the National Real Estate Development Council (NAREDCO) conducted a survey, titled ‘Concerned yet positive – The Indian Real Estate Consumer (April – May 2020)’, the findings of which will provide some solace to the industry. As per the report, real estate (35%) is still perceived as the preferred mode of investment, followed by gold (28%), fixed deposits (22%) and stocks (16%); and homebuyers are likely to slowly return to the market in the coming six months. However, a lot of buyers still consider property prices unaffordable despite the fact that price-points of residential realty have remained muted for the past few years. Commenting on the same, Dhruv Agarwala, Group CEO, Housing.com, Makaan.com & PropTiger.com, said, “Our survey clearly shows that potential homebuyers who were searching for flats have pressed a pause button for the time being because of liquidity concerns and uncertainty over the COVID pandemic. But, a majority of them will gradually start returning to the market in the coming months.” “This survey has established again that credible developers and ready-to-move-in or nearing-completion properties are preferred by prospective customers, who are largely end-users. With the significant correction in stock markets and the continued volatility, it is not surprising that real estate has become the top choice as an investment asset class,” he added. Pradeep Aggarwal, Founder & Chairman, Signature Global Group, & Chairman, ASSOCHAM National Council on Real Estate, Housing and Urban Development, said, “Prices are already low in real estate and developers do not have huge inventory of RTMI properties to meet the overall demand. Focus has to be on developing and completing projects in hand. However, to execute it with control over prices, developers need support from the government. The present government has come up with many measures to help real estate, but the need is to address all issues at one go. The crisis that has now engulfed the whole country calls for an immediate action so that the ‘Housing for All’ dream could be met.” Thankfully, the impact of the lockdown on homebuyers has been positive so far. The various schemes announced by developers, apart from all-time low interest rates and subdued property prices for quite some time are the reasons enough to rekindle the interest of customers. “After the slew of measures taken by the government, the market was seeing an uptrend and the post-lockdown schemes have provided additional reasons to invest in real estate before the market goes northward. The resilience of the government towards the economy is being reflected in the measures it is taking. Once the revival takes place, which is expected in the next 6-8 months, the prices will go up and then it would again become difficult for fence-sitters to get their hands on the best real estate asset within the fixed budget that they have,” said Dhiraj Jain, Director, Mahagun Group. In a bid to lure buyers, some developers have also come out with innvovative payment schemes and are giving freebies – ranging from free car parking, home appliances to cars — on the purchage of homes. Commenting on the same, Harvinder Singh Sikka, MD, Sikka Group, said, “Such schemes are being lapped up immediately by the buyers as they were waiting for the additional benefits that they can get while buying a piece of property. The market has improved and this will reflect in the overall performance of real estate in this quarter. For rates, I would say the market is stagnant as developers have realized that the rates are already at par with the buying capacity of customers. The likelihood of any increase in prices is low and we can see a change of 5-10 per cent in the coming months. At present prices in the realty sector are at their bottom, making it the best time to invest in property.” Summarise this report in a few sentences.	real estate is still perceived as the preferred mode of investment. interest rates remain at a 15-year low and ready-to-move-in properties are available. however, the market has been impacted by the covid-19 pandemic. the industry is jittery and developers are unable to complete projects. a survey by housing.com and the national real estate development council (NAREDCO) has been conducted.
user	Hyderabad continues to show resilience and its real estate dynamics kept up the momentum according to the JLL-CII report “Hyderabad Real Estate – A Road Map amid the COVID -19 crisis,’’ launched today. The city’s real estate performance was far better in H1 2020 as compared to other cities in India. Its formal economy was one of the first in urban India that resumed its stability as the lockdown rules were relaxed. Despite the nationwide lockdown, in Q2 2020, Hyderabad continued to witness relatively good office leasing and residential sales. Once construction activities resumed in May 2020, the city also saw the supply of new office buildings in addition to new residential projects. Hyderabad also led India’s office supply with a 30% share in H1 2020, significantly driving the country’s office absorption with an 18% share during the same period. Further, the city reported strong sales with the least unsold inventory in India which can be offloaded within two years. “Hyderabad’s resilience comes from the confidence of doing business instilled by the state government. The business-friendly policies of the government has helped corporates leverage the existing ecosystem in the state to maximize output and emerge as the destination of choice. For example, the growth of the IT sector in the state: While national IT exports grew by 8% in 2019-20, IT exports here grew by 18% in the same period. Owing to its robust and fast developing infrastructure along with ease of living, offering a cosmopolitan environment, today, Hyderabad is a major destination for India’s young workforce,” said Ramesh Nair, CEO & Country Head, India, JLL. In JLL’s latest GRETI (Global Real Estate Transparency Index) report in 2020, India experienced higher improvement and it is in the cusp of becoming a transparent economy. The focus of the government on sustainability transparency with focus on wellness and PropTech adoption drove this improvement. Hyderabad has been one of the forerunners in India in these parameters. This further strengthens investor confidence in the city’s real estate. Through the much-appreciated TS-iPass, ICT Policy and other investment friendly initiatives by the state government, the city has witnessed a major economic growth in the last six years. “Hyderabad’s positive reaction to the crisis has reflected tremendously in the city’s real estate performance. The focus of the government on business-friendly policies has helped Hyderabad emerge as a one of the leaders despite the global pandemic,” said Sandip Patnaik, Managing Director – Hyderabad, JLL. He further added, “Impressive investment in the infrastructure sector and the state’s fast track execution has tremendously contributed to the city’s real estate growth. An active real estate market and strong economic growth along with a thriving start-up culture have helped the city to gain one of the leading positions globally.” To understand the depth of the crisis and the reaction of stakeholders, JLL conducted a survey to understand the strategies of the top ten developers in various sectors and interviewed corporate leaders of companies in Hyderabad. The results of these surveys and discussions on each sector are as follows: Office Real Estate – As the city opened in early May 2020, construction activity resumed in a few projects and a few office projects started operations by June 2020. A total supply of 3.7 million sq. ft was added in H1 2020. Demand dynamics also remained strong as a few key office leases with large area were closed after the lockdown was relaxed in May 2020. The city reported an absorption of 2.1 million sq. ft in H1 2020 which dropped the city’s vacancy rate to 9.2 %. Residential Real Estate – Hyderabad witnessed highest quarterly launches ever during the lockdown period in Q2 2020. Most of these launches were in the northern and eastern submarkets. Despite the healthy volume (of launches), good sales kept the city’s unsold inventory at the lowest in the country. Construction resumed in many projects in the city, albeit at a slow pace due to reverse migration of construction laborer’s during the lock down. Retail Real Estate – Developers in Hyderabad offered rental waivers or rental deferments to battle the ongoing crisis. Highstreets in Hyderabad, meanwhile, gave some relief to the retailers as they are a relatively cost-effective solution to malls in these tough times. Leasing activity has continued in Highstreet retail properties. Construction of upcoming malls has resumed, although at a slow pace. Urban infrastructure development of fringe area with tech solutions, diversification of economic base and development of new economic hubs will assist Hyderabad’s real estate sector to overcome this storm and emerge stronger. Digital technology solutions like the Internet of Things (IoT), AI, sensors and geospatial technology, can be used to gather accurate data and detect real time problems to efficiently manage the urban infrastructure of the city. As office assets showed confidence of high growth and stable returns for the medium to long-term, global institutional investors and sovereign wealth funds showed an increasing interest in the city over the past few years. While the state government gave confidence to corporates through its business-friendly policy support in H1 2020, it utilised the lockdown period to upgrade the city’s urban infrastructure and aesthetics by employing labour who otherwise would have been unemployed. Hyderabad recorded the highest office net absorption in 2019 (as a proportion of existing stock) compared to any city globally, while standing among the world’s best-performing cities for prime office rental growth according to the recent JLL City Momentum Index (CMI) 2020 report. Summarise this report in a few sentences.	the city's real estate performance was far better in H1 2020. it is one of the first cities in urban india that resumed stability. the city also saw the supply of new office buildings and residential projects. it also led india’s office supply with a 30% share in H1 2020. the city is in the cusp of becoming a transparent economy.
user	Amid the carnage and high volatility in the market due to coronavirus outbreak and its economic implications, many experts have a mixed view on what investors should be doing at this stage. One such key voice, Nilesh Shah, Managing Director of Kotak Mahindra Asset Management advised investors to discipline their asset allocation vis-a-vis most challenging times. "One has to try to test him/herself into the market." The economy is going to go through a challenging period and companies will go through challenging times. "But at the end of the day, three or six months of disturbance in the history of a company in many decades is a very small number," he said. With the number of cases on the rise and many countries announcing a partial or a complete lockdown, stock markets have fallen quite a bit. As a result, valuations have become more attractive now. Most fund managers would like to remain fully invested at these valuations rather than take a cash call, Shah said. "If you remember 2008, most of successful fund managers remained fully invested. And those guys had really done well from the portfolio point of view. Of course, they did take short-term pain between September and October 2008 when markets corrected, but by March 2009 most of them were sitting on pretty positions." "This is the time we have to keep eyes and ears open and create a portfolio which is suitable for coming uncertainty," he added. The equity inflows (Rs 10,795 crore) and SIP (Rs 8,513 crore) remained strong in the month of February. Even MFs (Rs 55,595 crore buying) strongly supported equity market when there was large FII outflow (Rs 65,816 crore, the highest even in a single month) in March. Nilesh Shah expects the equity inflow and SIP in March to remain similar to February. "As far as the first three-week data of March is concerned, SIP inflow and equity inflows by and large linked and pace as in February, we should be nearer to 5 digit number in terms of flows, almost as good as February," he explained. Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.	many experts have a mixed view on what investors should be doing at this stage. equity inflows and SIP in March will remain strong. investors should discipline their asset allocation vis-a-vis most challenging times. a coronavirus outbreak has left many companies in limbo. a chinese government has declared a partial or a complete lockdown.
user	Mumbai: Snapping its seven-day rising streak, the rupee on Monday fell by 18 paise to close at 70.87 against the US dollar amid softening crude oil prices . The domestic currency had gained a healthy 220 paise in the last seven trading sessions. At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 70.48 against the US dollar. It gained further ground to hit a high of 70.30, following dollar selling by exporters. The local unit, however, pared the initial gains and finally settled the day at 70.87 to the US dollar, down 18 paise over its previous close. The rupee had rallied 77 paise to end at 70.69 against the US dollar Thursday on lower crude oil prices and foreign capital inflows. The forex market was closed Friday on account of Guru Nanak Jayanti. “The rupee appears to have put in a medium term bottom, driven by the sharp drop in crude oil, decline in foreign selling and improving prospects for the domestic economy," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. Meanwhile, foreign institutional investors (FIIs) made fresh purchases worth Rs62.74 crore on Monday, as per provisional data. Traders said bullish trend in the equity market as well as easing crude oil prices restricted the rupee’s fall. Brent crude was trading at $59.64 per barrel. Meanwhile, the 30-share Sensex settled 373.06 points, or 1.07%, higher at 35,354.08. While, the broader NSE Nifty jumped 101.85 points, or 0.97%, to finish at 10,628.60. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.7144 and for rupee/euro at 80.2660. The reference rate for rupee/British pound was fixed at 90.6478 and for rupee/100 Japanese yen was 62.47. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Topics Summarise this report in a few sentences.	rupee closed at 70.87 against the US dollar, down 18 paise over its previous close. foreign institutional investors made fresh purchases worth Rs62.74 crore. rupee had rallied 77 paise to end at 70.69 against the us dollar. meanwhile, the 30-share Sensex settled 373.06 points, or 1.07%, higher at 35,354.08.
user	As millions of job cuts tear through the U.S. economy, a faint glimmer of light has emerged: Some employers are trying to maintain ties to the staffers they're letting go so they can more quickly rehire them once the viral outbreak has passed. Several large retail chains are furloughing workers — a form of temporary job cut that often maintains health insurance — rather than laying them off. And many small businesses, too, are keeping in touch with workers they've had to let go. "Anyone who's trying to lay off workers is already thinking about how they can bring them back," said Jania Bailey, CEO of FranNet, a consultancy that works with franchise companies. One of them is Tracy True, who said she's keeping in touch at least once a week with the 10 furloughed staffers of her clothing store in Vestavia, Alabama. "As soon as we're given the all clear," True says, "we'll be back." How long millions of other laid-off employees will remain without work will help determine the depth and duration of a U.S. recession that's almost surely begun and is destined to worsen in coming months. Workers on temporary layoff typically spend less time unemployed compared with those who permanently lose work and must transition to new industries and acquire new skills. For the economy to recover relatively fast, many workers would need to return quickly to their former jobs. In Europe, some countries are directing a portion of their aid to help companies avoid layoffs by putting staffers on either reduced hours or paid leave. Governments will typically pay a chunk of the salaries of employees while they're not working. Germany fared particularly well with a short-work program during the 2009 recession. It supported 1.5 million workers, thereby limiting unemployment. This year, German officials say they expect 2.35 million workers to benefit. In the United States, some economists are more pessimistic. They fear that even companies that intend to rehire workers will struggle to do so if the coronavirus outbreak lasts into late summer or fall. And even when shutdown orders are lifted, consumer spending may be slow to recover as people remain wary of congregating in groups. "There is a strong possibility that the crisis goes on long enough that employer-employee relationships will begin to fray," said Martha Gimbel, an economist at Schmidt Futures, a philanthropic organization. On Monday, former Federal Reserve Chair Janet Yellen suggested that the U.S. economy could experience a "V-shaped" recovery, in which a deep recession is followed by a strong rebound. Yet she cautioned that "if firms sever their connections to their workers," a quick recovery would be unlikely. Last week, the government reported 3.3 million people sought jobless benefits — nearly five times the previous high. Most analysts expect an even more wrenching number Thursday: Jan Kozak, an economist at Morgan Stanley, predicts that 4.45 million people sought benefits in the week that ended March 28. The government's March jobs report coming Friday won't reflect most of those losses. It will be based on surveys that cover only the first half of March, before layoffs skyrocketed. Even so, analysts have forecast a loss of about 150,000 jobs, according to data provider FactSet. That would put an end to a record-long 113 straight months of U.S. job growth. Still, many companies say they're already planning for when the economy turns around. Britney Ruby Miller, co-owner of a chain of steakhouses, said her Cincinnati-based company is paying for health insurance through June for the roughly 600 workers they had to lay off. The family-run company is also sending weekly updates to its former employees and keeping them on an employee assistance program for those with depression or anxiety. "The goal," Miller said, "is to welcome 100% of our employees back." Macy's has said it will furlough the majority of its 125,000 workers and operate with a minimal workforce after closing its 600 department stores. But it said it would continue to pay for health insurance for laid-off workers at least through May. "We expect to bring colleagues back on a staggered basis as business resumes," Macy's said. The Gap, too, has furloughed 80,000 workers but will still provide health benefits for them. And while the three major American autoworkers, as well as Honda and Toyota, have closed their factories, their unionized workers are receiving nearly their full salaries from unemployment benefits and payments from the companies. Most expect to return to their jobs. "If it is a shorter duration of closure, we will see a lot of these layoffs be temporary," said Arindrajit Dube, a labor economist at MIT. Yet if shutdowns persist longer, many companies that are still paying benefits will stop doing so. And some, especially smaller businesses, will close for good. Some analysts foresee a faster rebound than after other recent recessions. Goldman Sachs estimates that the economy will contract at a 34% annual rate in the second quarter — which would be the worst quarterly showing on record. Yet Goldman expects growth to rebound 19% in the third quarter and for the economy to be nearly recovered by the end of 2021. Most recessions after World War II were short and sharp. Layoffs were often temporary. Since the early 1990s, though, layoffs in recessions have increasingly been permanent. From autos to construction, whole industries restructured themselves with fewer jobs after the Great Recession. Technology eliminated millions of administrative and other middle-skill jobs. Economists says it's hard to forecast any post-recession hiring patterns, especially when a downturn has been ignited by an external and unpredictable event like a pandemic. Still, some sectors of the economy, they say, could suffer permanent damage and job loss. Business travel, for example, may never fully recover, Dube said, as more companies turn to videoconferencing as an alternative. And as Americans increasingly shop online while shut in, pressures on traditional retailers could intensify, and their furloughs could become permanent layoffs. Another critical factor will be the effectiveness of the government's aid package for small businesses and unemployed workers. The legislation includes $350 billion for small business loans, which would be forgiven if the money is spent on maintaining their payrolls and avoiding layoffs. It also includes a significant expansion of unemployment aid, which will especially benefit workers in hotels, restaurants and other low-wage industries. Their financial cushion will increase their ability to spend once the economy picks up again — something vital for any quick recovery. How consumers behave in the coming months is a major concern for Michael Kanter. The co-owner of an organic food store in Cambridge, Massachusetts, Kanter has furloughed about 40% of his workers. He is covering their health care costs through April. "We are forever hopeful that we can bring some, if not all, of them, back," he said. Summarise this report in a few sentences.	some employers are keeping in touch with workers they've let go. how long other laid-off employees will remain without work will determine depth of recession. some economists are more pessimistic about the economic recovery. a spokesman for the fda says it's working with the government to help. a spokesman for the fda says it's working with the government to help.
user	LONDON: Oil prices dipped on Friday, erasing earlier gains, on concerns about rising new coronavirus cases in the United States and China and expectations of US output ticking up while crude stockpiles linger at record highs. Brent crude futures were 13 cents lower at $40.92 at 1342 GMT. US West Texas Intermediate ( WTI ) crude futures were down 33 cents at $38.39.The contracts are on track for weekly falls of around 3.1 per cent and 3.6 per cent, respectively, after record US crude inventory data dragged prices down on Wednesday.Earlier gains, supported by some optimism over rising road traffic boosting fuel demand, were erased in early US trading."Markets have got ahead of themselves and with the coronavirus pandemic still doing the rounds, there remains plenty of volatility on the horizon," PVM analysts said.There are fears that a spike in COVID-19 infections in southern US states could stall the demand recovery, especially as some of those states, such as Florida and Texas, are among the biggest gasoline consumers.The global economic outlook has also worsened or at best stayed about the same in the past month, a majority of economists polled by Reuters said, and the recession underway is expected to be deeper than earlier predicted.The prospect of increased US crude production also kept a lid on gains on Friday.A survey of executives in the top US oil and gas producing region by the Dallas Federal Reserve Bank found more than half of executives who cut production expect to resume some output by the end of July.US rig count data is due later on Friday. Summarise this report in a few sentences.	oil prices dipped on fears of rising new coronavirus cases in the u.s. and china. expectations of increased US crude production kept a lid on gains. rig count data due later on friday. rig count data due later on friday. rig count data due later on friday. rig count data due later on friday.
user	Prime Minister Narendra Modi will address the nation at 10 AM tomorrow as the 21-day deadline ends on April 14. Speculations are rife that the Modi government may initiate an experiment to get the economy going in 'graded manner' even though it's likely the nation-wide lockdown may be extended by two more weeks. Also Read: Coronavirus India Live Updates: India lockdown 2.0! PM Modi to address nation at 10 am on April 14 Prime Minister @narendramodi will address the nation at 10 AM on 14th April 2020. April 13, 2020 Telangana, Maharashtra, West Bengal, Odisha and Punjab have also already extended restrictions till the month end considering the rising number of coronavirus cases in India. Also Read: Coronavirus in India: State-wise COVID-19 cases, deaths, list of testing facilities Analysts believe the Centre may allow businesses and markets to resume work, especially in areas with no coronavirus cases. Most states could also follow the 'Kerala Model', which has been successful in bending the coronavirus curve in the state. The areas could be marked as red, orange and green zones, depending upon the number of cases. The areas with no case will be placed under 'green zone'. The government may also allow restoration of normal life under several restrictions, including maintaining social distancing and mandatory use of masks. At the same, areas with six or more cases could see the highest level of restrictions. The number of active coronavirus case stood at 7,987, including 856 cured or discharged and 308 deaths. The total number of cases also includes 72 foreign nationals. Thirty-five deaths have been reported since Sunday evening, of which 22 were reported from Maharashtra, five from Delhi, three from Gujarat, two from West Bengal and one each from Tamil Nadu, Jharkhand and Andhra Pradesh. Edited by Manoj Sharma Summarise this report in a few sentences.	prime minister @narendramodi will address the nation at 10 am on 14th April 2020. the 21-day deadline ends on April 14 and the country-wide lockdown may be extended by two more weeks. 'the government may allow businesses and markets to resume work, especially in areas with no coronavirus cases,' he said. the number of active coronavirus case stood at 7,987, including 856 cured or discharged and 308 deaths.
user	Since equity markets tend to discount the next 2 years' earnings, recovery in the markets may be quicker. It is difficult to find a bottom and hence our advice is to invest systematically, Prasanna Pathak, Fund Manager – Equity of Taurus Mutual Fund, said in an interview with Moneycontrol’s Kshitij Anand. Edited excerpt: Q) What would be your advice? Lump sum or staggered approach in direct equities or mutual funds? A) We do not expect a V-shaped recovery immediately. The markets/asset classes will consolidate for the next 5-6 months, and there will be a lot of volatility. The economy will take longer to recover. However, since equity markets tend to discount the next 2 years of earnings, recovery in the markets may be quicker. It is difficult to find a bottom and hence our advice is to invest systematically. Smart investors have already increased the quantum of SIP’s to take advantage of the opportunity. Our advice is to use the next 3-6 months to invest in good stocks, mutual fund schemes, etc. A patient investor with a 2-3 year time horizon is bound to generate handsome returns by investing in these times of uncertainty and fear. Q) We have already seen a big casualty in the form of IndiaNivesh Securities broking arm shutting down the operations. Do you think this could just be the starting? A) We do not know what exactly transpired at IndiaNivesh. However, we are given to understand that the issue was related to leverage, margin-funding, and inadequate risk management. Hence, to extrapolate an isolated casualty and arriving at a conclusion will be difficult. Having said that, many businesses, especially in the SME/MSME segment, may go through a painful period in the next 3-6 months. This is where proactive measures from the government and relaxations /assistance by the regulator are necessary. Q) A lot has been talked about COVID-19 hotspots – but where are the hotspots in terms of investment in the current scenario? A) Gold/silver looks interesting as an asset class in the short to medium term. Also Pharma, diagnostic and FMCG companies catering to basic/essential needs of consumers can be looked at for short to medium-term horizon. Q) What is your take on the ESG sector? Do you think companies in the ESG space could get attention? A) ESG framework is gaining popularity globally. Even SEBI has laid emphasis on the ESG framework for Mutual Funds. Global ESG ETF-Funds seems to have done better than the other diversified funds during the recent carnage. The data is based on a smaller time-frame and hence needs to be looked into that perspective. ESG data/ framework related to supply-chain, health and safety management will gain prominence in equity strategies going ahead. Q) What is your expectations from the FY21? What are your views on earnings, markets, flows, as well as demand? A) For Q4FY20, the actual impact of lockdown will be only for 10-12 days. However, the backdrop before the lock-down was also a slowing economy. Hence, we expect Q4FY20 to be muted. Also, the revival of demand and issues with MSE/MSME and banks will take longer to resolve. Hence, we are not very optimistic about FY21 either. However, FY22 and FY23 may surprise many analysts as we expect all the latent demand to bunch-up as also the revival of capex cycle in the backdrop of low-interest rates and cheap capital. We are tending to be more positive for medium-term prospects for India due to 1) sustained lower crude prices, 2) cheap global capital (-ve interest rates in most economies), 3) Lower domestic interest rates, 4) possibility of the emergence of India as an alternative to china once the COVID issue settles, 5) unlimited QE by FED and other central bankers which will again restore global liquidity and part of it will flow to emerging markets again. Q) In the post-COVID-19 world, what will be the new normal which the world will be looking at in investments, insurance, food habits, consumption, etc.? Summarise this report in a few sentences.	equity markets tend to discount the next 2 years' earnings. it is difficult to find a bottom and hence our advice is to invest systematically. smart investors have already increased the quantum of SIP’s. a patient investor with a 2-3 year time horizon is bound to generate handsome returns. a lot has been talked about COVID-19 hotspots.
user	MUMBAI: Financials drove benchmark equity indices to yet another record highs on Thursday, in a session which saw Nifty forming an indecisive candle again, implying that the level of 13,673-80 needs to be respected on Friday or else a halt in the ongoing rise may set in.Market barometer Sensex advanced 224 points to 46,890 points, while peer Nifty climbed 58 points to close at 13,741 points.Among stock-specific action, Burger King saw extreme swings in the day as it hit the upper circuit in the early trade, and tumbled by its daily limit in the afternoon.“Sectoral rotation is back in limelight. Intraday reversal of momentum in Burger King dampened spirits to some extent. Advance decline ratio went into the negative suggesting profit taking by traders,” said Deepak Jasani, Head of Retail Research, HDFC Securities.“Broader markets could continue to be rangebound while Nifty could still rise another few hundred points,” he added.Shares of Burger King India continued its uptrend until the afternoon and were up 10 per cent to a new high of Rs 219.15, but later hit lower circuit as they tumbled 10 per cent to Rs 179.35. The stock is still up nearly 3 times from its issue price of Rs 60.Financials contributed the most to Sensex’s gains with mortgage lender Housing Development Finance Corp (HDFC) rising 2.92 per cent, while private lender HDFC Bank advanced 2.17 per cent. Top NBFC Bajaj Finance hit a new all-time high of Rs 5,300, and closed 2.74 per cent higher at Rs 5,284.25.By 4 pm, the Rs 541-crore initial public offer (IPO) by Mrs Bectors attracted a whopping 197.43 times subscription on Day 3, on the back of robust demand from all categories of investors. The issue received bids for 2,61,31,98,600 shares, against the issue size of 1,32,36,211 shares.Despite frontline indices logging new highs, the numbers of declining shares on the BSE outnumbered advancing ones in the ratio of 1.1:1, indicating that traders locked in gains.Promoters Adani Tradeline LLP revoked the pledge on 8,70,000 shares of Adani Transmission on December 14. The stock shed 1.16 per cent to Rs 426.50.Promoter Vijaya Sivarami Reddy Vendidandi sold 1,80,000 shares of Spandana Sphoorty Financial on December 16. The stock dropped 0.94 per cent to close at Rs 728.60.A total of 322 stocks scaled 52-week highs on the BSE. These included 3i Infotech, Adani Enterprises, Asian Paints, Ashok Leyland, Berger Paints, Bajaj Finance, Dixon Technologies, EID Parry, Voltas and Titan Co, among others.As many as 401 stocks rose by their daily limit on the BSE. These included Suven Lifesciences, Burger King India, Suryachakra Power & Cox & Kings, among others.On the back of relentless buying, as many as 96 stocks turned ‘overbought’ as they crossed above the 70-mark on the RSI indicator. These included Bombay Dyeing, Motherson Sumi Systems, Orient Cement, Jubilant FoodWorks, HEG and JK Paper, among others.According to Nagaraj Shetti, Technical Research Analyst, HDFC Securities, the short-term trend of Nifty continues to be range bound with positive bias and similar type of movement is expected in the coming session.“The upside target for the Nifty remains around 13,900-14,000 levels, which corresponds to multiple long term trend line resistances. Immediate support is placed at 13,660,” said Shetti. Summarise this report in a few sentences.	Sensex advanced 224 points to 46,890 points, while peer Nifty climbed 58 points to close at 13,741 points. shares of Burger King India continued its uptrend until the afternoon and were up 10 per cent to a new high of Rs 219.15. shares of top NBFC Bajaj Finance hit a new all-time high of Rs 5,300, and closed 2.74 per cent higher at Rs 5,284.25.
user	The S&P 500 and Nasdaq erased early gains on Tuesday as a plunge in consumer confidence underlined the extent of the economic damage from the coronavirus pandemic, while healthcare stocks slumped after a sales warning from Merck.The US drugmaker fell 3 per cent after saying it expected the outbreak to reduce 2020 sales by more than $2 billion as a big drop in doctors' office visits take a hefty toll.The wider S&P healthcare index shed 1.5 per cent, falling for the first time in five days, as investors were also unimpressed by Pfizer Inc's quarterly profit beat.Microsoft Corp and Amazon.com Inc shed more than 1.4 per cent, with investors booking profits heading into the biggest week for first-quarter earnings for tech-related firms, while the banking subindex added 1.9 per cent."As we go into earnings, people are getting nervous about all the concentration in the key (technology) stocks and they are probably taking a bit off the table," said Thomas Hayes, managing member at Great Hill Capital LLC in New York. Wall Street has recovered more than 30 per cent from its March lows, thanks to aggressive stimulus efforts and, more recently, on signs of states moving toward partial reopening.Still, the benchmark S&P 500 index remains 17 per cent away from reclaiming a record high hit in February and analysts have warned of further declines if a deep global recession sets in.Latest data showed US consumer confidence tumbled in April as the lockdown measures crushed economic activity and threw millions of Americans out of work. Focus now turns to US first-quarter GDP figures due Wednesday, with economists expecting a contraction of 4 per cent."It's a catch-22 sort of situation," said Adam Vettese, analyst at investment platform eToro in London."The longer the lockdown, we could be in for worse economic data. That said, if we lift it too early and see a resurgence in cases, then also we are in a bad situation, which could then lead to more bad economic data."Investors are also awaiting the outcome of a two-day Federal Reserve policy meeting that begins later in the day, although expectations are low for more central bank easing.At 11:41 a.m. ET the Dow Jones Industrial Average was up 56.66 points, or 0.23 per cent, at 24,190.44, the S&P 500 was up 0.92 points, or 0.03 per cent, at 2,879.40 and the Nasdaq Composite was down 60.38 points, or 0.69 per cent, at 8,669.79.Boosting the Dow, 3M Co, the world's biggest maker of N95 respirator masks, gained 2.6 per cent after reporting a better-than-expected quarterly profit, although it suspended its 2020 forecast due to the health crisis.Harley-Davidson Inc jumped 12 per cent as it took more steps to boost its cash reserves to deal with the drop in motorcycle sales due to lockdowns.Advancing issues outnumbered decliners more than 2-to-1 on the NYSE and almost matched them on the Nasdaq.The S&P index recorded 11 new 52-week highs and one new low, while the Nasdaq recorded 46 new highs and one new low. Summarise this report in a few sentences.	the wider S&P healthcare index shed 1.5 per cent, falling for the first time in five days. investors also unimpressed by a sales warning from Merck, which said it expected the outbreak to reduce 2020 sales by more than $2 billion. the benchmark S&P 500 index remains 17 per cent away from reclaiming a record high hit in February. analysts have warned of further declines if a deep global recession sets in.
user	On a visit to South Korea some years ago I asked a senior Samsung executive who had also served in government, what made his country soar to First World status when 60 years ago it was just like India – underdeveloped and agricultural. He ruminated for a minute, then answered it was the Korean war of 1950-53 – which had a cataclysmic effect on Korean society and during which the capital, Seoul, changed hands four times – that transformed the attitudes of Korea’s social and political elites.Meanwhile, India always had the Himalayas as a comfortable physical and psychological barrier, warding off any sense of imminent, existential crisis it may have felt as a young nation. Pakistan it could deal with – India’s cantankerous neighbour is also poor and agricultural, with less than one-sixth India’s population.We are, however, faced with a new situation today. China, having made giant strides in development and military strength, is currently in expansionist mode – as Prime Minister Narendra Modi indicated when he spoke to jawans on a surprise trip to Ladakh on July 3. Modi’s forthright speech on that occasion, and the subsequent decision to pull the plug on 59 Chinese apps, was a refreshing change from the downplaying of the China threat – even as Indians scream imprecations at Pakistan – that is the default mode of our strategic thinking.Beijing, which wants to bestride Asia like a colossus, is having a go at the Himalayan barrier which hitherto gave New Delhi its sense of security. It’s true that barrier was breached in 1962, when the Chinese captured Arunachal Pradesh – but the breach proved momentary as they rapidly withdrew. This time, however, Beijing won’t be in a hurry to retreat – the extent of permanent infrastructure and unprecedented mobilising of its armed forces along the LAC indicates this. Moreover, it has lined up its chips correctly. While Modi’s speech at Ladakh spoke of the path of development as opposed to that of expansionism, China in fact has galloped down the former path for the last four decades.As I argued in these columns recently (‘A New Cold War?’, May 21), Beijing’s perspective is markedly different from the Western (or Indian) one, in that it never believed that the Cold War ended with the fall of the Berlin Wall in 1989. This has provided it with a sense of existential urgency (not unlike the South Korean one), as its ambition to equal and ultimately surpass the US drove it to modernise rapidly. Beijing didn’t make Soviet first secretary (later Premier) Nikita Khrushchev’s mistake of publicly threatening the West “history is on our side, we will bury you!” But that’s the path it embarked on.With the Himalayan barrier acting as a psychological cushion India, meanwhile, plodded along in an insular bubble, sufficient unto itself. India and China were roughly at the same economic level in 1980, but now China is five times richer. It’s been argued that India’s problem is too much democracy. According to latest rankings of the Human Freedom Index , however, India ranks a lowly 108th in personal freedom and 94th in human freedom among 162 nations. Given India’s immense diversity, weakening democracy further would be tantamount to weakening the integrity of the republic itself. Fortunately, the problem lies not in too much democracy but rather in too much bureaucracy – with the promise of the 1991 reforms petering out over the last decade or so.Two things are apparent about the post-Covid normal. First, the tectonic plates of global geopolitics are shifting, as the West is about to pick up the gauntlet China has thrown to it. Second, unlike the old Cold War where India was a marginal player, it will be a frontline state in the new era of heightened geopolitical rivalries that’s looming. Its safe space is gone, as the China-Pakistan alliance will become much more visible in its attempts to constrain India. Among other things the spectre of a two front war will loom for the foreseeable future, placing an additional burden on India’s flailing economy.To cope with this new situation, the first step is strategic clarity. New Delhi must rework its inward orientation, which includes an obsession with internal politics, and realise that it has reached a tipping point with China. To restore balance it needs to surpass China in economic growth rates, which means doing 8-10% annual GDP growth sustainably, while decoupling from China in strategic areas such as telecom and power. It must sharply cut its regulatory and bureaucratic cholesterol, which requires a decisive departure from the Nehruvian consensus governing economic policy. Self-reliance is all right, so long as we realise that – like reservations which undermine merit – it works best in homeopathic doses.Second, if India is a frontline state now, non-alignment won’t do anymore (as foreign minister S Jaishankar correctly indicated). India’s desire to stand alone allowed even Pakistan to routinely outmanoeuvre it diplomatically in the past. And now, it has a great power ranged against it. As strategic analyst C Raja Mohan wrote recently, “That China has become far more powerful than all of its Asian neighbours has meant Beijing no longer sees the need to evoke Asian unity.” The Galwan valley clashes and threat of a wider war provided New Delhi with a clear indication of who its friends and enemies are, and it needs to pick up smartly on those cues.Hopefully, the looming external threat will prick India’s insular bubble. If it galvanises India’s elites into the sort of modernising behaviour South Korea exhibited earlier then Beijing – in the end – would have done New Delhi a great favour. It’s worth remembering that South Korea, too, bloomed in the shadow cast by the Chinese giant. Summarise this report in a few sentences.	we are, however, faced with a new situation today,' says narendra modi. china is currently in expansionist mode - as modi indicated in speech. 'the chinese are a colossus,' says naomi xiaoping. 'the chinese are a colossus,' says naomi.
user	Creditors have withdrawn 26,518 insolvency cases involving defaults of as much as ₹9.33 lakh crore before their applications were admitted by the adjudicating authority since the Insolvency and Bankruptcy Code (IBC) came into force. IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024, as India’s largest airline looks to court more business flyers and rival Air India on international routes, said people with knowledge of the matter. The initial public offering (IPO) market is in an unprecedented bull wave. Three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Read Economic Times Epaper. Top Trending Stocks: SBI Share Price Summarise this report in a few sentences.	creditors have withdrawn 26,518 insolvency cases involving defaults of as much as 9.33 lakh crore. IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024. the initial public offering (IPO) market is in an unprecedented bull wave. three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening
user	Narendra Modi More than a year ago before he got a huge mandate for a second term in office, Prime Minister Narendra Modi was asked who was his biggest challenger. He replied: “Modi’s biggest challenger is Modi himself. I have always challenged myself. I have always tried to improve my own performance, and succeeded.” As he completes a year of his second term on May 30, Modi may still think so. Today, however, the challenges before his government are not so much because of its shortcomings, but because of extraneous factors. Modi needs to overcome these problems to deliver good governance. That said, Modi has traversed a long course — from the 2014 promise of Achche Din (good days) to Aatmanirbhar (self-reliance) in 2020. Modi is still perceived as a strong leader who is hugely popular. He is bold enough to take hard decisions and plough the lonely furrow—at the same time, he doesn’t hesitate to let go of things that are not relevant anymore. These are the impressions as Modi completes the first year of his second term — a year which saw momentous acts such as the scrapping of Article 370 that was fodder for separatism and insurgency in Jammu & Kashmir. In one masterstroke, Kashmir was legally and administratively integrated with the rest of India. However, removing Article 370 did not electorally benefit the BJP nor bring an end to the unrest in the Kashmir valley. In his second tenure, Modi showed firmness when the much-delayed triple talaq law was enacted to free many Muslim women from ill-treating husbands who were unlawfully ending marriages. This legislation came in the face of stiff opposition from non-BJP parties, some of whom valued their vote-banks more than gender equality. Through this legislation the BJP has moved closer to realising a Uniform Civil Code. Through the amendments to the Unlawful Activities (Prevention) Act, Modi strengthened India’s anti-terror law. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show By the end of 2019, the Supreme Court delivered its judgment which favoured building a temple in Ayodhya at the site where the Babri masjid stood before it was demolished in 1992. The BJP, which has been vocal of this demand for decades, felt vindicated by the verdict. The passage of the Citizenship Amendment Act (CAA) was another feather in the BJP’s cap with the fast-tracking of the citizenship process for six persecuted minorities from neighbouring Muslim-majority countries. Though Muslims from these countries were not barred from Indian citizenship — and thus the CAA was not discriminatory — opposition parties backed groups that protested against the CAA. The 101-days sit-in protest blocking an arterial road in Delhi’s Shaheen Bagh was the biggest anti-CAA protest. The resultant misconception over the National Population Register (NPR) as a part of the Census 2021 got mixed up with the trauma of the National Register for Citizens (NRC) witnessed in Assam, making it a no gainer in particular for Home Minister Amit Shah. The anti-CAA protests turned violent in Murshidabad in West Bengal and in Jamia Nagar in Delhi. Events precipitated leading to the Delhi riots in February, in which more than 50 people were killed. The riots came as a big blot in Modi’s five-year-old claim that his tenure was immune from communal rioting, though there were several instances of mob lynching in different parts of the country. Among the setbacks, the BJP lost elections in Jharkhand and Delhi, and its 30-year-old ally, the Shiv Sena left the NDA to form a coalition government with the Congress and Nationalist Congress Party (NCP) in Maharashtra. The political uncertainty following the elections here ended up denting Modi’s image as the governor was seen as a willing partner to the BJP’s political plans. A bold economic step taken in the first year of Modi 2.0 was the merger of 10 public sector banks into four big banks. It lead to rationalisation of manpower and cutting down on running costs. However, the Union government’s overall performance got marred by the slowdown in the economy, due to the global economic situation and falling expectations — in spite of two budgets to fix the ailing economy. As 2020 began, the government’s budget did not embrace big-ticket reforms that would reset the economy. Neither did the middle- and the salaried-class see any encouragement to increase consumption and spending. The government continued to appear to be diagnosing further ways to rectify the slowdown when COVID-19 struck India. The Centre’s response to the pandemic by and large is commendable. The overall number of infections are going up, but, the strict national lockdown has meant that the growth rate is dipping. This has enabled authorities to ramp up much-needed hospital facilities, and increase the number of available ventilators and personal protective equipment. So far, India has managed to have one of the lowest fatality rate at 2.87 percent, and some credit on this account belongs to the Centre. The performance of some states, however, has left much to be desired. More than the disease itself, the unabated reverse exodus of migrants to their homes in Uttar Pradesh, Bihar, West Bengal and Jharkhand among other states has haunted the central government. The images of hundreds of poor migrant workers trekking, cycling and crammed into buses or trying to board trains to reach their villages is heart-wrenching. The states have largely escaped the blame for not stopping these migrants, and in the process the central leadership under Modi was made out as the villain of the piece. Modi’s exhortation for an ‘Atmanirbhar Bharat’ as a panacea to the suffering inflicted by COVID-19 did not find favour among those who believed in direct handing out of cash to the migrant workers. Consequently, the details of the package laid out by Finance Minister Nirmala Sitharaman were not appreciated, though they marked first of the bold reforms while avoiding the route of populism and profligacy. Modi’s focus remains on big reforms, structural changes and in the ease of doing business. His attention is on the BJP’s 75 milestones (enunciated in the 2019 manifesto) that has to be achieved when India turns 75 in 2022. If Modi can get India to cross these milestones, he holds the key to great possibilities of India’s new growth story once the pandemic is behind us. Shekhar Iyer is former senior associate editor of Hindustan Times and political editor of Deccan Herald. Views are personal. Summarise this report in a few sentences.	a year ago, he was asked who was his biggest challenger. but today, the challenges are not so much because of its shortcomings. but because of extraneous factors. he needs to overcome these problems to deliver good governance. he is still perceived as a strong leader who is hugely popular. he is bold enough to take hard decisions and plough the lonely furrow.
user	NEW DELHI: India's balance of payments this year is going to be "very very strong" on the back of significant improvement in exports and a fall in imports , Commerce and Industry Minister Piyush Goyal said on Monday.He said that "good" green shoots are visible in the economy and exports have shown a "good" turnaround."We are in July at about 91 per cent export level of July 2019 figures. Imports are still at about 70-71 per cent level of July 2019. So, broadly our balance of payments this year is going to be very very strong, which is why we feel confident that Indian industry will see opportunities for themselves, will see opportunities of growth," he said at a Ficci webinar.India's exports fell for the fourth straight month in June as shipments of key segments like petroleum and textiles declined but the country's trade turned surplus for the first time in 18 years as imports dropped by a steeper 47.59 per cent.The country posted a trade surplus of USD 0.79 billion in June. Summarise this report in a few sentences.	India's trade turned surplus for the first time in 18 years as imports dropped 47.59 per cent. the country posted a trade surplus of USD 0.79 billion in June. the country's exports fell for the fourth straight month in June. the country's trade turned surplus for the first time in 18 years.. in april, the country posted a trade surplus of USD 0.79 billion.
user	The Indian headline indices-Sensex and Nifty fell after the Reserve Bank of India cut repo rate by 25 basis points to 5.75 per cent on Thursday. The central bank has also changed its stance to accommodative from neutral. The reverse repo rate has also been changed to 5.50 per cent. While the Sensex fell over 550 points to end at 39,529.72 level, Nifty settled down at 11,843.75. Nifty Bank shares fell more than 2 per cent after the RBI policy announcement. Nifty PSU Banks feel sharply around 5 per cent post interest cut announcement. Today, on BSE, the State Bank of India or SBI shares settled 5 per cent down at Rs 337.05 per share, PNB closed at Rs 79.45 a share, 3.5 per cent from the previous close. Auto shares were also under pressure and most of the auto stocks ended in red except Hero MotoCorp which gained during the later session and ended marginally up at Rs 2,780.95, higher by 1 per cent form the previous close. Summarise this report in a few sentences.	the Sensex and Nifty fell after the RBI cut repo rate by 25 basis points. the central bank has also changed its stance to accommodative from neutral. the reverse repo rate has also been changed to 5.50 per cent. auto shares were also under pressure and most of the auto stocks ended in red. the Sensex fell over 550 points to end at 39,529.72 level, but Nifty settled down at 11,843.75.