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The Poco F2 is coming after a long wait but unlike its predecessor, it is coming to the global markets first instead of being an India-exclusive model for a first few months. Based on the leaks and rumours, it is known that Poco is simply bringing the Redmi K30 Pro from China under a different name. And now, the official teasers from Poco are hinting at the same, with the Poco F2 being a rebadged Redmi K30 Pro. Online retailer Gearbest has pit up an official teaser page for the upcoming Poco phone and while it does not mention the name, it hints at the Poco F2. Based on the images from the site, it seems that Poco F2 is indeed going to be the Redmi K30 Pro, complete with a notchless display, a circular camera design, powerful chipset and fast-charging battery. It has been long said that Poco will have two models under its F2 series. There will be a regular Poco F2 that is still mostly a mystery. A second Pro model will be present with the ultimate performance upgrades. The latter is said to be the Redmi K30 Pro being sold as a Poco device. And that's a great upgrade, especially when you compare it with the original Poco F1. Given that F2 Pro is similar to the Redmi K30 Pro, customers will be in for a treat if specifications are concerned. A Snapdragon 865 chip with 5G connectivity is going to take care of all the performance needs and assisting it is UFS 3.1 type storage along with LPDDR5 RAM. You can also expect the same 64-megapixel Sony IMX686 sensor as the main camera in the quad-rear camera setup. Redmi K30 Pro That said, India is said to get a different phone altogether as the Poco F2. Poco India GM C Manmohan earlier confirmed that the Redmi K30 Pro is not the Poco F2 as the latter will be a different phone for the market. A previous leak suggested that the Poco F2 is scheduled to come to India in the latter half of 2020. Poco is currently focusing on the budget segment with the Poco X2 which start at Rs 16,999 and leads in terms of specifications and features. As for the Redmi K30 Pro, it will come to India as Redmi's flagship. However, leaks say that Xiaomi will bring the Redmi K30 Pro Zoom Edition, which swaps out a macro camera in favour of a 3X optical zoom. This phone could be joining the Xiaomi Mi 10 as the two phones this year with a Snapdragon 865 chip. Summarise this report in a few sentences.
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the official teaser for the Poco F2 is a rebadged Redmi K30 Pro. the phone is said to be a notchless display and a circular camera design. the phone is expected to be available in india in the latter half of 2020. the redmi k30 pro will be a different phone for the market.
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The central government is planning to come up with a plan to help attract foreign direct investments (FDIs) into India by early next month. "The government is working on something. A detailed scheme will soon be announced," a senior government official told Moneycontrol. The government is working on having a more liberalised FDI regime, in order to tackle the economic fallout of COVID-19 pandemic. "Nothing has been finalized yet. Maybe rules and other process-related hurdles can be eased further so that better investments can flow in," the official said. As a part of the new scheme, the government is also planning on a land pool which could be used to offer land to interested countries. "Acquiring land is an issue here, there are a lot of legal hurdles. That's the biggest challenge for companies looking at India as a viable option. The government will try to make that less tedious," the official said. 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 One of the key focus areas to promote manufacturing would be textiles. "We are in the process of selecting other sectors too. Pharmaceuticals could also be one. But textile would be the key focus, as it needs handholding," the official said. After agriculture, India's textile sector is considered to be the next biggest employment generator in the country. It employs over 105 million people. The pandemic came at a time when the sector was battling sluggish growth after demonetisation and the Goods and Services Tax (GST) implementation. Eleven countries buy 41 percent of India's cotton yarn exports and these countries have reported COVID-19 cases, according to the Cotton Textiles Export Promotion Council (Texprocil). In value terms, yarn exports are down 30 percent in January-February against a year ago. Cotton yarn exports to China, Iran, Korea and Vietnam have seen a steep decline. The US and Europe are the two largest markets for Indian textile exporters. Both are imploding with new cases every day. The pandemic has killed more than two lakh people worldwide, with the UK reporting the highest death toll in Europe. The US has reported over 70,000 deaths. The pandemic has already led to big fashion labels announcing the cancellation of orders and relieving labour. Macy's, the US-based retail giant, has announced that it would grant leave to most of its 1,30,000 employees. British luxury giant Burberry has predicted a steep drop in sales of about 70-80 percent. The UK-based retailer Primark has cancelled all new orders and Inditex (the owner of popular brand Zara) has written off some $336 million worth of inventory. "There is a lot of untapped opportunity in the textile sector. World over, the sector has been hit hard. There can be a case of taking advantage of this downturn and making it work in our favour," the official said. Summarise this report in a few sentences.
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the central government is planning to come up with a plan to help attract foreign direct investments (FDIs) into India by early next month. the government is working on having a more liberalised FDI regime, in order to tackle the economic fallout of COVID-19 pandemic. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection.
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One of the occupational benefits/hazards of being an equity investment manager is that one is expected to have knowledge pertaining to many fields. Answers are expected from investment managers on interest rates, economic growth, politics, currency movements, demographics and so on. These days, a hot button issue is the impact of Corona Virus/COVID 19 on equities. At the time of writing this column, even medical professionals/health ministries of various countries are uncertain about the exact impact of the virus. The uncertainties are not minor. There would be a temptation to answer the question that investors have about the effect of the outbreak with “I don’t know what will be the impact of the virus on the equity markets.” But a more nuanced answer is as follows. 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 What we know While we don’t know many things, there are some things that we do know. -The virus will not wipe out humanity. Not all the infected persons die. Many do not even develop major complications; the ailment may be diagnosed as flu and people may get well without needing hospitalisation. Some people, in fact, do not experience any symptoms and may get well without knowing they were infected. -The near-term economic impact is bad the world over. People stop flying, taking vacations, going to the casino, movies, dining, shopping out and so on. All items of discretionary spending would get impacted. One does not after all feel like going to the car showroom to check out a new model when the threat of a pandemic is around. -The virus is more threatening to old and ill people (fragile people). Similarly, it is a threat to fragile businesses. Extremely leveraged companies in segments such as airlines, hotels and casinos will face severe stress and some of them may fail because of the impact of the virus. Robust businesses and Anti-fragile businesses (businesses with zero debt, lot of cash reserves) may in fact use the opportunity to make acquisitions, increase market share etc. -Historically, the impact of such diseases has been temporary (just as in the cases of SARS, MERS, Bird Flu, Swine Flu etc.) -Frothy sectors and stocks, which fall because of the proximate cause of COVID, may not again reach the lofty / frothy valuations. Sectors and stocks that sell-off irrationally may be provide an opportunity to invest. - The central bank will keep interest rates at low levels or further cut interest rates to help the economy. -Governments will consider fiscal stimulus or at least not raise taxes, to help the economy After considering all the knowns and unknowns my concern about the virus is more as a human being than as an investor. I have to worry about taking precautions for myself, my family, my friends, my colleagues and so on, so that they do not suffer ill health or worse. Regarding equity investments, the global economy and markets, it will be helpful to remember the words “This too shall pass.” (The writer Chief Investment Officer & Director PPFAS Mutual Fund) Summarise this report in a few sentences.
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a hot button issue is the impact of Corona Virus/COVID 19 on equities. 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, complex process. a vaccine is a vaccine that is given to healthy people and also vulnerable sections of the population.
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Stock Market Update In Hindi: बजट के पहले बुधवार को शेयर बाजार में 2 दिनों की गिरावट पर ब्रेक लग गया है. बाजार में एक बार फिर रौनक देखी जा रही है. कारोबार में पूरे दिन सेंसेक्स और निफ्टी में बढ़त के साथ कारोबार देखने को मिला. सेंसंक्स करीब 232 अंकों की तेजी के साथ 41199 के स्तर पर बंद हुआ. वहीं, निफ्टी भी 74 अंकों की तेजी के साथ 12130 के स्तर पर बंद हुआ. बता दें कि सोमवार और मंगलवार को शेयर बाजार में कोरोना वायरस आउटब्रेक के चलते बिकवाली देखने को मिली थी. आज के कारोबार में फार्मा को छोड़कर सभी प्रमुख सेक्टर में खरीददारी देखने को मिली है. एफएमसीजी शेयरों में शानदार तेजी देखने को मिली. मंगलवार को बाजार गिरावट के साथ बंद हुआ था. सेंसेक्स में करीब 188 अंकों की गिरावट रही और यह 40,966.86 के स्तर पर बंद हुआ. वहीं, निफ्टी में करीब 59 अंकों की कमजोरी रही और यह 12,060.25 के स्तर पर बंद हुआ. सोमवार को भी शेयर बाजार गिरावट पर बंद हुआ था. वैश्विक बाजारों की बात करें तो अमेरिकी और यूरोपीय मार्केट हरे निशान में बंद हुए हैं. वहीं एशियाई बाजारों में आज मिला जुला कारोबार देखने को मिला है. आज के कारोबार में निफ्टी पर 11 प्रमुख इंडेक्स में से 10 इंडेक्स हरे निशान में बंद हुए. सिर्फ फार्मा इंडेक्स में हल्का दबाव देखने को मिला. एफएमसीजी इंडेक्स 1 फीसदी से ज्यादा मजबूत हुआ. वहीं आटो और मेटल इंडेक्स में करीब 1 फीसदी तेजी देखने को मिली. सेंसेक्स 30 के 22 शेयरों में तेजी देखी गई. नतीजों के बाद बजाज फाइनेंस में 5 फीसदी तेजी रही. वहीं टीसीएस में आज गिरावट देखने को मिली. बजाज फाइनेंस के अलावा नेसले इंडिया, ITC, इंफोसिस, HCL टेक और पावरग्रिड टॉप गेनर्स रहे हैं. वहीं, टीसीएस, एचडीएफसी, टाइटन कंपनी, अल्ट्राटेक सीमेंट, सनफार्मा और आईसीआईसीआई बैंक टॉप लूजर्स रहे हैं. किन शेयरों में तेजी, किनमें गिरावट FMCG शेयरों में शानदार तेजी Summarise this report in a few sentences.
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Stock Market Update In Hindi:
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South Korea's unemployment rate hit an eight-year high in August as mandatory minimum wages rose, adding to economic policy frustrations and political challenges for President Moon Jae-in whose approval rating is now at its lowest since inauguration. The unemployment rate rose to 4.2 percent in August from 3.8 percent in July in seasonally adjusted terms as the number of unemployed rose by 134,000 people from a year earlier. This was the labour market's worst performance since January 2010, when the economy was still reeling from the global financial crisis, when 10,000 jobs were lost. Finance Minister Kim Dong-yeon said on Wednesday the government will need to adjust its wage policies, signalling some future soft-pedalling in the drive to raise minimum wages. "(The government) will discuss slowing the speed of minimum wage hikes with the ruling party and the presidential office," Kim Dong-yeon told a policy meeting in Seoul, adding he did not expect a short-term recovery in the job market. Experts say the uproar over jobs could also cost Moon considerable political capital as he pursues closer ties with Pyongyang, as any good news from an inter-Korean summit may not be enough to offset public discontent over the lack of jobs and soaring housing prices. More than 60 percent of respondents in a Gallup Korea survey criticised Moon's handling of the economy, including his 'inability to improve the livelihoods of ordinary citizens' and 'minimum wage increases'. The jobs report showed the labour-intensive retail and accommodation sector, which lost 202,000 jobs in August from a year earlier, was the hardest hit. A total 105,000 jobs were lost from manufacturing industries, the report said. However, the agriculture, construction and transport sectors saw a rise in the number of employed, partly offsetting the rise in the number of workers laid off. The overall number of employed people rose by just 3,000 - also the worst since January 2010. Each month's worsening jobs report has sparked a strong public backlash, with President Moon Jae-in's approval rating falling below 50 percent for the first time on Sept.7. A weekly Gallup Korea survey released on Friday showed Moon's support fell 4 percentage points to 49 percent, the lowest since he took office in May 2017. "At this rate, we may not see any gains in the number of employed in September or the month after that," said Oh Suk-tae, an economist at Societe Generale. Oh said economists at the Korea Development Institute, a state-run think tank, believed this year's 16 percent increase in the minimum wage - the biggest jump in nearly two decades - was discouraging employers from hiring. "The president should be held responsible for this, nothing could change the trend unless the boss changes his mind about minimum wage hikes," Oh said. The workforce participation rate declined slightly to 63.4 percent from 63.6 percent in July, as more jobs were lost than created, Statistics Korea data showed. Summarise this report in a few sentences.
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unemployment rate hit 4.2 percent in august from 3.8 percent in July. number of unemployed rose by 134,000 people from a year earlier. this was labour market's worst performance since January 2010. a weekly survey released on friday showed Moon's support fell 4 percentage points to 49 percent. a poll released on tuesday showed Moon's approval rating is now at its lowest since inauguration.
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Mumbai: Covid-19 has changed the pecking order on Dalal Street altogether: some sectors have gone out of fashion, some emerged new leaders, and a few others promise to shine in the near to medium term.In a survey conducted by ETMarkets.com among a dozen brokerages, analysts said they were mostly betting on chemicals telecom , metals, consumption and agri-linked stocks to emerge new leaders in the months ahead.On a year to date basis, BSE Bankex has been the worst hit sectoral index, eroding around one-third of its value. Metals, Realty, Consumer Goods, Consumer Durables, Auto and Oil & Gas indices have shed between 30 per cent and 13.25 per cent during this period.BSE Healthcare and BSE Telecom indices have been the best performers so far this year, up 21.81 per cent and 18.34 per cent, respectively. BSE FMCG index is down 3.68 per cent and the IT index 1.23 per cent.Consumption, agri-based, chemicals, IT and pharma may lead the next rally when the economy starts reviving, says Siddharth Sedani, vice president, equity advisory, Anand Rathi Shares and Stock Brokers.“All these sectors went through a long bad patch over the past few years and can be good revival bets both in terms of business prospects and price action,” he said.The Covid-19 crisis, border tensions between India and China and the tightening of environmental norms in China have created good conditions for India's chemicals sector to advantage of.Telecom and pharma, which were facing a lot of trouble over the past few years, have become the centre of attraction on Dalal Street since the Covid-19 crisis.Auto is another beaten-down space which seems to be finding favour again. Once a top wealth creator, auto stocks have been facing tough times over the last two years.Umesh Mehta, Head of Research at Samco Securities, said a few sectors should see comparatively quicker rebound from their current cyclical lows. They will also benefit from any government stimulus in the form of a GST cut and the much-awaited scrappage policy.Mehta said the chemicals firms may also report good numbers given the safeguard duties to protect Indian industries and other products manufactured in India.“With supply from China to other parts of the world are facing backlash, India could step in as a good substitute to meet the world’s demand be it steel, tyres pharma or chemicals,” he said.Mehta is also upbeat on metal stock, which were also on a decline. He said to get out of the recessionary rut, India will need to increase manufacturing and boost infra spending.“Metals will hence play a big part in revival of the economy and so will the stock prices,” he added.Deepak Jasani, head-retail research, HDFC Securities placed his bets on agri based-industries - seeds, fertilisers, agrochemicals on the back of a expectations of a healthy monsoon .The Indian Meteorological Department (IMD) has forecast the south-west monsoon to be at 102 per cent of the long period average (LPA) in 2020 with rains expected to be well-distributed at 96-107 per cent of the LPA in all the four regions.He is also relatively bullish on sectors such as pharma, cement and telecom.Rusmik Oza, head of fundamental research, Kotak Securities said he liked some of the economy-linked sectors that have been beaten down heavily such as capital goods, construction, utilities, metals and oil & gas.He was of the while that while most of these economy related sectors will report very poor numbers in FY21 due to Covid-19 and lockdown, the low base and recovery in the economy will lead to very high growth in FY22 earnings.“Hence from a FY22 perspective most of these economy related sectors look attractive. BFSI stocks have grossly underperformed the market in the recent rally due to uncertainties associated with the sector. In any sharp market correction one can look at the larger banks and NBFC stocks,” Oza added.Naveen Kulkarni, Chief Investment Officer, Axis Securities is bullish on telecom, pharmaceuticals, IT, consumer staples, rural and small ticket consumer discretionary.He believes telecom and Pharma will continue to perform even in the current quarter, while IT is likely to see a very fast recovery.“Rural is not much impacted and could see good growth on back of good monsoon while Consumer staples and small ticket consumer discretionary is likely to gain traction in the forthcoming quarters,” said Kulkarni.Vinod Nair, head of research at Geojit Financial Services is upbeat on the prospects on chemicals, pharma, FMCG and IT due to good and stable domestic as well as international demand.Hemang Jani, head equity strategist, broking & distribution, Motilal Oswal Financial Services said that post he Covid-19 pandemic, some of the sectors he is bullish on are telecom, healthcare, specialty chemicals, banking and financial services while one can look at rural consumer space as a recovery play. Summarise this report in a few sentences.
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analysts are betting on chemicals telecom, metals, consumption and agri-linked stocks. agri-based, chemicals, IT and pharma may lead the next rally when the economy starts reviving. a few sectors should see comparatively quicker rebound from their current cyclical lows. a few sectors may also benefit from any government stimulus in the form of a GST cut and the much-awaited scrappage policy.
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The year 2018 saw a change of guard at the Insurance Regulatory and Development Authority of India (Irdai). After industry insider T.S. Vijayan’s five-year term came to an end, former bureaucrat Subhash C. Khuntia took office in May. Under Khuntia, Irdai’s most prominent task has been to relook at insurance products—life, health and motor. In that sense, this year can be seen as the founding year of important reforms the industry is likely to witness. From a regulatory standpoint, the work on reviewing insurance products moved ahead a few inches. In 2017, Irdai set up a product committee to review product regulation and one of the main concerns of the committee was high surrender costs in traditional plans that also bundle up as investment products. Taking the work forward, Irdai set up a working group in July this year and in October came out with draft guidelines that eased surrender penalties but only slightly. While this would be seen as a missed opportunity to tackle the problem of high surrender costs in traditional plans that dominate the market currently, the draft gave a new lease of life to unit-linked pension plans by making them more flexible in offering partial withdrawals and a higher take-home on maturity. It also increased the revival period of a lapsed traditional policy from two to five years. “This is a positive step and if implemented it will proactively encourage the industry to curb lapsation by convincing the policyholders to revive their policies. For an industry where lapsation is a real threat, this is a welcome move," said Pankaj Razdan, managing director and chief executive officer, Aditya Birla Sun Life Insurance Co. Ltd and deputy CEO at Aditya Birla Capital. From an industry standpoint, two events that were prominent in 2018 were increasing focus on protection plans and the use of technology to smoothen sales and customer service. “The average sum assured in the industry increased by 25% and this is a huge plus given the lack of social security and the huge insurance gap India has. There is now a prominent mindset shift and protection solution has become dominant," said Razdan. “Every single insurer is focussing on it whether it’s life insurance by customising and innovating term plans or health insurance by offering disease-specific insurance plans," he added. Of course, the advent of technology has a role to play as well. According to Vineet Arora, managing director and chief executive officer, Aegon Life Insurance Co. Ltd, the advent of technology gave term insurance policies a huge push as a result of which now there is awareness and people have started appreciating the need. “Gradually we will see other types of life insurance policies available for sale online. However, this year the industry integrated technology in a big way to make the sale process smooth whether it’s agent assisted sale or direct to customer. This trend is here to stay and will only become more prominent in the future," he said. In fact, even the regulator is closely watching how technology can help insurers—for instance, the role of telematics in profiling and rewarding customers. Action in this space is only going to get better next year. Two very important events marked 2018 for health insurance. One was the launch of Pradhan Mantri Jan Arogya Yojana (PMJAY) that offers health insurance to the under-privileged and the constitution of a committee on health insurance that looks at standardising and rationalising clauses in a health insurance policy. “PMJAY comes with no exclusions and therefore is a policy that springs no surprise to the insured. This is not the case with retail health insurance. However, the launch of PMJAY, court orders in certain cases and a report of the Irdai working group on health insurance exclusions has initiated a healthy debate,"said Kapil Mehta, co-founder, SecureNow.in. In July this year, Irdai set up a committee to look at standardising exclusions in health insurance. The committee submitted its report which not only proposed a much sharper and unambiguous definition of pre-existing ailments, one of the main clauses that lead to claims rejection, but also recommended that insurers can’t deny a claim on ground of non-disclosure after an eight-year window. Also, acting on the Mental Healthcare Act, 2017 that prohibits any discrimination between mental illness and physical illness, Irdai directed insurers to make provisions for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness. This simply means that health insurance can’t discriminate or exclude mental illness and will have to cover any related hospitalisation. This doesn’t mean that insurers are mandated to insure people who are diagnosed with mental illness as that would depend on their underwriting criteria, but if an insured person is diagnosed with mental illness and is hospitalised, the insurers can’t deny cover. “I would call the year 2018 as the year of consolidation as the focus was on tying up the loose ends. For instance, this year in the health insurance space the focus has been to simplify and standardise exclusions which will go a long way in customer understanding and will aid customer protection. This year also saw new insurers focused only on digital and has given a push to e-commerce. The regulator also took steps to create a conducive environment for technology," said Tapan Singhel, managing director and chief executive officer, Bajaj Allianz General Insurance Co. Ltd. This year also saw the regulator focus on motor insurance as a working group was constituted to bring more customisation to the own-damage cover that pays for damage or theft of the vehicle. Despite the industry getting de-tarriffed, the product wordings of motor insurance has been the same. And whatever customisation has happened, has happened through add-on covers. The committee, therefore, is set up to revisit the framework of motor insurance in light of technological advancements and the need for customisation. According to Mehta, 2018 will also be seen as the year where the judiciary looked at insurance deeply. “Various judicial courts passed orders specific to insurance, whether it was reviewing exclusions in mental health or offering long-term third-party motor insurance cover. So even the courts have been pro-active in plugging perceived shortfalls in insurance," added Mehta. While there may not be big bang events to report in the insurance space, this year can be seen as a year of tweaks to make the markets more mature. 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.
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the year 2018 saw a change of guard at the Insurance Regulatory and Development Authority of India (Irdai) under former bureaucrat Subhash C. Khuntia, Irdai’s most prominent task has been to relook at insurance products—life, health and motor. from a regulatory standpoint, the work on reviewing insurance products moved ahead a few inches.
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Elevate Your Tech Prowess with High-Value Skill Courses Offering College Course Website Northwestern University Kellogg Post Graduate Certificate in Product Management Visit MIT MIT Technology Leadership and Innovation Visit Indian School of Business ISB Professional Certificate in Product Management Visit HYDERABAD: The ongoing digital transformation taking place globally is making India's information technology (IT) industry stronger, a trend that would continue its growth momentum at least in the foreseeable future, says an expert. Former President of the industry body NASSCOM (National Association of Software and Services Companies), R Chandrashekhar said 2018 has been a watershed year for the Indian IT industry because in 2016 people were writing its "obituaries."He said 2017 was a difficult year for the industry and there were many challenges during that period."And in 2018 headlines were all about how the IT industry has really made really big strides in digital transformation space globally...which basically shows that the shift to digital has not killed the IT industry", he said."On the contrary, it has actually made it stronger and more important as a partner for its clients," Chandrashekhar said."So, that's very big accomplishment by the industry and shows that the growth momentum will continue into at least foreseeable future because this a trend which is going to remain there for a long time now".It's a "clear and positive sign" for the industry, he said.Also, he noted that many big IT companies in India are reporting a very strong deal pipeline and, so, the growth momentum can be expected to continue.Several companies are forming joint ventures and also acquiring companies which, Chandrashekhar said, are important strategies to keep the growth. "Growth momentum is strong and is expected to continue."On things in 2019 which could have dampening effect on the export-dependent IT industry, he said if American economy slows down, it would have an impact, as also a "hard Brexit ". Appreciation of rupee would have impact on rupee earnings of companies.But he stressed that one should not be unduly concerned about those factors because they don't fundamentally affect the strength of the Indian IT industry. Summarise this report in a few sentences.
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a new report says the IT industry is making it stronger and more important. the report also says that many big IT companies are reporting a very strong deal pipeline. the report also says that a "hard Brexit" could have an impact on the IT industry. the report also cites the emergence of a "digital age" in the IT industry.
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The exodus of companies from China is not new. It's been happening since the start of the trade war between China and the US in 2018. The only difference this time is that India has a fair chance of attracting companies leaving China. This is in sharp contrast to the earlier situation where almost all companies which moved out of China went to CLMV (Cambodia, Laos, Myanmar, and Vietnam) countries as they were cost efficient and better connected to the global supply chain. The Covid-19 pandemic has changed everything. As companies look at diversifying away from China, they are looking for not just cost savings but also a captive market for their products and services. India, with its big market, is asking companies to set up base here, reportedly developing a land pool almost double the size of Luxembourg. "Soon after the pandemic broke out, there was flight of capital from India. Later, investors started coming back as they realised that India is the best bet for them," says Prahalathan Iyer, Chief General Manager (Research and Analysis Group) at state-run Export-Import Bank of India. The growing prominence of India in eyes of global investors, coupled with slight recovery in key economic indicators, has improved the sentiment of corporate leaders. The Business Confidence Index (BCI) - on a scale of 100 - jumped to 47 in the April-June quarter compared with 46.3 in the previous quarter and 48.6 in the quarter before that. Market research agency C fore quizzed 500 CEOs and chief financial officers across 12 cities for the survey. Siddhartha Sanyal, Chief Economist and Head of Research at Bandhan Bank, says the reason for this optimism is a lot more clarity in minds of corporate leaders. "Towards the end of March, when the previous survey was conducted, there was a shock element about the lockdown. Businesses have now understood that they have to strike a balance between what to prioritise and where to compromise. Even though the key economic indicators are still significantly lower compared to the December quarter, they are better than they were in the previous three months," he says. That is why, after several quarters of pessimism, the latest survey shows that things are looking up for corporate India. A large number of respondents are hopeful that the situation will improve in areas like economic prospects, overall economic situation, overall business situation, financial situation, sales, working capital, availability of finance, hiring, production level, order book, inventory, utilisation of production capacity and profits. Though a total of 82 per cent respondents believe the government hasn't done enough to revive the economy, 60 per cent expect the overall economic situation to improve in the July-September quarter as compared to just 10 per cent predicting so in the previous survey. Reserve Bank of India (RBI) Governor Shaktikanta Das recently said the economy is showing signs of normalcy with lockdown being eased across the country. Also, 67 per cent respondents hope that their production levels will improve in the September quarter compared to just 9 per cent saying so in the previous survey. In June, the government had announced a stimulus package worth Rs 20 lakh crore (about 10 per cent of GDP) covering social sector and a host of industries. Out of that, about 60 per cent will come through financial institutions and the RBI. Many worry about the low impact of the package as the actual fiscal impact, that is, the direct stimulus, is just 1-2 per cent of GDP. EXIM Bank of India's Iyer says the government might be keeping a cushion. "They have all options available which might not be implemented at one go. I think what the government has done is adequate to start with. If there's a need, they may exercise other options like extending moratorium on loans and deferment of taxes," he says. Some economists that Business Today spoke with believe that direct capital injection and giving subsidies to businesses are unproductive. "It might help corporates in the short term but will not make them sustainable in the long run. The production-linked incentive scheme that they have launched for the electronics sector will have a long-term impact," says an economist. The survey points out that 77 per cent of respondents are planning to sell non-core assets and will go for restructuring in the current financial year. "This is time for consolidation. We expect businesses to focus on their core strengths and de-bottlenecking cash flow issues," says Sanyal. Another 91 per cent are not looking at raising resources for expansion at the moment as most are operating below optimal level of production due to poor demand. The survey shows that respondents are expecting some deterioration in areas like cost of raw material and selling price. For example, 11 per cent corporate leaders said cost of raw material will fall in the September quarter as against 25 per cent hoping so in the previous survey. As a supplement to the survey, we do an assessment of other economic indicators. These are trade, index of industrial production (IIP) and consumer price inflation (CPI). The key industrial output indicator, IIP, continued to slide in May. It fell 34.7 per cent compared to the same month last year. This was better than the 57.6 per cent contraction in April. Retail inflation grew 6.09 per cent in June, marginally higher than the RBI's upper margin of 6 per cent. About the future roadmap, 84 per cent said interventions such as direct cash transfers to individuals, increase in public expenditure, interest rate reduction and capital injection in businesses can boost economic growth for FY21 and beyond. The positive outlook of business leaders in the middle of a global crisis has a surprise element to it. Now, whether they continue to hold on to this optimistic view is as unpredictable as the march of the pandemic. @manukaushik Summarise this report in a few sentences.
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the exodus of companies from china is not new. it's been happening since the start of the trade war between china and the US in 2018. the latest survey shows that things are looking up for corporate India. a large number of respondents are hopeful that the situation will improve. the survey also shows that the government is stepping up its efforts to attract foreign investment.
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In one of his strongest appeals to date, Federal Reserve Chair Jerome Powell warned of a weak US recovery without sufficient government aid and said providing too much stimulus wouldn’t be a problem.Powell’s remarks Tuesday came amid Republicans’ opposition to a larger relief package that’s kept talks with Democrats at a stalemate in Congress since aid to jobless Americans and small businesses expired in July and August.“Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Powell told a virtual conference hosted by the National Association for Business Economics. “By contrast, the risks of overdoing it seem, for now, to be smaller. Even if policy actions ultimately prove to be greater than needed, they will not go to waste.”US stocks dropped and bond yields were flat after his remarks.Powell and his colleagues at the US central bank cut their benchmark interest rate to near zero in March at the onset of the coronavirus pandemic. They’ve pledged to keep rates low until the economy returns to maximum employment and have been urging Congress to pass additional fiscal stimulus on top of the roughly $3 trillion already authorized to keep the outlook for continued economic recovery intact.Lawmakers have been debating additional aid since the end of July, when the enhanced unemployment benefits that were authorized in March expired, but have so far failed to come to an agreement. Democrats have been pushing for a bigger spending package while Republicans want a smaller one; Powell didn’t explicitly reference either party’s position in his prepared remarks.“The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods,” Powell said.Meanwhile, coronavirus cases are on the rise across the country again, posing a renewed threat to the economy -- a risk Powell alluded to in his remarks. His comments echoed those of his European Central Bank counterpart, Christine Lagarde, who warned in an interview published Tuesday against governments winding down aid amid ongoing outbreaks.“Consumption held up well through August after the expiration of expanded unemployment insurance benefits, indicating that savings from transfer payments continue to support economic activity,” Powell said. “Still, since it appears that many will undergo extended periods of unemployment, there is likely to be a need for further support.”Fed officials recently announced they would redefine their 2% inflation target as something to achieve on average over time, which means allowing inflation to rise above the target following periods like the present where it runs below the target. The Fed’s preferred measure of inflation showed prices rose 1.4% in the year through August.“Declining inflation has been a persistent factor for some time,” Powell said while answering questions after the speech. “We are still seeing downward pressure on inflation, and I think it’s appropriate for central banks, and certainly the Fed, to take that into account and move to a framework that is robust to that.” Summarise this report in a few sentences.
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jerome Powell says too little government aid would lead to a weak recovery. he says too much stimulus wouldn't be a problem. he says the risks of overdoing it seem to be smaller. he says the recovery will be stronger if monetary policy and fiscal policy work together. the comments come amid a stalemate in congress over a larger relief package.
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Given the unprecedented nature of the coronavirus pandemic and the speed of the outbreak, many entrepreneurs are struggling to plan ahead without knowing when the lockdown might lift or the economy stabilise.“I don’t know how long this will continue,” Paytm founder Vijay Shekhar Sharma said in a recent ET interview. In a bid to stop the spread of the virus, Sharma's employees began working from home at the start of March but uncertainty looms.“We have been working more or less three weeks from home (and) I don’t know whether it will be another three weeks or another month, or two months, or more," he said. "That is the biggest worry. You plan based on what you know. The biggest worry is the uncertainty of when this will open up.”But Sharma had a secret hack for coping with uncertainty - imagining the worst.“I always try to remember that this will be a long haul and not panic in the short term. My theory is that things will go worse far faster and far longer than what we envisage and by doing that you sort of get yourself accustomed to what is going to come and then you swing to a more productive outcome (when it doesn’t happen) and you feel happy. Thinking about the worst-case scenario when things are not that bad — that’s my coping mantra.” Summarise this report in a few sentences.
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Paytm founder Vijay Shekhar Sharma said he doesn't know how long the virus will last. he had a secret hack for coping with uncertainty - imagining the worst. he said he always try to remember that this will be a long haul and not panic in the short term. he said he is'so happy' when things don't go as planned.
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By Srinath Srinivasan THE Communications industry is gradually getting disrupted by technology. We all have used tools that aid our writing and help in generating content; however, communicating that to the world has largely been manual, with public relations (PR) agencies and corporate communications teams doing the work. And, a large part of it is not metric-driven. This is especially true in the corporate communications/PR space where substantial budgets are allocated for the same and dependency is large on communication professionals. Wizikey helps to make this work of communication more data and metric driven, promising not just automation of workflow but conversion rates for those who want to run targeted PR campaigns. Founded by Anshul Sushil, formerly a corporate communication professional, the software as a service (SaaS) company aims to address some key tasks in the communication process. “It is widely believed that communications can’t be based on metrics but today technology helps us leverage data and make communications more predictable and metric driven,” says Sushil. “The size of the PR industry globally is $93 billion and so the market is huge,” he adds. So far he has raised around Rs 2.5 crore from Indian Angel Network to get the product to market. Several leading Indian startups and a few corporations are using the product to automate their communications workflow today. Currently, the product has a network of 25 000 journalists, whose contacts have been taken from multiple publicly available sources and media outreaches undertaken by the company directly with publications or journalists. “All conversations that happen through Wizikey do not reveal the journalist’s actual contact. We mask it with our domain ID and help contain unnecessary burden of communication on them,” explains Sushil. For the companies, a dashboard with various details related to a journalist, his/her articles, most discussed and trending topics along with campaign analytics are given. However, at the moment, the communication is just one way on Wizikey. Journalists cannot reach out to companies of their choice for their stories. “Our next step is to enable the other side of communication. We want to give journalists the provision to reach the executives and companies they want for their stories, in a secure way like how companies do today via our product,” says Sushil. Being a SaaS product, the startup charges its clients (corporations and other startups) for the services offered on the platform. In addition to the product, the company offers PR/ brand management as a service like any other PR agency. “We are the first of our kind in this industry, in India and maybe globally. We are seeing interest in the Western markets as well. However, this is also the challenge as we need to figure out what is in demand, what works and what doesn’t, and include them in product development,” says Sushil. He aims to bring content creators, social media influencers and other stakeholders in the media ecosystem gradually onto Wizikey. “This way, Wizikey can be a one-stop place for companies for reaching out to various channels within media,” says Sushil. Summarise this report in a few sentences.
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Wizikey helps to make communication more data and metric driven. the size of the PR industry globally is $93 billion and the market is huge. a few leading Indian startups and a few corporations are using the product to automate their communications workflow today. the product has a network of 25 000 journalists whose contacts have been taken from multiple publicly available sources.
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Moody’s Investors Service on Monday projected the Indian economy to shrink 3.1 per cent in 2020 and said clashes with China on the border also suggest rising geopolitical risks in the Asian region where countries are particularly vulnerable to changes in geopolitical dynamics. While it pegged India’s annual growth at 0.2 per cent in April, the forecast has been sharply revised after taking into consideration the disruptions due to the coronavirus pandemic. However, Moody’s expects the economy to register 6.9 per cent growth in 2021. In its June update to Global Macro Outlook (2020-21), Moody’s said it has revised down its 2020 growth forecast for India as incoming data show the extent of coronavirus-related disruption in January-March and April-June quarters. “April-June quarter of 2020 will go down in history as the worst quarter for the global economy since at least World War II. We continue to expect a gradual recovery beginning in the second half of the year, but that outcome will depend on whether governments can reopen their economies while also safeguarding public health,” Moody’s said. Moody’s has forecast that China would be the only G-20 country to post growth this year. The expectation is that China would grow 1 per cent in 2020, followed by a strong rebound of 7.1 per cent in 2021, it added. According to Moody’s, a rebound in demand would determine the ability of businesses and labour markets to recover from the shock. “Asian countries are particularly vulnerable to changes in geopolitical dynamics. The rise in tensions between China and countries bordering the South China Sea and clashes on the border with India suggest that geopolitical risks are rising for the entire region,” it said. Last week, 20 Indian army personnel, including a Colonel, were killed in a violent confrontation with Chinese troops in the Galwan Valley in eastern Ladakh, which has increased border tensions between the two countries. Moody’s expect G-20 economies to contract by 4.6 per cent in 2020 as a whole, followed by 5.2 per cent growth in 2021. Earlier this month, Moody’s had cut India’s credit rating by a notch to lowest investment grade ‘Baa3’ citing challenges in implementing policies to boost growth and restrict fiscal slippage. Summarise this report in a few sentences.
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Moody's Investors Service pegged India's annual growth at 0.2% in April. forecast has been sharply revised after taking into account disruptions due to coronavirus pandemic. but it expects the economy to register 6.9% growth in 2021. china expected to grow 1% in 2020, followed by a strong rebound of 7.1 per cent in 2021.
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Chennai will soon get a Mumbai flavour — Naturals. The hand crafted ice cream maker, a Mumbai favourite, plans to sell the delectable ice cream in the southern city and in some rural markets. Naturals Ice Cream had shut production and sales in mid-March in Maharashtra, where it recently opened a factory, after the state imposed a lockdown. After Unlock 1.0, it resumed operations in mid-June. “We have always expanded with caution and strategy. Our motto is purposefully slow. We would be expanding to rural markets and Tier-I cities where we are not present yet, Chennai to be specific,” Siddhant Kamath, Director of Naturals Ice Cream, told Moneycontrol in an interview. Naturals has been in business for 35 years, and has 126 outlets across Maharashtra, Delhi, Karnataka, Gujarat and Goa. Two years ago, it opened an outlet in Kolkata. “The company is going slow and cautious over the sales overdrive that is expected from brands after a long period of zero business. Our current focus is on safety before getting retail operations back to normal,” Kamath said. Naturals resumed business after the lockdown with Mango, Tender Coconut, Chickoo, Roasted Almond, Anjeer, Choco Bite, Malai and Malai Khurma flavours. “We are currently focussing on selling only family packs, which are made at our factory under safe and hygienic conditions. We deliver these packs to the stores directly,” Kamath said. As far as end-customers are concerned, “sealed, safe products are the priority. We are promoting delivery services and contactless (physical) options,” Kamath said. To promote safe and hygienic opening and consumption of ice cream packs, the company has come up with packaging sleeves that have paper soaps attached. The ice creams are mostly made out of fresh, natural fruits and have a limited shelf life of 15 days. They are made with only three ingredients — milk, fruits and sugar. Naturals produces 25 tonnes of ice cream a day, consuming 3,200 litres of milk and around 15,000 tender coconuts. Among the best sellers are the tender coconut, lychee, kala jamun and mango flavours. Naturals is working on new product lines keeping “convenience and home consumption in mind,” Kamath said. He did not disclose any margin numbers, but said the company’s FY21 retail revenue target was Rs 300 crore. Coronavirus, Lockdown Impact With hygienic premises, protective gear for employees and sanitisation becoming the priority during COVID times, the company had to bear a cost increment. Margins, he said, may take a marginal hit. Kamath says “this is the new way forward” and it is crucial that these costs are absorbed by the company. Speaking on the supply-chain disruption due to the lockdown, he said: “As we procure from strategic vendors and partners, we did not witness any disruption. We process our own fruits and are not dependant on the market.” In the short term, the company may face logistical challenges. However, being a seasonal and fresh brand, Naturals have kept the menu limited, Kamath said. The company works on two models – franchise and company-operated stores. Most franchise stores are in the company’s own premises. Those using leased space may face some difficulties in paying rent and the company is in talks with the landlords to work out a win-win model, Kamath said. The Journey so far What started out as a small store in Mumbai’s Juhu on Feb 14, 1984, founded by R S Kamath, has now become the symbol of Mumbai’s delectable taste for desserts. In 1994, after 10 years of operations, five more outlets -- in Malad, Borivli, Bandra, Lokhandwala Complex & Vile Parle -- were started. It is also in the course of being one of the few home-grown brands adopting the franchise model for expansion. The first outlet outside Mumbai -- in Pune-- was opened on 2000. This was followed by Ahmedabad, Goa, Hyderabad (2009), Bengaluru, Jaipur (2010) and Kolkata (2018). Asked if the company is planning an initial public offer, Kamath said: “We are a family run business and have no plans to go public yet.” Summarise this report in a few sentences.
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naturals ice cream has been in business for 35 years. it has 126 outlets across Maharashtra, Delhi, Karnataka, Gujarat and goa. the company has come up with packaging sleeves that have paper soaps attached. it is a favourite in the southern city of sri lanka. naturals produces 25 tonnes of ice cream a day, consuming 3,200 litres of milk and around 15,000 tender coconuts.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Digital Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit We believe that the largecap space will continue to benefit from FII flows which will be sustained over the next three to five year period, says the MD & CEO,Yes, as you know Sundaram over its two decades existence has been known for the high risk, high reward spectrum of midcaps , small cap and sectoral funds. But over the last three to four years we have been also building capability in the multicap and large cap space. We launched a balanced advantage fund a few months ago, we launched a multicap equity fund one year ago. As part of this build up, we are now launching a diversified largecap fund. We already manage a concentrated largecap fund named Sundaram Select Focus which is a five star Value Research fund. We also have a large and midcap product which is a four star value fund and we have a balanced fund which is also four star.Clearly, we have been successful in building a good performance track record in the multicap and in the largecap space. This fund named Blue Chip Fund essentially is going to be a diversified largecap fund as opposed to our Select Focus which is a concentrated largecap, 45-50 stocks and as the name implies it is going to use quality as a preference to pick stocks. We believe that in the long term, if you take the Nifty 100 as the benchmark, 46 stocks have remained in the benchmark in a period of 10 years. If you had invested in these 46 stocks in 2009, Rs 100 would have gone to Rs 289 versus the index going to Rs 240. Clearly there is good alpha available from good stock picking. Our approach is to use quality as a filter is and the fund manager for this is Rahul Baijal who also manages the other five star rated funds; Select Focus and the four star rated Equity Hybrid Product. He will bring his skills to the table in identifying winners in the large cap space.We believe the economy is on the throes of a V-shaped recovery but that is still some months away. At the same time, FIIs have expressed strong interest in India as we can see we are the only emerging market to get calendar year to data and financial year to date, we have got about Rs 80,000 crore, the only emerging market to get positive flows. This is on the back of our long-term growth potential which long-term FIIs like pension funds are investing in.We believe that the largecap space will continue to benefit from these FII flows sustained over the next three to five year period which should give largecaps not only a good stock price growth potential but also given stability that if there is a selling by domestic MFs as has been recently the case, the FIIs are there to buy. And also due to US elections or some other news, volatility comes in and FIIs sell out, we can see that domestic mutual funds have about 70% of their stock exposure only in the largecap space and so there is adequate liquidity support. Hence the corrections will not be as steep and deep as the broader market.We believe that for the first time, for equity investors and people with a more moderate, conservative bent of mind, this product is ideal product for getting inflation beating returns. As you know the Nifty over 15-20 years has given 11% per annum compounded growth rates and if you take the advantage of taxation for equities, that 11% comes to 10% post tax which should easily be double of what the current bank deposits, for example at 6% post tax, will be between 4% and 5%. So the largecaps have the potential to deliver better than in terms of the other asset classes. At the same time, it gives stability to the portfolio. This is probably one of the final steps in Sundaram Mutual’s journey to have a more rounded investor experience through a range of risk reward products.The midcap concentration was risen by the regulator. Once you classify as largecap, you are permitted to have only 20% outside of largecaps and to that extent that we will use it for buying emerging blue chips which can then grow into largecaps.In terms of focus, this is going to be a blend of growth and value and so in terms of sectors also the growth sectors plus the value sectors will form a blend and our current view in terms of that is IT and telecom are the key growth sectors in the next phase. Banking is currently passing through a lull, but following a V-shaped recovery of the economy, it will develop into a very strong multiplier.Financial services as a space -- be it insurance or asset management -- is a big play for us from the medium-term perspective. We will selectively add industrials and cyclicals as we see the V-shaped recovery. Today they are value picks and we will take on the good quality companies in moderation and then add to the portfolio as we see clarity in V-shaped economic recovery. Pharma in the current context is also a strong stable sector which will also form a part of our portfolio.We think that given the liquidity supply for FIIs and the safety oriented approach, people in a post pandemic world would give a higher value to safety. That is the reason why insurance will also get a higher demand if the largecap fund is ideally positioned to give investors a relatively less rocky experience. So within the equities category, largecaps are at the safer end of the risk reward spectrum and hence while on the one hand, the epidemic seems to be coming down in urban areas, we are also seeing it going up in rural areas. It will take some more time for a vaccine to be announced and it will take time for a V-shaped recovery of the economy. It could take a maximum of a year but in that period, largecaps have the capacity to deliver value because for the long term FIIs, India remains the best among the emerging markets because the low price of oil and our demographic dividend via cheap labour. China is aging and by 2024, India is expected to be the third largest country by GDP size in the world, which is a phenomenal rise because 16 years ago we were nowhere.India will remain a very attractive market for foreign flows and which will be essentially 85-90% in the largecap space. Take the recent guidelines from Sebi for multicap funds. Sebi brought those guidelines because the multicaps where the fund managers have flexibility, were 70% in largecaps. Our new fund makes eminent sense for investors and we would say that even a first time investor in equities can look at this fund through the SIP route. Summarise this report in a few sentences.
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sundaram is launching a diversified largecap fund. the fund will use quality as a filter to pick stocks. the fund will be a diversified largecap fund. the fund will be a diversified fund. a diversified fund will be a better investment. a diversified fund will be a better investment.
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Even as the stock markets continue to remain under heightened pressure, with the Sensex falling by more than 400 points intra-day, Nilesh Shah of Kotak AMC points out that if crude oil prices breach the $100 mark, we could see further correction. “The real issue for us remains oil. If oil is going to go to $100 and stay there, there is more downside to the market. But if with our luck if oil starts to flowing back to $70 a barrel, there will be upside in the market,” Nilesh Shah told in an interview to ET Now. According to the expert, oil prices and election will weigh on the direction of stock markets going forward. In his address, Nilesh Shah noted that a combination of factors are weighing on stock market returns. The current situation is a function of volatility and events in debt market, credit market, currency market, oil market and liquidity, he said. Taking stock of these factors, he notes that oil went up from about $55 last year to $85 now, a jump of almost 50%. Also, India’s current account deficit expanded by more than $20 billion because of oil price movement. Further, the interest rate moved from 7.23% in April 2018 to 8.15% — a jump of almost 100 bps — despite inflation coming down, he explained. Apart from these factors, there was rise in US interest rates as well as concerns about fiscal slippage courtesy higher oil prices, he said, adding that the ongoing correction was also getting impacted due to currency headwinds. “A combination of rising oil prices, rising interest rates, weakening currency, expected rise in fiscal deficit, tightening liquidity and credit event created its own shadow on the equity market and the downfall or correction or a crash in equity market is function of combination of all these markets,” he said. Summarise this report in a few sentences.
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oil prices and election will weigh on direction of stock markets going forward, expert says. rupert luther king, a former u.s. ambassador to pakistan, is a former u.s. ambassador. king, a former u.s. ambassador, is a former u.s. ambassador to pakistan.
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Economy may have improved after twin shocks of demonetisation and Goods and Services Tax ( GST ) but jobs scenario is still grim. Layoffs , a recent survey finds, remain a commonplace despite the economic growth picking up.This phenomenon could add weight to the argument that India is witnessing a jobless growth."Even as the economy improves, layoffs — due to cost cutting, reducing redundancies after a merger or acquisition, and restructuring events due to changes in the industry — remain commonplace," career transition company Risesmart said in its report after interviewing 1,000 executives.The survey says that employees in the information technology sector experience more layoffs than those in other sectors. The IT sector is the first to face the impact of new technologies such as automation and artificial intelligence on jobs.Even the Union labour ministry had conceded last year that the country was witnessing a jobless growth. "The current growth is a jobless growth. Many European and Asian countries, including India, are facing it...growth is being reported but it is not reflecting in employment generation," then labour minister Bandaru Dattatreya had said in May last year.Last year, domestic rating agency Care Ratings said employment generation had not kept pace with GDP expansion. Aggregate employees in 1,473 companies grew to 5.18 million in FY17 from 5.01 million in FY15, a growth of a little over 1 percentage point per year compared to over nearly 7 per cent economic growth, it said.The agency did a study of employment in the corporate sector for last five years and asked for the findings to be taken with caution because the unorganised sector and smaller businesses account for a large share in employment generation.The government believes the jobs numbers are not reliable in the absence of comprehensive data. Now it plans to carry out a massive survey to map jobs across the country. Scheduled to start this month, the survey will track employment generation in micro, small and medium enterprises that are currently out of the coverage of the social security net. The survey will give special attention to enterprises with less than 10 employees, and it is likely to be completed within a year.The government reckons that computing data for employment generation in the unorganised sector will significantly push the overall employment generation numbers in the country and help in countering the allegations of jobless growth. A recent report by Profëssor Pulak Ghosh of IIM Bangalore and Dr. Soumya Kanti Ghosh, chief economic adviser, SBI, debunked the theory of a jobless growth in India. They studied payroll data to conclude that 15 million jobs are being created every year.As per the seventh quarterly employment survey, 1.36 lakh jobs were created in the July-October quarter last year across eight sectors, which account for 81% of the country’s total organised workforce. This was more than double the 64,000 jobs created in the preceding quarter and more than four times the 32,000 jobs created a year ago. However, the numbers are still well below the 10 million people that enter the country’s workforce every year. Summarise this report in a few sentences.
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jobless growth is not reflecting in employment generation, says labour minister. a recent survey finds layoffs are commonplace despite economic growth. IT sector is the first to face the impact of new technologies. government believes the numbers are not reliable in the absence of comprehensive data. it plans to carry out a massive survey to map jobs across the country. the survey will track employment generation in micro, small and medium enterprises.
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The sharp drop in the first quarter real Gross Domestic Product (GDP) of the country is on the expected lines as major part of the April-June quarter was under a lockdown, says Chief Economic Advisor K Subramanian on Monday after the release of the first quarter GDP numbers. The first quarter GDP contracted sharply by 23.9 per cent to Rs 26.90 lakh crore compared to Rs 35.35 lakh crore in the corresponding period last year. This is the sharpest contraction since the country started publishing quarterly GDP numbers in 1996. The last time India recorded a contraction in GDP was in 1979-80, when the annual GDP fell by 5.2 per cent. The June quarter economic performance was primarily due to an exogenous shock felt globally after the COVID-19 pandemic resulted in global lockdown in the said quarter. As the World Economic Outlook highlighted, the fraction of countries where GDP per capita would decrease is highest since 1870, so it is a one-and-a half-century event, which is what we are going through. India was also in a lockdown all through April-June quarter with majority of economic activities being restricted. These numbers are along expected lines," said the CEA. He compared India's first quarter performance with the UK, which is of similar size of India in terms of the GDP. "The UK, where the lockdown was 15 per cent less severe, posted the contraction of 22 per cent. So, given the higher intensity of the lockdown in India, the numbers are on expected lines," he added. The CEA, however, said that India has been witnessing a V-shaped recovery ever since relaxation in lockdown was announced. He cited improvement in core sector numbers, pick-up in railway freight traffic, electricity consumption and e-way bill generations. "Core sector growth, which had declined by 30 per cent in April, shows gradual improvement -- 22 per cent decline in May, 13 per cent in June and 9.6 per cent in July. The core sector is clearly showing a recovery. Railway freight traffic, which is a good indicator of economic activities, was at 95 per cent of the last year's level in July and in August (till August 26) it was 6 per cent higher. He also said that power consumption is only 1.9 per cent lower than last year, while e-way bill generation in August was almost same as last year (99.8 per cent). "We all know e-way bills capture inter-sate trades which do get affected by local lockdowns and yet e-way bills are 99.8 per cent for the days for which we have data for August," he said. The GDP at Constant (2011-12) Prices in the first quarter is estimated at Rs 26.90 lakh crore as against Rs 35.35 lakh crore in Q1 of 2019-20 showing a contraction of 23.9 per cent compared to 5.2 per cent growth in Q1 2019-20. The nominal GDP in the first quarter contracted by 22.6 per cent to Rs 38.08 lakh crore compared to Rs 49.18 lakh crore in the same period last year. Agriculture is the only sector that saw growth with the sector registering a 3.4 per cent growth compared to previous year. On the agriculture sector growth, Subramanian said: "The growth in the agriculture sector is reflective of the several reform measures announced by the government in the sector. This is also reflected in rural inflation which is higher than urban inflation, which captures the pick-up in rural demand." Also Read: Govt spending saved the day for GDP in June quarter Also Read: Remembering Pranab Mukherjee and his economic legacy Also Read: Worst in 24 years! India's Q1 GDP contracts 23.9% in June quarter Summarise this report in a few sentences.
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the first quarter real GDP contracted by 23.9 per cent to Rs 26.90 lakh crore. this is the sharpest contraction since the country started publishing quarterly GDP numbers in 1996. the last time India recorded a contraction in GDP was in 1979-80, when it fell by 5.2 per cent. the first quarter performance was primarily due to an exogenous shock felt globally after the COVID-19 pandemic.
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Independence Day 2020 Special: You might have always dreamt of living your life just the way you want — like going on a world tour in your 30s or retiring early. However, many of you probably won’t be able to do that unless you were born rich or achieve financial freedom. Financial freedom, in fact, is the luxury of having sufficient income to take care of the expenses of self and family members despite not doing a regular full-time job or running a business. With financial freedom on your side, you can live your life to the fullest, afford anything and everything you desire, and travel the world. Here are five ways to become financially independent at a young age. 1. Live within your means While credit cards and loans allow people to live a certain quality of life instantly, they can impact their financial stability in the near and long term. Hence, the first step towards financial independence is to learn to live within your means. Follow the 50-30-20 rules of budgeting so that you are comfortably able to allocate your post-tax income to all three buckets — 50% of the income goes to needs, 30% for wants and 20% to savings and investing. 2. Prioritize saving and investing Usually, youngsters tend to spend first and invest whatever amount is left at the end of the month. Try to reverse this process. Based on the average expenses, determine a fixed amount that you would want to save and/or invest every month. Invest first and spend whatever is left. This can also be achieved by instilling the habit of budgeting in your life. Also, start small but start early and invest in investment options that can offer your inflation beating returns. “Starting early in accelerated wealth generating avenues like mutual funds and stocks will help you benefit from the power of compounding as well as spread out your risks. Keep an investment horizon of 10-15 years. You can start investing through SIPs to inculcate discipline. Keep increasing your contribution towards your goal in proportion to the increase in savings/increments received so that you reach the desired corpus faster,” says Harsh Jain, Co-founder and COO, Groww. 3. Make investing a habit You don’t have to be born rich to become financially independent. You can achieve financial freedom by staying financially disciplined over a long period. “Investing regularly will help you amass a considerable sum in the long run. Set aside an amount from your monthly salary towards investments. The power of compounding will make you financially independent over time,” says Archit Gupta, Founder and CEO, ClearTax. 4. Increase your savings and investment rate, and invest in the right options If you are to become financially independent at a young age, you should necessarily increase your savings and investment rate. Analyse your expenses and cut off the unnecessary ones. This will leave you with more money in hand which can be diverted towards your investments. The more you invest, the faster you become financially independent. You also need to invest in the right options. In fact, there is no example of someone becoming wealthy by parking their savings in a regular savings bank account. “If you are to get rich and financially independent, then you have to invest in suitable investment schemes. You have to analyse and compare the various available options and pick the one which best suits your profile,” says Gupta. 5. Stay away from borrowing If you have a loan to repay, then it makes it difficult or slower to achieve financial freedom. Hence, you have to stay away from all kinds of loans, and if you already have any, then you have to close it soon. You have to be as self-sufficient as possible so that you are not required to avail any kind of loan. 6. Create an emergency fund Life is unpredictable. Hence, financially preparing yourself for an emergency can help avoid any sudden jolts to your finances. Based on your average monthly expenses (living costs), ensure that you have an emergency fund that can allow you to survive without income for at least six months. This will protect your investments and keep you away from unwanted debt. “You can invest in liquid funds for this purpose so that your emergency corpus is easily accessible. Additionally, ensure that you have sufficient insurance cover so that you don’t have to dip into your investments,” says Jain. 7. Plan your taxes and have sufficient insurance cover Plan your taxes in advance and make sure your tax planning is aligned with your long-term financial goals. Look for avenues that serve the dual purpose of wealth creation and tax saving. Also, make sure that you buy insurance with sufficient cover if you haven’t already as premiums get more expensive with age. 8. Review your financial situation regularly Cultivate a habit of reviewing your finances once every six months. This includes tracking the performance of your mutual funds and your portfolio as a whole. This will keep you in control and allow you to make changes like increasing the investment amount, redeeming certain investments, portfolio rebalancing etc with ease. Reviewing your financial situation will also help you keep your debt levels in check. 9. Invest in yourself Most importantly, invest in yourself and in activities or vocations that enrich you as a person. “Read books on investing or get inspired from industry leaders who started small, yet achieved financial independence with discipline. As you learn more about the nuances of investing and expand your circle of competence, you will be able to explore more wealth creation avenues and take smarter decisions regarding your portfolio,” advises Jain. 10. Don’t get into peer-pressure There are two categories of young professionals. The first one likes to be financially disciplined and would want to attain financial freedom at the earliest. The second one is rather reckless in terms of handling their finances and would blow up their money on buying expensive items and taking extravagant vacations. “To attain financial freedom at a young age, you should not get influenced by the young professionals falling in the second category,” says Gupta. Summarise this report in a few sentences.
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financial freedom is the luxury of having sufficient income to take care of expenses. credit cards and loans allow people to live a certain quality of life instantly. but they can impact their financial stability in the near and long term. follow the 50-30-20 rules of budgeting so that you can allocate your post-tax income to all three buckets. prioritize saving and investing.
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Do you know that the everyday electronic items that we carry around, such as mobile phones, headphones, laptops, car keys, etc, also attract a lot of disease-causing germs? Thanks to a disinfectant machine called MinionLabs UV Saaph, we can keep the harmful pathogens at bay. A creation of Bengaluru-based energy analytics startup, MinionLabs, the product is priced at Rs 10,999 and comes with 28 litres capacity and sanitises objects in less than 10 minutes. Gokul Shrinivas, CEO and founder of Minion Labs, says, “We started working on this product as soon as the pandemic reached the Indian shores. Our product is dedicated to the spirit of keeping life normal and moving, without allowing pathogens to take over prosperity and growth.” Basically, there are two models available – MinionLabs UV Saaph Standard and MinionLabs UV Saaph Mobile. The product can serve the large B2C and B2B markets and can be used to disinfect grocery items, food items, supermarket deliveries, water bottles takeaways, utensils or packages. Designed in the shape of a microwave, MinionLabs UV Saaph Standard has a disinfection chamber with a total capacity of 28 litres. It provides 360 degree exposure of ultraviolet-C (UVC) to the objects placed inside the cabinet to sanitise them. The UVC light technology is said to kill 99.99% of Sars-Cov-2, and other pathogens like germs, bacteria and fungicides. MinionLabs UV Saaph Standard comes with safety sensors that turn off the discharge of UVC light within millisecond of the opening of the machine. The product comes with a single button with multiple features like Start/ Load/ Resume/ Pause/ Reset, making it consumer friendly. The MinionLabs UV Saaph Mobile is the portable version of MinionLabs UV Saaph Standard, and can be retrofitted anywhere. It has an inbuilt rechargeable battery pack that can provide a power back up of twelve hours on standby mode. An IoT device, the MinionLabs UV Saaph Mobile can contribute to real-time information on the ambient temperature and humidity of the place along with data on the number of times sanitisation is made per day. The MinionLab products can be purchased on MinionLab website and will soon be available on Amazon.in. Estimated street price: Rs 10,999 Summarise this report in a few sentences.
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the disinfectant machine is a creation of Bengaluru-based energy analytics startup, MinionLabs. it comes with 28 litres capacity and sanitises objects in less than 10 minutes. the product can serve the large B2C and B2B markets and can be used to disinfect grocery items, food items, supermarket deliveries, water bottles takeaways, utensils or packages.
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The sell-off in U.S. stocks picked up steam, with investors dumping the tech darlings that carried the bull market for much of its record run. Treasuries advanced with the yen. The S&P 500 slid to the verge of a correction, the Nasdaq Composite erased its gain for the year, and the Dow Jones Industrial Average shed more than 400 points as angst spread across global equity markets. Investors pointed to escalating trade tension, signs of a looming slowdown in retail growth and cracks in the credit market, but an indiscriminate dumping of the year’s biggest winners still largely characterized the action. Here are some of the equity moves: Apple fell 4.3 percent to bring its plunge from a recent high past 20 percent, Amazon.com, Facebook and Netflix fell at least 2.5 percent. Chipmakers plunged. AMD, Micron and Nvidia sank more than 5 percent, with Nvidia’s rout since an Oct. 1 high now more than 50 percent. Square lost 10 percent, Snap fell 3 percent and Twitter lost 6 percent. Boeing fell 4 percent to the brink of a bear market. Target plunged 14 percent after its sales forecast disappointed; Kohl’s and L Brands also sank on weak earnings. In bond markets, the Treasuries 10-year note yield fell to its lowest level since September. A credit-default swap index of mostly high-yield issuers in Europe reached the highest in almost two years, signaling renewed nerves about the asset class. The sell-off in momentum stocks continued after the downdraft last month, with the latest blow coming from renewed concern that demand for Apple’s iPhones has slowed. At the same time, the Trump administration is considering tighter curbs on technology exports, a step that Deutsche Bank AG says would have a “profound and long lasting adverse impact” on relations between the U.S. and China. And calls for dip-buying have turned into notes of caution. Goldman Sachs recommended investors hold more cash. Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund firm, said that investors should expect low returns for a long time after enjoying years of low interest rates from central-bank stimulus. “The easy days of long, global bull markets where you can invest in a tracker for five basis points — I say this as an active fund manager — and watch the thing go up, I think those days are gone,” Gerry Grimstone, chairman of Barclays Bank PLC and Standard Life Aberdeen PLC, said in an interview on Bloomberg Television. “It’s going to be a move back to value investing, and back to the Warren Buffett-style of investment.” Coming Up It’s a shortened trading week because of the Thanksgiving holiday in the U.S. on Thursday. In addition, Black Friday, the day after Thanksgiving, marks the traditional start to the U.S. holiday shopping season. These are the main moves in markets: Stocks The S&P 500 fell 1.4 percent at 9:31 a.m. in New York. The Stoxx Europe 600 Index sank 1.1 percent, hitting the lowest in more than 23 months. The U.K.’s FTSE 100 Index declined 0.6 percent to the lowest in more than three weeks on the largest drop in more than a week. Germany’s DAX Index declined 1.5 percent, reaching the lowest in more than 23 months on its fifth straight decline and the biggest drop in more than a week. The MSCI Emerging Market Index sank 1.3 percent, the first retreat in a week and the largest tumble in more than a week. The MSCI Asia Pacific Index sank 1 percent, the biggest dip in more than a week. Currencies The Bloomberg Dollar Spot Index gained 0.2 percent, the largest rise in more than a week. The euro declined 0.3 percent to $1.1415, the first retreat in more than a week. The British pound fell 0.1 percent to $1.2839. The Japanese yen increased 0.2 percent to 112.34 per dollar, the strongest in more than three weeks. Bonds The yield on 10-year Treasuries declined three basis points to 3.04 percent, hitting the lowest in two months with its eighth straight decline. Germany’s 10-year yield dipped two basis points to 0.35 percent, the lowest in 11 weeks. Britain’s 10-year yield advanced one basis point to 1.387 percent. Italy’s 10-year yield climbed two basis points to 3.614 percent, the highest in more than a month. Commodities West Texas Intermediate crude fell 1.9 percent to $56.14 a barrel, the lowest in a week on the largest fall in a week. Gold advanced 0.3 percent to $1,228.09 an ounce, reaching the highest in more than two weeks on its sixth consecutive advance. Summarise this report in a few sentences.
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apple fell 4.3 percent to bring its plunge from a recent high past 20 percent. AMD, Micron and Nvidia sank more than 5 percent. in bond markets, the Treasuries 10-year note yield fell to its lowest level since September. the u.s. economy is on the brink of a recession. a credit-default swap index of mostly high-yield issuers in Europe reached the highest in almost two years.
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Item 1. Business. Overview On May 30, 2006, Basanite, Inc. was organized as a Nevada corporation. Basanite and its wholly owned subsidiaries are herein referred to as the "Company", “we”, “our”, or “us”. Currently based in Pompano Beach, Florida, the Company intends to manufacture concrete-reinforcing products made from basalt fiber reinforced polymers (“BFRP”), such as its primary product BasaFlex. This UV-stable, chemical, acid and moisture resistant material is sustainable and environmentally friendly and has been engineered to replace steel as it never rusts, therefore, addressing the industry’s current corrosion issues. See Management’s Discussion and Analysis section for more details. Competition The market for the manufacture and sale of construction related products is one of the largest markets in the world. Our Basanite products for reinforcement of concrete compete as replacements for traditional steel and other fiber reinforced polymers (“FRP”) industry established products. The steel industry is very mature and entrenched with our potential customers and the specifying community. Accordingly, our business competes with large, established steel companies that have large and established wholesale and retail distribution networks. Most of our competitors are large and have significantly greater financial, marketing and other resources than our company. We also compete with other manufacturers of products often marketed as “alternatives” to steel, including manufacturers of fiberglass, and other types of fiber products. Many of these players also have substantially greater resources than our company. While we believe that our products are unique and create a new segment within the concrete reinforcement industry, we still expect to compete with these large companies, both inside and outside of the United States, as they aggressively market their existing products, as well as any new products they may be developing that are competitive to ours. Governmental Regulation Basalt fiber reinforced polymer rebar is subject to various testing and certifications from various private and public entities, such as the Department of Transportation and the US Army Corps of Engineers, in order to satisfy regulatory requirements for use as concrete reinforcement. There is no guarantee that we will be able to secure such approvals and certifications in the future. Furthermore, we are dependent on third party independent groups, such as universities or other certifying bodies, to obtain approvals and certifications. Inability to secure approvals and certifications could materially harm our ability to generate revenue. Employees At December 31, 2018, we had four full time employees, all of which are employed for the continuing operations of the Company. None of our employees are represented by a labor union, nor governed by any collective bargaining agreements. We consider relations with our labor force as satisfactory. At December 31, 2019, we had ten full time employees, all of which are employed for the continuing operations of the Company. None of our employees are represented by a labor union, nor governed by any collective bargaining agreements. We consider relations with our labor force as satisfactory. Facilities Our principal office is leased and located at 2041 N.W. 15th Avenue, Pompano Beach, FL 33069. The lease is for approximately 36,900 square feet of space, which includes our corporate office and our production floor. We believe the facility is sufficient to support our current operations. Item 1A. Summarise this report in a few sentences.
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Basanite, Inc. is a Nevada corporation based in Pompano Beach, Florida that manufactures concrete-reinforcing products made from basalt fiber reinforced polymers (BFRP). Its primary product, BasaFlex, is UV-stable, chemical, acid and moisture resistant and is designed to replace steel as it never rusts. The company competes with large, established steel companies and other manufacturers of products marketed as alternatives to steel. It is subject to various testing and certifications from private and public entities in order to satisfy regulatory requirements for use as concrete reinforcement. At December 31, 2019, the company had ten full time employees and its principal office is located at 2041 N.W. 15th Avenue, Pompano Beach, FL 33069.
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New York City, the epicenter of the devastating COVID-19 pandemic in the US, will begin the first phase of reopening its economy on Monday, bringing about 400,000 employees back to work nearly after 100 days in lockdown when the coronavirus crisis began. New York City had been shut since mid-March as coronavirus ravaged the metropolis, which has more than 205,000 COVID19 cases so far and close to 22,000 deaths. New York City has met all the metrics. We are going to open New York City for Phase 1 tomorrow, period. That will happen. When we begin Phase 1 in New York City, remember that New York City had the highest number of cases. New York City has the highest density, New York Governor Andrew Cuomo said on Sunday at a press briefing. The novel coronavirus has hard-hit New York and the state's economic health has deteriorated, and it faces a difficult and painful recovery without significant help from the federal government, according to the Voice of America (VOA). He however added that New York City has seen widespread protests over the killing of 46-year-old African-American George Floyd and we are concerned that those protests may have increased the spread of the virus. The state will be conducting 35,000 tests per day in New York City and will monitor the situation daily to see the impact of the protests on the coronavirus infection numbers. The New York City Department of Buildings also released new COVID-19 safety guidelines for property owners and contractors as 33,556 non-essential construction sites get back to work in phase 1 of the re-opening. New York City Mayor Bill de Blasio said the re-opening of the city is an important milestone that was achieved with the help of all New Yorkers. He said beginning Monday "something very, very important happens in the city, the beginning of phase one, the restart of the city, the restart of our economy, the restart of the people's livelihoods, and we should all feel that this is a moment that every New Yorker should celebrate as our achievement together, your achievement, because you did the hard work to fight back the coronavirus so we could get to phase one and Monday morning will be a very important day in the history of this city. As many as 400,000 workers could begin returning to construction jobs, manufacturing sites and retail stores in the city's first phase of reopening. Regions across New York State began their phased re-opening last month but New York City remained shut as it did not meet the seven health-related criteria necessary for the first phase of reopening. Cuomo has said that the phase one reopening will bring about 400,000 employees back to work in New York City. The first phase of re-opening allows construction; manufacturing and wholesale supply chain; retail for curbside pickup and drop-off or in-store pickup; and agriculture, forestry and fishing to resume operations. The seven metrics that will define whether a region can re-open businesses are decline in total hospitalisations, decline in deaths measured by the three-day rolling average of daily new hospital deaths not exceeding 5, fewer than two new hospitalisations per 100,000 residents, hospital bed capacity regions must have at least 30 per cent of their total hospital beds available before a phased re-opening, availability of 30 per cent of ICU beds in a region, diagnostic testing capacity and contact tracing capacity. New York State has recorded the lowest number of daily coronavirus deaths for two consecutive days since the pandemic began, in a sign that the state has turned the tide in the COVID-19 battle. The state lost 35 people on Friday to COVID-19, down from a record-high of 800 just eight weeks ago. On Thursday, 42 New Yorkers died from the virus, a record low since the pandemic began. Cuomo said Saturday "35 New Yorkers died of coronavirus yesterday. This is a record low since this crisis began. The number of total hospitalisations was also down to 2,728 from a record-high of 18,825 during the peak of the pandemic, Cuomo had said. As protests over Floyd's killing intensified in the last few weeks, a nightly curfew was imposed in New York City for almost the whole of last week. de Blasio announced that the curfew will end as the law and order situation improved. Because we got, each day, a better and better situation, more and more peaceful protesters coming out, better situation overall each day, fewer and fewer arrests, I made the decision to end the curfew. And honestly, I hope it's the last time we will ever need a curfew in New York City. So, the curfew has ended. It is out of effect. It will not be coming back. The northeastern state of 19.5 million people has seen a record 1.2 million unemployment claims filed in April, since the virus started spreading rapidly and the state paused its nonessential businesses and workforce to contain the outbreak, leading to a drying up of revenue, the VOA report said. On March 25, the US Senate passed a USD 2.2 trillion stimulus package to address the negative economic impact of the coronavirus. New York, which leads the nation in confirmed cases and hospitalisations, received only USD 3.8 billion, the report added. The shuttering of so many businesses has crippled the state's thriving economy, which had a GDP of more than USD 1.5 trillion in 2017, according to the New York state comptroller's website. Also Read: Coronavirus update: India reports nearly 10,000 cases in 24 hrs; tally surges to 2.56 lakh Also Read: Reliance Industries share price hits 52-week high on stake sale in Jio Platforms to Abu Dhabi Investment Authorit Summarise this report in a few sentences.
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new york city will begin the first phase of re-opening its economy on Monday. the city had been shut since mid-March when the coronavirus crisis began. the city has more than 205,000 COVID19 cases so far and close to 22,000 deaths. the state will be conducting 35,000 tests per day in new york city. in the past, the state has been in lockdown for 100 days.
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The government has received bids worth Rs 28,000 crore in the fifth tranche of CPSE Exchange Traded Fund (ETF) and will retain Rs 10,000 crore. In a tweet, Secretary, Department of Investment and Public Asset Management (DIPAM) said, "CPSE ETF FFO4 oversubscribed by about 8 times so far against the base issue size of Rs 3,500 crores. Government has decided to retain Rs 10,000 crores." Anchor investors had put in bids worth Rs 6,072 crore on the first day of the issue on March 19. The issue, which closed on Friday, saw overall subscription of Rs 28,000 crore. The government had set Rs 3,500 crore as the base issue size for the three-day issuance of the fifth tranche of CPSE ETF, with an option to retain over-subscription of up to Rs 10,000 crore. As much as 30 per cent of the issue size is reserved for anchor investors. The list of anchor investors include BNP Paribas Arbitrage, Citi Group Global Markets Mauritius Pvt Ltd, Credit Suisse Singapore Ltd, Edelweiss Alpha Fund, ICICI Prudential Balanced Advantage Fund, Merrill Lynch Markets Singapore Pte Ltd, and Morgan Stanley (France) S.A., among others. The ETF tracks shares of 11 CPSEs -- ONGC, NTPC, Coal India, IOC, Rural Electrification Corp, Power Finance Corp, Bharat Electronics, Oil India, NBCC India, NLC India and SJVN. Through the earlier four tranches of the CPSE ETF, the government has already raised Rs 28,500 crore -- Rs 3,000 crore from the first tranche in March 2014, Rs 6,000 crore in January 2017, Rs 2,500 crore from the third in March 2017 and Rs 17,000 crore in November 2018. The government has exceeded the disinvestment target set for current fiscal ending March 2019 by Rs 5,000 crore, taking the proceeds to Rs 85,000 crore. Summarise this report in a few sentences.
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government has received bids worth Rs 28,000 crore in the fifth tranche of CPSE ETF. the government has oversubscribed by about 8 times against the base issue size of Rs 3,500 crores. the government has exceeded the disinvestment target set for current fiscal ending March 2019 by Rs 5,000 crore. the government has exceeded the disinvestment target set for current fiscal ending March 2019 by Rs 5,000 crore.
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South Korean workers unload lumps of zinc produced from North Korea on a cargo ship at a port in Incheon Zinc futures traded higher by 0.98 per cent on Wednesday as speculators enlarged positions following uptick in demand at the spot markets coupled with a firm trend overseas. At the Multi Commodity Exchange, zinc for delivery in current month was trading higher by Rs 1.95, or 0.98 per cent, to Rs 201.55 per kg, in a business turnover of 751 lots. Market analysts attributed the rise in zinc futures to raising of bets by participants on a better trend at spot market on pick-up in demand from consuming industries and a firming trend overseas. Summarise this report in a few sentences.
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zinc futures traded higher by 0.98 per cent at the multicommodity exchange. speculators enlarged positions following uptick in demand at spot markets. firm trend overseas attributed to uptick in demand from consuming industries. zinc for delivery in current month was trading higher by Rs 1.95 per kg. a business turnover of 751 lots was traded at the multicommodity exchange.
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The story of how two young men grew a small online bookstore called Flipkart into an ecommerce giant is one that Indian entrepreneurs will remember for years, even as the country’s largest conglomerates possibly regret missing out on it. Walmart ’s $16-billion acquisition of a 77 per cent stake in India’s largest online marketplace is the world’s biggest ecommerce deal. While this proves that Indian businesses are capable of offering stellar exits to investors, it also shows that the country has not been able to sustain local corporate champions.The Flipkart-Walmart deal, entrepreneurs and investors hope, will be the trigger for domestic companies to look deeper into India’s internet ecosystem, including at financial technology, health technology, and artificial intelligence businesses. “This is a big wake-up call for large Indian corporate houses. The fault is theirs for having stood on the sidelines,” said an investor in a consumer internet startup, declining to be identified. “Indian businessmen looked at the internet ecosystem with skepticism while foreigners saw value in it.”Among Flipkart’s top investors were Japanese internet conglomerate SoftBank, South African media group Naspers, Chinese messaging app WeChat’s parent company Tencent and US technology giant Microsoft. All of these have now exited Flipkart, fetching handsome returns from the Walmart deal.Even if Flipkart may have become too big for Indian companies to back, investors say there were several other opportunities in recent years for local corporate giants to participate in the country’s ecommerce boom.Moreover, backing internet companies across sectors would have been a good investment thesis, not just in terms of financial returns but also as a means to adapt and learn from emerging technology to stay relevant, say investors and entrepreneurs.“Some of the top 10 Fortune 500 companies in the US are tech companies. In the next 10 years from India, how will that happen? Other industries are equally important but the market cap will come from tech companies,” said K Ganesh, founder of startup incubator GrowthStory. “Those who invested in Flipkart are those who took the bold bets instead of criticising valuations and unit economics. Unless one takes bold bets how will you play the market later?”The Flipkart-Walmart deal is likely to increase the flow of capital into the domestic ecosystem, as limited partners globally reopen their purses with renewed confidence in one of the fastest-growing developing markets. Limited partners are investors in venture capital and other funds. This expected surge in capital, however, would play a limited role in stoking interest among individuals to start businesses, unlike in 2014-2015 when increased capital flow brought with it a surge in startup formation, said experts.About 13,685 startups were formed in India in 2015, of which about 20% were ecommerce companies, shows data from business research platform Tracxn. In 2017, as India’s internet ecosystem undertook a massive cleanup both in terms of quality of businesses and quantity of capital invested, that number nosedived to 2,671.“The graph on entrepreneurship will definitely go up, but not significantly so,” said Vinod Murali, managing partner at venture debt firm Alteria Capital. “This wave of capital will demand more quality and patience from entrepreneurs.”Flipkart’s sale is also expected to give startup founders the confidence to go against the tide, with the deal establishing India as a potentially hot market for more such investment exits.“The valuation outcome that Flipkart has garnered (of nearly $21 billion) has blown past even that of an IPO. This is a signal for entrepreneurs to not rush into an IPO because there are better exits if one disrupts the market enough, does not cede ground and attempts to gain market share whatever be the cost,” said Anand Lunia, general partner at early-stage venture capital fund India Quotient. “Value does not lie only in having a profitable IPO-led business. Flipkart has shown that.”The deal marks the largest exit for investors in India’s technology landscape. Investors cashing out of Flipkart are expected to collectively fetch about $14 billion when the deal completes, answering long-held doubts on if investments in Indian startups would yield results.Investors believe that the deal marks the first step towards the creation of a more mature market where one can see more exits spread across a larger number of companies and consistently so, over the next few years. “If you look at a market like Israel, over the past five years, they have consistently had exits in technology companies cumulatively amounting to over $40 billion across 300 VC- and PE-backed firms,” said Kabir Narang, colead for Asia at B Capital, a global tech fund. “That is something to build towards — this also needs the active participation of Indian companies.”The $500-million bounty that Flipkart employees are in for from the Walmart deal presents a potential bounty for the larger ecosystem as well. About 100 current and former Flipkart employees with ESOPs are now estimated to be worth more than $1 million. A good part of that money could flow back into the startup ecosystem as some of these now wealthy individuals may turn investors and entrepreneurs themselves. Industry executives see the Flipkart-Walmart deal as a turning point for India’s angel investing ecosystem, even if just $100 million from liquidated ESOPs is invested back into startups. “Earlier it was tough to get to a Binny Bansal to have him fund your startup as an angel investor.Now, even an engineer from Flipkart becomes accessible and will be able to add similar value and capital to a business,” said Anand Lunia, general partner at India Quotient. “The Flipkart Angel Group is one of the more powerful emerging angel investor groups in the ecosystem.” The emergence of such a large capital pool is particularly timely given the steady dip in angel and seed investments that the ecosystem has witnessed over the last three years. Data from Venture Intelligence show a slow recovery in the first four months of 2018 with $62 million in angel investments.Flipkart’s acquisition is likely to hasten that pace and bring the zing back in angel investing, say experts. Former Flipkart employees such as Sujeet Kumar of logistics firm Udaan and Curefit founder Mukesh Bansal are expected to be some of the biggest beneficiaries of cashing out from Flipkart. That’s apart from Sachin Bansal, who is exiting the company he founded with a $1 billion harvest from selling his shares to Walmart. Mukesh Bansal’s Curefit is one of the foremost examples of the so-called ‘Flipkart Mafia,’ with the fitness chain counting Myntra CEO Ananth Narayanan, Flipkart cofounder Binny Bansal and CEO Kalyan Krishnamurthy as angel investors.Mukesh Bansal was a founding member of online fashion retailer Myntra, which Flipkart bought in 2014. With over 200 startups founded by former Flipkart employees and over $200 million invested in these startups, this ‘Flipkart Mafia’ is set to further grow, leaving behind it a far richer ecosystem of startups, investors and serial entrepreneurs. Summarise this report in a few sentences.
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Walmart's $16 billion acquisition of a 77 per cent stake in india's largest online marketplace is the world's biggest ecommerce deal. investors and entrepreneurs hope the deal will be the trigger for domestic companies to look deeper into India's internet ecosystem. 'this is a big wake-up call for large Indian corporate houses. the fault is theirs for having stood on the sidelines,' said an investor in a consumer internet startup.
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Mumbai-based payments company Mswipe has launched a new payment solution for small businesses aimed at addressing challenges like recurring cost on PoS terminals, rentals and merchant discount rate or cost borne for every digital transaction by the merchant. The company intends to encourage the adoption of this solution among businesses affected by the pandemic that are constrained in their cash flows. It will enable small businesses to enter into the digital payments ecosystem at the lowest sign up costs, said Manish Patel, the founder of Mswipe. Mswipe is offering two solutions, one with a hardware PoS and other with a QR code. It has added multiple features like cashback for the merchants, no rental and others to make it cost effective for merchants to accept payments digitally. Additionally, Mswipe will also provide merchants with a moneyback card, where all the cashback will get loaded. Mswipe currently has a network of 6.75 lakh PoS terminals and 11 lakh QR code merchants. With this product, Mswipe is targeting merchants with an average daily digital collection of Rs. 2,000 - Rs.2,500 in tier 3-4 markets and Rs. 8,000 - Rs. 10,000 in Metro and semi-urban areas. “With Bank Box we have democratized the digital acceptance and payments ecosystem for the smallest of businesses by giving them a choice, with Mswipe now both an acquirer and issuer, we have provided an end-to-end digital enablement of MSMEs and merchants,” said Sameer Hoda, President - Strategy and Operations, Mswipe. Summarise this report in a few sentences.
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the company intends to encourage the adoption of this solution among businesses affected by the pandemic. it has added multiple features like cashback for the merchants, no rental and others to make it cost effective for merchants to accept payments digitally. it has a network of 6.75 lakh PoS terminals and 11 lakh QR code merchants. with this product, merchants with an average daily digital collection of Rs. 2,000 - Rs.2,500 in tier 3-4 markets and Rs. 8,000 - Rs. 10,000
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Mutual funds have invested just Rs 1,230 crore in stock markets during the lockdown and industry experts believe they are still waiting for a good “entry point” and maintaining high liquidity for any possible redemptions by corporate houses. Going ahead, the primary factor that will determine mutual fund (MF) investment into equity will be their own inflows from investors. This will be put to test as many retail investors are facing risk of pay cuts and job loss over the next quarter or so, said Vidya Bala, co-founder of Primeinvestor.in. Overall, mutual funds have made a net investment of Rs 1,230 crore in stocks since the nationwide lockdown was announced on March 24 to tackle the coronavirus pandemic, latest data available with the Securities and Exchange Board of India (Sebi) showed. MFs invested Rs 6,363 crore in stocks in the last week of March, while they pulled out Rs 7,965 crore in April. Reversing the selling trend in May, they put in Rs 2,832 crore, the data showed. Amit Jain, co-founder and CEO at Ashika Wealth Advisors,?said mutual funds are not investing big amounts in equities as they are waiting for a good entry point, which he believes will come within two months. In addition, MFs are keeping high liquidity for any possible redemptions by corporate house as post lockdown, the 44-player industry will face a lot of redemption pressure as corporates will withdraw a lot of money, he added. In the entire month of March, MFs made an investment of over Rs 30,000 crore on attractive valuations as many stocks hit their 52-weeks lows. Notably, foreign investors pulled out a massive Rs 61,973 crore from equities in March and?Rs 6,883 crore in April amid fears of a coronavirus-induced global recession. However, they turned net buyers in May and invested over Rs 14,500 crore. “We have traditionally seen MFs buy when FPIs are exiting and that played out in March with MFs buying on attractive valuations as many stocks hit their 52-week low in March. “Post that with inflows slowing from retail investors in April and also investors redeeming on an uptick post the March hit, the momentum could not be sustained. May again saw some inflows that helped MFs pump into the market,”said Bala. “We are likely to see a see-saw behaviour from MFs over the next several months,” she added. Echoing the views,Himanshu Srivastava, Senior Analyst Manager Research, Morningstar India said this could be attributed to the rebalancing of the equity portion of allocation funds, particularly dynamic allocation and aggressive allocation funds. Such funds would have increased their allocation to equities in March when the markets witnessed sharp correction, which resulted in equities being available at relatively attractive valuations. “However, the surge in markets in April would have prompted them to cut their exposure in equities as a rebalancing activity in order to maintain an optimal equity allocation in their portfolios. This could have caused a net outflow by mutual funds in equities in the month of April,” he added. Meanwhile, mutual funds have also been witnessing net inflows in equity-oriented schemes. Such equity-oriented funds received a net inflow of Rs 11,723 crore from investors in March and Rs 6,213 crore in April. “Given the market scenario, MFs would have taken some time to deploy these flows. This resulted in increased levels of absolute cash in their portfolio, which these funds would have been deploying now resulting in net inflow in equities in May,”Srivastava said. Harsh Jain, co-founder and COO at Groww, said FPIs aggressively took money out of India and domestic investors infused money, seeing this as an opportunity. Omkeshwar Singh, Head – RankMF, Samco Securities, said that risk adjusted returns expectations have become more important and inflows are getting limited to multi-caps and large-caps. He said quality equity funds in large-cap and multi-cap space will see inflows and rest will have to wait till things normalise. Jain said stocks in the automobile sector (mainly two-wheelers and four-wheelers barring commercial vehicles), healthcare, telecom and IT with focus on artificial intelligence would find favour in terms of investment. Summarise this report in a few sentences.
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mutual funds invested just Rs 1,230 crore in stock markets during lockdown. they are waiting for a good entry point and maintaining high liquidity. MFs invested over Rs 30,000 crore in stocks in the month of march. they turned net buyers in may and invested over Rs 14,500 crore. MFs are keeping high liquidity for any possible redemptions by corporate houses.
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Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled with over 3 per cent gains on Wednesday aided by buying in banks and financial stocks. Sensex ended at 31,605.22, up 995.92 points or 3.25 per cent. While the broader Nifty 50 index finished above 9,300 to close the session at 9,314 gaining 286 points or 3.17 per cent. Out of 30 Sensex stocks, 24 stocks finished trade in positive territory. Axis Bank was the top Sensex gainer with a growth of 13.46 per cent, followed by ICICI Bank, HDFC Bank, IndusInd Bank, Bajaj Finance and Kotak Mahindra Bank. On the contrary, Sun Pharma was the top Sensex laggard, down 1.85 per cent. UltraTech Cement, Titan, Asian Paints, Maruti Suzuki and Power Grid were among other losers on the pack. Barring Nifty Pharma and Nifty Media, all the sectoral indices ended with upticks. Nifty Bank index surged 7.28 per cent led by gains in Axis Bank, ICICI Bank, Bandhan Bank and RBL Bank. While Nifty Pharma index fell 0.21 per cent dragged by losses in Biocon, Sun Pharma and Lupin India’s fourth recession since independence, the first since liberalisation and perhaps the worst to date, is here, CRISIL said on Tuesday as it predicted the economy to shrink by 5 per cent in the current fiscal because of coronavirus lockdown. “The first quarter (April to June 2020) will suffer a staggering 25 per cent contraction,” it said in its assessment of India’s GDP. Summarise this report in a few sentences.
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Sensex ended at 31,605.22, up 995.92 points or 3.25 per cent. while the broader Nifty 50 index finished above 9,300 to close the session at 9,314 gaining 286 points or 3.17 per cent. out of 30 Sensex stocks, 24 stocks finished trade in positive territory. Axis Bank was the top gainer with a growth of 13.46 per cent.
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Hyderabad-based injectable drugs maker Gland Pharma, which is majority owned by China’s Shanghai Fosun Pharmaceutical (Fosun Pharma), has filed a draft red herring prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO), sources told Moneycontrol. If the listing plans fructify, this could arguably be the first major domestic IPO of an Indian company with a Chinese parent. On July 19, 2019, Moneycontrol reported that Gland Pharma had shortlisted merchant bankers and begun preliminary preparations for an IPO. “Gland Pharma’s DRHP filing happened on July 10. The issue aims to raise around Rs 5,000 to Rs 6,000 crore, but the size may change closer to the launch. Citi, Kotak Mahindra Capital, Nomura and Haitong Securities are the merchant bankers working on the issue,” a source said. “The IPO market is slowly and steadily picking up. Gland Pharma may look at a launch in the second half of FY21 depending on market conditions. Both Fosun group and the founders are likely to dilute shares as part of the issue,” a second source said. Also read: Rossari Biotech IPO to open on July 13; price band of Rs 423-425 per share “COVID-19 hasn’t hit the operations of Gland Pharma and it’s been business as usual for the firm. The firm will inform the Chinese regulators and authorities as well regarding the DRHP filing,” a third individual told Moneycontrol. Most of the IPO proceeds will be used for capex and working capital for its Indian operations. It will be a mixture of primary and secondary issues of shares,” a fourth person familiar with the listing plans said. “Law firm Cyril Amarchand Mangaldas is acting as the counsel to the company, while law firm S&R Associates is advising merchant banks,” this fourth person added. After Sebi reviews the DRHP and shares its comments, Gland Pharma will have a one-year window to launch the IPO. All the four individuals spoke to Moneycontrol on condition of anonymity. Citi declined to comment in response to an email query. Moneycontrol couldn’t immediately reach Gland Pharma, Nomura, Kotak Mahindra Capital, Haitong Securities, Cyril Amarchand Mangaldas and S&R Associates for a comment. Email queries have been sent to the company and others and this article will be updated as soon as we hear from them. Diplomatic relations between India and China have been frosty in recent months due to military aggression in the Eastern Ladakh, leading to casualties on both sides. Both nations have conducted a series of talks to diffuse tensions at the border. In fact, on June 29, the Indian government banned as many as 59 China-origin mobile apps that included the likes of TikTok, WeChat and SHAREit. A closer look at Gland Pharma Hong Kong-listed Fosun acquired around 74 percent in Gland Pharma for around $1.09 billion in October, 2017, offering an exit to private equity firm KKR. Much of the residual stake remained with founder promoters, who continued on the company’s board after the deal. Gland Pharma is a pure-play generic injectable pharmaceutical products company founded in 1978 by PVN Raju. Dr Ravi Penmetsa, who has been the Vice Chairman and Managing Director of the firm since 1999, took up an advisory role in 2019 to support the management, which is currently led by MD and CEO Srinivas Sadu. The company earns a bulk of its revenues from the US and European markets. It had pioneered Heparin (an anti-coagulant that is used during surgeries and in the treatment of heart attacks) technology in India. The company has seven manufacturing facilities: four at Hyderabad and three at Visakhapatnam. Gland Pharma has established a portfolio of products across various therapeutic segments such as anti-diabetic, anti-infectives, anti-malaria, anti-neoplastics, blood-related, cardiac, gastro-intestinal and hormones through a combination of delivery systems including liquid vials, lyophilized vials, pre-filled syringes, ampoules, bags and drops. It sells its products primarily under a business to business (“B2B”) model in over 60 countries as of March 31, 2020, including the United States, Europe, Canada, Australia, India and rest of the world. As of March 31, 2020, Gland Pharma employed 3,791 people across its facilities in India. Gland Pharma’s manufacturing facilities have been approved by the US Food & Drug Administration (USFDA), Medicines and Healthcare Products Regulatory Agency (UK MHRA) and other regulators. "Gland Pharma was acquired by the Group in 2017. In 2018, it benefited from the growth of major products such as vancomycin, enoxaparin injection and caspofungin and recorded a 26.62 percent year-on-year increase in revenue as compared to 2017. Net profit rose 39.92 percent YoY," said the 2018 annual report of Fosun Pharma. On February 28, 2019, Frank Yao, Co-Chairman, Fosun Pharma, told Moneycontrol that the integration process of Gland Pharma with Fosun is over and that the company has plans to expand its manufacturing footprint and add more products to its pipeline. Summarise this report in a few sentences.
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injectable drugs maker Gland Pharma has filed a draft red herring prospectus with market regulator SEBI for an initial public offering (IPO) if the listing plans fructify, this could arguably be the first major domestic IPO of an Indian company with a Chinese parent. most of the IPO proceeds will be used for capex and working capital for its Indian operations.
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India will produce a record 700 million tonnes of coal in the current fiscal ending March 2021, helping cut down on imports, Coal Secretary Anil Jain said.India produced 602.14 million tonnes of coal in 2019-20 fiscal, marginally lower than 606 million tonnes output in the previous year."We are on track to producing 700 million tonnes of coal in 2020-21 fiscal," Jain told PTI in an interview.This record output will help stop most of substitutable coal imports, he said.India imports 235 million tonnes of coal annually. About half of this is non-substitutable as they are tied to the power plant or user factories, but the rest can be cut down, he said."We will able to cut substitutable coal imports with this rise in production," he said.Prime Minister Narendra Modi has set a target to expand the country's economy to USD 5 trillion by 2024, from USD 2.9 trillion currently, and reducing energy imports and harnessing domestic resources are key to meeting that goal.To meet the import reduction goal, state miner Coal India Ltd is targeting to raise its annual output to 1 billion tonnes by fiscal year 2024.Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.Power plants, which are key coal users, have stocks as high as 30-days due to the coronavirus lockdown , he said.The lockdown shut factories and offices, slashing electricity demand by about a quarter, thus affecting the use of coal and causing inventories to swell to record levels.Coal India Ltd has stocked up a record 75 million tonnes at its mines while power station inventories have surged to 44.7 million tonnes, the highest in data going back to 2008.The combined inventories are more than the two-month average of production at Coal India last fiscal. Summarise this report in a few sentences.
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india will produce a record 700 million tonnes of coal in the current fiscal ending March 2021. the output is marginally lower than 606 million tonnes output in the previous year. the record output will help stop most of substitutable coal imports, he says. india imports 235 million tonnes of coal annually, but the rest can be cut down. the country has set a target to expand its economy to USD 5 trillion by 2024.
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US stocks closed lower Thursday after President Donald Trump announced that the highly-anticipated summit next month with North Korea was cancelled. Taking cues from US stocks, Asian markets traded lower Friday in morning trade. Govt push for merger of Vodafone-Idea: new entity can pay all dues The government has allowed the merged entity of Vodafone India Ltd and Idea Cellular Ltd to clear dues related to spectrum charges and licence fees, a departure from the telecom department’s earlier stand that the merger will be approved subject to the payment of all dues. Manipal-TPG extends validity of its revised offer for Fortis The Manipal-TPG combine has said it has extended the validity of its modified offer for Fortis Healthcare to 6 June. Govt seeks $3.8 billion from RIL, ONGC, Shell The government has reiterated a demand for $3.8 billion dollars from Reliance Industries, Shell and ONGC following an English court ruling over government share from the Panna-Mukta and Tapti fields in western offshore. NCLAT refuses to allow second round of bidding for Bhushan Power and Steel The National Company Law Appellate Tribunal (NCLAT) refused to entertain a second round of bidding for Bhushan Power and Steel Ltd, following a “suggestion" by the committee of creditors (CoC) of the debt-laden company. Competition commission orders probe against Grasim Industries The Competition Commission has ordered a probe against Aditya Birla group firm Grasim Industries for alleged abuse of dominant position with regard to the sale of viscose staple fibre (VSF). Bank credit grows at 12.64%, deposits at 7.61% Banks’ credit grew by 12.64% year-on-year to Rs8,551,099 crore in the fortnight ended 11 May 2018, according to Reserve Bank of India (RBI) data. Reliance Industries unit invests Rs10 crore in KareXpert Technologies Reliance Industries Ltd (RIL) has made an investment of Rs10 crore in KareXpert Technologies Pvt. Ltd, an early-stage digital healthcare technology platform, reports Mint. Sterlite protests land a blow to Vedanta boss Anil Agarwal’s ambitions Indian billionaire Anil Agarwal often talks about his dream to turn his London-listed company Vedanta Resources Plc into a global resources giant. He has already bought stakes in big mining companies, such as Anglo American Plc, and says he plans to spend at least $1 billion on investments in Africa. Earnings corner Bank of Baroda, Cadila Healthcare, Indian Hotels, India Cement, NBCC and Sun Pharma are among the companies that will be announcing their March quarter earnings today. 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.
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u.s. stocks closed lower Thursday after president. Trump announced that the highly-anticipated summit next month with. North Korea was cancelled. government has allowed the merged entity of Vodafone India Ltd and Idea Cellular Ltd to clear dues related to spectrum charges and licence fees. manipal-TPG extends validity of its revised offer for Fortis Healthcare to 6 June.
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It has been hectic over the last couple of weeks in New Delhi after the 2018 budget was presented following up on the Economic Survey. While the former didn’t seem to pay too much attention to it, it was heartening to see a novel dimension in economic surveys with a discussion on the abysmal rates of R&D (research and development) spending as a percentage of gross domestic product that the economy has seen over the past decade or more. The survey additionally pointed to how a single organization like Samsung spends on R&D close to what India is spending on it as an economy. During the televised budget discussions, some policy analysts pointed out that India seems to be targeting inflation to appease its middle classes at the cost of neglecting the dire issues facing agricultural productivity and farmers. This is not new, but what is mystifying is that despite a realization of the distortionary effects of this cross-subsidization in Delhi policy circles for some time now, efforts to use innovation and R&D to spur agricultural productivity have been few and far between. Why might that be so? The broad answer potentially lies in what Harvard economist Josh Lerner calls as policymakers’ inattention to the neglected art of setting the table in his now famous book, Boulevard of Broken Dreams. Lerner essentially points out that to credibly spur entrepreneurship, governments need to first carefully set up the table before the full course menu is served for entrepreneurs to take advantage of innovation, creating new jobs and to spur the economy. Might it then be time for India to pay attention to this neglected art carefully one more time? Even if the loud and clear response is yes, how to accomplish this remains still anybody’s guess. More so now, since globally innovation, having long been a growth catalyser across nations, now faces a pushback from inequality proponents. For an economy like India, living in an open world far more than where it was a decade or two back, timing will play a key role going forward in this matter. In the last three years of the current government, several structural reforms have been ushered in, whether through effective or less-than- effective policies. The goods and services tax, demonetization or financial technology disruptions may have created some short-run distortions but it is undeniable that the structural underpinning of the economy is well on the way towards change. But as general purpose technologies (to build on Stanford economist Tim Bresnahan’s terminology for it, à la the wheel, fire, railroads, internet, or today, industrial automation and artificial intelligence) takes shape in the Indian economy, it may also be time for the government to reset some of the lower-hanging complementary issues in order to correct the innovation menu on the economy’s table. That is probably the only way forward for Indian entrepreneurship and innovation to generate non-spurious valuations by solving not just India’s unmet needs but also global requirements. It is precisely here that more is now expected from Indian intellectual property laws and in how it harmonizes itself with its industrial and competition policies. Having shown some promise through initiatives like Make in India, Startup India, Digital India and Skill India, Indian policymakers still continue to betray and echo what Cambridge economist Joan Robinson once opined about the country: “The frustrating thing about India, is that whatever you can rightly say about India, the opposite is also true." Nowhere is it more apparent but in the country’s current healthcare policies, especially when one examines price-cap regulation for medical devices and pharmaceutical products for example, already adversely impacting diffusion of innovation, not helping India’s healthcare outcomes. Sure, in the short run, such actions may incentivize affordability of products and services on the demand side, but in the long run these policies may undo all the good work being done by structural reforms undertaken by the current government to incentivize Make in India with globally innovative products and services. Healthcare or the agricultural sector then may not be the only ones to suffer. Be that in indigenously generating clean energy, or producing climate-friendly electric vehicles or even creating domestic upstream capabilities in smartphone manufacturing, harmonized government action is now more important than ever before to incentivize long-term innovation to create multiplier effects over and above the good and painful work done in the past few years. Admittedly, this will create a few more short-run welfare consequences for the domestic economy, some entrepreneurs will perish and only a few will survive, some consumers will be provided access to a better life and some others will be left out, some political parties will win electoral mandates and others will fall by the wayside, but the cost of disharmony in its innovation, competition and industrial policy may mean that India will continue to remain an also-ran in the global innovation pecking order even 100 years after its independence. For a country that boasts an Indian Space Research Organisation, several scientific Nobel Laureates or even traditional knowledge that can be harnessed to create new global normals for various sectors, that will be a shame which future generations may not be able to forgive us (the current generation) for. One hopes Indian policymakers will pay attention to these intergenerational responsibilities and soon with alacrity recalibrate India’s position. At least, the 2018 Economic Survey, and chief economic adviser Arvind Subramanian and his team were paying attention with a recommendation for a targeted mission-driven sectoral approach, so one’s hope springs eternal. Rajendra Srivastava is dean and Novartis Professor of Marketing Strategy and Innovation at the Indian School of Business and Chirantan Chatterjee is assistant professor (economics and public policy) at ISB. 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.
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efforts to use innovation and R&D to spur agricultural productivity have been few and far between. despite a realization of distortionary effects of cross-subsidization in Delhi policy circles for some time now, efforts to use innovation and R&D to spur agricultural productivity have been few and far between. despite a realization of the distortionary effects of this cross-subsidization in Delhi policy circles for some time now, efforts to use innovation and R&D to spur agricultural productivity have been few and far between
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Indian stock markets ended higher on Monday with Sensex posting a complete recovery from Friday’s wipeout as concerns over US-China trade war eased after the United States approached China to settle down trade imbalances which steered a value buying in equities from Europe to Asia. The S&P BSE Sensex retook the 33,000-mark within a day after the benchmark index slipped to a level of 32,596.54, meanwhile, Nifty 50 also regained the psychological mark of 10,000 after diving to a low of 9,998.05 on Friday. The domestic markets witnessed a sharp slide on Friday with Sensex and Nifty tumbling to their respective 6-month lows after US President Donald Trump imposed tariffs on Chinese imports which triggered a panic among investors on worries of a trade war. Market relieve The 30-share barometer Sensex rose 469.87 points or 1.44% to finish at 33,066.41 whereas the wider share indicator Nifty surged 132.6 points or 1.33% to conclude at 10,130.65 on Monday. Amid the European region, Britain’s FTSE index recoiled from its 15-month low as fears of full-blown trade conflict between the world’s two biggest economies — the United States of America and the People’s Republic of China — seemed to have mitigated, according to a Reuters report. The United States has contacted China seeking measures to reduce their trade imbalance, Reuters reported citing an unidentified report. During the day, Sensex advanced as much as 518.87 points to a day’s high of 33,115.41. Major movers Shares of Yes Bank (up 5.67%), State Bank of India (up 5.01%), HDFC Bank (up 2.91%), Tata Steel (up 2.8%), HDFC (up 2.66%), Bharti Airtel (up 2.55%), L&T (up 2.16%), ICICI Bank (up 2.05%), M&M (up 1.98%), Hero MotoCorp (up 1.94%), Maruti Suzuki (up 1.87%), Bajaj Auto (up 1.68%), HUL (up 1.6%), Coal India (up 1.36%), Axis Bank (up 1.3%), Asian Paints (up 1.01%), Reliance Industries (up 0.92%) and Adani Ports (up 0.88%) emerged as the lead gainers among the BSE Sensex components rising up to 6%. Shares of big-three IT companies Infosys, Wipro, TCS were the only decliners. The stock of Wipro dropped 3.96% to end at Rs 273.9 on BSE. Stocks that drove the rally Shares of heavyweight companies such as HDFC Bank, HDFC, State Bank of India, ICICI Bank, L&T, Yes Bank, Reliance Industries and Maruti Suzuki contributed the most in the Sensex rally. Collectively these eight stocks alone added about 374 points out of the 470-point upsurge in the index. Market at glance A market-wide buying was observed in all of the sectors barring the Nifty IT index. All the components of Nifty PSU Bank index surfaced as rock stars on Monday with shares of Canara Bank, Bank of Baroda, State Bank of India, Union Bank of India, Bank of India and Indian Bank rising 4 to 11%. Apart from Nifty PSU Bank index, sectoral indices of Nifty Bank, Nifty Financial Services, Nifty Media, Nifty Metal, Nifty Private Bank, Nifty Realty, Nifty Auto, Nifty FMCG surged 1 to 4% while Nifty IT index dropped 0.63% as blue-chip shares of TCS, Infosys and Wipro lost up to 3.5% with stock of India’s third-largest IT company Wipro dragging heavily. Summarise this report in a few sentences.
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Sensex retook 33,000-mark within a day after benchmark index slipped to a level of 32,596.54. meanwhile, Nifty 50 also regained psychological mark of 10,000 after diving to a low of 9,998.05 on friday. domestic markets witnessed a sharp slide on friday with Sensex and Nifty tumbling to respective 6-month lows.
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Gold prices have appreciated by a whopping 32 percent since last Diwali and analysts underscore this data should put to rest all the noise about plunging gold demand hurting gold’s prospects in 2020. After the COVID-19 pandemic hit the world and economies across the globe began to falter, gold acquired more shine as investors rushed towards safe-haven assets. Now, with economic indicators rising and a vaccine for COVID-19 in the sight, one may wonder if it is the time to trim exposure in gold. Analysts still keep faith in gold's prospects. Jharna Agarwal, Head, Anand Rathi Preferred said with most central banks around the globe providing unprecedented liquidity and low-interest rates coupled with economic stimulus, gold is not expected to lose its sheen. She is cautiously optimistic about gold due to headwinds, including ambiguity around US-China trade relations and Brexit along with the possible economic downturn in the EU. She added that in the event of a vaccine getting approved, correction in gold prices seems certain. But this could also be looked at as a buying opportunity that may drive demand and prices up after the correction. Sriram Iyer, Senior Research Analyst at Reliance Securities said while the reports on vaccine development are positive for risky asset classes like equities and currencies and negative for gold, he is cautious over the speed in which the vaccine could be implemented. "We believe that more tests will be needed, then the approval process which generally takes time, but due to the emergency situation at hand, could be handed out quickly. So, manufacturing and distribution would mean the vaccine, if truly effective, is still months away from mass deployment. We expect the optimism from the vaccine news would linger for some time and then fade away," said Iyer. Iyer said this will have a limited impact on the longer-term outlook on gold. Pointing at the US election results, Iyer said he believes that gold will continue to push higher as the democrats will push for a higher stimulus aid package as the vaccine will take time to reach everyone and the economy could continue to struggle. Kunal Shah, Head of Commodity Research at Nirmal Bang pointed out that the road to sustained recovery is a long process. So far, central banks have infused $13 trillion and more are expected in the coming days. "We believe investors should start accumulating gold with a 2-3 year horizon. If massive liquidity causes the US inflation to shoot up, gold will go up too and in case things look grim, then too gold will go up," Shah said. Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking is of the view that now the development of the coronavirus vaccine and the end of US election uncertainty support global growth. "Currently, we are expecting some correction in gold prices on the reaction of the new development. As far as the concern about the investment in gold, we are recommending a buy in gold for a longer time horizon at least for 5 to 7 years. Investors can go to invest in gold in a systematic way like SIPs," Gupta said. Chirag Mehta, Senior Fund Manager, Quantum AMC believes the trend of investment flows into the asset class is likely to continue well into next year supporting gold prices. "That's because the COVID-19 pandemic is far from over, we are in the midst of a deep global recession, central banks are injecting liquidity and purchasing assets, interest rates globally continue to stay low, government debts and deficits are inching up, the threat of inflation is looming, currencies continue to be debased and geo-political tensions are rife," Mehta said. "Gold, because of its characteristic of being a stable form of money with the potential to store value over long time periods and its tendency to appreciate in times of negative real interest rates or when there is a loss of confidence in the economy and monetary system, will benefit as a result of the above macroeconomic circumstances," Mehta added. On the front of domestic demand, India is likely to see a healthy rebound in gold jewelry consumption over the next year. "India has about 10 million marriages a year and those would have reduced to just a small fraction this year, most of them postponed. As the economy opens up and more marriages take place, demand for gold should rebound. A better monsoon and the upcoming festive season should further aid the uptick in gold demand," Mehta pointed out. Ideal portfolio size Analysts and experts advise one should invest in gold as per one's risk appetite and an ideal size may vary from 10 percent to 30 percent. Agarwal of Anand Rathi Preferred recommends an allocation of 5-10 percent of the overall portfolio depending on the risk profile (higher allocation for conservative investors). Iyer of Reliance Securities recommends continuing their existing portfolio in gold. "Probably additional investment could be added for those who want to or afford to," he said. Shah of Nirmal Bang recommends one should have 10 percent of the portfolio allocated to gold. Gupta of Angel Broking is of the view that one can diversify one's portfolio 20 percent to 30 percent in gold. 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.
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gold prices have appreciated by a whopping 32 percent since last Diwali. analysts say this should put to rest all the noise about plunging gold demand hurting gold's prospects in 2020. central banks have infused $13 trillion and more are expected in the coming days. gold is not expected to lose its sheen due to headwinds, including ambiguity around US-China trade relations and Brexit.
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Japanese automobile major Nissan Motor Co on Thursday unveiled a global four-year plan that involves reducing capacity by 20 per cent by shutting down factories in Indonesia and Barcelona and withdrawing from markets like South Korea as it attempts to slim down and turn sustainably profitable. The company did not make any announcement on its struggling India operations but dropped enough hints that it could be under serious scrutiny. The company's operations in the ASEAN region will see substantial changes as part of the plan. Nissan would shut down its factory in Indonesia and rely on Thailand as its sole production base while it will also exit the South Korean market. More restructuring is on the anvil. "We will reduce the size of our business in some ASEAN markets," the company said. "In line with the new business footprint we will revise our management structure in the region to increase efficiency. Although we are unable to provide details at this point in time, Nissan will systematically right size operations or exit some of the markets as we prioritise and focus." A lot was left unsaid to be read between the lines. If the logic behind shutting down production in Indonesia is anything to go by, India could be the next domino to fall in the region. Nissan had achieved a 6 per cent share in the Indonesian market at one point in time and had set a target of achieving 10 per cent share. Instead, it regressed and currently commands just 1 per cent share which led to its decision to cease production. "We are in a position that we are no more able to operate that plant," said Ashwani Gupta, chief operating officer, Nissan Motor Corp. It is much worse off in India. In fiscal 2020, Nissan sold less than 5000 units in India registering a 34 per cent decline over the previous year. Sale of Datsun also halved to just 13,101 units which gave the group cumulative sales of under 18,000 units, an over 50 per cent decline during the year. Its market-share is a miniscule 0.65 per cent. It exported far greater number of cars from India at nearly 80,000 units, a growth of 38 per cent over fiscal 2019. Nissan India did not respond to a detailed questionnaire on the company's operations in the country. In India, the company has been under pressure for quite sometime. In mid 2019, it laid off 1700 employees in India as part of a global exercise where it fired 12,500 workers. The Renault Nissan alliance has a 480,000 unit per annum factory in the outskirts of Chennai. The French carmaker had a much bigger domestic sales tally at 89,534 units, which gave it an over 3 per cent market share. It was also one of the few companies in the industry to post a growth in 2019-20. The Indian passenger vehicle market declined by 17 per cent to 2.77 million units in the year. The alliance had a capacity utilisation of just 42 per cent in the country. Globally, Nissan Motor Corporation has been in a state of turmoil ever since it alleged embezzlement of funds by alliance chairman Carlos Ghosn in 2018. It reported a $ 6.2 billion loss for the year ended March 2020 as it took a one time knock of $ 5.6 billion in restructuring costs and impairment losses. The scope of the new plan has been clearly laid down to achieve a 5 per cent operating profit margin and a sustainable global market share of 6 per cent by the end of fiscal year 2023, including proportionate contributions from its 50 per cent equity joint venture in China. "Our transformation plan aims to ensure steady growth instead of excessive sales expansion," said Makoto Uchida, CEO, Nissan Motor Corp. "We will now concentrate on our core competencies and enhancing the quality of our business, while maintaining financial discipline and focusing on net revenue per unit to achieve profitability. This coincides with the restoration of a culture defined by 'Nissan-ness' for a new era." Plagued with an overcapacity in a global market which is only likely to aggravate as coronavirus ravages the world economy, Nissan wants to reduce its overall capacity from 7 million units currently to 5.4 million units by 2023. The intention is to achieve a capacity utilisation of over 80 per cent, which makes the factories financially viable. But that would mean shutting down plants in Barcelona in Western Europe besides the one in Indonesia. Going forward, its key focus would be on markets like Japan, China and the US including Mexico while for the rest of the world including Europe, it will leverage assets that it shares with alliance partner Renault of France. "Nissan must deliver value for customers around the world. To do this, we must make breakthroughs in the products, technologies and markets where we are competitive. This is Nissan's DNA," Uchida said. "In this new era, Nissan remains people-focussed to deliver technologies for all people and to continue addressing challenges as only Nissan can." At the same time, the firm would also trim its global portfolio of cars by 20 per cent. Its entry level Datsun brand, a pet project of Ghosn, would also be discontinued in Russia. Besides Indonesia and Russia, India is one of the four markets that includes South Africa where the Datsun brand was relaunched in 2014. With Ghosn gone, the fate of Datsun itself is in the balance. Also Read: Mukesh Ambani may soon score another fat cheque for Jio Platforms -- this time from global giant Microsoft Also Read: Vodafone Group injects Rs 1,530 crore into Vodafone Idea Summarise this report in a few sentences.
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Nissan unveils global four-year plan to reduce capacity by 20 per cent. plans include shutting down factories in Indonesia and Barcelona. plans also involve exiting markets like south Korea. if the logic behind shutting down production in Indonesia is anything to go by, India could be the next domino. if the logic behind the plan is anything to go by, it could be the next domino to fall in the region.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Marketing Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit Indian School of Business ISB Chief Digital Officer Visit Elections are not going to be trend deciders: Atul Suri, Marathon Trends PMS Elections are a great talking point but it is mostly a case of short-term volatility. Liquidity is a trend decider, Atul Suri, Marathon Trends PMS, tells ET Now. I am never into very exciting bottoms and tops. If I can compound at 25-30% year-on-year, I am pretty okay,, CEO and Chief Investment Officer,, tells ET Now Edited excerpts:I totally agree with you. I am a bit disappointed in the short term because after we went down to 10,000, we were extremely oversold and a bounce was inevitable. We just needed triggers and we got some very big triggers with crude. Nobody could have predicted where crude is today. It is also not seeming to bounce back. It continues to weaken and yet there is a very placid kind of a pullback.The first level that I would have looked for in Nifty was 10,700. We tested that, again went back and retested 10,000. That is the first hurdle. Any short covering bounce should have easily taken us beyond that. But really it is struggling at 10,500. When I try to analyse what is it that is causing it to underperform in such a big way, the only dark cloud I see is the way global markets especially the US is performing. All in all, there is a bounce but I would have expected more.When I look at the US charts, that is what seems. The Dow is definitely a front-line index. If you start looking below the hood, and consider Russell 2000, which is a smallcap index, you will find that the damage there or the kind of chart patterns that are emerging in the US are not very encouraging.Look at the Nasdaq also. There are some marquee FAANG names. The way those charts are panning out, makes me think that there is a dark cloud as far as the US markets are concerned. The only silver lining is when I do a ratio chart of EM versus the US, the emerging markets have been underperforming the US for the last 8 to 10 months, right from January. I find that they are at record oversold levels.On a longer term chart of the EM versus developed markets, we are almost oversold. Underperformance was last recorded in 2002. In last two-three days the US market has been falling and day before yesterday was a big whack, about 600 points and yet we closed positive! So maybe emerging markets may not fall or in case the US goes in for a longer term consolidation, money may flow to the EMs and you may start seeing a recovery. Of course, all this is a lot of conjecture. It is something which I am pre-empting and maybe it is my bullish mindset which is trying to see the silver lining but to sum it up, the US charts are not looking very good. A breakdown like Dow going below 24,000 again could be a bit of a problem.It is very spiky. It is a fearful chart because anything above 85 is in a positive or a bullish zone. For the dollar index to start dampening, it will have to go below 85. A spiky dollar index is definitely not good for commodities it has a knock down effect. So it contradictory to my theory that EMs may relatively outperform, but there are some contractions out there.Brent would go to $60-61 level and the WTI would go to around $50-51 levels but the major part has been done, the back has been broken and you should have seen a lot more bounce or spikiness. That is really disappointing me at the moment.I think it is also at 11,000 plus.So, you have good years and bad years.But we have had Nifty in an outperforming market. In January or even in April, May or June, India and US were the only markets touching lifetime highs. Relative to the EMs. India was the outperforming, marquee market.EMs since January have been on a secular downtrend. India had a very good bounce in May, June, etc. We actually went out and made new highs. India fell in September-October. So it is not that India has been a relative underperformer in the EM space. India has been a relative outperformer in this space. Yes vis-à-vis the US, it seems much more dampened.It is not that we have had spectacular returns. There was this blip in the mid and smallcap index. , you talked about it but how much did somebody capture? More people got hurt than benefited from it because most people came in the last one year and those stocks have taken you back by two years. So net-net, the last two-three years have looked good in spikiness but very few have captured it.We maybe in a very large range at the moment. I would say 10,000-11,000 again. It is a 10% range but we could have that kind of move. We are at the mid point, but in this 500-point blip, you will start seeing how sector churns are happening. You are seeing new trends emerge, a case in point is ICICI Bank touching a new high yesterday. I may have vested interest in the stocks I talk about.Look at the charts of some of your infra stocks, L&T for that matter. I feel that with a good churn, interesting stuff can happen. My pet theme is consumer. The consumer charts are still intact.They are still very intact.Let us not talk about stock because again I have a vested interest in that. What I am seeing is that even in the smaller thousand point ranges, you will have a churn. There will be sectors and themes that will outperform and something will just go off or do nothing for that matter. That is why you would have like stocks at 52-week highs and stocks touching 52-week lows in the same day. That is something we do not see in a runaway bull market or in a runaway bear market. They are all loaded on one side of the spectrum. I feel that you will see that kind of space.It will be more a question of whether you are getting into the right themes and there are some interesting spaces happening. Specialty chemicals is not a frontline sector. There are very few liquid names but you look at the charts. They have hardly corrected and are all nudging lifetime highs. I guess you will have to play out that theme and that is how you will take it from here.Yes, I think so. Some of these have been extremely oversold and you are seeing significant bounce-backs going ahead. I do not see that you are going to have a runaway bull market. You can have a big range of 1,000 points, a 10% range. Different sectors are going to be part of this. The commercial banks in the private space have very good looking charts. There were themes or sectors that have not been participated in the last 10 years. They are very under-owned. I feel that this could also be an interesting opportunity.The markets will keep having activity. At the moment, there is good, there is bad; crude is off and that is fantastic. The whole NBFC issue seems to be dissolving slowly. The EM outperformance can come now.To offset that, you have got a little weak-ish global charts, especially the US and elections, though I think that this whole election thing is highly overrated. Even the politicians themselves fighting elections do not know the outcome. I feel it tends to get very overrated. It becomes a great talking point but it is mostly a case of short-term volatility. I do not think they are going to be trend deciders. Trend deciding is liquidity and liquidity or flows that come domestically and globally. There has been no better case in point than the DII flows that we saw last month.You are not going to have some outright bear trades but you will find spaces like real estate which are going to remain under cloud. The entire small and midcap space -- barring a few stocks which come out with good numbers or which have certain genuineness -- is still going to be under the cloud. This is where the breadth is and that is going to be a bit under the cloud.These charts are done on the basis of three-year, five-year consolidative patterns. They have come to lifetime highs, disappointed, again come back. Now, they are pushing towards lifetime highs and the interesting part is that they are pushing not when the market is bullish or frothy. They are doing well when the markets are not doing well or when markets are struggling or at best are a bit limp. That outperformance or relative strength that you are seeing in them is the bullishness which you have not seen in the last three to five years.Over last three to five years, these stocks have gone up because the market has gone up. When the Nifty makes a lifetime high and you are a Nifty stock you are bound to find your share of buyers. But the ability to not fall in this correction relatively and to push to new highs when the market is 4-5% from the recent lows I think that is the silver lining. And importantly that these are actually sector leaders, they just do not represent one stock, they just do not represent one index stock, they represent a theme. L&T represents a theme and that is why you will also see it in a lot of infra stocks.I prefer longer term charts and trends. I do not think that just because consumers have moved for five years they cannot move for 10 years or 20 years. I feel it is a very secular and long-term theme. It does not give you excitement.No, look at timeframe. What is your timeframe and what is the level of excitement. I am a fund manager, my job is not to create excitement every day. I no longer do very active trading. I personally prefer consistent compounders, that is my style. Over the years I have realised that is my theme. I am never into the very exciting space and bottoms and tops. If I can compound at 25-30% year-on-year, I am pretty okay.Yes I would because I feel that a lot of them will surprise you on the earnings. What looks expensive today can get cheap tomorrow. The function is that earnings have to come. I do not want to take names but I can give you five stocks which always look expensive but you are much better off in those stocks than getting into one stock today, getting into another tomorrow. They look very cute in terms of our Excel spreadsheets but when you go to do it , you realise that there is a lot of challenges in doing that. You are better off being in a longer term compounders. Summarise this report in a few sentences.
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atul suri, CEO and chief investment officer, says volatility is a trend decider. suri: "we got some very big triggers with crude" he says the Dow is definitely a front-line index. suri: "there is a dark cloud" as far as the US is concerned. he says the u.s. is a good example of a good long-term strategy.
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Total number of confirmed #coronavirus cases in India rises to 173 (including 25 foreigners). Maharashtra has the highest number of cases at 44. https://t.co/UQRdOnk3H8 ANI (@ANI) March 19, 2020 8:35 pm: Thermal screening at Pune Railway Station, Highway Deepak Mhaisekar, Divisional Commissioner of Pune, said that thermal screening will start from today at Pune Railway Stations, Expressway and Mumbai-Pune Highway. Apart from food and essentials nothing will be allowed for delivery at home, he said. 8:30 pm: Union Health Minister Harsh Vardhan chaired eights high-level meeting of group of ministers on COVID 19. The ministers had detailed deliberation on prevention and management of coronavirus in the country. Also Read: PM Modi speech Live updates: Janta curfew this Sunday; don't step out, says PM Coronavirus challenge not normal, says PM Modi PM Modi said the coronavirus challenge is not normal. It has spread alarmingly. But, he adds, the government is "completely prepared to tackle it." My countrymen have never disappointed me whenever I have asked something from you. In the face of the acute crisis arising out of Corona virus, I want to ask for the next few weeks of yours, says PM Modi. Prime Minister Narendra Modi: I request the countrymen to avoid visiting hospitals for routine check ups. If you have appointment for any non-essential surgery, please postpone for one month. We should keep in mind that pressure should not come on hospitals. #Coronavirus pic.twitter.com/mQt5aIIMD3 March 19, 2020 He said that citizens curfew is going to be challenging, but this is the time to test the preparedness of India against coronavirus. 8:02 pm: Prime Minister Narendra Modi in his address to the nation said that Indian govt is fully monitoring the pandemic. "I urge everyone, in the coming weeks, only step out of your houses if it is absolutely necessary. As far as it is possible, work from home," he said. 8:00 pm: Union Minister Dr Harshvardhan chaired a high level meeting of the Group of Ministers (GoM) to discuss measures to contain the spread of Novel Coronavirus, which has claimed four lives across the country so far. 7.23 pm: Over 90 Indian transit passengers stranded in Singapore due to coronavirus travel restrictions in India are on their way home, informed Indian High Commission in Singapore. Indian High Commission in Singapore: Over 90 Indian transit passengers stranded in Singapore due to travel restrictions in India are on their way home. Quick response from Indian Government to permit them to return; High Commission officers at airport to assist them #coronavirus pic.twitter.com/t0cfBVTHID ANI (@ANI) March 19, 2020 7.17 pm: Tirumala Tirupati Devasthanam has decided to close the Balaji temple for devotees in view of the coronavirus outbreak. Arrangements are being made to complete prayers of the devotees who are already at the temple. However, all ritual services will be performed by temple priests as usual. Andhra Pradesh: Tirumala Tirupati Devasthanam has decided to close the Balaji temple for devotees. Arrangements are being made to complete prayers of the devotees who are already at the temple. However, all ritual services will be performed by temple priests as usual #coronavirus pic.twitter.com/3gM1kHQ2yC ANI (@ANI) March 19, 2020 7.12 pm: Sports bodies advised against holding any sports events, including competitions or selection trials, till April 15 by Union Ministry of Youth Affairs and Sports. 7.07 pm: Scheduled international commercial banned from landing in India for one week starting March 22. 7.06 pm: Coronavirus: Mobile numbers of quarantined people to be provided to Mumbai Police MCGM has taken a decision to share mobile numbers of people in quarantine with Mumbai police so that their movement can be tracked on daily basis. Any non-compliance by the concerned person will be dealt very strictly by the police department. 7.03 pm: Coronavirus update: Find test centres, treatment facilities on MapmyIndia MapmyIndia and the Move app will now enable you to view, locate & reach nearby coronavirus testing labs, isolation and treatment facilities - both government and non-government. Users can see and add photos and reviews of amenities and hygiene in these places, helping other users with critical and updated information on the condition of each facility. 6.59 pm: Government of Himachal Pradesh has banned entry of both domestic and foreign tourists in the state till further notice. 6.56 pm: Coronavirus update: Grocery stores in Udhampur to begin home delivery DM Udhampur Dr Piyush Singla ordered closure of all shops/business units except essential supplies units like fruits,vegetables,chemists, grocery and dairy. Grocery retailers have been directed to immediately start home delivery of orders. The mechanism of home delivery was finalised after long discussions with various stakeholders. No gathering outside and inside the grocery shops shall be allowed. 6.45 pm: Coronavirus news: China reports no new domestic cases for first time since outbreak began China on Thursday reported no new domestic transmissions of coronavirus for the first time since the deadly virus surfaced three months ago, achieving a milestone in its battle against the pandemic that has brought the country to a grinding halt and caused an unprecedented global health crisis. While no domestic cases were reported, Wuhan, where the outbreak began, still has 6,636 people in hospitals including 1,809 in severe condition and 465 in critical condition, local health commission said. China now faces a greater threat of infections of imported cases, which jumped by 34 on Wednesday with large number of Chinese and foreigners arriving back to join their duties. 6.30 pm: Haryana to Shut down agricultural, vegetable markets till March 31 6.15 pm: Rough skies ahead for Indian aviation As per global aviation consultancy CAPA, Indian private domestic carriers are expected to post consolidated losses of up to $600 million (Rs 4,500 crore) in just one quarter. This doesn't include Air India's expected losses which controls 11.6 per cent domestic market share, and 51.88 per cent in the international segment (among domestic carriers) along with its subsidiary Air India Express. According to some estimates, Air India earns over Rs 1,230 crore a month from international operations. Since the coronavirus outbreak, the national carrier has nearly suspended all of its international flights which would lead to a loss of an estimated Rs 3,700 crore over three months. These losses will be on the back of curtailed flight schedules, slide in new bookings, large-scale cancellations, and rescheduling of flights in the wake of coronavirus. 6.07 pm: Coronavirus in Delhi: All restaurants to be shut down; take away, home delivery to continue, says Arvind Kejriwal Delhi Chief Minister Arvind Kejriwal said on Thursday that all restaurants in Delhi will be shut down but take away, home delivery will continue as usual. Kejriwal also urged all residents of the national capital to say indoors. He added that all educational institutions, will remain shut till the situation normalises. "10 confirmed cases have so far been reported in Delhi. Of which, two have been cured. We have 768 beds for quarantine purposes, of which 57 are occupied. We have 550 isolation beds," the Delhi CM said. 5.55 pm: Coronavirus outbreak: Trade with China will not stop, says Pakistan minister Pakistan Foreign Minister Shah Mahmood Qureshi said on Thursday that trade with China will not stop in the view of COVID-19 pandemic. He said it during an interview to the China's Global Times during his recent visit to Beijing, as reported by state-run Radio Pakistan. "The two great nations [China and Pakistan] have maintained transport and trade links despite outbreak of virus," he said. 5.45 pm: Coronavirus: Govt asks persons above 65, children below 10 to stay at home The government on Thursday issued an advisory and said that persons above 65 years of age have been asked to stay at home, except for government servants and medical professionals. Children below 10 years of age are also asked to stay indoors. Railways and aviation sector will suspend all concessional travel, except students, patients and handicapable people. All states are also being advised to enforce work from home (WFH) for private sector employees. 5.38 pm: Coronavirus latest news: Govt bans international flights to land in India from March 22 for a week The government on Thursday said that no scheduled international commercial airline will be allowed to land in India from March 22 for one week. Meanwhile, persons above 65 years of age have been asked to stay at home, except for government servants and medical professionals. Children below 10 years of age are also asked to stay indoors. Railways and aviation sector will suspend all concessional travel, except students, patients and handicapable people. All states are also being advised to enforce work from home (WFH) for private sector employees. 5.26 pm: Coronavirus news: Global death toll crosses 9,000 The global death toll from novel coronavirus as topped 9,000 as the countries and governments battle to contain the COVID-19 pandemic. 5.16 pm: Coronavirus outbreak news: Fourth COVID-19 death reported in Punjab, India's death toll rises to 4 India's death toll rose to 4 on Thursday after a 72-year-old man died of novel coronavirus infection in Punjab. The man had recently returned from Germany via Italy. He died at a hospital in Punjab's Nawanshahr district after complaining of severe chest pain. His samples also tested positive for COVID-19. 5.00 pm: Coronavirus in Delhi: Organiser of anti-CAA protest in Jahangirpuri tests COVID-19 positive An organiser of an anti-Citizenship Amendment Act (CAA) protest in Delhi's Jahangirpuri has tested positive for novel coronavirus. His sister had recently returned from Saudi Arabia had also been confirmed for COVID-19 infection. The organiser met his sister On March 13 after she arrived in Delhi and then headed to the protest site. He is at Lok Nayak Hospital in Delhi. His sister is undergoing treatment at Safdarjung Hospital. 4.44 pm: Coronavirus in India news: Pubs in Bengaluru to lose licence if they defy govt order to shut operations Medical Education Minister Dr K Sudhakar said on Thursday that all the pubs and bars in Bengaluru will lose their licence if they still defy government's order to shut operations in the wake of novel coronavirus pandemic. Talking to India Today, Dr. Sudhakar said, "Pubs cannot be open. If they are open, then the Home Ministry, DGP and Commissioner are responsible. We are going to take a serious action on it." 4.32 pm: Coronavirus in Mumbai: Mass gatherings at St. Michael's Church suspended till April The authorities in Mumbai have temporarily suspended mass gatherings at St. Michael's Church till April 1 as a preventive measure in the wake of novel coronavirus scare. Mumbai: Mass gatherings suspended at St. Michael's Church in Mahim till 1st April, in view of #Coronavirus. #Maharashtra pic.twitter.com/0i8k8YJzv3 - ANI (@ANI) March 19, 2020 4.22 pm: Coronavirus Maharashtra news: 3 Dombivali residents in Mumbai tested COVID-19 positive The authorities in central suburbs of Mumbai at Kalyan-Dombivali carried out a massive examination drive of nearly 17,000 residents in the area and found out that three residents were tested positive for novel coronavirus. 4.10 pm: Coronavirus in Uttarakhand: All Nainital hotels to remain shut till March 31 All hotels in Nainital, Uttarakhand will remain shut from March 21 to March 31 in the wake of novel coronavirus scare in India. 4.00 pm: Coronavirus in India news: SpiceJet temporarily suspends international operations till April 30 SpiceJet has shut its international operations temporarily from March 21 till April 30 in the wake of novel coronavirus scare worldwide. The airline said in a statement that the operations will resume as soon as the ongoing situation normalises. "We are forced to temporarily suspend majority of our international operations from March 21 till April 30. We will resume the suspended flights as soon as the situation normalises," SpiceJet said in its statement. SpiceJet: We are forced to temporarily suspend majority of our international operations from March 21 till April 30. We will resume the suspended flights as soon as the situation normalises. #Coronavirus pic.twitter.com/A7MMs8tOii - ANI (@ANI) March 19, 2020 3.56 pm: Coronavirus in J&K: Devotees/pilgrims' entry in religious places barred till March 31 Kathua district magistrate in Jammu & Kashmir has barred the entry of worshipers/devotees/pilgrims in the religious places till March 31. "Religious leaders may, however, continue to follow the norms of prayers," the order reads. 3.45 pm: Coronavirus outbreak news: Punjab govt to close public transport from March 20 The Punjab government has announced that it will close all public transport systems from midnight of Friday (March 20) to control the spread of COVID-19. 3.30 pm: Coronavirus latest news: PM Modi to hold meeting with all state CMS on Friday Maharashtra Health Minister Rajesh Tope has said that Prime Minister Narendra Modi will hold a meeting with the chief ministers of all states on Friday at 4 pm, via video conferencing. Maharashtra Health Minister Rajesh Tope: Chief Ministers of all the states as well as State Health Ministers will talk to Prime Minister Narendra Modi tomorrow at 4 pm, through video conferencing. #Coronavirus pic.twitter.com/fnaoiTh1pJ - ANI (@ANI) March 19, 2020 3.15 PM: All sports organisations and their affiliate units are advised against holding any sports events including competitions or selection trials till April 15, 2020. 3.14 PM: Coronavirus scare in Chandigarh Apart from Gynaecology, Pediatrics, Trauma&Medicine Dept, all other depts in hospitals to remain closed till 31st March. Sports complexes will also remain closed till 31st March: Manoj Parida, Adviser to Administrator Department of Public Relations, Chandigarh. 3.00 PM: Panchayat Bhavan and Park View Hotel will be now available for quarantine facilities, says Manoj Parida, Adviser to the Administrator Department of Public Relations, Chandigarh. 2.50 PM: The Manali Hoteliers Association says it has been decided that after three days, all activities should be stopped till March 31 in view of coronavirus. All members are advised not to entertain bookings till March 31, says the body. 2.40 PM:Govt asks 50 per cent staff towork from home DOPT issues further instructions to all head of department (HOD) to ensure that 50 per cent of group B and Group C in their offices. Employees are required to attend office everyday and the remaining 50 cent staff should be instructed to work from home. All HODs are advised to bring a weekly roster of duty for group B and Group C staff and ask them to attend office on alternate weeks. 2.30 PM: The number of buyers in Patna has been increasing gradually for the last two to three days. People are afraid over caronavirus outbreak. Stockist say the supply chain is normal and there is no shortage of goods. The Patna administration has also ordered the closure of all malls and shopping centres. 2.26 pm: Coronavirus in Gujarat: Authorities shut Gandhi Ashram in Ahmedabad till March 29 Authorities in Ahmedabad, Gujarat have shut Gandhi Ashram for visitors till March 29 in the wake of novel coronavirus pandemic. 2.23 pm: Coronavirus in India: IndiGo cuts salaries of employees Budget carrier IndiGo has asked its employees to take 10-20% salary cuts and has also grounded around 16 planes out of its total fleet of 260. The airline took the decision as it grapples with the impact of COVID-19 on domestic and international flight operations. Read more here: Coronavirus impact: IndiGo grounds 16 planes; staff to take 10-20% salary cuts 2.15 pm: Coronavirus latest news: 110 new COVID-19 cases reported in Malaysia; total reaches 900 Malaysia on Thursday reported 110 new COVID-19 cases. With this the total number of novel coronavirus cases has climbed to 900. The health ministry said that most of the new cases were linked to a religious gathering at a mosque, which was attended by 16,000 people. 2.06 pm: Coronavirus outbreak news: Russia reports first COVID-19 death Russia on Thursday said that a 79-year-old woman with underlying health issues and tested positive for COVID-19 has passed away from Pneumonia. This is the country's first confirmed death from novel coronavirus. Russia so far has reported 147 cases of COVID-19. 1.58 pm: Coronavirus in Maharashtra: Total COVID-19 positive cases rise to 49 The total number of novel coronavirus positive cases have climbed to 49 in Maharashtra, Rajesh Top, State Minister of Public Health and Family Welfare said. Two patients who have been tested positive for #Coronavirus are on ventilator at Kasturba Hospital, Mumbai: Rajesh Tope, Maharashtra Minister of Public Health & Family Welfare https://t.co/pT1AYXb2vG - ANI (@ANI) March 19, 2020 1.48 pm: Coronavirus latest news: 'Game of Thrones' star Indira Varma tests positive for COVID-19 'Game of Thrones' star Indira Verma took to Instagram on Wednesday and said that she has tested positive for COVID-19. Varma who played the role of Ellaria Sand in hugely successful HBO series said in her Instagram post, "it's not nice. Stay safe and healthy and be kind to you're fellow people." Her diagnosis came two days after her 'Game of Thrones' co-star Kristofer Hivju said that he tested positive for novel coronavirus infection. 1.43 pm: Coronavirus in India: UGC directs universities to postpone exams The University Grants Commission (UGC) has instructed all universities and affiliated colleges on Thursday to defer exams till March 31st in the wake of novel coronavirus scare. It also directed the universities to suspend the evaluation work during the period. "All universities and affiliated colleges should postpone exams till March 31 and suspend evaluation work. Further schedule should be decided following a review of the situation," the commission said in an order. 1.28 pm: Coronavirus in UP: Two more COVID-19 positive cases confirmed Two people have bees tested positive for novel coronavirus in Uttar Pradesh (UP). With this the total number of cases have increased to 19 in the state. Two more persons have tested positive for #Coronavirus in Lucknow, taking the total number of cases to 5. All the patients are stable: Sudhir Singh, COVID-19 isolation ward in-charge, King George's Medical University pic.twitter.com/OoJ5RhjZuf - ANI UP (@ANINewsUP) March 19, 2020 1.18 pm: Coronavirus in Maharashtra: Mumbai Dabbawallas suspend tiffin delivery service till March 31 The famous Mumbai Dabbawallas have suspended tiffin delivery services till March 31 in the wake of novel coronavirus scare. The tiffin carriers which are considered to be the lifeline of Mumbai will stop the services from Friday till March 31. Meanwhile, two more women with travel history abroad have been tested positive in the city taking the total cases in Maharashtra to 47. 1.07 pm: Coronavirus latest news: 6 passengers deboarded from Saurashtra Express at Borivali station 6 passengers who had recently returned from Singapore and have 'home quarantine stamp' on thei hands, were deboarded from Saurashtra Express at Borivali Railway station on Thursday, said Public Relations Officer (PRO), Western Railway. 12.58 pm: Coronavirus in Maharashtra: Don't step out of your homes, Uddhav Thackeray tells the state people Maharashtra Chief Minister Uddhav Thackeray has advised the people in the state not to step out of their homes in the view of novel coronavirus situation. 12.45 pm: Coronavirus latest news: RBI initiates work from home The Reserve Bank of India (RBI) on Thursday directed its central office employees to work from home. The apex bank has taken the step in line with the administrative order by Mumbai government. It said that all urgent meetings to ensure financial stability will be done via video conferencing. 12.30 pm: Coronavirus in Delhi: Police Commissioner issues advisory to residents in the national capital Delhi Police commissioner S N Shrivastava on Thursday issues an advisory to the residents in the national capital. Here is the written advisory. 12.16 pm: Coronavirus in India news: Two new COVID-19 cases reported in Karnataka and Chhattisgarh Two new COVID-19 cases have been reported in India on Thursday with on each in Karnataka and Chhattisgarh, PTI reported. The new case in Karnataka has taken the total toll in the state to 15. Meanwhile, the Chhattisgarh case is the state's first novel coronavirus case. A 24-year-old woman who tested positive for the deadly virus had returned to Raipur from London on Sunday. 12.10 pm: Coronavirus in India news: One employee in HCL Noida tested COVID-19 positive HCL Technologies said in a statement on Thursday that an employee from its Noida office has been tested positive for novel coronavirus. "One employee from our Noida office has tested positive for #Coronavirus while he was in self-isolation after his return from international travel. Our office is following all government and heath advisory protocols," the company said in a statement. Read More here: HCL employee tests positive; firm asks staff to work from home 12.05 pm: Coronavirus outbreak: Australia bars non-residents from entering country Australian Prime Minister Scott Morrison said on Thursday that all non-citizens and non-residents would be barred from entering the country from 9 pm Friday. Over 600 COVID-19 infections and six deaths have been recorded in Australia so far. 11.57 am: Coronavirus outreak news: 2 immigration officers at Kolkata Airport quarantined Two immigration officers at Kolkata Netaji Subhash Chandra Bose International Airport have been asked to go a 12-day home quarantine. Both of them were at the immigration counter during the clearance process of the 18-year-old youth who has tested positive for novel coronavirus. 11.53 am: Coronavirus news: First cases reported in Chandigarh; patient had returned from London The first case of COVID-19 has been reported in Chandigarh. The patient is a young woman who had recently returned from London. Read more here: Coronavirus in Chandigarh: First case reported; patient returned from London 11.42 am: Coronavirus in India news: Indigo likely to take tough decisions in next few days Indigo said on Thursday that the economic environment in aviation sector has become worse in the wake of spread of novel coronavirus and the airline will take drastic decisions which are likely over the next week. Read more here: Coronavirus fallout: IndiGo senior official says drastic decisions likely over the next week 11.30 am: Coronavirus latest news: 2 doctors booked for coronavirus cure claim in Maharashtra Cases have been filed against two doctors in Vasai and Nala Sopara of Maharashtra for putting up hoardings outside their clinics, with claims to have a cure for COVID-19. 11.15 am: Coronavirus news: No cancellation fee for cancelled trains, says Railways The Indian Railways said on Thursday that no cancellation fee will be charged for 155 trains cancelled. Moreover, passengers will also get 100% refund, PTI reported. 11.00 am: Coronavirus latest news: ICSE board postpones class 10, 12 exams till March 31 The ICSE board on Thursday deferred class 10 and 12th exams in the wake of COVID-19 threat, officials said. The Council for the Indian School Certificate Examinations (CISCE) Chief Executive Gerry Arathoon said that the examinations have been deferred till March 31. He had earlier said on Wednesday that the examinations will be held as per the schedule after the CBSE made the announcement that it has postponed exams till March 31. 10.54 am: Coronavirus latest news: Two new isolation wards to be set up in Noida Two new isolation wards will be set in Noida in the wake of increase in novel coronavirus cases being reported from Gautam Buddha Nagar. In view of the COVID-19 cases reported from Gautam Buddha Nagar, two new isolation wards will be set up at Asian Institute of Medical Science in Sector 40 and Mitra Hospital in Sector 35 in Noida: District Magistrate Gautam Buddha Nagar #Coronavirus pic.twitter.com/O7nsaH1Nnx - ANI UP (@ANINewsUP) March 19, 2020 10.48 am: Coronavirus outbreak: Second COVID-19 positive cases in Andhra Pradesh The second COVID-19 positive case was reported in Andhra Pradesh on Thursday, taking the total to two. A person who returned to the state from England on March 15 has been confirmed positive for novel coronavirus. 10.44 am: Coronavirus in J&K: Authorities impose restrictions in Srinagar Srinagar authorities on Thursday imposed restrictions in parts of the city including Khanyar area where the first COVID-19 positive case in Kashmir came to light. The authorities sealed the area within 300 metre radius from the house of 67-year-old novel coronavirus patient in Khanyar, officials said. 10.31am: Coronavirus outbreak: Railways cancel 168 trains Indian Railways has cancelled 168 trains due to low occupancy. Check list here. Indian Railways has cancelled 168 trains due to low occupancy in view of COVID19, from 20th March to 31st March. #Coronavirus pic.twitter.com/PHaQxCj2Wy - ANI (@ANI) March 19, 2020 10.24 am: Coronavirus in Maharashtra: Two more test positive for COVID-19, toll reaches 47 Two more people have been confirmed positive for COVID-19 infection on Thursday in Maharashtra. Both are women, while a 22-year old tested positive for novel coronavirus in Mumbai, another woman, 49, also has been confirmed COVID-19 positive in Ulhasnagar. Both had recently travelled to foreign countries. 10.17 am: Coronavirus in India news: Iskcon Temple shut in Noida The Iskcon temple in Sector 33 of Noida has been shut for devotees till March 31 in the view of novel coronavirus pandemic. Noida: ISKCON Temples (International Society for Krishna Consciousness) in Sector 33 closed for devotees from today till 31st March. #Coronavirus pic.twitter.com/qT7BVKEWcT - ANI UP (@ANINewsUP) March 19, 2020 10.16 am: Coronavirus in Chennai: 50 international, 34 domestic flights cancelled Over 50 international and 34 domestic flights have been cancelled at Chennai Airport on Thursday, ANI reported. 10.15 am: Coronavirus: Asian shares continue to fall after latest Wall Street tumble Asian shares failed to maintain their opening gains on Thursday and dropped further after the latest selloff on Wall Street. Sensex slumps by 2045.75 points, currently at 26,823.76. https://t.co/u99bvI4Sne - ANI (@ANI) March 19, 2020 10.06 am: Coronavirus updates: Why is govt refusing to take a logical step of a lockdown: P Chidambaram Senior Congress leader and former Finance Minister P Chidambaram questioned the government on Thursday on why it is not locking down all its towns and cities. Taking to Twitter Chidambaram said, "Even after we have witnessed what is happening in Italy, Iran and Spain, why is the government refusing to take the logical step of a lockdown?" "After WHO Director General's statement yesterday, there should be no hesitation in ordering an immediate lockdown of all our towns and cities for 2-4 weeks," he added. After WHO Director General's statement yesterday, there should be no hesitation in ordering an immediate lockdown of all our towns and cities for 2-4 weeks. - P. Chidambaram (@PChidambaram_IN) March 19, 2020 Some states that are ahead of the central government should go ahead and lockdown their towns and cities. - P. Chidambaram (@PChidambaram_IN) March 19, 2020 9.50 am: Coronavirus in Maharashtra: Inferior quality sanitisers worth Rs 25 lakh seized in Mumbai The Food and Drugs Administration officials on Wednesday carried out a raid at a hand sanitiser manufacturing unit in Nahur and confiscated inferior quality sanitisers worth Rs 25 lakh, officials said. The unit was manufacturing sanitisers illegally. The sanitisers were also being exported without any license and permits. 9.40 am: Coronavirus update: People in Nagpur exercise on streets after gyms shut People in Nagpur assembled on the streets to exercise after all the gyms in Maharashtra are closed due to novel coronavirus. Hardeep Bhatia, a local says, "We are building our immunity system by exercising." Maharashtra: People in Nagpur gathered on the streets to exercise after all the gyms in the state are shut due to #Coronavirus. Hardeep Bhatia, a local says, "We are building our immunity system by exercising." pic.twitter.com/ROvowxMP4J - ANI (@ANI) March 19, 2020 9.28 am: Coronavirus news: Authorities impose restrictions in Jammu The Jammu & Kashmir (J&K) administration has imposed restrictions on the assembly of pilgrims, people at religious places under the National Disaster Management Act, 2005. 9.16 am: Coronavirus in Kashmir: Valley records its first COVID-19 case The Kashmir valley recorded its first novel coronavirus positive case in Srinagar, mayor of Srinagar Municipal Corporation Junaid Azim Mattu said. "I have been informed a short while ago that #Srinagar has had its first positive case for #Covid2019. It's a congested area in the city interiors. We have to be transparent to convey the gravity of the challenge and also seek serious measures and responsible behaviour," he said in a series of tweets. #COVID-19 # Jammu & Kashmir First positive case in Kashmir- Khanyar, Srinagar. History of foreign travel. Arrived on 16/3/2020. Put in Isolation. Surveillance started in 300m area. Request all to cooperate. Also Immediately self report any symptoms@diprjk@HealthMedicalE1 - Rohit Kansal (@kansalrohit69) March 18, 2020 9.00AM: Qatar Airways lays off staff Qatar Airways unexpectedly laid off about 200 Filipino staff in Qatar this week as the coronavirus outbreak forces the Middle East airline to slash flights, Philippine Labour Secretary Silvestre Bello told Reuters on Wednesday."Our labour attache is under strict instructions to determine what is the real cause of the decision of management to retrench them on the basis of redundancy," he told Reuters. 8.58 AM: Two members of US Congress Mario Diaz-Balart and Ben McAdams have tested positive for COVID-19. 8.56AM: Allahabad High Court directs the Uttar Pradesh Chief Secretary, all District Magistrates of the state and financial institutions not to proceed with any recovery or demolition till 6th April in wake of coronavirus crisis. 8.54AM: A complete breakdown was announced in 2 KM radius of a religious place in Karimnagar after an Indonesian who visited the town tested positive for coronavirus. Every house in the densely populated locality will be screened and quarantined today. 8.51AM: Safdarjung Hospital has decided to cancel all elective surgeries in view of the Coronavirus outbreak in the country. 8.49 AM: IIT-Delhi asks students to vacate the hostels All remaining students (except international students & students with special needs) are requested to vacate the hostels at the earliest. Hostels will function with skeleton staff and packed food will be provided for remaining students, says the institute. 8.40AM: The highly contagious novel coronavirus that has exploded into a global pandemic can remain viable and infectious in droplets in the air for hours and on surfaces up to days, according to a new study that should offer guidance to help people avoid contracting the respiratory illness called COVID-19. 8.35 AM: The coronavirus outbreak hammered Brazil on Wednesday, crushing local markets, infecting more members of the country's political elite and prompting loud protests against President Jair Bolsonaro's handling of the mounting crisis. 8.30 AM: The coronavirus outbreak hammered Brazil on Wednesday, crushing local markets, infecting more members of the country's political elite and prompting loud protests against President Jair Bolsonaro's handling of the mounting crisis. - Reuters 8.20AM: Prime Minister Narendra Modi will address the nation today at 8 pm, during which he will talk about issues relating to COVID19 and the efforts to combat it. 8.10AM: Precautionary measures required to be taken by all educational institutions and examination boards All ongoing examinations may be rescheduled after 31st March 2020,this would include CBSE NIOS as also University examinations. All evaluation work may be rescheduled after 31st March, this would include evaluation work of CBSE, NIOS as also University exams. Since JEE mains may require travel by examinees to different towns and the dates may clash with rescheduled CBSE and other board exams therefore, JEE mains should be rescheduled and new date of JEE mains will be announced on 31st March after reassessment of situation All educational institutions and examination boards have been requested to maintain regular communication with the students and teachers through electronic means and keep them fully informed so that there is no anxiety amongst the students, teacher and parents. All Institutions have also been requested to notify helpline numbers/emails which student can access for their queries. Union HRD Minister Shri Ramesh Pokhriyal 'Nishank' has appealed to all the students, teachers and parents not to panic as MHRD is committed to ensure safety and security of students as also the maintenance of academic calendar and all possible steps will be taken in this regard. 8.00AM: Ministry of HRD has issued directions to UGC, AICTE, NTA, NIOS, CBSE , NCTE and all autonomous organisations under the Ministry for the postponement of all the examinations till 31st March, 2020 as a precautionary measure in the wake of novel coronavirus (COVID-19). These steps have been taken to ensure safety and security of students who are appearing in various examinations, as also that of their teachers and parents. 7.50 AM: All AMU examinations including the exams of schools maintained by Aligarh Muslim University are postponed till 2nd April. 7.47 AM: Union Health Minister Dr Harsh Vardhan visited Indira Gandhi International (IGI) Airport (T-3) on the intervening night of 18th & 19th March, to take stock of preparedness in view of COVID19. 7.45 AM: A 23-year-old woman has tested positive for COVID-19. She has travel history to the United Kingdom. - ANI 7.30AM: Haridwar District Magistrate C Ravishankar has issued order prohibiting the entry of visitors to Ganga Aarti site at Har-ki-Pauri till 31st March. However, the Aarti will continue to be held and will be live-streamed for devotees. Summarise this report in a few sentences.
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total number of confirmed #coronavirus cases in india rises to 173 (including 25 foreigners) Maharashtra has the highest number of cases at 44. govt is fully monitoring the pandemic, says pm. he urges countrymen to avoid visiting hospitals for routine check ups. he also urges people to work from home.
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Private sector mortgage financier HDFC Ltd (Housing Development Finance Corporation) has roped in record 19 merchant banks for its mega Rs 14,000 crore fundraising exercise to shore up its balance sheet. This has set a new record for India Inc as the appointment of this big a legion (of merchant banks) is the biggest ever taken on board by an Indian corporate for fundraising purposes in the equity capital markets. The 19 merchant banks shortlisted by HDFC Ltd are Axis Capital, BNP Paribas, Bofa Securities, Citi, Credit Suisse, Goldman Sachs, HDFC Bank, HSBC Securities, ICICI Securities, IIFL Capital, Jefferies, JM Financial, JP Morgan, Kotak Mahindra Capital, Motilal Oswal, Morgan Stanley, SBI Capital, and UBS, sources in the know told Moneycontrol. Also Read: HDFC pays 7.25% interest to raise Rs 4,000 crore from ICICI Bank, Axis Bank Usually, large undertakings engage several merchant banks for big fundraising exercises as they are a complex affair, and may be undertaken in one or more tranches. Merchant banks are involved in myriad aspects of the transaction such as tapping marque investors, marketing the issue in India and overseas markets, compliance and coordination with several parties comprising regulators, and conducting due diligence and documentation amongst other functions. Reliance Industries Ltd (RIL) had, earlier this year, appointed a consortium of 14 merchant bankers for its Rs 53,000 crore rights issue, which was the country's biggest ever equity fund raise. The issue kicked off on March 20, 2020. Summarise this report in a few sentences.
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private sector mortgage financier HDFC Ltd ropes in record 19 merchant banks. this is the biggest ever taken on board by an Indian corporate for fundraising purposes. the banks are involved in myriad aspects of the transaction. the deal is to shore up the company's balance sheet. axis capital, BNP paribas, bofa securities, citi, credit Suisse, goldman Sachs, HDFC Bank, HSBC Securities, ICICI Securities, IIFL Capital, Jefferies, JM Financial,
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit India is a growth story and this is very much why I am spending so much of my time in India with the team over here, says, Director & CEO,. Excerpts from an interview withI tend to think about three categories of people as pretty critical to our future; one is our employee base, our associates and making sure I got my finger on the pulse in terms of their hearts and minds and their engagement. Then I also think about the two Cs -- customers and the competition. I wake up in the morning and I think about the outside world. I have spent the vast majority of the last six months with customers and with our associates and taking care of both these audiences.Cognizant has 25 years of tremendous heritage and legacy and it has been a growth company over the years and with that success, comes an opportunity facing the world of digital. to pivot some more resources on to the newer trends in the market. That could be Internet of Things, which should accelerate with 5G, data, cloud, or indeed digital engineering. That has been one of the key factors above ground that I have drawn out for the future.Of course, we want to optimise and protect the traditional businesses as well, including scaling areas like our international operations which are only about 25% of our business. What I meant by those comments was more the intent to take a fresh set of eyes to check what is critical to our future and whether we are putting overwhelming force behind fewer bets, to make sure our chances of success is increased.On the contrary, this is a growth story and this is very much why I am spending so much of my time in India with the team over here. We want to accelerate Cognizant growth. Part of that is optimising our traditional areas of focus and part of it is accelerating our shift to digital which is approximately one-third of the company’s revenue till date.The good news is that we have actually outgrown the industry in digital and the opportunity is for us to accelerate the mix of our business. With those data points, one should be optimistic about the future growth potential of Cognizant.First of all, we are in a growth industry. I believe the markets is shifting towards software and indeed services and we are in a great neighbourhood and that is something that I believe should allow us the opportunity to grow going forward.I think about growth and cost in the same breath and consider cost as being different from investments. As we think about re-skilling our organisation and getting after our strategic postures with a view to accelerating our relevance in front of customers, we are also thinking about efficiencies as well as investments back into the business.I am on record already as talking about the fact that we have approved upwards of 500 headcount hires in sales, with a view to showing a greater opportunity to get after the market growth opportunity that exists out there. Of course, we also want to scale our digital operations in key geographies like Europe, which represents big opportunities for us given our under penetration in historical levels vis-à-vis the North American market where we have been very strong.So, I think about growth and costs but I also think about investments and that something you should expect me to talk about in our next earnings call in the next month.It is a question people ask me on a daily basis but it is the question analysts and media ask me and never customers. I have got to be honest; when I wake up in the morning, I do not think about margin rates, I think about customers and solutions that we can bring to various customers to help them be successful in the digital world. This will help increase our relevance to them as they go through their own form of digital transformation.My number one priority starts with the customer and making sure we can show up. If we do so successfully with highly engaged associates, I am certain that our growth rates will accelerate and at that stage the machine kicks back again and we go back a little to the traditional Cognizant, where margin rate is the fallout of the revenue growth story. My priority is customers and revenue growth.North America is about three-quarters of our business and for us the single biggest country outside of North America is the UK. In UK, we have strong growth and we are doing well versus our internal plan year-over-year as well. Of course, currency is a factor.In North America, we have not been executing quite as well as our competition in this market. So, we have put a big focus on turning around North America operations. I have recently appointed DK Singh who has been with Cognizant for 23 years and he has a huge focus on growth to lead that market and you should expect intense pressure with a view to turning around our healthcare business and indeed our banking business.The great news is we are actually starting to see some green shoots and a better momentum in terms of win rates starting with a huge focus on client centricity. Being in front of clients every single day of the week, myself and DK lead by example and we animate the rest of the organisation below us.It has always been a question of complementing internal talents with some external hires as well. We have made some changes in our healthcare division recently and indeed in our banking division, which will be announced shortly. And generally I think if you get the balance right between internal promotions and external hiring, we can do great things in these markets.It is an interesting question in a sense that you have got to wake up in the morning and think about services almost being a cottage industry. Nobody has a huge amount of share. So regardless of the growth in the market, we all have opportunities to consolidate share and you can look at geographic lens or customer segmentation lens within it.I am not somebody who wakes up and feels optimistic or pessimistic relative to the external market. I know we are in a healthy market environment but even if it was not a healthy market environment, our intention will be to gain share and therefore grow the traditional areas of business as well. The digital arena grows at a factor of 8 to 10 times to traditional area and that is where we are outgrowing the competition. The only problem we have right now is that our mix in digital is a little lower than it needs to be. Therefore as we scale the digital business faster, the overall growth rate of Cognizant should accelerate accordingly.Well you are spot on. The digitisation agenda in India provides us a huge opportunity and we have 200,000 associates in India. In fact, we are the largest single MNC in terms of headcounts in India. And there is no reason on earth why we cannot take our tremendous skill set and deploy it more aggressively on the Indian market as well. We can leverage solutions that we brought to bear internationally and indeed we can also use our skills locally, given our delivery centres throughout India. We have 13 of them with a view to improve our concept or pilots domestically as well.I am expecting the growth market region of Cognizant to grow 20% to 30% in the years ahead. Summarise this report in a few sentences.
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a range of CXO courses are available in india. the company is focusing on accelerating its shift to digital. the good news is that we have actually outgrown the industry in digital. the company is also looking at a range of other opportunities. the company is also looking at a range of other opportunities. the company is also looking at a range of other opportunities.
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New Delhi: Gold prices on Friday jumped Rs 433 to Rs 42,472 per 10 gram in futures trade as speculators widened their bets driven by firm trend overseas.The trading in the first half was closed on account of ' Maha Shivratri '.On the Multi Commodity Exchange, gold contracts for April traded higher by Rs 433, or 1.03 per cent, to Rs 42,472 per 10 gram in a business turnover of 1,354 lots.The yellow metal for June delivery climbed Rs 411, or 0.97 per cent, to Rs 42,649 per 10 gram in a business turnover of 109 lots.Fresh positions built up by participants on positive cues from global markets mainly led to rise in gold prices, analysts said.Globally, gold prices rose 1.09 per cent to USD 1,638.10 per ounce in New York. The festive month of Diwali brought a much-needed boost in online shopping after a muted start to the year in the first half. Ecommerce platforms, retailers and online sellers reported a steady uptick in sales with categories like electronics, food and grocery, and jewellery reporting double digit growth over last year. Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks’ realizations. Samvat 2080 started on a steady note for investors with India’s stock benchmarks gaining over half a per cent in the special 60-minute Muhurat trading session on Sunday evening to mark the start of the traditional Hindu new year. 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.
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gold futures trade jumped Rs 433 to Rs 42,472 per 10 gram in a business turnover of 1,354 lots. the yellow metal for June delivery climbed Rs 411, or 0.97 per cent, to Rs 42,649 per 10 gram in a business turnover of 109 lots. the festive month of Diwali brought a much-needed boost in online shopping after a muted start to the year in the first half.
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live bse live nse live Volume Todays L/H More × After Qatar and Australia, India has got Russia to lower price of liquefied natural gas (LNG) to be imported from May that will help save millions of dollars in import bill. State gas utility GAIL India Ltd has convinced Russia's Gazprom to lower price of gas under a 20-year deal as well as defer delivery of some of the quantities by 3-4 years, sources privy to the development said. GAIL had in 2012 signed a 20-year deal to import 2.5 million tonnes per annum of LNG from now-cancelled Shtokman LNG in the Barents Sea. Gas under this contract was indexed to average price of customs cleared crude oil imports by Japan, called Japan Customs-cleared Crude or JCC. Deliveries were to start from second quarter of 2018. Sources said the benchmark has been changed to Brent crude oil with lower indexation. Exact price changes were not immediately known. Also, deliveries have been staggered. GAIL will begin with 0.5 million tonnes (MT) buy in the first year, which will be ramped up to 0.75 MT in the following year and then to 1.5 MT in the year thereafter. Entire 2.5 MT would start flowing only in year four or five, sources said, adding that the quantities not taken initially would be bought during the remaining period of the contract. Gazprom will supply LNG from Yamal LNG project in the Arctic peninsula, they said, adding that supplies have been delayed due to weak demand at home. The intervening period would be used to find customers for the Russian gas. Last year, India got US energy major Exxon Mobil Corp to lower price of LNG from Gorgon project in Australia, saving Rs 4,000 crore in import bill. In late 2015, it had renegotiated price of the long-term deal to import 7.5 million tonnes per year of LNG from Qatar, helping save Rs 8,000 crore. In a press statement, GAIL said it has "successfully re- negotiating the long-term LNG Sale and Purchase Agreement (SPA) originally signed in the year 2012". Without giving details of the changes, it said an amendment to the contract was signed today. A long-term LNG Sale and Purchase Agreement building up to 2.5 million tonnes per annum of LNG on DES (Discharge-ex- Ship) basis was executed by GAIL with Gazprom Marketing & Trading Singapore (GMTS) in the year 2012, the supplies under which are scheduled to start in Q2 2018. "The two parties have agreed to an adjustment to the price and volume of LNG supply thus enabling GAIL to develop incremental gas markets to offtake these volumes thereby mitigating volume risk," it said. The deal, the statement said, is a step for GAIL to diversify LNG portfolio by spreading price reference indices across multiple geographies so as to provide consumers greater flexibility in service. "This chapter of relationship between the two companies opens up exploration of further opportunities in portfolio optimisation and LNG swap dealings for mutually beneficial outcomes," it said. The SPA signed in 2012 is a 20-year LNG sales and purchase agreement following the signing of an earlier Basic Framework Agreement (BFA) by the two companies on 18 May 2011. With start of the LNG supplies from USA and Gazprom in 2018, GAIL's LNG portfolio would increase multi-fold bringing it in the league of some of the largest traders of LNG in the world. India has used its status of Asia's third largest LNG buyer to renegotiate deals with Australia and Qatar. Petronet LNG Ltd, India's biggest importer of liquefied natural gas, in August 2009 signed a 20-year deal to buy 1.44 million tonnes of LNG from Exxon's share in the Gorgon project in Australia. The deliveries under the contract started last year. Exxon Mobil Corp has agreed to charge 13.9 per cent of the prevailing Brent oil price at the port of delivery rather than previously decided 14.5 per cent of the oil rate at the port of loading. The delivered price was considered too high and so price was renegotiated. Delivered ex ship (DES) is a trade term requiring the seller to deliver goods to a buyer at an agreed port of arrival. Under FOB, the buyer has to make the shipping arrangement. India had renegotiate in 2015 the LNG pricing formula with Qatar's RasGas to buy the gas at half the original price. Summarise this report in a few sentences.
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gazprom to defer delivery of some quantities by 3-4 years, sources say. the 20-year deal will save millions of dollars in import bill. the gas will be imported from the barents sea. the price of gas will be indexed to the average price of customs cleared crude oil. a similar deal was renegotiated last year.
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NEW DELHI: Shares of YES Bank fell 5 per cent in Wednesday's trade ahead of its quarterly results later in the day.The scrip fell 5.26 per cent to hit a low of Rs 25.20 on BSE. BoB Capital Markets expects the private lender to report 64.4 per cent drop in net interest income ( NII ) at Rs 893.2 crore. It expects YES Bank to report a Rs 5,245 crore loss for the January-March period. The losses, however, are likely to come down sequentially.YES Bank reported a record loss of Rs 18,564 crore at the end of the December quarter after being put under administration. The lender’s bad loans shot up substantially to Rs 40,709 crore during that quarter. Kotak Securities expects asset quality ratios of the bank to see further deterioration on lumpy corporate exposure. “We expect outstanding loans to decline nearly 40 per cent year-on-year (YoY) with a similar trend in deposits. There is likely to be an increase in pressure on net interest margin due to interest income derecognition,” it said.Revenue pressure will also be high due to weak fee income, it added.It estimates NII of the bank at Rs 1,006.7 crore, down 60 per cent YoY while a loss of Rs 4,404 crore. It projects fee income at Rs 659.8 crore, up 25 per cent YoY and treasury income at Rs 18 crore, a massive jump of 260 per cent.Commentary from the management on capital raising, the progress of 'below investment grade' portfolio and deposit profile of the lender will be among key things to watch out for, analysts said.BOB Capital said it expects the loan book to continue to decline, considering the sharp outflow of deposits, especially CASA deposits. Operating parameters are likely to remain weak while asset quality can further deteriorate, it added.The shares of the lender closed 0.75 per cent lower at Rs 26.40 on BSE. Summarise this report in a few sentences.
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yes bank reported a record loss of Rs 18,564 crore at the end of the December quarter after being put under administration. bad loans shot up substantially to Rs 40,709 crore during that quarter. yes bank's shares closed 0.75 per cent lower at Rs 26.40 on BSE. the scrip fell 5.26 per cent to hit a low of Rs 25.20 on BSE.
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NEW DELHI: Crude oil gained while most of the metal and energy counters on MCX traded in the red on Tuesday as a swift rise in Covid-19 cases posed worries for the world economy.Crude oil advanced dropped 0.75 per cent while CPO also gained 0.58 per cent. Meanwhile, gold and silver dipped up to a per cent. Copper, natural gas and zinc were also under pressure.“Surging coronavirus cases around the world amid rising global geopolitical instability continues to lift the safe haven demand of gold. Meanwhile, increased global economic sentiments and a steady equities are raising concerns of high level profit booking,” said Hareesh V, Head Commodity Research at Geojit Financial Services.NCDEX Agridex, an agricultural futures Index which tracks the performance of the ten liquid commodities, was down 0.05 points at 1,057.65 as losses in cottonseed oilcake outweighed gains in castor seed and guar seed.Here is how SMC Global expects commodities to fare today:Bullion counters may trade in the red. Gold may test Rs 47,400 and face resistance near Rs 48,300 while silver may test Rs 47,900 facing resistance near Rs 48,900.Base metals may trade with sideways to bearish bias. Copper can move towards Rs 445 while facing resistance near Rs 452. Zinc may move towards Rs 160 and face resistance near Rs 165. Lead can move towards Rs 145 while taking support near Rs 140. Nickel may trade with bearish bias where it may test Rs 948 and face resistance near Rs 972. Aluminum may move towards Rs 134 while taking support near Rs 137.80.Crude oil may continue to trade with bullish bias where it may test Rs 3,160 and take support near Rs 2,940. Natural gas may bounce towards resistance and test Rs 129 and take support near Rs 122. Turmeric futures (July) is expected to witness a bull run towards Rs 5,750-5,800, taking support near Rs 5,600. Jeera futures (July) may show weakness and trade with a bearish bias in the range of Rs 13,650-13,850. Dhaniya futures (July) is expected to trade higher towards Rs 6,200-6,250 taking positive cues from the spot markets.Soybean futures (July) is expected to consolidate in the range of Rs 3,780-3,860 levels with upside getting capped. CPO futures (July) may see some correction towards Rs 695-690. Mustard futures (July) may witness correction towards Rs 4,670 owing to the news that Hafed is selling its procured Mustard Seed for Rabi-2020.Cotton futures (June) is expected to witness further correction towards Rs 15,800-15,700. Chana futures (July) is likely to trade sideways in the range of Rs 4,200-4,260. Guar gum futures (July) is expected to hold on to the support near Rs 5,470, while the upside may get extended towards Rs 5,700. Summarise this report in a few sentences.
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crude oil advanced dropped 0.75 per cent while CPO also gained 0.58 per cent. gold and silver dipped up to a per cent. copper, natural gas and zinc were also under pressure. a swift rise in covid-19 cases posed worries for the world economy. a spokesman for the epa said the rise was 'not a surprise'
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In Nifty50 selling was seen in Adani Port, Asian Paints, BPCL, Bharti Infratel, Eicher Motors, GAIL, HCL Technologies, HDFC Life, HUL, IOC, Kotak Mahindra Bank, Maruti Suzuki, Reliance Industries, Tata Motors and Titan Company. live bse live nse live Volume Todays L/H More × It’s a strong start to the Muhurat Trading, with the Nifty surpassing 10,600, while the Sensex is higher by over 270 points. All the sectoral indices are trading in the green, with automobiles, metals, banks, energy and consumption names gaining the most. In the broader markets, the Nifty Midcap index is higher by a percent. In an interview to CNBC-TV18, top market experts recommend which stocks to bet on Muhurat day for good returns: Ashwani Gujral of ashwanigujral.com Buy Bank of India with a stoploss of Rs 84 and target of Rs 92 Buy ICICI Bank with a stoploss of Rs 349 and target of Rs 362 Buy Canara Bank with a stoploss of Rs 238 and target of Rs 252 Sudarshan Sukhani of s2analytics.com Buy Reliance Industries with a stoploss of Rs 1085 and target of Rs 1132 Buy Vedanta with a stoploss of Rs 203 and target of Rs 224 Buy HDFC Bank with a stoploss of Rs 1930 and target of Rs 1985 Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. Mitessh Thakkar of mitesshthakkar.com Buy Glenmark Pharma with a stoploss of Rs 644 and target of Rs 685 Buy Power Finance Corporation with a stoploss of Rs 95.5 and target of Rs 103 Sell Sun TV Network with a stoploss of Rs 616 and target of Rs 580 Sell Tata Global Beverage with a stoploss of Rs 218 and target of Rs 204 Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 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.
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top market experts recommend which stocks to bet on Muhurat day for good returns. the Nifty surpasses 10,600, while the Sensex is higher by over 270 points. the broader markets, the Nifty Midcap index is higher by a percent. a total of 69 stocks are trading in the green on the muhurat day.
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The National Company Law Appellate Tribunal has ordered liquidation of Kamineni Steel & Power (KSPL), scrapping the lower bankruptcy court’s decision clearing a debt resolution plan that didn’t have the approval of 75% of the company’s lenders.The order came on a challenge by Indian Overseas Bank , which moved the appellate body after the National Company Law Tribunal (NCLT) in last November approved the resolution plan.KSPL, part of the Hyderabadheadquartered Kamineni group, had earlier moved the NCLT seeking resolution of its loan accounts that were declared nonperforming by lenders. It also submitted a resolution plan to Indian Bank , which heads a consortium of lenders consisting of Oriental Bank of Commerce, Allahabad Bank , Indian Overseas Bank, Central Bank of India, Andhra Bank , Bank of Maharashtra, Karur Vysya Bank and JM Financial Asset Reconstruction Company. The resolution plan proposed by the company involved pumping in fresh funds, rescheduling of certain loans and moratorium on a few other payments. SBI Capital Markets , which was appointed by the lenders to study the plan, had advised KSPL management to infuse at least ₹150 crore for an early revival of the company.However, a majority of the lenders did not accept the resolution plan submitted by the company and advised it to improve on the offer. Subsequently, the company filed a revised plan that involved a one-time settlement scheme of ₹525 crore.At a meeting in October last year, Indian Bank, JM Financial, Allahabad Bank, Andhra Bank and Oriental Bank of Commerce, having 66.67% voting power in the Committee of Creditors, approved the plan. Lenders with 26.97% votes did not approve it, while a lender with 6.36% votes remained open to approve the plan. After the NCLT cleared the proposal, Indian Overseas Bank moved the appellate tribunal pointing out that the resolution plan was not approved with 75% of votes and that it should be rejected so that liquidation could be initiated.Currently, a resolution proposal can be cleared with 66% of votes in its favour at the committee of creditors — a lender’s voting power is based on its share of the outstanding debt. At the time the NCLT cleared the proposal, the cut-off was 75%. Summarise this report in a few sentences.
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the lower bankruptcy court's decision cleared a debt resolution plan that didn't have the approval of 75% of the company's lenders. the order came on a challenge by Indian Overseas Bank. the resolution plan was submitted to Indian Bank. it involved pumping in fresh funds, rescheduling of certain loans and moratorium on a few other payments.
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Prime Minister Narendra Modi, in his address to the nation today, highlighted that self-reliance would be important for India in the post-COVID world. The prime minister also announced an economic stimulus, and said that the Indians should be "vocal about local". Here are all the latest updates: >> PM Modi also said Lockdown 4.0 will be a new one, with new rules. It will be implemented based on suggestions from the states and details of the same will be announced before May 18. >> He emphasised the need for a self-reliant India, the five pillars of which will be economy, infrastructure, technology-driven system, demography and demand. 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 >> PM Modi announced a special economic relief package in light of the ongoing situation due to the COVID-19 outbreak. He said the economic measures earlier announced by the government to tackle the COVID-19 pandemic, steps taken by the Reserve Bank of India (RBI), and this latest package will come up to a total of Rs 20 lakh crore, nearly 10 percent of India's gross domestic product (GDP). >> Air India said that it is planning to operate 149 repatriation flights to 31 countries in phase II of Vande Bharat Mission. >> 6,037 Indians have been flown back to India via 31 inbound flights operated by Air India and Air India Express under the ‘Vande Bharat Mission’ in five days beginning from May 7. >> Filling up of a detailed questionnaire related to COVID-19, carrying no cabin baggage, using Aarogya Setu app, and reaching airport at least two hours before departure might be among requirements for passengers during initial phase after resumption of commercial flights. >> Indian Railways began restoration of passenger train services with 8 trains today. Starting in a graded manner, these trains would run from New Delhi, Mumbai, Howrah, Ahmedabad, Patna and Bangalore. >> A high-powered committee appointed by the Maharashtra government decided to temporarily release around 50 percent prisoners to de-congest jails across the state. >> Russian President Vladimir Putin's spokesman, Dmitry Peskov, was hospitalized with the coronavirus. >> British PM Boris Johnson warned that a mass vaccine for the novel coronavirus may be over a year away and, in the worst-case scenario, may never be found. >> Air India HQ was sealed for two days after an employee tested positive for the novel coronavirus. >> Maharashtra government allowed liquor licence holders to home deliver alcohol. Summarise this report in a few sentences.
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pm Narendra Modi says self-reliance is important for India in post-COVID world. he also announces an economic stimulus, and says the Indians should be "vocal about local" a vaccine works by mimicking a natural infection. it also helps quickly build herd immunity to put an end to the pandemic. a vaccine is a vaccine that is given to healthy people and vulnerable sections.
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India’s exports are showing signs of improvement as the contraction in outbound shipments in June so far has come down to about 10-12 per cent as compared with 60 per cent in April, Commerce and Industry Minister Piyush Goyal said on Monday. Declining for the third straight month, India’s exports dipped 36.47 per cent in May to USD 19.05 billion. “Currently we are about 10-12 per cent down in June. So in a sense, we have reached up to 88-90 per cent of the level of exports that we had in June 2019 in the current month in the first two weeks. I am awaiting the data for third week (of June),” Goyal said at a CII function. The minister said that the focus is on sustainable growth and not on giving “handout” for exports. He said subsidies are never good for businesses and don’t help domestic exporters in engaging with the world from a position of strength and power. When asked about foreign direct investment (FDI), he said almost all sectors are open for overseas investors, but the ministry is open to other ideas. “We have some constraints in multi-brand retail because we have a large part of Indians dependent on small mom-and-pop stores,” he said, adding that these shops have kept essential supplies available and played a key role during the ongoing coronavirus pandemic. “In insurance, our expectations from insurance companies was much more and deeper, sadly we feel let down. So there are few sectors where we would like all of you tell us,” he added. The minister said that the government has to balance security concerns and opening up of economy. “FDI is welcome, but we certainly have to take precautions that we do not get the wrong type of capital which is opportunist and which is not really good for the nation,”Goyal said. The minister also said that the government is giving special focus to high quality standard products. “I think a lot of people have not appreciated that our government is giving priority to high quality standards….(But) India has finally evolved and has made up its mind that we are going to only accept good quality products,” he added. He emphasised the need to bring back quality culture in the country. Even if a domestic quality product is a bit costlier than imported one, it is sensible to buy Indian item, he said, adding that in the long run people could have to pay a “terrible price” if they would not buy quality Indian goods. Talking about reforms in states, he said 15-17 states have done game changing labour reforms recently and a lot of it will come in the public domain in the next few days. Further, he said that certain people and eminent economists have expressed their views on television debates about distributing thousands and billions of dollars as a short-term measure, but “I do wish that people should understand that India has to use this crisis to prepare ourselves for a sustainable future”. Citing an example, he said if a business is facing tough times, it can start improving its productivity, look at wasteful expenditure, start tightening the belt and do the same things in a better way. Summarise this report in a few sentences.
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exports dipped 36.47 per cent in may to USD 19.05 billion. the focus is on sustainable growth and not on giving 'handout' for exports. minister says almost all sectors are open for overseas investors. but ministry is open to other ideas. he said the government has to balance security concerns and opening up of economy. he said that the government is giving special focus to high quality standard products.
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A surprising increase of Rs 10.73 lakh crore in banks' credit between March 27 and April 10 - which fell under the first 21 days of coronavirus lockdown - has raised some eyebrows. As fear replaced faith in depositors' minds, deposits with Yes Bank touched a five-year low. Coronavirus lockdown, coupled with earlier delinquencies, has put the private jets sector on a difficult path. Read for more top stories from the world of business and economy: 1. Puzzling rise in bank loans during Lockdown 1; did bankers push credit for rosy FY20 nos? Experts suggest that bankers must have pushed corporates during the first leg of COVID-19 lockdown to utilise their indrawn limits for 2019-20 so that they could show higher credit growth at the end of FY20. 2. Faith shattered! Yes Bank deposits tank 54% from Rs 2.27 lakh crore peak Yes Bank's failure to raise capital and its rising bad loans had depositors spooked. As fear replaced faith, deposits with the lender have sunk to a five-year low. 3. Private jets industry wrecked; only 5% fleet flying, 40% aircraft to remain grounded after lockdown Even before the coronavirus crisis, most of the private jet operators were already bleeding. After the lockdown finally lifts, it will take a while before the grounded planes resume service. 4. Vizag gas leak a serious lesson on plant maintenance during coronavirus lockdown The chemical gas leak at LG Polymers plant on the outskirts of Visakhapatnam has raised serious questions around plant maintenance during coronavirus lockdown. 5. SBI cuts MCLR by 15 bps on all tenors; launches new term deposit scheme for senior citizens In a press note, SBI said that this was its 12th consecutive cut in MCLR. Last month, the public sector lender had lowered MCLR by 35 bps across all tenors from 7.75 per cent to 7.40 per cent. Summarise this report in a few sentences.
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coronavirus lockdown has put private jets sector on a difficult path. a surprise increase of Rs 10.73 lakh crore in banks' credit between March 27 and April 10 has raised some eyebrows. experts suggest bankers must have pushed corporates during first leg of COVID-19 lockdown to utilise their indrawn limits for 2019-20.
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Mumbai: India’s 50-share Nifty Index on Tuesday hit the 11,000 mark, while benchmark 30-share index Sensex crossed the 36,000 mark for the first time to hit fresh record highs due to positive earnings and the government’s efforts to contain fiscal deficit target. Analysts believe that the rally in the market is likely to continue after Prime Minister Narendra Modi on Sunday indicated that the upcoming Budget will not be a populist one. Modi on Sunday said in an interview with Times Now that it was “a myth" that people wanted sops and freebies. It is the responsibility of the government to understand the needs and aspirations of the people and work towards achieving them honestly, Modi said. At 9.55am, BSE’s 30-share Sensex was at 36,041.57, up 243.56 points, or 0.68%. The National Stock Exchange’s 50-share Nifty stood at 11,039.90, up 73.70 points, or 0.67%. The gains in the market also follow government’s move to contain fiscal deficit target. Oil & Natural Gas Corp. Ltd on Saturday said it will buy out 51% government’s stake in Hindustan Petroleum Corp. Ltd for around Rs36,000 crore. The proceeds from the sale will be used to narrow fiscal deficit of 3.2% for this fiscal. Earlier on Thursday, the government lowered its additional borrowing programme to Rs20,000 crore from Rs50,000 crore in less than a month after it announced to fund its fiscal deficit. The Sensex has risen 5.11% and the Nifty 4.14% so far this year, while foreign institutional investors have bought Indian shares worth $993.16 million. India is projected to grow at 7.4% of its gross domestic product (GDP) in 2018 as against China’s 6.8%, the International Monetary Fund (IMF) said Monday, making it the fastest growing economy among emerging economies following last year’s slowdown due to demonetisation and the implementation of goods and services tax (GST), Mint reported In its latest World Economic Outlook update released on Monday ahead of the World Economic Forum in Davos, the IMF projected India’s GDP growth rate at 7.4% in 2018 and 7.8% in 2019. 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.
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the Sensex has risen 5.11% and the Sensex 4.14% so far this year. the government has lowered its additional borrowing programme to Rs20,000 crore from Rs50,000 crore in less than a month. the gains in the market also follow government’s move to contain fiscal deficit target. the Sensex has risen 5.11% and the Nifty 4.14% so far this year.
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Gold gained Rs 50 to close at Rs 31,650 per ten gram at the bullion market today on persistent buying by local jewellers despite a weak trend overseas. Silver, however, fell by Rs 100 to Rs 40,900 per kg on reduced offtake by industrial units and coin makers. Traders said continued buying by local jewellers to meet increased demand for jewellery at domestic spot markets mainly kept gold prices higher, but a weak trend overseas capped the rise. Globally, gold fell 0.20 per cent to USD 1,266.30 an ounce and silver slipped 0.55 per cent to USD 16.33 an ounce in Singapore on a strong US dollar amid prospects of higher interest rates. A depreciating rupee against the dollar making imports of gold costlier also supported the uptrend, they added. In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 50 each to Rs 31,650 and Rs 31,500 per ten gram, respectively. It had gained Rs 30 in the previous two days. Sovereign however remained unaltered at Rs 24,800 per piece of eight gram in limited deals. On the other hand, silver ready fell by Rs 100 to Rs 40,900 per kg and weekly-based delivery by Rs 115 to Rs 39,680 per kg. Silver coins however continued to trade at last level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces. Summarise this report in a few sentences.
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gold gained Rs 50 to close at Rs 31,650 per ten gram at the bullion market. silver, however, fell by Rs 100 to Rs 40,900 per kg on reduced offtake. gold fell 0.20 per cent to USD 1,266.30 an ounce in global markets. silver slipped 0.55 per cent to USD 16.33 an ounce in Singapore.
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A Sebi panel on Tuesday suggested measures to strengthen markets watchdog's enforcement mechanism and improve the system of recovery of siphoned off money. The committee headed by former Supreme Court Judge Anil Dave has proposed method of quantification of profit made by the defaulter and loss caused to investors. In addition, the committee has examined the insolvency, recovery and securities laws jurisprudence of India and abroad and suggested suitable changes in the Insolvency and Bankruptcy Code to ensure that insolvency law is not used as a refuge by defaulters, thereby protecting the interest of investors. It also made comprehensive recommendations to improve the present system of recovery of siphoned off money. The regulator has invited public comments till July 7 on the suggestions made by the committee. In its 424-page exhaustive report, the panel also recommended amendment in Intermediaries Regulations to the Securities and Exchange Board of India (Sebi). It has suggested that a two-tier enquiry process of registration for intermediaries should be replaced with an enquiry process as two stage enquiry does not add much value and in fact causes further delays in the completion of the enquiry proceedings. It has been proposed to provide for the opportunity of personal hearing to be given by the designated authority (DA) and not by the designated member (DM). At present, the opportunity of personal hearing is granted by the DM, issues relating to inspection of documents and/or cross-examination increases at this stage of the enquiry proceeding. Currently only four whole time members (WTMs), who also function as the DM, have been appointed to Sebi by the central government. Due to such work getting concentrated before the WTMs, the chances of more time being consumed at the second tier of enquiry becomes high. On the other hand, the regulator is not constrained by the number of officers who may be appointed as a DA. Suggesting a process that need to be adopted in enquiry proceedings, the committee said that process related to granting of an opportunity of personal hearing, inspection of documents, cross-examination AMO should be granted by the DA. After conducting a detailed enquiry and after considering all the representation and the facts and circumstances of the case, the DA may submit a report recommending appropriate action. Upon receipt of the report of the DA, the DM may issue a show cause notice calling upon the noticee to submit within 21 days, a suitable response as to why action as recommended by the DA or any other action may not be initiated. The show cause notice should also clearly specify that no opportunity of personal hearing would be granted and all the submission, if any, may be made only in a written form. With regard to recovery of money, the panel has noted challenges with the existing law and thus suggested measures with regard to interim attachment. It has recommended that Sebi should be given power to impound and retain the proceeds or securities or money not exceeding the value of the proceeds in respect of any transaction, which is under investigation. At present, attachment relates to the proceeds actually involved in violation of any of the provisions of this Act. In respect of quantification of profit made and loss caused to the investors as a result of the default, the committee said that public non mandatory guidelines should be issued for the benefit of all stakeholders, which can be constantly revised and updated with ease. It suggested that quantification of profit wherever possible should be done on the basis of the composite default and liability should generally be imposed on a joint and several basis. When imposing liability on an individual basis, quantification may not be required where the penalty otherwise imposed is sufficient. "When imposing penalties, quantification of loss is generally appropriate in cases of joint and several liability or in case of the main accused noticee(s) rather than for 'victimless defaults' or for each and every individual involved in the default since apportioning loss between multiple defaulters may be even more difficult than apportioning illegal gains," it suggested. Further, there is no equity between defaulters at time of directing joint disgorgement or joint penalties. Also the amount of penalty to be levied within the range provided by law. In order to arrive at an appropriate penalty to be levied on the persons who violate securities laws, the panel recommended to consider factors like the amount of disproportionate gain or unfair advantage, wherever quantifiable, as a result of the default; the amount of loss caused to an investor or group of investors as a result of the default; and the repetitive nature of default. Summarise this report in a few sentences.
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panel suggests measures to strengthen markets watchdog's enforcement mechanism. it also suggested improving the present system of recovery of siphoned off money. panel also suggested amendment in intermediaries regulations to the sebi. the regulator has invited public comments till July 7 on the suggestions made by the committee. a panel of experts has recommended a two-tier enquiry process of registration for intermediaries.
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The world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession, the International Monetary Fund said on Friday, but projected a recovery next year. "We have reassessed the prospects for growth for 2020 and 2021. It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021," IMF Managing Director Kristalina Georgieva told reporters at a news conference. Georgieva was addressing the press after a meeting of governing body of the IMF, the International Monetary and Financial Committee. Representing 189 members, the body met virtually to discuss the unprecedented challenge posed to the world by COVID-19. The key to recovery in 2021, she said, is only if the international community succeeds in containing the virus everywhere and prevent liquidity problems from becoming a solvency issue. "The US is in recession, as is the rest of the advanced economies of the world. And in a big chunk of developed and emerging markets in developing economies. How severe? We are working now on our projections for 2020, Georgieva said in response to a question. The new projections are expected in the next few weeks. Stressing that while containment is the main reason for the economy to stand still and get into a recession, she said containment is very necessary to come out of this period and step in to recovery. "Until the virus is not contained, it would be very difficult to go to the lives we love." "A key concern about a long-lasting impact of the sudden stop of the world economy is the risk of a wave of bankruptcies and layoffs that not only can undermine the recovery. But can erode the fabric of our societies," the IMF chief said. To avoid this from happening, many countries have taken far-reaching measures to address the health crisis and to cushion its impact on the economy, both on the monetary and on the fiscal side, she said. The IMF chief said 81 emergency financing requests, including 50 from lower-income countries, have been received. She said current estimate for the overall financial needs of emerging markets is 2.5 trillion dollars. "We believe this is on the lower end. We do know that their own reserves and domestic resources will not be sufficient," she added. The G-20, a day earlier, reported fiscal measures totalling some 5 trillion dollars or over 6 per cent of the global GDP. Responding to another question, Georgieva said the IMF is projecting recession for 2020. "We do expect it to be quite deep and we are very much urging countries to step up containment measures aggressively so we can shorten the duration of this period of time when the economy is in standstill," she said. "And also to apply well-targeted measures, primarily focusing on the health system to absorb that enormous stress that comes from coronavirus. And on people, businesses and the financial system, I am very pleased to say that when we went through countries' responses, that sense of targeted fiscal measures is there and are also very impressive to see the size of these measures," she added. "Countries are doing all they can on the fiscal and on the monetary front. We have heard from our members' very impressive decisions taken over the last days," the IMF chief said. "We also want to caution that as we are responding now, we want to make the recession as possibly short and not too deep. We also want to think about what is going to follow the recovery and make sure that we are putting forward measures that can be supportive in this regard," she said. Also read: Coronavirus impact: IMF projects fall in global output in 2020 Also read: US House approves $2.2 trillion aid package to fight coronavirus - largest in history Summarise this report in a few sentences.
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the world is in the face of a devastating impact due to the coronavirus pandemic. the international monetary fund says it has entered a recession. but it projects a recovery in 2021. the key to recovery is if the international community can contain the virus. the imf says 81 emergency financing requests have been received.
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In a peculiar trend, the inequality gap in India is expected to narrow after the Covid-19 pandemic even as per capita income (PCI) is projected to decline by 5.4% during the ongoing fiscal to Rs 1.43 lakh, according to a State Bank of India (SBI) Research report released on Tuesday.This was attributed to the likely higher PCI decline of around 10-12% in rich states like Maharashtra and Tamil Nadu compared to a less than 8% decline for relatively poorer states like Uttar Pradesh and Bihar, the report said.According to the report, it takes an economy longer to recover in PCI terms to normal levels after a crisis as compared to an average of four years to reach pre-crisis gross domestic product (GDP) levels.The PCI of an economy is an important metric as it indicates the standard of living and the development status of a country.It is used by most global institutions and rating agencies in their forecasts. Almost all global rating agencies cite India’s low PCI as dragging down its sovereign credit profile.SBI Research estimated the national capital to see the highest decline in PCI of nearly three times the national average at -15.4%, followed by -13.9% in Chandigarh.A total of eight states and union territories (UTs) are likely to witness double-digit declines in PCI this fiscal, which is all the more alarming since they make up for 47% of the country’s GDP, the report said.SBI research has pegged India’s FY21 growth at -6.8% while stating that it would not see pre-Covid levels of growth before FY24. Summarise this report in a few sentences.
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inequality gap in india is expected to narrow after the Covid-19 pandemic. per capita income (PCI) is projected to decline by 5.4% during the ongoing fiscal. this is attributed to the likely higher PCI decline of around 10-12% in rich states like Maharashtra and Tamil Nadu compared to a less than 8% decline for relatively poorer states like Uttar Pradesh and Bihar.
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Team Personal Finance Lightning has struck twice. In a short span of around six months, bank depositors have been at the receiving end of the short circuit as it were. Punjab and Maharashtra (PMC) Co-operative Bank’s depositors faced restrictions imposed by the Reserve Bank of India (RBI), in September 2019. Last week, turbulence hit YES Bank, which is in the process of being rescued by the central bank and State Bank of India (SBI). Not surprisingly, the two events have shaken the confidence of retail depositors in banks, considered failsafe so far. While such events cannot be predicted, you can draw some lessons to protect yourself against such risks. How many bank accounts should you have? We thought only equity markets were risky. Who would have thought our neighborhood bank, where we keep our life’s savings through our accounts, fixed deposits, lockers and so on, would go bust? But such events have indeed occurred. “Spread the money across more than one bank account to get the benefit of the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover (of up to Rs 5 lakh),” says Joydeep Sen, Founder, Wiseinvestor.in. You can segregate your funds in these accounts according to your needs. “I think two bank accounts should be just enough. For example, your salary account can be used to pay your equated monthly installments (EMI), while another account can be used for investments, including systematic investment plans (SIP),” says Amol Joshi, Founder, PlanRupee Investment Services. The ‘investment’ account should also be used to route your life insurance and health insurance premiums, apart from your SIP money into mutual funds and receiving redemption proceeds and income tax refunds. “If the bank where you maintain your salary and EMI accounts is affected, the investments in the other account can be redeemed to keep your EMI payments going. Conversely, if the ‘investment’ account is affected, your cashflows will not be under pressure and the EMIs can continue,” explains Joshi. Too many bank accounts also can be a headache because you need to monitor them, make sure you file interest income in your annual tax returns and keep complying with know-your-customer norms. Customers should park an amount equal to least three months’ household expenses, including equated monthly instalments, in one of the bank accounts. Excess money (that you are likely to need in the short term, over and above emergency needs) can be parked in overnight or ultra short-term funds,” suggests Viresh Patel, Founder, Lifestyle Financial Planner. Choose safety over convenience Many depositors of PMC Bank preferred it over other, bigger banks due to the convenience the former offered – timings, availability of branches the neighborhood and friendly staff. However, the bank’s management was allegedly embroiled in fraudulent deals, leaving unsuspecting depositors in the lurch when the RBI suspended its operations. Moreover, the dual control structure of co-operative banks also created hurdles in successful and quick resolution of its woes. Now, this is not to say that you should not deal with co-operative banks, as they do have an important role to play in the banking system. But opening an account with one just because it is in the neighborhood could be costly. It’s always better to stick to reliable names even if you have to walk an extra distance. Guaranteed returns, really? The one sales pitch that was made to all individual and large retail investors who were mis-sold Yes Bank’s Additional Tier I (AT1) bonds was that they offered high and guaranteed returns. In reality, ‘high’ and ‘guarantee’ fly against the basics of finance. Guarantee does not come for free. How high can guaranteed returns go? “Anything above what the State Bank of India (SBI) offers for its one-year deposits is bound to come with an element of risk. That is the threshold you need to keep an eye on,” advises Joshi. Avoid products that you do not understand. And know what you’re signing up for. Many of those who invested in AT1 bonds did so on the premise of the guarantee peddled by smooth-talking Yes Bank relationship managers, as publicized all over social media these past few days. If the instrument seems fancy and the fine-print complicated, it’s best to stay away. “If the returns on deposits or schemes recommended by bank representatives are too good to be believed, then there is definitely high risk involved. There are no short-cuts to wealth generation,” says Anuj Kakkar, Partner, Vriddhi Advisors. Link multiple bank accounts to MF investments When a bank account gets frozen, your SIP payments stop. And, any redemption that comes in gets locked in too. Soon after the RBI imposed a moratorium on YES Bank, several fund houses proactively decided not to disburse their investors’ redemption proceeds to YES Bank accounts. However, you would do well to link more than one bank account to your folios; fund houses offer the option of linking up to five bank accounts to a single folio. Fill up the ‘bank accounts registration form,’ get all investors to sign on it and submit it to your fund house or to the registrar and transfer agent’s office. Within seven working days, the addition of the account is effected and the investor is intimated. Of all the accounts you register, you need to designate one as your primary account. The others act as back-ups. You can even add bank accounts at a later date. You could choose the account in which you want your redemption proceeds at the time of selling of selling units. For offline sale, some fund houses provide the option of choosing from the bank accounts registered. Do not panic Diversification helps, but avoid doing so mindlessly. “The rationale is the same as that of diversifying across, say, several large-cap equity funds – there is no point over-diversifying across several scheduled commercial banks. What has happened with YES Bank is a very rare event. In the last 15 years, no scheduled commercial bank has been allowed to fail,” notes Joshi. The PMC Bank fiasco remains unresolved due to the dual control structure; the state government also has a say in the regulation of co-operative banks’ affairs. “In the case of commercial banks, the RBI has complete regulatory control and we have seen how swiftly they acted to safeguard YES Bank depositors’ interests. It was mentioned in the first communique, which was the not the case with PMC Bank,” points out Joshi. Opening and managing multiple accounts will be an unwieldy affair. Several text and WhatsApp messages have been doing the rounds of social media and messaging apps, ‘cautioning’ accountholders and asking them to withdraw funds from ‘vulnerable’ banks. Not only are these messages misleading, but also put banks that are not facing any crisis in trouble. On Saturday, SBI chairman advised accountholders to stick to their existing banks. "By and large, India's banking system is robust. In general, depositors need not fear. They can continue to maintain accounts with their existing banks," he said. Summarise this report in a few sentences.
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depositors at Punjab and Maharashtra co-operative bank faced restrictions imposed by the Reserve Bank of India (RBI) last week, turbulence hit YES Bank, which is in process of being rescued by the central bank and State Bank of India (SBI). if you have too many bank accounts, you need to monitor them, file interest income in your annual tax returns and comply with know-your-customer norms.
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The extended lockdown is set to cost the Indian economy up to Rs 17.78 lakh crore and mount the woes of sectors such as travel and tourism, manufacturing, auto even as partial opening of select sectors outside of coronavirus hotspots from April 20 has kindled hopes. A Barclays research estimates India's loss of economic activity could be as high as $234 billion in the lockdown period, resulting in zero per cent GDP growth this fiscal. ICRA, however, expects GDP to shrink by 1% in FY21. The Centre's move to allow manufacturing across Special Economic Zones (SEZs), Export Oriented Units (EOUs) and units operating from rural areas is being seen as part of the strategy for a gradual exit from the lockdown. The Home Ministry order has also allowed manufacture of IT hardware and essential goods among a slew of other activities. While many companies engaged in manufacturing are exploring the possibility of opening their factories, they are discussing the plan with other players in the supply chain. However, options are limited. ALSO READ: Coronavirus fallout: IMF cuts India's GDP growth to 1.9%; global economy to see worst recession since 1930s Manufacturing The industry's demand for opening manufacturing - 80-odd per cent of which is shut or operating at very low utilisation - was unfounded and was rejected. Opening up manufacturing at a time when demand in most sectors has crashed between 50-90% would have been suicidal. It would have only locked up precious cash in producing goods which could not be sold as shops, showrooms and malls stay shut. A Gurugram-based auto component supplier to Maruti said he can open factories after Maruti restarts. "It will take a couple of days to figure out what all production can be started. Unless the whole supply chain works, it is difficult to resume operations," he said. However, export-oriented plants may restart as most international markets have not blocked exports and ports of entry and exit continue to function with some restrictions. Especially so for continuous process manufacturers whose plants have least human intervention. Steel producer JSW, which exports nearly 30% of its requirement, is going ahead with its plan to reopen manufacturing to cater to markets in US and Europe. Confederation of Indian Industries (CII) said that existing export orders and opportunities should be met to retain India's export market share in the post-COVID period. ALSO READ: Saving jobs: Allow PF contribution cuts, no wage hikes, ISF urges govt Aviation Passenger-less aviation sector has had a lease of life hauling cargo for government and private firms in India and abroad. Since lockdown began, Air India, Spicejet, Go Air and Indigo have logged seven lakh kilometers in more than 600 flights lifting more than 4,300 tonnes of cargo. However, even that's no solace for the industry that was clocking over 3,000 flights per day. Airline sector has already been pushed to the wall. Sydney-based Centre for Asia Pacific Aviation (CAPA) recently said that the combination of COVID-related travel restrictions and an economic downturn is likely to result in first quarter of FY21 being a virtual washout for Indian aviation. "The extension of lockdown and suspension of our services till May 3, 2020 further impacts our cash flow significantly. As part of a number of steps we are taking to conserve cash and save costs, we had to make the difficult decision of further reducing our staff costs with the objective of preserving jobs," a Vistara spokesperson told BusinessToday.In. For the period April 15-30, 30% of Vistara's workforce will have to undertake compulsory no-pay leave of one to three days, depending on employment grades (three days for senior-most employees). "With FY2021 set to be an exceptionally challenging year, all segments of the aviation value chain will need to immediately start planning for much smaller scale operations, supported by serious enterprise-wide restructuring," CAPA said in its report earlier. ALSO READ: Coronavirus lockdown: Travel agents lock horns with airlines over air ticket refunds Travel/Tourism With all modes of transport being suspended, the nationwide lockdown has deeply impacted the country's travel and tourism sector. Those stranded could have preferred to travel back to their homes, but the extension has thwarted their plans. Allowing public transport following the expiry of 21 days lockdown could have helped operators to generate some cash, but now they will have to wait longer. Travel experts say the economic loss to the travel and tourism sector in the lockdown period remains the biggest concern, but an even bigger worry for the sector is how long it would take to recover after removal of restrictions as travelers would still follow social distancing norms and there may be mandatory restrictions such as booking of alternate seats. "Fear and apprehension would be there in the minds of travellers till the time a long-term solution of Coronavirus comes. We see the sector taking a longer time than expected to recover," said Ankur Bhatia, Executive Director of travel technology and hospitality company Bird Group. ALSO READ: Coronavirus cure: India to start plasma therapy; Kerala first off the block Agriculture While extended lockdown means more pain for most of the industries, the agriculture sector could cheer a bit as almost all farm sector activities have been permitted during this period. With harvesting near 100% in Gujarat and 70-odd per cent in Madhya Pradesh and Punjab heading for wheat harvesting starting April 15, the farming community got a huge relief with the opening up of the sector, including allied sectors such as food processing and cold storages - vital for securing the produce. Learning from previous experience, the Centre has this time clearly spelt out in its order that farm sector would be exempted from the extended lockdown through May 3. Accordingly, transportation of seeds, fertilisers, food grains would get the green channel. But agriculture sector experts still fear a slight delay in harvest of crops due to lockdown as policies set by the Central government are not properly executed at the local level. While harvesting of wheat has neared completion in many states, it is yet to wrap up in the key states of Haryana and Punjab. T Haque, former chairman of Commission for Agricultural Costs and Prices (CACP) said that delay in harvesting of Rabi crops could lead to late sowing of Kharif crops which could result in lower yield. "The harvesting could be further delayed by untimely rain and hailstorm. There are issues related to transportation, storage and agriculture market being non-operational. In case of perishable items in some states like Karnataka, farmers are facing difficulty in harvesting as labour is not available," Haque said. ALSO READ: Coronavirus lockdown 2.0 guidelines issued: Check full list of relaxations, restrictions by MHA Transportation of processed seeds is another issue as they are transported from one state to the other. Haque said that in the Kharif seasons, the demand for processed seeds is quite significant. The seeds may not reach farmers in time if its smooth supply is affected. Even as government has allowed mandis dealing in agricultural produce, many markets are reported shut. Given that agriculture is the mainstay for two-thirds of the population, any negative impact of extended lockdown on it could multiply the problems. Lower yield means lower income for farmers and hence poor demand for consumption. Summarise this report in a few sentences.
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the lockdown is set to cost the economy up to Rs 17.78 lakh crore. it could cost the country up to $234 billion in economic losses. the lockdown is set to cost the economy up to Rs 17.78 lakh crore. it is also set to cost the country a further $1.2 billion in debt. the lockdown is expected to cost the economy up to Rs 17.78 lakh crore.
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Transgenerational continuity in a family business requires systematic development of entrepreneurial orientation within the family, since that is their unique contribution to the business. The business family is a powerful amniotic crucible for entrepreneurship. Family culture, values, and family role models can activate enterprise, innovativeness, achievement motivation, risk taking and persistence. Opportunities to nurture an entrepreneurial climate in the family abound-family capital and resourcefulness, social networks, access to financial markets, emotional commitment, trusting relationships and a supportive safety net. This "socio-economic wealth" has tremendous power. The deterrent to unleashing this power is the "silver spoon syndrome". Successive generations are born into affluence and grow up in comfort - not having to earn anything, spoilt for luxury, rarely having to postpone immediate gratification. The urge to achieve and fashion a professional identity is minimal. The curiosity and internal autonomy that is so essential is absent. An attitude of 'entitlement' sets in and personal enterprise takes a back seat. If this affluent ambience persists during the formative years, the task of igniting entrepreneurial zest later will be hard, long and frustrating. Perhaps never. The more the next gen are protected from the environment, the lower are the chances of developing enterprise. Formative years supportive of enterprise, enable the younger generation to provoke change and be more innovative and opportunity driven. The development process needs to start around the age of twelve to fifteen. Business family parents need to decide if they want to make the child ready for the road or the road ready for the child. Entrepreneurial motivation comprises: Innovativeness Risk taking Autonomy Competitive assertion Proactiveness Igniting these attitudes in the next gen is the bedrock of the "entrepreneurial pipeline". Beyond inspirational parenting, there are a few initiatives the family can take: Getting an entrepreneurial life coach. A family venture fund can trigger a start -up mentality and provide an effective engine of opportunity and development. Promoting a "venture capitalist mind set" in the older generation An "entrepreneurial champion" within the family. Allow me to elaborate the idea of an entrepreneurial champion This role can help: Inspire, stimulate, new ideas. Influence other decision makers of the potential of new ideas. Promote the idea through informal networks Shield it from opposition Commit resources and generate support. Accept risk of failure The characteristics of such a "champion" might be: Good knowledge of business and markets Credibility with ability to persuade and influence Persistence Risk appetite Strong commitment to build people Incubating and a mentoring mission Venture capitalist mind set Strong belief in continuity and perpetuity of the family identity The patriarch of the family firm is best positioned to be the champion of the younger generation. They have the power to commit resources, nurture and protect entrepreneurial activities, ability to influence the family and make bold decisions. As in everything else from family culture to succession, the patriarch can be a bottleneck or a lifeline. Institutionalizing and building a tradition of enterprise is a key factor in perpetuity of the family firm. From my ringside view of business families, very few family firms focus on this important dimension - most leave it to chance and heredity. Prasad Kumar specialises in family business advisory Summarise this report in a few sentences.
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john sutter: family culture, values, and family role models can activate entrepreneurial orientation. he says the business family is a powerful amniotic crucible for entrepreneurship. sutter: the more the next gen are protected from the environment, the less chance of developing enterprise. he says the family can take a few initiatives: Getting an entrepreneurial life coach.
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Oil prices extended losses to fall around 2% on Friday after US President Donald Trump tested positive for the coronavirus, while a U.S. stimulus package eluded negotiators amid ongoing worries about demand. Brent crude slipped on the news and was down 78 cents, or 1.9%, at $40.53 a barrel at 0516 GMT. U.S. oil was 79 cents, or 2%, lower at $37.93. US oil is heading for a drop of more than 5% this week, while Brent is on track to fall more than 4%, in a second consecutive week of decline for both contracts. In a tweet, Trump said he and First Lady Melania Trump tested positive for COVID-19. Trump said earlier he had started a quarantine process after Hope Hicks, a top adviser, had returned a positive test. Oil was already in negative territory after a bipartisan deal for more economic relief in response to the pandemic continued to elude House Speaker Nancy Pelosi and the White House, adding to fears about worsening demand without more support for the economy. "The chief culprit appears to be a lack of a new U.S. stimulus package, reflecting the disappointment seen in other asset classes," said Jeffrey Halley, Senior Market Analyst at OANDA" "Oil's upside was always likely to be limited, as fears rise about the global consumption picture, and from rising OPEC+ production," he added. Crude supplies from the Organisation of the Petroleum Exporting Countries (OPEC) in September rose by 160,000 barrels per day (bpd) from a month earlier, a Reuters survey showed. The increase was mainly the result of more supplies from Libya and Iran, OPEC members that are exempt from an agreement to withhold production between OPEC and allies led by Russia - a group known as OPEC+. Libya's production has risen faster than analysts expected with the relaxation of a blockade by the Libyan National Army, which is trying to take control of the capital and is mainly based in the eastern part of the country, where many oil facilities are located. Output of crude from Libya has risen to 270,000 bpd as the country ramps up export activity, a Libyan oil source told Reuters on Thursday. New COVID-19 cases worldwide have rise to more than 34 million, nearly 2 million more than at the end of last week, based on Reuters tallies. This week marked the grim milestone of deaths exceeding 1 million and several countries are tightening restrictions and contemplating lockdowns as infections accelerate, prompting concerns about the impact on demand for fuel. Also read: Donald Trump, Melania Trump test positive for coronavirus; PM Modi wishes 'quick recovery' Also read: Google Inc to pay select media publishers $1 bn for 'high-quality' content Summarise this report in a few sentences.
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oil prices extended losses to fall around 2% on the news. the oil is down 78 cents, or 1.9%, at $40.53 a barrel at 0516 GMT. a stimulus package eluded negotiators amid ongoing worries about demand. a u.s. stimulus package eluded negotiators amid ongoing worries about demand.
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After months of slumping sales and businesses toppling into bankruptcy, Black Friday is offering a small beacon of hope. In normal times, Black Friday is the busiest shopping day of the year, drawing millions of shoppers eager to get started on their holiday spending. But these are not normal times: The economy is tanking and crowds are expected to be dramatically diminished as coronavirus cases spike and shoppers do more of their purchases online. Many retailers closed their doors on Thanksgiving Day but are beefing up their safety protocols to reassure wary customers that they can still come back the next day. For those who can’t be reassured, stores are moving their doorbuster deals online and ramping up curbside pickup options as a last grasp at sales before the year ends and they head into the dark days of winter with the pandemic still raging. “Black Friday is still critical,” said Neil Saunders, managing director of GlobalData Retail. “No retailer wants it to be tarnished. It’s still vital to get their consumers spending and get consumers into the holiday mood.” The US Centers for Disease Control and Prevention has labeled shopping in crowded stores during the holidays a “higher risk” activity and says people should limit any in-person shopping, including at supermarkets. Instead, the health agency recommends shopping online, visiting outdoor markets or using curbside pickup, where workers bring orders to you in the parking lot. The day after Thanksgiving has been losing its luster as the unofficial start to the holiday shopping season for the past several years, with more stores were offering holiday discounts throughout the month. Still, Black Friday has remained the busiest day of the year, according to ShopperTrak, and is expected to hold that title again this year. There is reason for hope. Retailers were successful in convincing shoppers to spend early by pushing big discounts in mid-October. And shoppers have shown their willingness to spend for other holidays like Easter and Halloween. The National Retail Federation, the nation’s largest retail trade group, has taken an optimistic view, predicting that shoppers will be looking for reasons to celebrate. The trade group expects sales for the November and December period to increase between 3.6 percent and 5.2 percent over 2019 compared with a 4 percent increase the year before. Holiday sales have averaged gains of 3.5 percent over the past five years. “After all they’ve been through, we think there’s going to be a psychological factor that they owe it to themselves and their families to have a better-than-normal holiday,” said NRF Chief Economist Jack Kleinhenz. “There are risks to the economy if the virus continues to spread, but as long as consumers remain confident and upbeat, they will spend for the holiday season.” Online sales could realize even bigger gains heading into the holidays. Black Friday is projected to generate $10 billion in online sales, a 39 percent bump from the year ago period, according to Adobe Analytics, which measures sales at 80 of the top 100 US online retailers. And Cyber Monday, the Monday after Thanksgiving, will remain the biggest online shopping day of the year with $12.7 billion in sales, a 35 percent jump. The pandemic has already benefited Amazon, which continues to seal its dominance in the online space as jittery shoppers click on their devices instead of venturing into stores. Likewise, big box chains like Walmart and Target that were allowed to stay open during the spring lockdowns fared far better than department stores and other non-essential retailers that were forced to close. That disparity helped speed up bankruptcy filings of more than 40 chains, including J.C. Penney and J.Crew, and resulted in hundreds of stores closings. Plenty of clothing chains like Abercrombie and Fitch have warned of more difficult days ahead, including the possibility of even more store closures. A&F said Tuesday it expects sales declines to deepen to 5 percent to 10 percent for the holiday quarter. “There are a lot of unknowns as we head into what’s our traditionally highest volume weeks of the year,” Scott Lipesky, chief financial officer at Abercrombie & Fitch told analysts on its earnings call. “With COVID numbers rising, there is the potential for a change in apparel demand and customer willingness to enter physical stores. “ Department stores and other clothing stores that haven’t yet recovered from the closures during the spring will have a hard time making up for lost sales, says Ken Perkins, president of Retail Metrics LLC , a retail research firm. For the fiscal third quarter, mall-based retailers saw their profits down 20 percent while big box stores and other retailers that operate outside a traditional mall posted a 19 percent increase, according to RetailMetrics’ tally of roughly 100 retailers. For the fiscal fourth quarter, mall-based retailers are expected to see profits down 31 percent, while off-mall stores should see profits up 1 percent. Summarise this report in a few sentences.
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black friday is the busiest shopping day of the year, drawing millions of shoppers. but the economy is tanking and crowds are expected to be diminished. stores are beefing up safety protocols to reassure customers that they can still come back. the cdc has labeled shopping in crowded stores during the holidays a “higher risk” activity.
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State-run banks need to be fundamentally reformed by allowing majority private sector participation in them as a way forward in resolving the crisis of massive non-performing assets (NPAs), or bad loans, former Chief Economic Advisor Arvind Subramanian has said. In his shortly to be released book “Of Counsel: The Challenges of the Modi-Jaitley Economy”, published by Penguin, Subramanian argues for a “grand bargain” between the government and the Reserve Bank of India (RBI) to resolve NPAs which have accumulated to a staggering Rs 13 lakh crore, setting off a liquidity crunch and provoking a tiff between the Centre and the central bank. “Fundamental reform of the PSBs (public sector banks) is facilitated by allowing majority private-sector participation in the PSBs,” Subramanian writes. “In return, the RBI would deploy its surplus capital to augment the resources for recapitalising PSBs and capitalising any new holding companies.” The government’s differences with the RBI centres on four issues — the former wanted liquidity support to head off any credit freeze risk, a relaxation in capital requirements for lenders, relaxing the prompt corrective action (PCA) rules for banks struggling with accumulated NPAs, and support for micro, small and medium enterprises. Central to the liquidity issue was the government’s demand that the RBI hand over its surplus reserves by making changes to the “economic capital framework”. “Regulatory/supervisory reform is further achieved by granting the RBI greater supervisory powers over public sector banks,” Subramanian says. Taking some major names that have emerged in the banking controversy like Vijay Mallya, Nirav Modi, Chanda Kochhar, Rana Kapoor and Ravi Parthasarathy, the former CEA says: “Hearing this roll call of names is to be reminded of India’s astigmatised capitalism’. He also suggests, to paraphrase from Shakespeare, that “something is rotten in this state of Indian banking for having allowed stigmatised capitalists to survive and thrive for so long”. He also says that the recognition of the NPA crisis through the RBI’s PCA framework initiated in June 2015 is further advanced by sanctioning financial institutions that are not classifying their loans properly, especially power-sector loans, at banks and other loans at non-banking finance companies (NBFCs). Besides, the asset resolution process, as enacted by the Insolvency and Bankruptcy Code, is accelerated by sending smaller assets to specialised distressed asset recovery firms, “while the powers sector assets would be shifted to a new government-run holding company”. “The government should also allow the RBI to implement the Prompt Corrective Action (PCA) framework for less strong banks,” he said. “Finally, check-ins and oversight of the banking system must be in place to ensure that the shenanigans we have seen over the last several years from Vijay Mallya to Nirav Modi to ICICI Bank to IL&FS are minimized; they can never be fully avoided (regulation),” he added. While the NPA crisis is a legacy of the lending boom during the high growth years up to 2010, the current liquidity crunch, particularly among non-banking finance companies, follows a series of defaults last month by the privately-run Infrastructure Leasing and Financial Services and banks hesitating to lend after a series of scams, most notably the Rs 14,000 crore fraud on state-run Punjab National Bank by two absconding jewellers Nirav Modi and Mehul Choksi. Summarise this report in a few sentences.
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former chief economic advisor argues for a 'grand bargain' between government and RBI. he says reform is facilitated by allowing private sector participation in them. the government's differences with the RBI centre on four issues. he says the government should give the RBI greater powers over banks. he also says that the recognition of the NPA crisis through the RBI’s PCA framework is further advanced by sanctioning financial institutions that are not classifying their loans properly.
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Samvat 2080 Opens on a Positive Note Samvat 2080 started on a steady note for investors with India’s stock benchmarks gaining over half a per cent in the special 60-minute Muhurat trading session on Sunday evening to mark the start of the traditional Hindu new year. Insolvency Gets All Personal Now in Boost for Recoveries Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks’ realizations. Summarise this report in a few sentences.
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india's stock benchmarks gained over half a per cent in the special 60-minute Muhurat trading session on Sunday evening. the move marks the start of the traditional Hindu new year. bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery. a new ruling by the supreme court will open up a new window of recovery.
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1/6 McKinsey & Company carried out a consumer sentiment survey in India over three different periods. Each survey highlights a different aspect. The latest survey was conducted from April 10-13, prior to this it was conducted from April 2-6 and from March 27-30 as the extent of the virus began to unfold globally 2/6 Data suggests that with each passing week, consumer confidence is rising as the economy recovers after novel coronavirus, or COVID-19, led lockdown. As per the latest survey, nearly 60 percent Indians are optimistic about an economic recovery in two-to-three months. 3/6 Over 50 percent Indians continue to feel that there will be a loss in income and cut in savings while spending shrink further 4/6 Indian consumers expect to spend more time engaging with live news, movies, reading news online and video content. Time spending in reading for personal interest and print news is likely to decline further 5/6 Over 85 percent of surveyed Indians believes that the personal and financial impact of COVID-19 will last longer than two months Summarise this report in a few sentences.
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consumer confidence is rising as the economy recovers after COVID-19. nearly 60 percent of surveyed Indians are optimistic about an economic recovery. time spent reading for personal interest and print news is likely to decline further. a third of respondents believe that the economic recovery will last longer than two months. a third of respondents believe that the economic recovery will be a long one.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Marketing Officer Programme Visit IIM Lucknow IIML Chief Executive Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit What we have been seeing is, the fear factor VIX which had gone up to almost 100 level now has come down to 64 for the Indian markets and sector-wise, some of them are doing well. So, metals and to some extent the oil and gas sector are also doing well.As far as the metal sector is concerned, China is a major factor and recovery in the Chinese demand and production remains the key factor as far as the sustainability of metal stocks are concerned. So in our view, it could still be early days. Metals is a very cyclical sector; so the near-term pain could be quite substantial because of the decline in commodity prices. Our preference in the metal sector would be Hindustan Zinc. It is one of the best in terms of balance sheet and has substantial cash. It is attractive on the dividend yield as well. So, we would rather go with Vedanta or Hindustan Zinc in the metal sector.In the power sector, based on the tracking of various websites, what we are seeing is that the demand for power has gone down by almost 20% to as high as 40% in some states. Within the power sector, there are various plays.Our preference would be with Power Grid primarily because the company is significantly insulated from whatever happens in the power sector. It has nothing to do with the demand because it gets paid on the basis of availability-based tariffs. So that would be one stock that we would be positive on. The other stock is NTPC where we see deep value and thirdly, we would be positive on CESC.We are not very positive on oil marketing companies because the way the global economy is slowing down, the demand for petrochemicals and refined products will be much lower; refining margins were anyway under pressure.In the oil and gas space, our preference has always been on the gas companies. It could be something like Petronet LNG or Mahanagar Gas because the government’s focus is also to drive higher consumption of gas within the economy and in Petronet LNG, what we are seeing is that the current valuations are not factoring any potential of growth in its gas volumes going forward. Plus the company has a very strong balance sheet to tide over the near-term economic pain and the dividend yield is also very attractive at 5% to 6%. Petronet LNG has been one of the best performers in PSU ever since it has been listed. So we would rather go with Petronet LNG or Mahanagar Gas instead of taking any positions in HPCL or BPCL.In the consumer discretionary segment, we have several sub segments like travel, hospitality, consumer durables and so on. We believe one of the biggest impact will be on aviation; travel as well as hotels will be the last because in all probability, we believe that income growth for the salary segment will really be in jeopardy and in the next one year, it is possible that most households would like to conserve or go for savings rather than go for discretionary spending. So to that extent, there will be a setback in consumer demand in the coming 12 months.Having said that, we believe that consumer durables would still perform better because these are largely linked to weather patterns or festivities. So although the summer season sales of room air conditioners would get significantly impacted but when things normalise and the lockdown is removed, festival sales could be much better going into the middle of FY21. In the initial phase, we believe that almost all these segments, including media to some extent, will be impacted.The big question for the market remains how long the lockdown will continue. When we spoke to the various corporates as well who are in the infrastructure segment, they are also really worried about how long this lockdown would continue because they are worried about future business, closing of deals, getting labour on time. There could also be some price negotiations from their clients. We are also hoping that this overall situation gets normalised and work could start. Probably only then we can look at economic growth coming back to normal; so that is where I think investors should look at.Having said that, there are several positives already for the Indian markets. As I said, the VIX index has come down to 64 from as high as 100, crude oil prices are at $23-24 a barrel. The global economy is now awash with liquidity and global investors would look at various investment avenues, including Indian equities; so there are positives as well as negatives.But in the short term, we are entering into a weak earnings season. When we hear the management commentary regarding the damage to their numbers and earnings, probably then we will get more confidence going ahead. We still do not have any handle on the FY21 numbers and how it will pan out; so the next few days remain crucial and we are continuously monitoring the COVID-19 situation. If there is any slowdown on that that front, it will really be quite positive for the Indian markets. Summarise this report in a few sentences.
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a number of companies are doing well in the metals sector. the fear factor VIX has now come down to 64. the power sector is doing well. the energy sector is doing well. the energy sector is doing well. the energy sector is doing well. the energy sector is doing well. the energy sector is doing well. the energy sector is doing well.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit IIM Lucknow IIML Chief Executive Officer Programme Visit Punjab National Bank got merged with Oriental Bank of Commerce and United Bank of India, effective from today. It is now a combined entity that has more than 11,000 branches across the country, more than 13,000 ATMs and has a business of little over 18 lakh crore. It is the second-largest public sector bank after State Bank of India in the country currently and there are a lot of activities which we have been doing ever since the decision came on 30th of August 2019. Pre-migration and amalgamation related activities have been properly handled in order to see that the amalgamation from today becomes very effective. But because of social distancing and lockdown in place due to Covid, which has been declared up to April 14th, the physical meetings and interactions with the customers which we had planned could not take place. Nevertheless, once this gets lifted, we would be undertaking that interaction after the lockdown. From today, the three banks together are working as one entity that is Punjab National Bank.When you are talking about the amalgamation synergy, one is the business layer which is yet to be done. What we have done already is that the processes, the products and services have already been harmonised and they have been implemented across the three banks from today. The technology pieces will be working differently until the migration takes place. We are expecting the technology migration to be completed as per the time plan in anything between six months to nine months.Infosys and all other vendors are working on that but as far as the customer is concerned there would not be any differences. They will have uniformity in enjoying facilities with respective liability or assets in terms of the pricing, in terms of the interest rates, in terms of the charges; everything is harmonised now with respect to what advantage we derive as a merged entity. As a bigger bank, we will have more risk appetite in terms of lending to bigger projects and that is a great advantage. Earlier when bigger projects were borrowing from banks, the number of banks used to be between 8-12 whereas today, after the amalgamation across the banking industry, in the public sector space only two-three banks would be sufficient to take care of the lending requirements.Over a period of time, the cost of updating technology and the cost of using technology for compliance and risk governance framework has been pretty high. Today as a merged entity, as a bigger bank, it would be advantageous to invest in those technologies and create a robust framework. From the risk management angle, for all these banks that is another advantage. It means the edifice of the bank can be prepared more strongly in the merged entity whether in respect of using all the tools available or using technology or in terms of best practices being followed by banks with respective customers across the country. Banks will also have an advantage of brand. If you specifically look at Punjab National Bank, in East and North East our presence was very limited. Whereas the amalgamation with the United Bank of India, that has got a larger franchise in the East and North East, will be advantageous to us. It is not only a franchise of a branch network or customer base but also CASA base.United Bank has a CASA base of 50% of the entire liability and that is an advantage for us. With respect to Oriental Bank of Commerce, even though we both are in the same geography, the kind of clientele base Oriental Bank has got is an advantage for PNB . So, the synergies for this particular merger where OBC and United Bank are merged with Punjab National Bank are going to play a wonderful role in the next few days to come.Let us discuss it in two parts. One part is prior to COVID-19 and another part is post COVID-19. Prior to COVID-19 as well the economy had been subdued. The credit growth was 13% start of April last year and it came down to around 11%. RBI in the month of January declared that it was around 6.47% that is just before the impact of the COVID-19 in our country. Even in January, when the credit growth was 6.47%, as a banker we were seeing little amount of green shoots in the economy. We were expecting the investments from private parties as well as from the government in infrastructure. You can recall the finance minister's statement where she said Rs 1,02,000 crore was in the pipeline for investment in infrastructure. Now coming back to the impact of COVID, we hope it will be short-lived. We are expecting normalcy after the lockdown. We see that from July 1st onwards the economy will start limping to positive.If you look at MSME, there are three main elements. One element is the marketing level which means to manufacture the goods and sell to their customers and get the money back. The operating cycle after manufacturing and getting the cash flow back was an issue that has been there for the last two or three years. Otherwise, if you look at the funding requirement, there was no problem with the bankers though the funding completely depends upon the marketing capability of the MSME. MSME per se themselves cannot create a market for themselves. We have seen that many of the state governments have taken initiative in creating marketability for the products of the MSME and they have been doing better but for the impact that COVID has created now. Coming from the banker's perspective, the cost of lending has come down drastically. As per the RBI guidelines, micro and small enterprises' interest rates were linked to repo, effective from the 1st of October 2019. And from 1st of April i.e. today onward, even medium enterprises lending rates are also linked to repo. With a drastic reduction of 75 bps, the rate reduction has been automatically passed on to those MSME borrowers. As a result, the cost of borrowing from the banks for MSME is in a very prime position at this point in time. They do not have any issue as per the cost of borrowing is concerned but the problem is related to cash flow. Their receivables realization is an area the government is also working hard for. In recent times, the government has taken a decision to ask all their departments if there is any pendency to make the payments immediately. It is an ongoing correction exercise that is working towards the betterment of the MSMEs. Banks also will work. I am expecting that as a banker after May-end, once this COVID impact is cleared, we could see some a position for the MSMEs in the manufacturing as well as in the services sector. Summarise this report in a few sentences.
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merged banks have 11,000 branches across the country, more than 13,000 ATMs. merged banks will have more risk appetite in terms of lending to bigger projects. merged banks will have more flexibility in terms of lending to bigger projects. merged banks will be able to offer more flexible lending options. if they do not have the right infrastructure, they will be unable to offer higher-end services.
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Hero Electric, country's largest manufacturer of electric scooters, has announced a programme to encourage existing owners of petrol two-wheelers to switch to electric scooters. "Hero is offering flat Rs 6,000 over and above the market value of such two wheelers to motivate them to get rid of their rickety contraptions and switch over to brand new E-bikes that not only are much more economical to run but also come with a 3 years warranty on the bike and battery," said a release from the company. As per Hero's estimates, there are at-least 5 crore old and highly polluting, petrol guzzling two-wheelers still running on the Indian roads. Such vehicles, both scooters and motorcycles, have pollution levels much higher than Bharat Stage-IV bikes these days and consume twice the petrol for the same distance. Hero Electric's scooter range starts from Rs 46,000 and ends at Rs 87,000 after deducting the subsidy from the central government. The Delhi-based company switched to lithium-ion battery technology completely after the government announced last year that subsidy on the lead acid battery technology will be withdrawn "A straight saving of Rs 70,000 on the petrol and the maintenance of bike that the customer would have spent on his old bike can be achieved with the switching over to electric," the release said. Hero Electric is also rolling out its national campaign in over 20 cities, including Delhi, Pune, Jaipur, Chennai, Rohtak, Hyderabad, Bangalore and Lucknow. The nationwide campaign is being launched from the first week of this month and aims to promote the benefits and usage of electric two-wheelers. Under this promotional drive the company will have touch points in residential complexes, markets, malls, schools and colleges and corporate institutions. Hero Electric has a pan-India network of more than 450 touch points. Summarise this report in a few sentences.
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Hero Electric is offering flat Rs 6,000 over and above the market value of petrol two-wheelers. the company is also rolling out its national campaign in over 20 cities. the company has a pan-India network of more than 450 touch points. the company has a total of 450 touch points in india. a total of 4,000 electric scooters are sold in india.
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New Delhi: Retail inflation for farm workers and rural labourers cooled down to 6.32 per cent and 6.28 per cent, respectively, in August compared to the year ago period mainly due to the softening of prices of some food items. Point-to-point rate of inflation based on the CPI-AL (Consumer Price Index-Agricultural Labourers) and CPI-RL (Consumer Price Index-Rural Labourers) was 6.39 per cent and 6.23 per cent respectively in August 2019, the labour ministry said in a statement.Inflation based on food index of CPI-AL is at 7.76 per cent and of CPI-RL at 7.83 per cent in August 2020 compared to 7.27 per cent and 6.98 per cent, respectively, in the same month last year.Among states, the maximum increase in the CPI-AL and CPI-RL was experienced by West Bengal State (27 points and 28 points respectively) mainly due to rise in the prices of wheat-atta, pulses, mustard-oil, milk, chillies-green, ginger, country liquor, firewood, bidi, meat goat, fish dry, bidi, bus fare, vegetables and fruits etc.The maximum decrease in CPI-AL and CPI-RL was experienced by Kerala (6 points and 8 points respectively) mainly due to fall in the prices of pulses, coconut oil, chillies-dry, onion, fish fresh etc.Labour Minister Santosh Gangwar said, "The continued softening of inflation in succession for seven months may be mainly attributed to the relief measures announced by the government to help poor people including labourers during the COVID-19 pandemic."The increase in the index will have a positive impact on the wages of millions of workers working in the unorganized sector in rural areas."Director General Labour Bureau D S Negi said, "Labour Bureau has been able to bring out the monthly indices as per the pre-defined schedule consistently even during the tough time of COVID-19." Summarise this report in a few sentences.
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retail inflation for farm workers and rural labourers cooled down to 6.32 per cent and 6.28 per cent, respectively, in August. inflation based on food index of CPI-AL is at 7.76 per cent and of CPI-RL at 7.83 per cent in august 2020. maximum increase in the CPI-AL and CPI-RL was experienced by west Bengal State (27 points and 28 points respectively)
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Investments through participatory notes (P-notes) in the domestic capital market increased to Rs 57,100 crore as of April 30 after falling to over 15-year low at the end of the preceding month. P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process. According to Sebi data, the value of P-note investments in Indian markets -- equity, debt, hybrid securities and derivatives -- stood at Rs 57,100 crore until April, while the same was at Rs 48,006 crore at the end of March. The figure at March-end was the lowest level of investment since October 2004, when the total value of P-note investments in Indian markets stood at Rs 44,586 crore. The lower figure in March comes amid significant volatility in broader markets on concerns over coronavirus-triggered recession. Of the total Rs 57,100 crore invested through the route till April, Rs 46,165 crore was invested in equities, Rs 10,619 crore in debt, Rs 177 crore in the derivatives segment and Rs 139 crore in hybrid securities. Also Read: Four of top-10 firms add Rs 1.12 trillion in m-cap; TCS leads Fund inflow through the route stood at Rs 68,862 crore, Rs 67,281 crore and 64,537 crore at the end of February 2020, January 2020 and December 2019, respectively. However, it was at Rs 69,670 crore at November-end last year. Arjun Mahajan, head of institutional business, at Reliance Securities said the March P-note figure should be seen in conjunction with the big sell-off in Nifty, which hit a low of 7511.10 on March 24. There was global panic and risk off trade which saw panic selling globally and India was no different. The month of April saw some risk returning and therefore the P-note numbers went back up, he added. Also Read: Reforms don't mean abolition of labour laws: NITI Aayog's Rajiv Kumar Besides, another anecdotal evidence is the FPI outflows. The month of March saw an outflow to the tune of over Rs 62,000 crore so it needs to be looked at in a global sell-off perspective. The pace of sell-off by such investors dropped in April to Rs 6,900 crore, he said. Mahajan further said P-note is now not a preferred route for investing in India as Sebi has made registration easier and also desirable for FPIs. However, due to certain taxation laws in India, FPIs still want to explore this route of investing. "Another aspect that may...be considered in current uncertain environment is that certain FPI investors, who don''t have an FPI licence, and who may not want to invest in India for long term and just invest to either capitalise on easy liquidity and also attractive valuations (when compared to historic peaks), may prefer P-note route as it gives them the option to invest for however long they want, make their target returns and go away," he added. Earlier in September, Securities and Exchange Board of India (Sebi) simplified KYC requirements and registration process for FPIs. Besides, the regulator broad-based the classification of such investors. Meanwhile, FPIs withdrew a net sum of Rs 14,858 crore from the capital markets (equity and debt) in April. This was much lower than over Rs 1.2 lakh crore pulled out by them in the preceding month. Summarise this report in a few sentences.
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participatory notes (P-notes) in the domestic capital market increased to Rs 57,100 crore. the figure at March-end was the lowest level of investment since 2004. the month of march saw an outflow of over Rs 62,000 crore. the u.s. government is urging investors to take a more cautious approach. a spokesman for the government says it is a "very positive sign"
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The central government’s announcement of increasing the gross borrowings to Rs 12 lakh crore from the budgeted Rs 7.8 lakh crore in FY21 will largely take care of the revenue shortfall, leaving little space for fiscal stimulus, a report by India Ratings and Research (Ind-Ra) has said. "Notwithstanding the low crude prices and increased excise on petrol and diesel, Ind-Ra estimates the gross and net-tax revenue of central government in FY21 to fall short of the budgeted estimate by Rs 4.32 lakh crore and Rs 2.52 lakh crore, respectively," the report said. Weak economic activities are also set to have an impact on non-tax revenue, and dividend and profit and other non-tax revenue would therefore decline by Rs 1.48 lakh crore from the FY21 budget estimate, the report said. "This means the central government is staring at a revenue shortfall of Rs 4 lakh crore from the FY21 budget estimate," the report noted. The report also says that the government is unlikely to meet the revised estimate of FY20 due to the country-wide lockdown. The centre’s gross and net-tax revenue has been estimated to be Rs 1.73 lakh crore and Rs 1.20 lakh crore, which is less than the FY20 revised estimate. 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 "This would translate into a revenue shortfall of Rs 1.62 lakh crore from the FY20 revised estimate," the report said. The report also says that the revenue shortfall would account for 95.1 percent of the increased borrowings, leaving a purse of just around Rs 20,000 crore for the central government to provide fiscal stimulus. Track this blog for latest updates on the coronavirus outbreak "This is too small an amount to make any difference to the sagging economic activities/demand," the report said. The report said that the onus is on the central government to provide support to not only vulnerable sections of the society but also state governments, because the actual battle against COVID-19 and associated expenditure is incurred by the state governments. To combat the economic fallout of the pandemic, Prime Minister Narendra Modi announced a relief package of Rs 20 lakh crore. While announcing the various tranches, finance minister Nirmala Sitharaman last week gave out the break up on Rs 20 lakh crore. Experts had been looking out for how increased government spending would help the economy get going. However, after the announcement of all five tranches, scope for increased government spending is minimal. "The government's fiscal support programme totals Rs 21 lakh crore, which includes Rs 8 lakh crore of measures announced by the RBI. However, we estimate that the actual fiscal impact on the budget will be only Rs 1.5lakh crore (0.75 percent of GDP), based on our calculations and assumptions made during the series of announcements," said Rahul Bajoria, chief India economist at Barclays Plc. A note by HSBC Securities said that the fiscal cost of the whole package, including announcements made in March, would amount to Rs 2.13 lakh crore, which is 1 percent of GDP. “The impact of the 10 percent of GDP package on the fiscal deficit is small,” said Pranjul Bhandari, chief India economist at HSBC Securities. Follow our full coverage of the coronavirus outbreak here Summarise this report in a few sentences.
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the government is unlikely to meet the revised estimate of FY20 due to the country-wide lockdown. the government's gross and net-tax revenue has been estimated to be Rs 1.73 lakh crore and Rs 1.20 lakh crore. a vaccine works by mimicking a natural infection. 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.
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Mumbai: JSW Paints on Thursday announced entering into sanitizers market by launching Securall hand sanitizers.The company has received all statutory approvals, permissions and license to manufacture and market the product across markets. It is expected to roll-out its hand sanitizer brand Securall in May 2020, it said in a statement."As part of our endeavour to promote hygiene and safe health practices in the country, we will leverage our group businesses’ retail distribution & community network to offer consumers access to a world-class product, " said JSW Paints' managing director, Parth Jindal The company will be manufacturing the hand sanitizers at its facility at Vasind in Maharashtra. Initially it will be launched across south and west markets in 500 ML pack size."This will ensure easy access of this world-class product to all our customers & business associates, said Vinay Shroff, excecutive vice president, marketing & sales."In order to support the Securall roll-out, JSW group will leverage its retail distribution network across paints, steel & cement businesses to market this hand sanitizer to Indian consumers," said the company.Paint maker, Asian Paints Ltd too on May 1st launched its hand sanitizer business under the brand name, Viroprotek. The company said that it will be manufacturing the product at its facility in Gujarat. Summarise this report in a few sentences.
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the company has received all statutory approvals, permissions and license to manufacture and market the product across markets. it is expected to roll-out its hand sanitizer brand Securall in may 2020. the company will be manufacturing the hand sanitizers at its facility at Vasind in Maharashtra. Initially it will be launched across south and west markets in 500 ML pack size.
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Finance Minister Nirmala Sitharaman will hold a virtual review meeting with the heads of public sector banks (PSBs) on Monday to deliberate and discuss several issues to revive the economy hit by coronavirus crisis as well as lockdown 3.0. Credit offtake will be one of the topics of discussion during the meeting which will be held via video-conferencing. FM Sitharaman will take stock of interest rate transmission to borrowers by banks and progress on the moratorium on loan repayments, sources told PTI. The Reserve Bank of India had on March 27 slashed the benchmark interest rate by a massive 75 basis points and also announced a three-month moratorium to be given by banks to provide relief to borrowers whose income has been hit due to the lockdown. Also Read: Economic stimulus package this week; relief for MSMEs & workers; reforms on cards Earlier this month, RBI Governor Shaktikanta Das held a meeting with heads of both public and private sector banks to take stock of the economic situation and review the implementation of various measures announced by the central bank. The deployment of excessive funds by banks under the reverse repo route may also come up for discussion on Monday, sources said. Besides, progress under the targeted long-term repo operations (TLTRO) for the NBFC sector and microfinance institutions (MFIs), and sanctions under the COVID-19 emergency credit line will also be reviewed. Under the emergency credit line, borrowers can avail a maximum of 10 per cent of the existing fund-based working capital limits, subject to a cap of Rs 200 crore. Also Read: FM Nirmala Sitharaman says Rs 18,253 crore disbursed under PM-KISAN scheme during lockdown Public sector banks have sanctioned loans worth Rs 42,000 crore to the MSME sector and corporates since the start of the lockdown. The finance minister had on Thursday said that as many as 3.2 crore borrowers had taken advantage of the three-month moratorium scheme on repayment of loans announced by the RBI. "PSBs complemented RBI on loan moratorium. There effective communication and proactive actions ensured that over 3.2 cr. a/c availed 3-month moratorium. Quick query redressals allayed customer concerns. Ensuring responsible banking amid #lockdown," she had tweeted. Sitharaman also said state-owned banks had sanctioned loans worth Rs 5.66 lakh crore to borrowers between March and April, 2020 and disbursement would start soon after the lockdown is lifted. She said the banks sanctioned loans worth Rs 77,383 crore between March 1 and May 4 to provide sustained credit flow to non-banking finance companies (NBFCs) and housing finance companies. Besides, under the Targeted Long Term Repo Operations (TLTROs), total financing of Rs 1.08 lakh crore was extended "ensuring business stability and continuity going forward," she had said earlier. Meanwhile, MFI association Sa-Dhan, in a communication to the finance minister, said the sector expects to lend close to Rs 50,000 crore over the next six months, mostly by way of emergency or top-up loans to existing borrowers. However, it expressed concern that there is a possibility of shortfall of collections of over 30-40 per cent by September and a potential default by MFIs on lenders to the extent of 10 per cent. there is likely to be a surge in demand from microfinance borrowers, given they urgently need credit to rebuild their lives and stabilise their incomes. However, field collections will be affected given the negative impact of the COVID-19 crisis on clients' incomes as well as uncertainty in operations post lockdown in many districts, Sa-Dhan said. Many mid and small MFIs will struggle to meet their operational expenses in full, with a potential shortfall of Rs 1,500-2,000 crore. The industry employs close to two lakh urban and rural youths, and sustaining their jobs is also an obligation to the sector, it added. Summarise this report in a few sentences.
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credit offtake will be one of the topics of discussion during the meeting. the meeting will be held via video-conferencing. the borrowers will be able to avail a maximum of 10 per cent of the existing working capital limits. the borrowers will also be able to avail a maximum of 10 per cent of the existing fund-based working capital limits.
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MUMBAI: United Spirits Ltd., India’s biggest liquor company with a brand portfolio that includes Johnnie Walker and McDowell, said home delivery and online sales will not just expand the basket size but also help more women consumers.“In many states, women do not want to go into a retail store to buy alcohol – it’s just unpleasant. In fact, I would go to the extent of saying they feel unsafe. If you are ordering online, you will browse and you will buy what you want,” Anand Kripalu , managing director at the Diageo-controlled company, told investors during an earnings call.For the spirits industry, accessibility is one of the biggest barriers for consumption in a market with 75,000 retail outlets , compared with over 10 million stores for fast moving consumer products. Also, after the lockdown, several stores have restricted the entry of people by placing counters in front, which could alter the display of products.“When you start browsing in a retail store, you end up buying more than you did in an over-the-counter store. The day you start browsing on Amazon or Flipkart, you start buying a lot more things than you did and you are able to double click and get a lot more details,” Kripalu added.Many state governments that lost revenue during the lockdown tried to boost their coffers with a tax increase after the Centre allowed liquor shops to open in the first week of May. At present, two-thirds of the retail outlets have re-opened and initially saw massive queues outside outlets. Yet, sales volumes plummeted by 33% to 90% last month in five markets that account for 40% of the country’s spirits segment due to the high taxes on liquor.Almost a dozen states including Maharashtra, West Bengal, Delhi, Punjab and Tamil Nadu have allowed home delivery of liquor, something companies have been trying to unlock for many years. Also, Zomato and Swiggy now deliver alcohol in some states.“Online can help companies plan activities around product development as new audience and channels can provide additional insights on changing consumption behaviour,” said Devendra Chawla, managing director of Spencer’s Retail and Nature’s Basket, which have been selling spirits for several years and started online and home delivery through select stores.Also, the government and companies are making sure the new delivery model doesn’t bypass traditional retailers, which paid high licence fees to enter the business.“You can’t have an Amazon kind of model in this industry because the outlets are so few and they have paid high licence fees to exist. And I don’t think any excise department will easily create a model that will destabilise the retailer themselves,” said Kripalu. Summarise this report in a few sentences.
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a dozen states including Maharashtra, west Bengal, Delhi, Punjab and Tamil Nadu have allowed home delivery of liquor. a number of companies are also launching online and home delivery. the government is also making sure the new delivery channels are available. the lockdown has also affected the access of people to the stores. a number of stores have placed counters in front of customers.
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Representataive Image With ongoing consolidation, low-cost innovations and willingness to be part of global technology landscape, India will be a "fantastic market" in the coming five years, as per Swedish telecom gear maker Ericsson. "India is going through consolidation which other markets have seen. At the end of this consolidation, with our investment in cost innovations and India trying to participate in global technology race, I see India becoming a fantastic market in coming 5 years for us. But these three things have to come together, Nishant Batra, head of product area network infrastructure at Ericsson told PTI. He said that Ericsson has not performed well in India in recent times because of the tremendous change that has taken place with entry of new telecom operator Reliance Jio, but the country still presents unique opportunity. "Consolidation makes an impact but it also gives you one fundamental of the market which is that market is not sustainable with 7-8 players because there is not enough margin for 7-8 players. In most countries, it would take 15-20 years, but in India Reliance came and consolidation happened much faster. Reliance consolidated the market either directly or indirectly," Batra said. India is expected to see only five mobile service providers operators in the second half of this year-- Bharti Airtel, Idea-Vodafone merged entity, Reliance Jio, state-run telecom firm BSNL and MTNL. Tata Teleservices, Telenor India and Tikona Digital are in process of merging with Airtel, while Videocon Telecom has already sold it mobile spectrum to the telecom merger. Debt-ridden Reliance Communications has shut down it voice telephony business and signed an agreement to sell mobile business assets to Reliance Jio. Aircel has filed for bankruptcy. "I am excited to see India with consolidated healthy operators versus 8 suffering operators. It will be a bonus for us if India starts to be a joint driver in technology because then we will get a leg-up," Batra said. To be successful on technology space, India will have to cooperate and collaborate with global test beds, he added. "This industry is built on scale. Every infrastructure business, not just telecom, is built on scale. I see few good indigenous technologies coming from India, but we also need to complement that with total cooperation and collaboration with global standards," he said. Batra said India is a key market for the company as it is one of the four markets that can give high scale of business. "The way infrastructure is built and the way we make investments is that we would scale, and that comes from China, India, Japan and the US. There is practically no big market in terms of volume. In the US we are the biggest already. In Japan we have had a very good trajectory, China we have an artificial sealing to work with. So India is the country where we have no artificial sealing and still there is growth," he said. Batra said that even after ongoing consolidation, operators in India have not stopped spending in capacities due to competition. "Wherever consolidation happens, there is period of cautious investments. Then there are more healthy operators at the end of it, which in turn is good for investments. Healthier operator are better customers for us eventually," he said. He said that Ericsson will focus on cost innovation for India irrespective of level of consolidation as even after consolidation price elasticity of the market continues to be at similar levels. Summarise this report in a few sentences.
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Ericsson: India will be a "fantastic market" in the coming five years. despite consolidation, the country still presents unique opportunity, he says. he says the country will have to cooperate and collaborate with global test beds. he says the country will be a "fantastic market" if it can be a "joint driver" in technology.
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Sensex, Nifty UPDATE: Sensex and Nifty logged their highest losses ever after rising number of coronavirus cases in India and the resultant lockdown in a majority of states took a heavy toll on the financial markets today. While Sensex lost 3,934 points to 25,981 , Nifty closed 1,135 points lower at 7,610. During the session, Sensex hit an intraday low of 25,880 and Nifty fell to 7,583. All Sensex and Nifty stocks closed in the red. After today's fall, Sensex has lost 15,188 points or 36.89% in last one month and Nifty has fallen 37.01% or 4,470 points during the period. The crash in benchmark indices today came after the number of infected cases from coronavirus zoomed to 415 in the country. The government imposing lockdown in 75 districts to mitigate the threat of rising coronavirus cases also weakened market sentiment. All 19 sectoral indices ended in the red with banks and financial indices losing the most. Market breadth was highly negative with 232 stocks ending in the green against 2037 closing in the red. With economic activity coming to a halt due to the lockdown, Prime Minister Narendra Modi will hold a meeting with all industry bodies today to assess the state of economy in the wake of the impact of COVID-19 pandemic. Here's a look at the updates of the market action on BSE and NSE today: Closing on Monday 3: 45 PM Indices Sensex and Nifty closed over 13% lower on Monday after the number of infected cases from coronavirus zoomed to 415 in the country. This was also on of the government imposing lockdown in 75 districts all over the country to mitigate the threat of rising coronavirus cases. Sensex ended 3,934 points lower at 25,981 and Nifty closed 1,135 points lower at 7,610. During the sesiion, Sensex hit an intraday low as well as one year low of 25,880 and Nifty at 7,583. All indices deep in red 3: 35 PM Where Nifty Bank has declined 17%, Nifty finance has dropped 16.40%, Nifty Auto 14%. There is 10-11% fall seen in pharma and metal indices. Sensex hit 25 K mark, Nifty at 7,600 3: 15 PM Market has dropped over 13% in Monday's bearish session. Sensex was trading 4,000 points lower at 25,970 and Nifty was 1,152 points lower at 7,583. Market update 3:05 PM As per Bloomerg data, the overall market capitalisation has dropped by 9.57%, with 1,987 declines against 224 stocks advancing and 1,895 unchanged. Global scenario 2: 50 PM Asian stocks trade mostly lower following the worst week on Wall Street that ended the week with a 17.3% loss and US equity Futures dropping over 1,300 points from intraday high. Hong Kong HangSeng also closed sharply lower today, at a drop of 4.8%, while Singapore's SGX Nifty was down 7%. Shanghai Composite index closed 3% lower. In the meanwhile, European indices opened with deep cuts and FTSE, DAxa nd CAC declined 3-4% amid the rising outbreak. In US, optimism that emergency actions by central banks and governments to ease the economic damage was waned as investors awaited for the Trump administration to deliver on legislation that will pump billions of dollars into hurting households and industries. Market Update 2: 25 PM Earlier, the downfall of 10% in Sensex led the Indian equity market to halt trading for 45 minutes today, same as on March 13. Nifty at circuit levels of 10% lower touched at 7,871 today. If the index drops 15% intraday, it will land at 7,434 mark and an overall drop of 20% will take the 50-share barometer on NSE to 6,996 level. Sensex, Nifty trade at day's low 2: 20 PM BSE 30-share index Sensex declined 3,525 points lower at 26,389 and NSE 50-share Nifty traded 1,007 points lower at 7,738 mark. 52-week lows today 1: 45 PM Around 925 stocks fell to touch their 52-week lows on NSE in Monday's session. Maruti, Hero MotoCorp, HDFC Bank, L&T, IndusInd Bank, Axis Bank, Sun Pharma, ICICI Bank, M&M, Coal India, NTPC, Vedanta and Tata Motor DVR, Advanced Enzymes, All Cargo Logistics, Apex Frozen Foods, Apollo Micro Systems and Anup Engineering were among the top stocks that hit their respective 52-week low values today. Stocks at 3-year lows today 1: 30 PM Axis Bank, IndusInd Bank, SBI, Titan, Infosys, ICICI Bank, HDFC Bank, Tata Steel, Reliance Industries, ONGC, Tech Mahindra, Mahindra & Mahindra, Larsen & Toubro, Sun Pharma, Maruti Suzuki and Bajaj Auto were trading near their respective 3-year lows on Sensex. Market update 1: 15 PM Sensex and Nifty halted trading today for the second time this month after government imposed lockdown in 75 districts to mitigate the threat of rising coronavirus cases in the country.The downfall of 10% or triggering of circuit breaker in Sensex at 9:58 am led the Indian equity market to halt trading for 45 minutes. 10 stocks that hit fresh highs today Stocks that trade 50 % lower since YTD 1:00 PM Overall 12 stocks namely IndusInd Bank, RIL, Bajaj Auto, SBI, Axis BANK, ICICI Bank, Mahindra and Mahindra, Maruti, Bajaj Finance, Tata Steel, Larsen & Toubro and ONGC have lost 50% since the start of this year on BSE. Similarly, 9 stocks on Nifty that are trading 50% lower since the beginning of the year were Indusind Bank, Tata Motors, Hindalco, Vedanta, Zee Entertainment, Axis Bank, UPL, and ONGC Top gainers and losers on Nifty 12: 40 PM Indiabulls Housing (3.96%), Thyrocare Tech(3.78%), IPCA Laboratories (1.00%)and Dr Lal Pathlabs were among the top gainers on Nifty. Grasim Industries (23.54%), Indusind Bank (22.29%), Bajaj Finserv (1.23%), Bajaj Finance (20.39%), Axis Bank (20.14%), Adani Ports &Special (20.14%), JSW Steel (19.91%) and ICICI Bank (15%) were among the top losers on NSE Nifty for the day. Banking indices decline the most 12: 30 PM Bank Nifty, private banking and bluechip financial sector-based indices of NSE Nifty were falling more than 10% in today's trade, with shares of Axis Bank, ICICI Bank leading the losses. Companies announce temporary shutdowns 12:20 PM In recent market cues, many companies have been shutting down productions due to the closure amid the virus pandemic. Enkei Wheels India announced today abot shutting down operations until March 31, 2020. Further, in recent announcements of Monday, companies such as DCM Shriram Industries, Aditya Birla Fashion and Retail, Subros Ltd, Bharat Forge, Pokarna Limited & Pokarna Engineered Stone Limited, Sunil Industries , SL Limited, SML Isuzu, Shree Cement, Whirlpool of India, Lumax Auto Technologies, Machino Plastics, TVS Motor Company,Royal Enfield, GNA Axles, Asian Paints, Minda Industries, Lumax Industries, Siemens, Jtekt etc. have announced closure of operations and shutdown of facilities until further notice. Sensex, Nifty back at year 2017 level 12: 15 PM Both the barometers have wiped out in recent sessions by opening at multiple gap down and traded back at early 2017 year levels. In one month's period, Sensex and Nifty have declined 35% each. Today, Sensex was trading 3,417 points lower at 26,498 and Nifty was down 1002 points to 7,743. Indices hit 52-week low again 12:00 PM Sensex has fallen 3,594 points to the day's low of 26,321.88 on March 23, 2020. This is also the fresh 52-week low for the 30-share barometer. Nifty50 on a similar note hit a new one year low of 7,832.55, falling 912 points during the day. During the last week's trade,the Sensex plummeted 4,187.52 points or 12.27 per cent, while the Nifty sank 1,209.75 points or 12.15 per cent. Market at day's low 11: 50 AM Market indices Sensex and Nifty are trading 10.6% lower on Monday's afternoon trading session, backed by heavy sell off in index heavyweights like RIL, ICICI ank, Maruti. Overseas, trend was majorly bearish amid rising number of COVID-19 cases, creating liquidity crisis, supply distruptions and chances of a prolonged global recession. Market trading was for 45 minutes within the first trading hour on Monday with indices dropping 10 % each. Earlier than this, Dalal street was halted for one hour of trading on March 14, 2020. Earlier, market indices opened almost 7% lower as domestic investors fretted over the concerns of economic growth in the wake of the rising number of COVID-19 cases in the country. This was on account of sharp decline in the Asian counterparts, as market sentiments weakened on increasing numbers of infected Covid-19 cases worldwide and its impact on the economy. Nifty gap levels 11: 45 AM Nifty has created gaps in trade in the levels between 8,954-9,059, 8,294-8,321 in earlier trades. Further after falling to 7K mark, the 50-stock barometer has made gaps between levels of 7,808-7,760, 7,254-7,307 and 7,021-7,066 respectively. Nifty lower ciruit levels 11: 35 AM Nifty at circuit levels of 10% lower atoos at 7,871 today. Further 15% drop will result to 7,434 mark and drop of 20% will take the 50-share barometrer on NSE to 6,996 level. Top losers today 11:30 AM ICICI Bank (10%), Ultratech Cement (9.84%) and Axis Bank (9.71% )were top Sensex losers. On Nifty, Ultratech Cement (10%), Bajaj Finance (10%) and Maruti (10% ) were the top losers. All sectors deep in red 11: 20 AM All sectors traded deep in red on Monday. Where private banking and bank index fell 15% each, auto and realty dropped 11%. Metal, FMCG and PSU Bank dropped 10% each and IT, media index were down 8%. Trading resumes 11: 10 AM Sensex and Nifty started 10.5% lower after reopening from the 45 minutes of trading halt on Monday. Where Sensex fell 3,200 points, Nifty fell 950 points. Although, later indices recovered from day's lows and traded 9.7% lower. BSE 30-share index Sensex declined 2,995 points lower at 26,924 and NSE 50-share Nifty traded 842 points lower at 7,903 mark. Earlier, market trading was for 45 minutes within the first trading hour on Monday with indices dropping 10 % each. Earlier than this, Dalal street was halted for one hour of trading on March 14, 2020. Coronavirus cases in India 11:00 AM The total number of confirmed COVID-19 cases has surged to 419 in India, according the the Health Ministry. This includes 8 deaths and also comprises 30 patients who tested positive but were discharged after undergoing treatment. Earlier circuit on March 13 10: 55 AM This is the second time this year, Indian indices have hit the circuit breaker. On March 13, Nifty plunged 10.07% or 966 points to 8,625 at 9:20 am after which trading was halted for 45 minutes in Indian equity market. Sensex hits circuit breaker of 10%, trading halted on BSE, NSE Rupee declines to all-time low 10: 40 AM The rupee which opened on a weak note at 75.90 at the interbank forex market, lost further ground and touched a low of 76.15 against the US dollar, registering a decline of over 95 paise over its last close. Rupee vs Dollar: Rupee falls to all-time low of 76.15 on coronavirus scare Brent crude declines 2.7% 10: 30 AM Brent crude futures, the global oil benchmark, fell 2.74 per cent to USD 26.24 per barrel. Market Update 10: 20 AM The 30 stocks on BSE Sensex and 50 scrips of NSE Nifty50 were trading in red. FII/ DII action on Friday 10: 25 AM The steep decline in domestic equities and sustained foreign fund outflows further dampened the sentiment today. On a net basis, Foreign investors remained net sellers in Indian capital markets as they pulled out more than Rs 3,345.95 crore on Friday, market data showed. On the contrary, domestic investors bought Rs 2,431.24 crore worth of shares in equity markets on Friday. Market cap worth Rs 7.90 lakh cr lost 10: 20 AM Investors lost Rs 7.90 lakh crore within minutes of opening trade on Monday as Sensex and Nifty gauged the economic impact of a lockdown in most Indian states. SEBI revises derivatives position limit 10:17 AM Putting in place a tighter framework to curb high market volatility, Securities and Exchange Board of India (Sebi) on Friday announced revising market wide position limit for stocks in the derivatives segment, flexing dynamic price bands and other measures for one month starting from March 23. Market update 10:15 AM According to traders, extreme lockdown measures taken by government in India and world over has put immense pressure in investor sentiment. As the virus cases climbed, the central and state governments in the country decided to lock down 75 districts from where Covid-19 cases have been reported to break the chain of transmission, and the Health Ministry said states would earmark hospitals to exclusively treat coronavirus patients. Coronavirus in India Live updates: PM Modi to interact with industry bodies on economic impact of COVID-19 Top losers 10: 10 AM All Sensex components were trading in the red, with Bajaj Finance tanking up to 14 per cent, followed by Axis Bank, UltraTech Cement, ICICI Bank, Maruti and M&M. Friday's session 10: 05 AM During the last trading week till Friday, the Sensex plummeted 4,187.52 points or 12.27 per cent, while the Nifty sank 1,209.75 points or 12.15 per cent. Rupee falls to 75.16 per dollar 9: 55 AM The Indian rupee slipped further by 95 paise to 76.15 against the US dollar in opening trade on Monday amid sharp rise in coronavirus cases in the country and heavy selling in domestic equities. Sectors today 9: 40 AM All sectors traded in red. Where private banking and realty fell 9% each, auto and financials dropped 8.4%. IT index was down 7%, while metal, FMCG and PSU Bank dropped 6% each. Market update 9:30 AM Snapping Friday's bullish trend, market indices opened almost 7% lower on Monday as domestic investors fretted over the concerns of economic growth in the wake of the rising number of COVID-19 cases in the country. BSE 30-share index Sensex traded 27,463 points lower at 27,367 and NSE 50-share Nifty traded 686 points lower at 8,055 mark. Opening Bell 9: 18 AM Sensex has opened 2,548 points lower at 27,367 and Nifty opened at 757 points lower at 7,988 mark. On domestic grounds, tensions escalated further as the government put 75 districts in lockdown from Monday after the seventh death reported in India. Further Prime Minister Narendra Modi is likely to hold a meeting with all industry bodies to assess the state of economy in the wake of the impact of COVID-19 pandemic. PM Modi will preside the meet via video conferencing on Monday at 4 pm. Pre open session today 9:05 AM Indices Sensex and Nifty registered a gap-down opening on Monday on account of sharp decline in the Asian counterparts, as market sentiments weakened on increasing numbers of infected Covid-19 cases worldwide and its impact on the economy. Sensex opened 2,500 points lower at 27,590 and Nifty opened at 786 points lower at 7,950 mark. PM Modi to hold meet with industry bodies 8: 55 AM On domestic grounds, tensions escalated further as the government put 75 districts in lockdown from Monday after the seventh death reported in India. Further, Prime Minister Narendra Modi is likely to hold a meeting with all industry bodies to assess the state of economy in the wake of the impact of COVID-19 pandemic. PM Modi will preside the meet via video conferencing on Monday at 4 pm. Coronavirus in India Live updates: PM Modi to interact with industry bodies on economic impact of COVID-19 SGX Nifty Futures down 1,000 points 8: 45 AM SGX Nifty on Singaporean Exchange traded 1,000 points lower at 7,755 level, indicating a weak opening at the domestic grounds. Global market scenario 8: 35 AM Asian stocks were in line with US markets and fell on Monday as more countries were shutting down in a fight against the coronavirus outbreak, indicating a deep global recession. MSCI's broadest index of Asia-Pacific shares outside Japan lost 2%, with South Korea badly hit. Japan's Nikkei added 0.8% Australian market shed 5%. European indices closed in green on Friday, with CAC rising 5%, DAX up 3% and FTSE up 0.75%. US Futures (Dow Jones) trades at 18,175, down 865 points or 4.54%. On Wall Street, the Dow Jones Industrial Average fell 4.55%. The S&P 500 lost 4.34% and the Nasdaq Composite dropped 3.79% on Friday. Coronavirus updates 8:30 AM India's biggest automaker Maruti Suzuki India and peers including Mahindra & Mahindra, Mercedes-Benz and Fiat Chrysler Automobiles said on Sunday they will halt car production in the country due to the coronavirus outbreak. The government has also initiated measures to ensure adequate domestic production of raw materials going into pharmaceutical drug manufacturing amid coronavirus outbreak. The decision will help Indian manufacturers reduce their over-dependence on China for key raw materials Globally, there are currently 337,553 confirmed cases and 14,654 deaths from the coronavirus COVID-19 outbreak as of March 23, 2020In India, panic escalated as coronavirus (Covid-19) cases rose to 396. The death toll from coronavirus has risen to 7 in the country. Stocks to watch today on March 23 8: 15 AM YES Bank, Aster DM Healthcare, Welspun, Torrent Power among others are the top stocks to watch out for in Monday's trading session Stocks in news: YES Bank, Aster DM Healthcare, Welspun, Torrent Power and more Last closing 8: 00 AM Equity indices Sensex and Nifty closed 5.8% higher on Friday, tracking overseas trend as investors banked on measures announced by policymakers worldwide to combat the virus outbreak. The 30-share index ended at 29,915, rising 1,629 points and the 50-share barometer closed 483 points higher at 8,745. Bulls back on D-Street: Sensex reclaims 30K mark, Nifty at 8,700: 10 things to know Summarise this report in a few sentences.
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Sensex and Nifty logged their highest losses ever after rising number of coronavirus cases. Sensex lost 3,934 points to 25,981 while Nifty closed 1,135 points lower at 7,610. all 19 sectoral indices ended in the red with banks and financial indices losing the most. Sensex has lost 15,188 points or 36.89% in last one month.
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Buy: 21 Hold: 15 Sell: 14 With a 2% y-o-y fall in consolidated revenue growth, Marico reported a lacklustre third quarter of 2019-20. The consolidated revenue fall would have been higher had the 5% y-o-y fall in domestic revenues not been partially compensated by 8% revenue growth in the international markets. The reasonable 10% y-o-y growth in consolidated net profit was due to higher financial income (up by 31% y-o-y) and lower corporate tax rate (22.9% this year vs 26.4% last year).Marico is expected to face growth challenges in the coming quarters also, mostly due to weak rural demand and the resultant consumer down-trading. Downtrading refers to the consumer behaviour of shifting from premium brands to cheaper brands during harsh times. For example, Marico is doing badly on its value added hair oil segments now. While the parachute volume came down only by 2% y-o-y, value added hair oil volume fell by 7%. This is an industry wide problem and Dabur , its main competitor in the value added segment, is also facing growth challenges.However, analysts are getting bullish on this counter now because the stock market has already reacted negatively to the growth challenges faced by Marico during the last six months. Its share price fell by 24% in the last six months compared to 4% gain in the ET FMCG Index. Due to this significant underperformance and the resultant fall in valuation, both in absolute terms and compared to other players in the industry, its growth challenges are fully priced in now.Marico is also proactively reacting to market situations. For example, Marico is slowly passing on the benefit of copra price fall to the consumers and thereby, reducing its price premium compared to unorganised players. Though this may result in margin moderation, this should help Marico shore up its coconut oil volumes. After a big fall, copra prices have started stabilising now and this should moderate the competition from unorganised players. Saffola’s sales volume benefitted due to sudden spurt in edible oil prices and resultant price increase by competitors. To protect its margin, Marico is also expected to pass on the cost inflation in the coming months.Marico’s international business, which contributes 22% to revenues, did well in the third quarter because of its good performance in Bangladesh. International business is also expected to do well in the coming quarters, due to strong macro environment in key markets like Vietnam and Bangladesh.We pick up the stock that has shown maximum increase in “consensus analyst rating” during the last one month. Consensus rating is arrived at by averaging all analyst recommendations after attributing weights to each of them (ie 5 for strong buy, 4 for buy, 3 for hold, 2 for sell and 1 for strong sell) and any improvement in consensus analyst rating indicates that the analysts are getting more bullish on the stock. To make sure that we pick only companies with decent analyst coverage, this search will be restricted to stocks with at least 10 analysts covering it. Summarise this report in a few sentences.
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marico reported a lacklustre third quarter of 2019-20. consolidated revenue fell 2% y-o-y but value added hair oil volume fell 7%. analysts are getting bullish on the counter now. the stock market has already reacted negatively to the growth challenges faced by Marico during the last six months. despite this, the company is expected to pass on the benefit of copra price fall to consumers.
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Reversing their selling trend, foreign investors have infused over Rs 9,000 crore into the Indian equity markets in May so far amid attractive valuations of stocks and a mega block deal involving HUL. Experts believe foreign portfolio investors (FPIs) will keep a close watch on how India manages to keep COVID-19 cases under check with relaxations in lockdown curbs, and how quickly it revives growth. The inflow comes following a net withdrawal of Rs 6,883 crore in April and Rs 61,973 crore in March on fears of a coronavirus-induced global recession. Also read: Coronavirus India Live Tracker: Maharashtra opposes flights from May 25; COVID-19 cases top 1.25 lakh Prior to that, foreign portfolio investors (FPIs) had put in over Rs 1,820 crore in February. According to depositories data, FPIs invested a net sum of Rs 9,089 crore in the equity markets during May 1-22. However, they pulled out a net Rs 21,418 crore from the debt markets during the period under review. "FPIs are selectively positive on only few Indian equities in the current month. Positive FPI flow in the month of May is only due to strong participation by FPI in mega HUL block deal of Rs 25,000 crore on May 7. "FPIs were net sellers in the Indian equity market in last 12 out of total 15 trading sessions in May," said Asutosh Mishra, head of research at Ashika Stock Broking. "Attractive valuation after the sharp correction in the equity markets this year, and significant depreciation of Indian rupee against USD provided FPIs a good entry point," said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar India. Arjun Mahajan, head of Institutional Business at Reliance Securities, said that positive inflows in May could be due to liquidity infusion by the US, Japan, UK, EU and other countries. Cheap valuations of Indian stocks could be the other factor for the inflow, he added. With regard to the debt market outflow, Mahajan attributed this to the sell-off in global debt markets, FPIs booking profits and also a very high chance that passive debt funds needed liquidity for margins. "Since the COVID-19 pandemic has spread across various countries and regions, foreign investors have turned risk averse. Consequently, they shifted their focus towards safer investment options or safe havens such as gold or US dollar, as against investing in fixed income securities of emerging markets like India. "Here the risks are relatively higher and returns not commensurate with the risk involved," Srivastava said. He further said foreign investors will be closely watching how India manages the COVID-19 crisis and the macroeconomic situation. Also, India would continue to witness rotational trend. Hence, bouts of sharp net outflows or net inflows from Indian financial markets cannot be ruled out, he said. "One could expect this trend to stabilise when the situation on the coronavirus front normalises or shows signs normalisation," he added. Also read: Odisha allows home delivery of alcohol with 50% 'Special COVID Fee'; all you need to know Also read: Coronavirus vaccine: 6 Indian firms race against time to develop cure but patience only option Summarise this report in a few sentences.
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foreign investors have infused over Rs 9,000 crore into the Indian equity markets in may. the inflow comes amid attractive valuations of stocks and a mega block deal involving HUL. the inflow comes after a net withdrawal of Rs 6,883 crore in April and Rs 61,973 crore in March. experts believe the inflow is a result of a combination of factors.
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Fake news - the phrase of the times we live in. So much so that it is the one dominant phrase even in the limited vocabulary of a sitting American president. At a recent rally in Montana, Donald Trump said even Honest Abe (Abraham Lincoln) was a victim of fake news. What is truth? Why do we believe in the things we do? Whom do we believe and why? When faced with questions like these, it is prudent to ask ourselves another question - What would Foucault say? Michel Foucault is one of the most cited and influential thinkers and philosophers of the 20th century, and his work seems particularly relevant now. Unlike some major names in philosophy who believed in all-embracing theories to explain the world, Foucault believed that life and the world around us were far too complex and nuanced, and argued that language and the structures that underpin it help shape the way we see things. Words matter - they frame the debate and how we understand the world. He once said, “Not everything is bad, but everything is dangerous. The choice we have to make every day is to determine which the main danger is.” That is the question we are going to address today. When it comes to news and fake news, when do we know which is which and how do we know which is a greater danger. “Fake” once meant “counterfeit” or “inauthentic,” like a fake Hussain or a fake birth certificate or a fake driver’s license. These days, it is used to essentially denounce another person’s reality. But “fake news” as a phenomenon is not new. The first newspaper published in North America got shut down in 1690 after printing fabricated information. But the challenges we face in the now, in 2018, are unique and uniquely different, thanks to the rise of technology and with it, the rise of the modes in which information (and misinformation) is generated. A massive new study conducted by Massachusetts Institute of Technology (MIT) and published in the journal Science analysed every major contested news story in English across the span of Twitter’s existence—some 126,000 stories, tweeted by 3 million users, over more than 10 years—and found that the truth simply cannot compete with hoax and rumor. By every common metric, falsehood consistently dominated the truth on Twitter, the study finds: Fake news and false rumors reach more people, penetrate deeper into the social network, and spread much faster than accurate stories. The spread of false news stories is sowing distrust, empowering the fringes, discrediting the fourth estate, and poisoning democracies across the world. And that is what we dig deep into today. Vladimir Nabokov once said reality is the only word that means nothing without quotation marks. He was, of course, making a sardonic point about relative perceptions. But politicians have taken the philosophical point about the lack of an “objective truth” and run with it to the polling booths, in the process, creating alternate facts, creating discord hardly seen before. Richard Nixon may have labelled media members as “nattering nabobs of negativism,” but it would take Donald Trump to tag the media with a name straight out of Stalin’s playbook - “enemy of the people.” In a recent development, IT Minister Ravi Shankar Prasad, after meeting WhatsApp Head Chris Daniels, said the Facebook-owned messaging app has contributed significantly to India's digital story but it needs to find solutions to deal with "sinister developments" like mob lynching and revenge porn. Even before we dive deep into what the above news could lead to and discuss the events leading up to it, let us just explore a little bit, this phenomenon that we know today as fake news and which sometimes causes, "sinister developments.” Writer Jonathan Swift quipped as far back as in 1710, "Falsehood flies, and the truth comes limping after it.” Well, in 2018, we know exactly what he meant. But let us go back a bit to 2014 when a viral quote was attributed to Meryl Streep on the internet and later it was learnt that the quote summing up a personal disenchantment with inauthentic experiences, was actually first published by motivational figure José Micard Teixeira on his social media account. There was no particular reason to misattribute the quote except that Streep was better known than Jose and a confessional statement from her mouth was likely to travel faster and so it did. Much before the advent of the internet, tabloids across the world misattributed and even sometimes cooked up quotes and even entire incidents to sell copies. The internet, in any case, is not designed like a gated community where information, trivial or important can be first verified and then allowed in. That is its greatest asset and its greatest flaw. Hence unverified reports of Princess Diana's last words and Jennifer Aniston's secret meetings with ex-husband Brad Pitt and other assorted odds and ends have been floating around for ages because they carry within, the potential of being true even if they are not and have a raging curiosity value. But fake news has consequences. The United States election, anyone? Brexit, anyone? Lynchings here in India, anyone? Even in countries where the media are heavily regulated have suffered in the age of fake news. Take China, for example. In 2008, rumours about maggots found in Sichuan-grown tangerines hurt sales nationwide in China. In 2011, following an earthquake and nuclear meltdown in Japan, as the Wall Street Journal reported, unverified messages circulated on the social media platform QQ about the magic power of salt in protecting against radiation and a possible salt shortage, pushing large crowds to grab the mineral from markets. Some rumors even touched high-level politics. As The Atlantic reported, in the aftermath of the 2013 trial of Bo Xilai, a former Politburo member, rumors of a pro-Bo coup being in the works spread quickly. Since eyeballs and shares drive virtual traffic, a lot of stuff is created for clickbaits and usually tailored to tap into the bubbles right at the top of the mass culture cauldron. As academician Simeon Yates said, the economics of social media favour gossip, novelty, speed and “shareability.” And as has been documented by novelist Yuval Noah Harari in his book “Sapiens”, the one thing that has helped humans stick together is – gossip. Hard news is or should be a different cup of tea. As a media study class will tell us, news at its purest is about the where, how, when, who and why of current events unfolding in all the directions that we know as north, east, west and south. How this news is delivered may or may not have an obvious or latent political slant. A recent article in Scroll went viral as it featured the memorable faces of Doordarshan news who delivered information with a deadpan expression, absolute absence of emotion and the only irrelevantly interesting bit in the broadcast was if Salma Sultan would ever repeat her sarees. And if the rose tucked behind her ear was real or fake. News is information about current events. This may be provided through many different media: word of mouth, printing, postal systems, broadcasting, electronic communication, and also on the testimony of observers and witnesses to events. It is also used as a platform to manufacture opinion for the population." The last line about manufacturing opinion is at the heart of the rise of fake news in recent times. The Telegraph UK noted that "fake news" was not a term many people used two years ago, but it is now seen as one of the greatest threats to democracy and free debate. "As well as being a favourite term of Donald Trump, it was also named 2017's word of the year, raising tensions between nations, and may lead to regulation of social media," said The Telegraph. And as you know, regulatory measures have already begun to unfold globally and in India particularly in the aftermath of numerous episodes of lynching triggered by WhatsApp forwards. The dispersion of fake news News or something dressed up as news is delivered to us today via not just mainstream media outlets across various platforms but also through websites with no known experience in serious reporting, via viral memes and doctored videos and images that blur the line between the real and the manufactured and at times create paranoia, fear, polarisation and conflict. A recent report by IndiaSpend, that calls itself the country's first data journalism initiative based on among other things, the content analysis of news reports, said that in the first six months of 2017, 20 cow-vigilantism related attacks were reported–this was more than 75 per cent of the 2016 figure, which was the worst year for such violence since 2010. IndiaSpend said, "The attacks include mob lynching, attacks by vigilantes, murder and attempt to murder, harassment, assault and gang-rape.” A July report in The Hindu, however, attributes the spate of mob violence from April this year to rumour mongering on social media around child abduction. The report said, "Rumours spread like wildfire on instant messaging platforms such as WhatsApp about children being kidnapped from neighbouring villages and killed for organ harvesting, leading to mob violence in many parts of the country. The origin of the rumour was believed to be a video circulated on Whatsapp purportedly showing motorcycle clad men abducting a child playing in an avenue. This has led to over 20 murders and a spate of mob violence in several parts of the country including the southern states, Maharashtra, Gujarat, West Bengal, Assam and Tripura." Why was the video circulated though? It wasn't reported as news in any major media platform so who picked it up and from where and why? The video in question was in fact created as a public service video and filmed on the streets of Karachi by a Pakistani NGO to warm people of the dangers of child abductions. Since Whatsapp was the medium via which this video was circulated along with other provocative messages, it became the hub of the controversy surrounding the role that messaging platforms can play in the spread of fake news. But really, what exactly is fake news? Fake news. Isn't the word itself a kind of an anomaly? How can news be fake? And if it is fake, how can it be called news? The Telegraph article has opined that governments and powerful individuals have used information as a weapon for millennia, to boost their support and quash dissidence and traces its origin back to the Roman times when statesman and military leader Octavian famously used a campaign of disinformation to aid his victory over Marc Anthony in the final war of the Roman Republic. We can also go back to the Nazi propaganda machinery that infamously swayed mass opinion against the Jews leading to catastrophic consequences and genocide. Post the September 11 attacks on the twin towers in the US, a perception was created that Iraq had weapons of mass destruction and that resulted in not just a war with Iraq but to the end of the Saddam Hussain regime. No weapons were ever found. "In the 20th century, new forms of mass communication allowed propaganda's scale and persuasive power to grow, particularly during wartime and in fascist regimes. This sort of propaganda was largely funded and controlled by governments, but the blatant bias it carried waned as the ideological struggles became less apparent. Added to that, as populations became more used to mass communication, they could more easily see through it,” The Telegraph reported. Ironically though, it is the mass communication conduits that have now become purveyors of both propagandist agendas as well as fake news. And we are not talking about inevitable political slants in news reporting but a complete and total misrepresentation of facts as when the US-based InfoWars, a self-styled conspiratorial channel now banned on Twitter, Facebook and YouTube, claimed that people in school shootings are crisis actors. He even sold testosterone boosting supplements on his site, that he said were needed to fight globalist powers! Post the rise of Donald Trump to the highest office in America, terms like fake news have acquired a new meaning. One that derides all fact-based data and reporting if it is uncomplimentary and a "deep state" conspiracy is also being endorsed by Republican and conservative media pundits to suggest that influential decision-making bodies believed to be within the government are working to destabilise Trump. An article in www.webwise.ie describes fake news as stories or hoaxes created to deliberately misinform or deceive readers. It says, "Usually, these stories are created to either influence people’s views, push a political agenda or cause confusion and can often be a profitable business for online publishers. Fake news stories can deceive people by looking like trusted websites or using similar names and web addresses to reputable news organisations." According to media literacy expert Martina Chapman, there are three elements to fake news; ‘Mistrust, misinformation and manipulation’. Webwise.ie, "Traditionally we got our news from trusted sources, journalists and media outlets that are required to follow strict codes of practice. However, the internet has enabled a whole new way to publish, share and consume information and news with very little regulation or editorial standards. Many people now get news from social media sites and networks and often it can be difficult to tell whether stories are credible or not. Information overload and a general lack of understanding about how the internet works by people have also contributed to an increase in the fake news or hoax stories. Social media sites can play a big part in increasing the reach of these type of stories." A recent article in Time though points at how tech companies have long maintained the position that they are platforms that facilitate the sharing of content, not publishers who are responsible for the billions of posts, videos and documents uploaded by users each day. And that brings us back to the central theme of this podcast. The role that platforms like Facebook and WhatsApp can play both in the propagation and curtailment of fake news. Will it be profitable for them to monitor their traffic in order to control fake news? And if platforms like Twitter and Facebook and YouTube weed out certain polarising, rumour dispensing voices, will they be accused of suppressing free speech? It is a double-edged sword. This accusation has already been levelled by Trump who is particularly upset that InfoWars is no longer available on media sharing platforms. On January 18, 2018, Trump announced the winners of what he called were the "Fake News Awards", intensifying his unending attacks on a number of major US media outlets like CNN and New York Times that have contrarian views. His administration also coined the term "alternative facts" which speaks for itself How is fake news created? According to www.webwise.ie, fake news is created with the raw material of clickbaits, stories that are deliberately fabricated to gain more website visitors and increase advertising revenue for websites. The Telegraph piece distinguishes a commercially-driven sensational content from state-sponsored misinformation, "The goal here isn't revenue, but influence. Outlets in Russia or elsewhere might produce content to swing public opinion, sow division or give the illusion of support for a particular candidate or idea, either domestically or abroad. Fabricated stories can often be mixed with true or sensationalised ones. Highly-partisan news sites can conflate fact and opinion, are nakedly supportive of one political viewpoint or party, and often position themselves as alternatives to the mainstream media." The Telegraph piece adds to the mix, swarms of Twitter bots posting doctored or misleading photos, adverts on Facebook, fake videos on YouTube and more. And propaganda that deliberately misleads audiences, to promote a biased point of view or particular political cause or agenda. The 2016 US election has been a case study of the dispersion of fake news on Facebook about political rivals as well as the entrenched partisanship that compels people to share stories tailored to their beliefs and prejudices. The Telegraph.UK piece cites headlines such as "Pope backs Trump", "Hillary sold weapons to ISIS", "FBI Agent Suspected in Hillary Email Leaks Found Dead" as examples of how in the run-up to the election, sensational posts like these garnered thousands of shares. Freedom House, an independent watchdog organization dedicated to the expansion of freedom and democracy around the world says that over 30 governments have been identified in recent times as “opinion shapers" to promote propaganda online. Social media does its bit to feed personal biases as our news feed is dominated by articles based on our personalised searches. Media personality Hugh Linehan noted some time back, “Media is no longer passively consumed – it’s created, shared, liked, commented on, attacked and defended in all sorts of different ways by hundreds of millions of people. And the algorithms used by the most powerful tech companies – Google and Facebook in particular – are brilliantly designed to personalise and tailor these services to each user’s profile.” WhatsApp's easy sharing and mass messaging format further narrows down our interaction with opposing views and voices and isolates us in what webwise.ie calls as a “filter bubble” where we only respond to and share stuff that reflects our own likes, views and beliefs. The Webwise piece also discusses the obvious role that sloppy journalism plays in this scenario when media houses may publish a story with unreliable information or without checking all of the facts which can mislead audiences. Mirror Now, has recently started a new campaign of debunking fake news circulating in the social media and it is a healthy sign that not just Facebook and WhatsApp but mainstream journalism is looking at ways misinformation can be sifted from real news. Not too long ago, the Australian Broadcasting Corporation focussed on media literacy, and it can be a beginning for other newsrooms across not just Australia but globally as to how they can help the consumer to check just exactly what she or he is consuming. How do we manage fake news? Globally, Google and Facebook have introduced reporting and flagging tools and there are many fact-checking sites. On the other end of the spectrum, says webwise, is the critical importance of digital media literacy on the part of the consumer and the need to inculcate skills that can help people to critically evaluate information while navigating the internet, Checking the source of the story and if it is being widely reported elsewhere is a good start. The Telegraph says, "It takes a fraction of the effort to spread a falsehood than it does to fact-check and issue a correction. Few industries are as sensitive to changes in technology as journalism, and the advent of social media has wrought havoc on reporting and, by extension, the truth. We've moved beyond the digital age and into the information age; the former was defined by access, but the latter is about excess. If we treat fake news like a virus and assume it spreads and replicates in the same way, then the best approach might be inoculation. When enough people are vaccinated against a disease to prevent it from spreading." This could mean, says the piece, that instead of trying constantly to break news, news organisations could do faster, real-time fact-checking, publish post-mortem articles about a news event, noting how disinformation was triggered and shared. They could hold public figures to account for their role in spreading unverified and unfounded falsehoods and train journalists to identify bad information and issue corrections, early and often. And most importantly, do everything to give the audience the tools to critically analyse news as it unfolds. As Guardian editor Katherine Viner puts "The role of a news organisation is to exist as the line of demarcation between an informed public and a misguided mob." The accountability of social networks This week, Time Magazine reported on the grilling by Capitol Hill lawmakers of social networks like Facebook and Twitter in an ongoing process to question the two about their accountability and this is the third such interaction that the Senate Select Committee on Intelligence has hosted. "Google, which has dealt with foreign meddling in phishing attacks and on video platform YouTube, was also invited to send a top executive to appear before the Senate. Though Congress has long been loath to craft legislation that reins in Big Tech, as problems have dogged the powerful industry, talk of regulation has become more widespread in Washington. The Senate forum follows one with security and technology experts in early August, where witnesses raised the alarm about an ongoing “high-stakes information war” and said that the government and private industry need to step up their collective game in order to protect national security,” says Time Magazine. This process says Time Magazine, will be an opportunity for top brass from Facebook and Twitter to show a willingness to work with lawmakers on solutions, in ways that may make legislation seem less necessary or give the industry greater influence in shaping eventual rules. According to Time Magazine," Senate aides say that the integrity of the upcoming U.S. midterms is just one item on the agenda. Foreign actors in countries such as Iran have been using media to sow discord in ways that ripple beyond election cycles, trying to manipulate sentiment around Palestinian politics, for example." The measures being discussed closer home In a previous podcast, we have already discussed with you how the Indian government has asked WhatsApp to adopt measures to deal with potentially harmful fake news and has now also asked that the messaging giant set up a corporate entity in India, appoint a grievance officer and find a technical solution to tracing the origin of fake messages on its platform. IT Minister Ravi Shankar Prasad's meeting WhatsApp Head Chris Daniels may lead to far-reaching changes in the way the platform operates in India. He also indicated that WhatsApp could face abetment charges if no action is taken. WhatsApp has already started a radio campaign to address the fake news menace during which 30-second radio messages will air as ads on various channels where users will be urged to be cognizant of the messages they receive and be mindful before forwarding. The tagline being, of "mil kar mitaayein afwaahon ka bazar" (let's together eradicate the rumours in the market). In another statement, the messaging platform said, "WhatsApp stands committed in its efforts to address these issues jointly with civil society, stakeholders and the government." WhatsApp kicked off the first phase of its radio campaign on August 29 in seven states including Bihar, Jharkhand, Madhya Pradesh, Chhattisgarh, Rajasthan and Uttar Pradesh. A Moneycontrol report informs that the second phase of the campaign started on September 5 with radio ads across 83 radio stations of AIR across the states of Assam, Tripura, West Bengal, Gujarat, Karnataka, Maharashtra, Andhra Pradesh and Telangana, Orissa and Tamil Nadu. These campaigns will run in eight regional languages, ie, Assamese, Bengali, Gujarati, Kannada, Marathi, Telugu, Oriya and Tamil and will go on for a 15-day duration. WhatsApp states that the campaign has been designed in an easy to understand format to help users spot misinformation. The idea is to further sensitise them about the challenges of fake news and addressing these collectively as a society. The company has however not accepted the government's demand for traceability of messages saying that creating such a software will go against the idea of user privacy and end to end encryption. For WhatsApp, India is its biggest market with more than 200 million users and one where people forward more messages, photographs and videos than any other country. In July, WhatsApp said, however, that message forwards will be limited to five chats at a time, whether among individuals or groups and said it will remove the quick forward button placed next to media messages. A Moneycontrol report says that with general elections slated to be held next year in India, the government is taking a tough stance on the use of social media platforms like Facebook, Twitter, and WhatsApp for the spread of misinformation. Moneycontrol has also previously reported that the Election Commission is planning to crack down on fake news circulated on social media to influence voters. It is planning on treating Twitter, Facebook, WhatsApp and other social media platforms as potential carriers of fake news that can influence polls. It may also bring these platforms under the ambit of paid news. "At present, the country has no specific law against 'paid news'. However, the EC is now planning to make it applicable by resorting to invoking Section 10A, read with Section 77 of the Representation of Peoples Act (RPA) dealing with misreporting of funds, to treat publication of 'reports' as political advertising. If the practice works out, every promoted tweet, post and video by political parties on any social media platform would be treated as paid news," said the report. Chief Election Commissioner (CEC) OP Rawat told Mint, "There are several allegations in the world against social media platforms and they are subject to many probes. We are taking all steps to contain this so that our elections do not get influenced by it." An expert committee of EC has also held a meeting with officials of major social media platforms, Rawat said where a commitment was sought that any such material that can adversely affect elections will not be put upon their platforms. What is disturbing though is the government's call to telecom operators to find ways to block Facebook, WhatsApp in case of misuse. This may be the classic case of throwing the baby with the bathwater because social networking sites are also tools of authentic information, communication, social initiatives and a lot more and blocking these platforms when many mainstream news channels and outlets are pushing slanted views, can be a bit short-sighted. In what seems like a clarification, India's department of telecommunication said the letter was aimed at finding ways to block such apps during "emergency situations". "There is a need for a reasonably good solution to protect national security," said the official, who declined to be named in the report by Mint. India has also begun probing Cambridge Analytica's misuse of Facebook user data, which it suspects included information on users and it remains to be seen if the Indian consumers of information feel more confident about the security of their own data or if they are reduced to just pawns in the cat and mouse games between lawmakers and content purveyors. And just who wins the war on fake news and how. Summarise this report in a few sentences.
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a new study finds that fake news cannot compete with hoax and rumor. a spokesman for the u.s. government says the study is a "successful attempt" to counter fake news. a spokesman for the u.s. government says it is "very unlikely" that fake news will be used.
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Gold Rates - Spot & Futures (.995 purity) (MCX) Date Gold Spot Price Rs/ 10 grms (AHMEDABAD) Gold Future Price Rs/ 10 grms Expiry: 05-Dec-2023 12-11-2023 60029 59775 01-11-2023 0 60742 31-10-2023 61018 61237 30-10-2023 61027 61268 27-10-2023 60629 61238 26-10-2023 60764 60968 25-10-2023 60311 60794 24-10-2023 60418 60544 23-10-2023 60418 60591 20-10-2023 60451 60725 19-10-2023 59687 60360 18-10-2023 59570 60065 17-10-2023 59046 59190 16-10-2023 58877 59148 13-10-2023 58092 59430 GoldGold Technical Charts NEW DELHI: Bullion counters rose in early Friday trade as surging coronavirus cases and low interest rate situation encouraged investor’s move towards safe haven counters. Meanwhile, weak GDP data from the US raised doubts about the pace of economic recovery Gold tends to gain when interest rates are low, which reduces the opportunity cost of holding non-yielding bullion. Gold is also seen as a hedge against inflation and uncertainty.Gold futures on MCX were up 0.89 per cent or Rs 470 at Rs 53,250 per 10 grams--hovering at record highs. Silver futures added 1.44 per cent or Rs 902 to Rs 63,572 per kg.Gold prices in the national capital rose by Rs 118 to Rs 53,860 per 10 gram on Thursday amid rupee depreciation, according to HDFC Securities . Silver prices, however, declined by Rs 2,384 to Rs 64,100 per kg.Globally, gold rose on Friday en route to its best month in more than four years as the dollar slid further after dismal US data added to doubts about a swift recovery from the pandemic-induced economic slump, driving investors towards the safe-haven metal.Spot gold was up 0.4 per cent at $1,966.31 per ounce by 0251 GMT after snapping a nine-session winning streak in the previous session. U.S. gold futures rose 1 per cent to $1,959.70.The U.S. dollar fell to a two-year low and was on course for its worst month in a decade, making bullion cheaper for investors holding other currencies.Gold has risen more than 10 per cent so far this month, its biggest monthly percentage gain since February 2016, having soared to an all-time high of $1,980.57 on Tuesday.Among other metals, silver was up 0.1 per cent at $23.56 an ounce, on course for its best month on record -- at 30 per cent, with additional support coming from hopes for a revival in industrial activity.Platinum eased 0.2 per cent to $900.82 and palladium dropped 0.5 per cent to $2,073.54. Summarise this report in a few sentences.
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gold futures on MCX were up 0.89 per cent or Rs 470 at Rs 53,250 per 10 grams--hovering at record highs. silver futures added 1.44 per cent or Rs 902 to Rs 63,572 per kg. gold rose on friday en route to its best month in more than four years as the dollar slid further.
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Our Prime Minister Narendra Modi likes to take exceptional care of his parliamentary constituency, and this has been well-known throughout the years. PM Modi has revamped Varanasi entirely since he was first elec... Read More Our Prime Minister Narendra Modi likes to take exceptional care of his parliamentary constituency, and this has been well-known throughout the years. PM Modi has revamped Varanasi entirely since he was first elected in 2014. As a leader from the BJP, he has been a forerunner in restoring our ancient sites to their spark. In a recent visit to Varanasi, PM Modi has given an auspicious gift to all the Hindus of the country. The revered first phase of Kashi Vishwanath Temple at Varanasi has been opened for devotees. It is a temple spread in 5,00,000 square feet, encompassing a capacity of 70,000 devotees daily. Moreover, the temple is near the river Ganga's banks, which is easily accessible from the ghats. Before the inauguration, a special prayer was held, where PM Modi, UP's CM Yogi Adityanath, and other people attended it. What Are the Facilities at New Temple? Before this temple, only a fraction of devotees could visit and worship Kashi Vishwanath daily due to the space constraint. But now, the building complex is expanded to 5,00,000 square feet, and it can accommodate many devotees at a single time. The complex is filled with facilities like suvidha kendras, bhogshala, galleries, museums, food courts, tourist facilitation centers, and more. What are The Costs Behind Building Such a Huge Temple? The Kashi Vishwanath Temple is unarguably a vast temple premise, and it is many folds bigger than the previous temple at this place. The government figures show that this modern temple was built at the cost of 339 crores. This also includes the cost of land acquisition in the surrounding areas. Around 300 houses and commercial spaces were purchased to clear up the land for this massive construction process. Moreover, all the residents have been paid, and they've moved to another place. *Disclaimer Statement: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein. Summarise this report in a few sentences.
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a new temple in Varanasi has been opened for devotees. the temple is spread in 5,00,000 square feet, encompassing a capacity of 70,000 daily. the complex is filled with facilities like galleries, museums, food courts, and more. the government figures show that this modern temple was built at the cost of 339 crores.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit If the recovery trajectory continues then the market will also become broad-based, says Rahul Singh , CIO- Equities.I think the momentum feeds on itself and we are probably seeing a bit of that. Obviously global markets have helped and incrementally speaking, if you look at the last 15-20 days of news flow; while the Covid infections continued to be at a very high level, incrementally some of the data points have come out on the slowdown in the moratorium numbers for banks and even some of the businesses which we have interacted with seem to be indicating that the first half of June has been better than what the market had expected.Obviously this is not the end of the story. I think some of that improvement could be a function of just restocking or pent-up demand. So it will be a while, maybe another three months, before we actually get to see the underlying impact of Covid on incomes and consumption . But for the time being, the margin news seems to be improving and that has added fuel to fire.I would not be able to specifically comment on any particular stock but some of your observations are right. In times like these, the companies which were well-positioned in terms of their businesses are actually gaining from Covid. Even chemicals or pharma are going to look better off post-Covid than pre-Covid and I think some of that is reflecting in the stock price, which is probably much more than what the market was expecting.The movements have been sharp in some of the names you have mentioned. I think if the recovery momentum continues, we have to see it week by week and month by month because the Covid trajectory is still not settling down. As I said, the market will also become broad-based. It will spread from largecap to midcap. We are seeing some signs of that already in chemicals and agro chemicals. I think it could spread a bit more into more consumption names as we get more and more clarity on the recovery path. So it is not a question of just one or two stocks; I think it is also a question of which businesses look better post-Covid than pre-Covid. Two, if the recovery trajectory continues then the market will also become broad-based within largecaps and then obviously mid- and smallcaps.No, I think this is a situation where you have to look at each sub-segment of consumption separately. You cannot make a very generalised statement on consumption. So there are staples and discretionary and within discretionary also, there are various grades of discretionary. I think each company’s ability to react to a situation like Covid is also different. Some companies have bounced back faster and harder.So what we have to really look at in a situation like this is we cannot be too theme-driven. We cannot be very thematic in this market. Yes, there is a theme of China and contract manufacturing, chemicals, pharma and maybe telecom; so there are one or two themes like that but this is the time when the weaker stocks and the stronger stocks would tend to actually get separated; even within midcaps. So we are looking at it at a more bottom up manner. Rather than trying to call a broad recovery, I think it is each stock for itself and each company for itself. Summarise this report in a few sentences.
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if the recovery trajectory continues then the market will also become broad-based. it will be a while, maybe another three months, before we actually get to see the underlying impact of Covid on incomes and consumption. 'i think it is also a question of which businesses look better post-Covid than pre-Covid,' says Rahul Singh.
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Leading stock exchange BSE will launch trading in the commodity derivatives segment from October, and will focus on non-agri products to start with, a senior official said. Markets watchdog Securities and Exchange Board of India (Sebi) on 28 December last year had announced that from coming October, the country would have a unified exchange regime wherein stock exchanges would be allowed to offer trading in commodities derivatives. “The BSE will begin commodity exchange from October 1,” its managing director and chief executive Ashish Chauhan today said, adding, “We will start with non-agriculture commodities like metals, energy and base metals. We have applied (to Sebi) for non-agri commodities.” Talking to reporters at the launch event of Kotak Securities’ ‘Free Intraday Trading’, an offering for self-directed investors for intra-day trades across cash, futures, and options segments, Chauhan said intra-day traders have played a crucial role in increasing trade volume. “The first framework was automation, which took volumes by 20-100 times. Then came algorithm trading, then came derivatives – equities, commodities, currencies. Put together, internationally, volumes have increased somewhere between 5,000 and 20,000 times in the last 25 years, with most of them coming from intra-day traders,” he said. Chauhan added that “robo advisory” will take off with softwares automatically deciding things, placing orders, etc. “It might take off as smaller brokers are not making good money from trading businesses, so they are trying to shift into other areas with more margins like mutual funds, brokering for properties, insurance,” he said. Kotak Securities’ FIT, available at an annual subscription fee of Rs 999, is expected to double its customer base in 18 months, according to its managing director and chief executive officer Kamlesh Rao. It will also offer BSE StAR MF platform for retail investors to directly invest in mutual fund schemes. Summarise this report in a few sentences.
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trading in commodity derivatives segment will start from October. trading will focus on non-agri commodities like metals, energy and base metals. intra-day traders have played a crucial role in increasing trade volume. 'robo advisory' will take off with softwares automatically deciding things. 'robo advisory' will take off with softwares automatically deciding things.
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Sensex and Nifty ended at 3-week closing highs on Thursday, led by robust buying in pharma, auto and FMCG stocks on hopes that the coronavirus pandemic was nearing its peak globally. Sensex closed 1,265 points higher at 31,159 and Nifty ended 363 points higher at 9,111. On a weekly basis, both Sensex and Nifty added around 13 per cent. Mahindra and Mahindra, Maruti, Titan, Bajaj Finance, HDFC, Bajaj Auto and Hero MotoCorp were among the top gainers of Sensex pack, while HUL, Tech Mahindra, IndusInd Bank and Nestle were among the top laggards. 1. Strong global cues Benchmarks opened higher on Thursday tracking rally in global key equity indices on hopes of the COVID-19 pandemic approaching its peak. Investors globally turned optimistic over prospects of slowing pace of fresh COVID-19 cases amid the tightened lockdowns across the world by governments. Globally, markets turned positive, tracking Wall Street's gains after the US President tweeted that New York is starting to flatten its curve of the number of coronavirus cases. Investors put faith in signs that the spread of the coronavirus is stabilising in hard-hit locations as countries closed their borders and urged citizens to stay back home as a part of coronavirus measures. In European markets, both FTSE and DAX grew almost 1%, although CAC traded marginally lower. In Asia, bourses in Shanghai, Hong Kong, and Seoul ended on a positive note, while Tokyo closed in the red. "Indian markets in sync with Global markets were up again today on expectations of infections peaking out and for more stimulus measures to be announced. This uptrend seems to be a short term market rally and may not be sustainable," said Vinod Nair, Head of Research at Geojit Financial Services. 2. Sector-based rally It was a purely sector-based rally for the broader indices on Thursday, with auto, financials, pharma and FMCG stocks gaining the most. S Ranganathan, Head of Research at LKP Securities said,"On the back of positive global cues, market rose led by spirited all-round buying as Automobiles, Financials and Pharmaceuticals led the charge despite profit booking witnessed. Today's trade saw even consumer discretionary and consumer durables stage a comeback ahead of expectations of a stimulus to help MSMEs weather the pandemic". Auto stocks rallied today despite an auto sales slump. Pharma and FMCG stocks were also leading the rally as investors accumulated essential commodities stocks. In the last one month period, the pharma sector has risen 15%, followed by a 3% rise in FMCG. Nifty Pharma has risen 10.87% since the beginning of 2020. At least 8 out of 15 stocks in Nifty auto closed 7% higher and 6 out of 10 stocks in Nifty pharma ended 6% higher. 3. Relief package hopes Besides the strong global cues, hopes of another fiscal stimulus package from the government before the end of the lockdown period also kept market sentiments upbeat, experts suggested. As per experts, investors awaited announcements on a second stimulus package from the government to mitigate the blow of the Covid-19 post the lockdown period. As of Thursday, the number of infected cases in India has increased to 5,916, with 506 recovered cases. Vinod Nair, Head of Research at Geojit Financial Services said, "In India, there is speculation that the package may help worst affected sectors and MSMEs may get some relief in the package to be announced." 4. India VIX declines 5% Volatility index India VIX declined over 5% to 49.56 levels today, suggesting falling volatility in market trend today. India VIX recently moved to its 11-year high, by rising 302.8% in the March series from 17.76 to 71.53 levels due to ongoing Coronavirus concerns. As per Motilal Oswal, the index that measures intraday volatility is likely to maintain the volatile swing in the market and may not give smooth ride and comfort to the traders. 5. Technical outlook Manav Chopra, CMT, Head Research - Equity, Indiabulls Securities said, "Nifty rallied on expected lines and closed above the resistance zone of 9,050. Momentum is likely to continue and our mentioned target of 9,300-9,500 is likely to get achieved. We have been contra bulls since 8,400 levels and had an aggressive target of 9,300-9,500." On Nifty's near term outlook the MOFL stated, "Major support for Nifty is placed at 7500 and 6800 levels; while a sustainable move above its resistance of 9000-9300 zone would be a big challenge for the bulls to get the short-term stability." Commenting on near term key events, Ajit Mishra, VP - Research, Religare Broking said,"IIP data for the February month would provide a sense of the impact of the virus led disruption on the manufacturing activity. Further, the outcome of the OPEC meeting will also be keenly watched by the market participants across the globe." Since the beginning of the year, both BSE, NSE benchmarks have declined 25%, 24% respectively. Markets will remain closed tomorrow on account of Good Friday. Share Market LIVE: Sensex climbs 900 points, Nifty at 8,900; pharma stocks outperform, Cipla, NTPC, Sun Pharma top gainers Rupee vs Dollar: Rupee rises 23 paise to 76.11 amid FII inflows, positive equity market Cadila Healthcare,Ipca Labs share price rise up to 8% on nod to export Hydroxychloroquine Stocks in news:IDBI Bank, HDFC Bank, NLC India and more Summarise this report in a few sentences.
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Sensex and Nifty close at 3-week highs on a week-on-week basis. pharma, auto and FMCG stocks gain the most. a strong global rally follows a 1% rise in FTSE and DAX in european markets. a purely sector-based rally for the broader indices. a 1% rise in pharma, a 1% rise in auto and a 3% rise in pharma.
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Bulls roared for the fourth consecutive day on Thursday supported by a host of quarterly earnings, April series F&O expiry and hopes of treatment for coronavirus globally. BSE Sensex was trading 841 points or 2.57 per cent at 33,561, while the broader Nifty 50 index jumped 240 points or 2.53 per cent to trade at 9,795. Barring, Hindustan Unilever (HUL) and Sun Pharma, all the Sensex stocks were trading in green with Hero MotoCorp as top gainer. “Yesterday, the market has witnessed gains from all major sectors. We are expecting it to continue for the day also. Major contributions are expected from the banking and NBFC sector whereas FMCG and pharma may remain sideways,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd. Nifty surges past 9,800: Extending the rally from the previous session, Nifty surged past 9,800 level today. Similarly, the 30-share Sensex gained 900 points to hit day’s high of 33,640. Overall, 48 of 50 stocks were trading in the green on Nifty 50 index. Tata Motors was the top Nifty 50 gainer, followed by Hero MotoCorp, Vedanta, Hindalco Industries and Tata Steel. Nifty Auto, Nifty Metal up over 5%: All the Nifty sectoral indices were trading in positive territory. Nifty Auto index gained 5.71 per cent led by Bharat Forge, Tata Motors and Ashok Leyland. While Nifty Metal was up 5 per cent driven by Vedanta, Tata Steel and SAIL. RIL, HUL Tech Mahindra Q4 earnings: Index heavyweights such as RIL, HUL and Tech Mahindra are scheduled to announce their March quarter results later in the day. RIL and Tech Mahindra were trading with gains while HUL was ruling with 0.23 per cent decline. Firm global cues: Asian stock markets were set to gain on Thursday, tracking Wall Street’s rally after positive trial results of an experimental coronavirus treatment, a US Federal Reserve pledge to shore up the economy and a jump in oil prices. Australian S&P/ASX 200 futures were up 2.02%, while Japan’s Nikkei 225 futures were down 0.2%. In overnight trade on Wall Street, US stocks surged on hopes for an effective coronavirus treatment prompted a broad rally and helped investors shrug off bleak GDP data and words of warning from US Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average rose 2.21%, the S&P 500 gained 2.66% and the Nasdaq Composite added 3.57%. US Federal Reserves keeps interest rates near zero: In its policy statement on Wednesday, the Fed left its benchmark overnight lending rate in a target range of 0% to 0.25% and repeated a vow to use its “full range of tools” to shore up the economy amid what it now says are “considerable risks” over the medium term, perhaps a year or more, according to Reuters. Summarise this report in a few sentences.
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Sensex was trading 841 points or 2.57 per cent at 33,561. broader Nifty 50 index jumped 240 points or 2.53 per cent to trade at 9,795. Tata Motors was the top Nifty 50 gainer, followed by Hero MotoCorp, Vedanta, Hindalco Industries and Tata Steel.
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The Indian government has less fiscal room to support the economy compared to many of its peers and the country's credit profile would weaken if a wider fiscal deficit increases the debt-GDP ratio, Fitch Ratings said on Wednesday. In an e-mail interview to PTI, Fitch Ratings Director (Sovereign Ratings) Thomas Rookmaaker said India's debt-to-GDP ratio is likely to rise to 76 per cent from 70 per cent currently due to wider fiscal deficit and low economic growth. He said economic activity in India has been hit hard by the COVID-19 pandemic, as in many other countries, especially those that have imposed lockdowns. "Our FY21 growth projection for India of 2 per cent is subject to a high degree of uncertainty, stemming from the length of the lockdown period, the government's and RBI's policy response, and the evolution of the global pandemic itself," he said. Fitch had earlier this month projected India's FY21 GDP growth at 2 per cent -- the slowest since the economy was liberalised 30 years back, joining a chorus of international agencies that have made similar cuts in growth estimates amid the coronavirus crisis. Rookmaaker said extraordinary measures have been taken in many countries, including strong fiscal responses to provide relief to those most affected by the pandemic. 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 Indian government has less fiscal room to support the economy than many of its peers, however, given its high government debt of around 70 per cent of GDP. "Lower projected GDP growth and a wider fiscal deficit will lead to an increase in the government debt/GDP ratio to around 76 per cent in FY21, according to our latest calculations," he said. Rookmaaker further said the government's restraint so far in providing fiscal stimulus has helped avoid a further rise in the government debt ratio. However, increase in the debt ratio may be inevitable if the economic situation continues to deteriorate. "In our evaluation of India's rating, we will assess the impact of future fiscal measures on GDP growth and public debt. A material increase in the fiscal deficit that would cause the government debt/GDP ratio to be placed on a sustained upward trajectory, would weaken India's credit profile," he noted. Rookmaaker also said the government has so far not announced its intentions to tighten fiscal policy again once the pandemic is under control. "India's track record of the past decade with respect to meeting fiscal targets and implementing fiscal rules has been relatively weak, however," he added. Fitch had in December 2019 reaffirmed India's 'BBB-' rating with a stable outlook. The International Monetary Fund (IMF) has slashed India's GDP growth projection to 1.9 per cent in 2020 from 5.8 per cent estimated in January, as the global economy hits the worst recession since the Great Depression in the 1930s due to the raging coronavirus pandemic. Similarly, the World Bank has estimated that India's economy will grow between 1.5 to 2.8 per cent in 2020-21 -- the worst growth performance since the 1991 liberalisation. The Asian Development Bank (ADB) sees India's economic growth slipping to 4 per cent in current fiscal (April 2020 to March 2021), while S&P Global Ratings has lowered its GDP growth forecast for the country to 3.5 per cent. Moody's Investors Service has also slashed its estimate of India's GDP growth during the 2020 calendar year to 2.5 per cent. These figures compare to an estimated 5 per cent growth rate in 2019-20 fiscal that ended on March 31. The Indian economy also grew by 5 per cent in 2019 calendar year. India has already announced a Rs 1.7 lakh crore relief package, Prime Minister Garib Kalyan Yojana, for poor, urban and rural workers, and those in need of immediate attention to tackle the economic crisis arising due to COVID-19. Industry, especially the MSME sector, has been demanding a package to tide over the impact of the coronavirus outbreak. Summarise this report in a few sentences.
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india's debt-to-GDP ratio is likely to rise to 76 per cent from 70 per cent currently. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by boosting herd immunity to prevent the spread of the disease.
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NEW DELHI: Equity benchmarks Sensex and Nifty failed to shrug off precarious global market sentiment and suffered losses for the second consecutive day on Wednesday.Stocks fell in Mumbai in the wake of a rout in technology stocks on Wall Street. European markets showed some resilience on Wednesday and traded with mild gains. Crude oil prices too recovered from one-year lows.After lacklustre trade through the day, Sensex settled 275 points, or 0.77 per cent, down at 35,199, with 20 stocks ending in the red and 11 in the green. Nifty50 shut shop 56 points, or 0.53 per cent, lower at 10,600.Midcaps and smallcaps managed to log gains. Outperforming the benchmark Sensex, the BSE Midcap index closed the day 0.64 per cent higher, while BSE Smallcap index settled with a nominal gain of 0.06 per cent.Here are the key highlights of Wednesday's session:TCS, Infosys , PowerGrid, Wipro , Reliance Industries and Bajaj Auto stood as top losers in the Sensex pack, while YES Bank, Axis Bank, Adani Ports, State Bank of India, Asian Paints and Maruti Suzuki emerged top gainers. Reliance Industries, Infosys, TCS, ITC and HDFC were top laggards of the day in that order, contributing to the fall in the Sensex.Cumulatively, equity investors on BSE suffered a loss of over Rs 1.60 lakh crore in two days. The overall market capitalisation of BSE listed companies fell to Rs 1,41,37,476 lakh crore at the end of Wednesday from Rs 1,42,97,830.06 lakh crore at Monday’s close.Shares of Dewan Housing Finance (DHFL) closed the day 4.38 per cent higher at Rs 234.90 after the company posted a 52.46 per cent year-on-year (YoY) rise in net profit at Rs 438.74 crore for the quarter ended September 2018.Adani Gas surged 20 per cent to hit its 52-week high of Rs 97.80 on BSE, settling at the same level after winning 13 city gas distribution projects.Shares of Jet Airways closed 2.74 per cent higher at Rs 318.60. Other than the fall in crude oil prices, the scrip got a fillip after the airline said it was in talks to secure sustainable financing for its operations and growth.Shares of Dr Reddy’s Laboratories closed 5.90 per cent higher at Rs 2,594.75 after the US Court of Appeals for the Federal Circuit issued a decision in favour of the company.YES Bank rebounded after Tuesday's drubbings, finishing 2.83 per cent higher at Rs 198 on BSE after Managing Director and Chief Executive Rana Kapoor said he was in talks with co-promoter Madhu Kapur to reach a truce.Shares of Jaypee Infratech closed 4.93 per cent higher at Rs 3.19 on reports that five companies -- NBCC, Kotak Investment, L&T Infrastructure, Singapore-based Cube Highways and Suraksha group -- have shown interest in taking over the debt-ridden firm.A strong rupee and weakness in global technology stocks weighed on domestic IT stocks as most of them suffered losses, making the BSE IT index top sectoral loser. TCS, Infosys, HCL Tech, Tech Mahindra, Wipro, Mphasis and NIIT Tech fell between 2 to 4 per cent.Asahi India Glass, Deepak Fertilisers, Gujarat Pipavav, Hexaware Technologies, Max India, NTPC and SAIL featured among 126 stocks that touched 52-week lows on BSE. On the other hand, 34 stocks, including Adani Gas, Birla Cable, Darjeeling Ropeway, Aarti Industries and Adi Rasayan hit 52-week highs on BSE.Infosys, NIIT Tech, Dwarikesh Sugar, GlaxoSmithKline, Simbhaoli Sugar and Ponni Sugars witnessed breakouts on the downside and traded below their 200-DMAs. Meanwhile, ACC, ITI, Allahabad Bank, Biocon and Exide Industrie rose above their 200-DMAs.Momentum oscillator Relative Strength Index, or RSI, showed 57 stocks, including Esaar (India), Ashari Agencies, Empee Distilleries, Hotel Leela Ventures and MPS Infotecnics have entered the oversold zone on BSE. Dolat Investment, GBL Industries, Innovative Ideals, Tata Investment and Coastal Corporation were among 38 stocks that have become overbought.Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 121 counters on BSE. They included Vedanta, ICICI Bank, Tata Steel, TCS, IDBI Bank and JK Tyre & Industries. Meanwhile 26 stocks, including Indian Bank, Sun TV Network, HEG, Nilkamal and Monsanto India have showed bullish crossovers, signalling potential upsides.Ashapura Intimates Fashion, Adlabs Entertainment, Bombay Rayon Fashions, Arcotech, Sunil Hitech Engineers and Polychem were among 223 stocks that hit lower circuits on BSE. Overall, 179 stocks, including Forbes & Company, 8K Miles Software Services and Kwality, hit their upper circuit limits.On the options front, maximum Put open interest was at 10,000 followed by 10,500 while maximum Call OI was at 10,700 followed by 11,000. Call writing was seen at 10,700 followed by 10,600 levels, whereas minor Put unwinding was seen at all immediate strike prices.Nifty50 formed a ‘Bearish Belt Hold’ on the daily chart for second successive day, reflecting the late recovery in the index after intense selloff earlier in the day. The index made a lower high lower low for the second session and broke the crucial 10,650-10,630 range, even as traders respected the 10,600 level at close. Summarise this report in a few sentences.
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Sensex settled 275 points, or 0.77 per cent, down at 35,199. nifty50 closed 56 points, or 0.53 per cent, lower at 10,600. yES Bank, Axis Bank, Adani Ports, State Bank of India, Asian Paints and Maruti Suzuki emerged top gainers. yemeni sabha, a shanghai-based tech firm, also slipped.
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After a year that upended everything, from economy to eating out, that saw China flexing muscles despite being the coronavirus host, BJP winning elections in spite of a recession, Ambani raising oceans of capital never mind lockdowns, and Trump losing US elections, how might 2021 be? Here’s our take, letter by letter, on everyone and everything that may define next year.: In 2011, Mukesh Ambani ’s Reliance Industries was a petrochemical and refining business. In 2021, it will look like a retail and telecom player with large legacy petchem and refining businesses. All thanks to Jio’s stunning rise and the slew of deals that Ambani stitched together in 2020. So, will 2021 see Jio IPO both here and abroad? And will there be a retail IPO as well? There is already a buzz about new launches in Jio and some consumer product initiatives. Will Jio expand its offering to include new products, an Indian version of PlayStation maybe? And will Reliance Retail’s ecommerce take off in a big way? If you are a betting man, it may not be wise to bet against Ambani in 2021.Gautam Adani owns some of the country’s biggest ports. And its second-biggest airport. His group stocks were among the stellar performers in 2020. Will 2021 see Adani expand his ambitious footprint into real estate and financial services? He lags behind in the bid for DHFL and real estate is still a tiny business. His Australian coal mining and port operation is still mired in controversy. On that and some movements in his group company stocks there may be more scrutiny, especially globally. The group is also highly leveraged. 2021 can therefore be a crucial year for Adani. And, remember, running an airport is still very different from operating a port. Adani has to show that he can replicate his ‘string of pearls’ strategy in other businesses.His actions will be the most watched in 2021 as he sets out to ‘bring back’ order to a Trump-disrupted world. Some may be easy – climate change, closer alignment with Europe and restoring value to global institutions. Some, rather tricky because they found resonance: Like, Trump’s aggressive China policy, top-end arm sales to Taiwan, strengthening the Indo-Pacific and most significantly, reducing global economic dependency on China. But before all that, Joe Biden has a challenge at home to pull America out of the abyss in the fight against Covid-19. How he does that, in many ways, may shape the course of Biden, the President.: Google, Facebook ended 2021 with the various US authorities suing them for alleged market malpractice, and many other countries rolling out or promising to roll out new laws and/or rules to curb them. 2021 for the Big Two of Big Tech will therefore be defined by battles in courts and with regulators. There’s no predicting what will happen in these fights. But it’s safe to assume next year will be the toughest the two internet giants would have faced. And even more so if serious regulatory action begins in India.The infectious disease caused by coronavirus defined 2020, making it the worst year in a generation. The virus that originated in Chinese wet markets will very much be a grim theme in 2021 as well, with many countries still struggling to bring the infection under control, and fresh scare about new, highly infectious strains. As the year ends, the question is which countries, aside of the UK, will be hit hard by these new strains. India, as 2021 begins, seems to be doing a much better job controlling infections, and GoI says those new strains are absent here. Fingers crossed, if that holds for first months of next year by the time vaccination starts full swing, India may start getting back to normal in the second half of 2021. But will humans and world governments learn anything from Covid crisis? 2021 will show whether we just become myopic again.2021 is a make or break year for Singapore’s DBS Bank in India, which acquired Laxmi Vilas Bank in late 2020. The first foreign bank to buy an Indian bank, DBS will face retail behemoths ICICI Bank and HDFC Bank on the latter’s turf. For DBS’ India-born CEO Piyush Gupta, who wants to make it an Asia-focused bank, India is his best bet when the biggest market in the region, China, has many restrictions.Demand, along with possibly stimulus and fiscal deficit, is likely to be the most discussed and debated macro-economic variable in 2021. The pandemic has crushed consumer incomes, dented business profits and dried up overseas buying, dealing a blow to all the three elements of demand – consumption, investment and export. Private consumption plummeted 19% in first half of the current fiscal while investments were down 7%. The economy will experience what one can call a statistical or technical rebound in FY21 after the severe contraction in the current fiscal. But will it make up the current year’s decline and grow beyond? That will depend totally on how ‘demand’ plays out. There has been strong demand for consumer goods, automobiles, groceries and electronics in recent months. Some attribute it to pent up or festive demand that may not sustain. So, as we look for a strong rebound in 2021, keep an eye on demand.Online marketplaces flourished during 2020’s lockdown and beyond. This year also saw the first sign of coming change – Reliance, already in play, and Tatas are likely to make big bets on 2021. After moving too slowly in the horizontal online retail segment, the two conglomerates are sharpening focus and going after specific verticals such as grocery and pharma. Their willingness to pay top dollar to acquire startups that will allow them to compete with incumbents is higher than ever. Squaring off against these big rivals are kings of ecommerce, Flipkart and Amazon. Both are investing heavily in their own capabilities to build new categories and are banking on their base of over 100 million shoppers. If ecommerce was hot this year, in 2021 it will be red hot.2021’s summer is going to be hot – not just the weather but the political temperature too is set to rise with key states going to the polls. West Bengal, Tamil Nadu, Kerala and Assam will see high-voltage campaigns. April- May will decide if Modi can oust Mamata from Kolkata – the mother of elections next year. In Tamil Nadu, DMK, out in the cold for a near decade, will look to make a comeback under Stalin but there’s arch-rival ADMK and two X factors — Stalin’s estranged brother Azhagiri and the ambitious BJP. Kerala may be Congress’s last chance to regain some pride, as it will take on Marxists, who only have Kerala as a stronghold. And in Assam, it’s BJP which will be fighting anti-incumbency, and contend with the hugely emotive issue of the Citizenship Amendment Act. Depending on the results, political equations and fortunes may change dramatically in 2021.There’s no end in sight to the farmers’ protest, with their maximalist demand of withdrawing new farm laws being unacceptable to the government. 2021 will begin with big political economy questions: Will farmers get stared down by GoI or will they accept a compromise or if neither happens, what are GoI’s choices. This may be the government’s biggest test of its reformist resolve. And for the farmers, the question is what will they do if GoI doesn’t crack. Roads to Delhi can’t be blockaded indefinitely.Sadly, in 2021 too Indians will keep hearing about 5G a lot but will not experience it. This is because the government is unlikely to auction 5G spectrum till later in the year. As the year goes by, Indians though will see more smartphones which will support 5G technology, and gradually, at lower prices. Will this mean India will fall further behind other major countries in 5G adoption? Most likely, yes.There will be double digit GDP growth next year, because 2020’s negative growth will make every FY21-22 quarter’s growth look spectacular. In terms of calendar year, 2021 may see GDP growing at 12%. But all that will be just a statistical mirage. Even the fact India may reclaim the “fastest growing economy” tag in 2021 means little, unless sequential quarter-on-quarter growth is a steady, healthily high positive Reasons for optimism: the lag effect of easy financial conditions, support from global recovery and a pickup in business activity particularly in the services sector to pre-Covid levels. Resurgence of virus, delay in vaccine distribution and rising crude prices are some of the key factors that could transform what the government hopes will be a ‘V’ shaped recovery to a dreaded ‘U’.Globalisation receives a setback with Brexit as this year ends but a boost from Joe Biden’s determination to bring America out of Trumpian isolationism. US-China trade war drags on, but US financial firms make new forays in China. Global capital continues to scour the world for opportunities. Trade will grow again. India will have expanding opportunities, provided self-reliance doesn’t mean excessive import restrictions. You can’t export more if you want to import very little.Thanks to the price correction, record-low housing loan rates, tax incentives and stamp duty reduction, the residential property market has turned in buyers’ favour. These factors are expected to continue in 2021, converting pentup demand and creating fresh sales during the first half of the year. The real test of the market’s strength will be towards the latter half of 2021 as by then the impact of these supporting factors may start waning. Property prices are unlikely to see any surge next year.2020 was a washout year for hospitality and travel and tourism. 2021 starts more with hope than substance. Although, Indians are travelling, hotels and tour operators say business won’t recover till vaccination arrives on a mass scale. The good news – they expect a huge rush once enough people are jabbed with the vaccine. Festive season and winter of 2021 may see booming hotel bookings and tourism. And the summer season may see early signs of that boom.IPL provided a much-needed boost to the sporting ecosystem in 2020. Despite the fact that it was conducted in the UAE in empty stadiums, viewership of the 13th edition of the league jumped over 30%. Advertising revenues also crossed a historic `3,000 crore mark. With BCCI mulling to introduce additional team(s) in the next season, IPL is just going to get bigger, especially if vaccination means crowds are back in stadiums and animal spirits in the economy come roaring back.IPO market will continue to remain strong in 2021, with nearly 30 companies having already received Sebi approval to raise about `30,000 crore. In 2020, 14 companies raised `25,300 crore through IPOs. If LIC and National Stock Exchange IPOs hit the market as expected, 2021 could be a record year for the primary market. Companies from industries like tech, healthcare, consumer, hospitality, commercial real estate (REITs) and BFSI are expected to dominate the IPO scene.India’s job market will turn the corner in 2021. Top hiring sectors – healthcare and pharma, ecommerce, essential retail, edtech, and technology – witnessed consistent momentum in 2020’s last quarter. Job creation will move beyond metros next year. Opportunities for talent in tier 2 and tier 3 cities will soar with the acceptance of work from anywhere.Big hiring is expected for niche technology roles as the impact of Covid-19 has accelerated digital transformation across India Inc. At IITs, top domestic salaries reached new highs for the Class of ’21. In the new year, demand for gig workers will continue to grow as employers look to keep cost variable and access top expertise.What about the perennial question in all offices – increments? Compensation experts say the quantum may vary widely across sectors unless the economy picks up full steam by the first quarter of FY22, in which case status quo ante may be restored. Bear in mind, though, even before the pandemic, the slowdown had brought down average increment levels, so even sustained economic recovery may not induce employers to be very generous.The Indian-origin VP-elect of the US will be judged less on India, more on the black community as she assumes her role in the beginning of 2021. Yet she may tip the balance in debates with Democrat progressives on India-related domestic issues. How she plays her India card will be of significance, though not mission critical for New Delhi. But media and public interest in her will be high in 2021 in India. We just love high profile Indian-origin success stories.Narendra Modi has promised elections. First steps through local body elections are now done. 2021 will show if the Gupkar parties, which participated in the district polls, drop their insistence on Article 370 restoration and contest. Mind you, post-local polls, they have said they oppose the abrogation. So, that’s the big question for New Delhi. And just in case, Gupkar changes tack on 370, will the Centre restore full statehood? And as ever, militancy and Sino-Pak jugalbandhi at UN need to be watched.Next year may see at least half-a-dozen BJP-ruled states pass laws on this controversial subject. UP, HP and Uttarakhand have already enacted such laws, while MP, Haryana, Karnataka and Assam have committed to do so. The new law brings constitutional guarantees on freedom and liberty in conflict with power to the police to intrude into personal relationships. Expect more legal challenges, more loud debates. Supreme Court may have to take a final call.The most potent image of 2020 globally – unless you were Trump-loving American or just a covidiot – will masks disappear in 2021? It all depends on how quickly mass vaccination takes hold, and whether pundits say vaccines are as fully effective in preventing transmission as they are in protecting the vaccinated against infection, and when Covid cases fall to negligible levels. There are some grim predictions that masks may be required till end-2021, and therefore social distancing and other pandemic rules may also be around. Makes sense then not to throw away those masks after you are vaccinated. Better still, upgrade your masks, both functionally – from N95 to N99 – and aesthetically. Fashionable masks are now widely available, and in many online shops, you can get bespoke masks.Mobile phone subscribers could see their bills rise by at least 20% in 2021, given the financial condition of telecom players, with only Reliance Jio making profits. Both Vodafone Idea and Bharti Airtel have spoken about raising tariffs, but are wary if rival Jio will follow, else they could be vulnerable to user losses. So, 2021 will see the same Jio vs Others mind games as this year.: Politically, Narendra Modi is literally on cruise control after popular endorsement – faring well in elections, from panchayat and city councils to the Bihar Assembly – to his Covid mitigation approach. His biggest 2021 challenge will remain the economy, where he has to not just turn the bend, but execute a strategic turnaround. Make India part of global supply chains, emerge as a credible economic alternative to China and stay the course on key reforms like farm and labour laws. Plus, if the late 2020 recovery falters, he may yet have to take a call on whether his conservative fiscal stance may finally need to be relaxed. He has all the authority and then some to execute any course correction – the Opposition is in shambles. Economy apart, as the New Year dawns, the 2020 shadow that may grow longer on his government is not so much the coronavirus, but the danger on India’s Himalayan frontiers.While watching Nifty in 2021, remember this: The Nifty has returned 12.56% in the past one year, while the midcap 100 and the smallcap 100 have returned more than 21%. The Nifty is likely to go up in the New Year and may hit an all-time high and cross 15,000. But the real action could be in the broader indices as small and mid-size companies take advantage of low interest rates and easy liquidity to ramp up operations and scale up businesses. Still, Nifty at 15k is a milestone.India’s nightlife is gradually coming alive, even with year-end curfews. Rough estimates of revival, as shared by leading nightclubs in featured cities, are as follows: Gurugram is at 20%, Mumbai at 25%, Bengaluru at 28%. Goa leads the scene at 40%. Most don’t expect pre-pandemic turnouts until the vaccine’s arrival. Clubs that used to have over 1,000 guests every weekend see not more than 400. As ‘One more dance’ plays in many of them, they hope for more people dancing soon.Faster, higher, stronger and safer – Tokyo Olympics will retain that tag as they are held in 2021, July 23-August 8. This is the first peace-time postponement of the Games. It means covering (hotel, flight, ticket) cancellation costs, Covid precautions, replanning — ergo, a ballooning budget: the original $12.6 billion now 22% costlier at $15.4 billion. With spectator measures to be announced only in early 2021, the world’s greatest sporting event still remains ‘spectacularly’, if not physically, distant.2020 saw OTT adding users and time-spent as never before. But will this survive as and when normalcy returns in 2021? With over 60 players, OTT has become an ultra-competitive sector and next year is going to be the moment of truth – only players with deep pockets and strong content strategy will survive. Many smaller players will see consolidation. But either way, for OTT content producers, 2021 is likely to be as good. Viewers now want variation, and are happy with experimentation and edgy stories. The one possible fly in the ointment – how will the content regulation story play out.Digital payments hit big time in 2020 as contactless transactions became a major preference born out of the Covid crisis. Experts reckon that the trend will not only continue but strengthen in 2021 because both consumers and merchants are now entirely comfortable with UPI. And also because WhatsApp payments finally received the nod. With a 400-million user base, WhatsApp can potentially upend the digital payments business. The service has started with 20 million users, and is set to expand in 2021. Expect ferocious competition in this segment, and perhaps a flurry of incentives for users again. UPI’s systems, which had clogged up with the rush of digital transactions late in 2020, better be ready to handle the traffic.So Donald Trump got beat, but will the brand of politics of which he was the most consequential as well as disturbing exponent get beaten back as well in 2021? Populism will be weakened post-Trump, but likely won’t wither away. Plenty of strongmen who rule on the basis of direct emotive, often divisive appeals to people’s baser instincts are still around. And as societies survey the wreckage that Covid leaves behind, it is possible new angers and new resentments will prove fertile ground for new populist rhetoric and perhaps new populists. And, remember, Trump may still be in politics.On a slow burn for a couple of years, the question of privacy in the internet is likely to heat up in 2021 – the joint parliamentary committee considering the data protection bill may make its recommendations. Debates will start immediately. Should GoI be allowed an overarching exception when it comes to looking at our personal data. Will our data be safer if stored only in India and not, fully or in mirror form, abroad. Then there’s the question of industry’s data privacy. GoI wants industry to share non-personal data. How does that sit with business independence? With tech majors under fire anyway, questions will get sharper and lobbying, more hectic.Mind your Covid prevention measure Ps and Covid vaccine queue Qs. With Britain and the US already jabbing its citizens by thousands, and a bunch of other countries having started, seeing to it that all hell doesn’t break loose is the 2021 India challenge to a 2020 crisis. India’s jabbing logistics will be tested early next year. Will the order of vaccination – health workers, elderly, etc – be maintained or will it suffer from a VIP pandemic? Good question.2021 may be no easier for the central bank, which had a busy and tense 2020. The good news for RBI: interest rates for borrowers can be stabilised, with an upward bias. With economic activity picking up, demand for funds will only go up and so will, with a lag, interest rates. If inflation becomes broad-based, RBI will begin to taper easy liquidity measures. But if growth falters further in 2021, RBI will be in a tough spot, especially if prices remain bouncy. On policy, the big 2021 lookout will be how the baby-steps on letting industries own banks play out. Rupee? Rare is when the Indian currency is stable in turbulent times, but it was so in 2020. Given comfortable reserves and likely inflows, in 2021 the rupee may remain steady, or appreciate when the RBI reduces intervention.Will this year’s nightmare end in 2021 for restaurants and bars? Depends on how quickly potential diners get vaccinated. If, by April-May, urban India is largely jabbed, expect a mad rush to restaurants and bars, with the rest of the year likely to be good business. Industry says pent-up demand is huge, and patrons are just aching to sit at those tables and order everything from butter chicken to braised lamb. Here’s to happy dining – and imbibing.If you are a betting man on the stock markets, chances are that you would place a bet not on how markets will perform in 2021, but on how quickly the Sensex can touch 50,000. On Thursday, the last trading before Christmas, the Sensex closed just above 47,000. Market watchers say 50,000 can happen in the first quarter of the new year itself, may be some time just after the Union budget. But given how disappointing recent budgets have been for stock markets, investors may prefer to be cautious ahead of the B-Day. But there is little doubt that the mood is bullish. Foreign money, the weakening dollar, the rise of the Indian investor, the rapidly recovering local economy have all contributed. But whatever happens to the Sensex, it is also clear that the second half of next year will be different if growth and earnings prospects don’t look so good in FY22. Markets may quickly lose steam.Will the government roll out a real stimulus in 2021? Finance minister Nirmala Sitharaman has promised that the forthcoming budget would be “vibrant”. Capital expenditure, vaccine distribution and rural economy will be the key expenditure components. The 2020 stimulus package was widely criticised for lacking in direct demand support measures and the subsequent compression in spending due to fall in revenues. A pickup in revenues is expected to provide some comfort to the government to be more generous and open its purse strings. But, it won’t be a big splurge – unless the economy tanks.Tatas will take up challenges and opportunities in 2021. The Mistry saga should be manageable unless the Supreme Court either orders a massive payout or completely reaffirms the tribunal’s order reinstating Cyrus Mistry as chairman. But there’s no doubt Tatas will need massive amounts of capital to scale up their ecommerce and fund Air India, should Tatas win the bid for the Maharajah. Titan and Tata Consultancy Services will probably run on their own steam throwing up cash but the group will need to take a call on whether it should convert Tata Capital into a bank or continue running it as an NBFC. The European steel business will need to be disposed of or spun off into a partnership. The bright spot of the year could be the group’s car business.He will leave the White House on January 20 – at least so say, American pundits. But he won’t leave America alone and can cause serious problems for both Democrats and Republicans by rallying his base as a “wronged” ex-president. Donald Trump will likely prove in 2021 that he will be the exception to the rule that ex-heads of government fade away from public memory. If he announces a 2024 bod, US politics will be in constant turbulence from the very beginning of the Biden term.2021’s budget will be a hundred times more scrutinised than all budgets in recent memory – it will be the first after the pandemic, and will be tested solely on how much the government does to boost the economy that is slated to end with negative growth in FY21. Most budgets in recent years have been staid affairs, aside of a tax structure reform and some controversies on new taxes. Some drama is necessary this time. The big question is whether plans for government spending for quick demand creation will be unambiguously spelt out. Economists have repeatedly argued that higher current government debt that leads to higher growth is better for debt management – since the key variable is debt to GDP ratio over time – than lower debt and lower growth now. Will Nirmala Sitharaman finally agree on February 1?India will be entering the United Nations Security Council at a time when China has shed its inhibitions of piloting the Kashmir issue. Russia will be tested and the West will want Delhi to break ranks. China’s aggression makes ambivalence less of an option. 2021 will show if Delhi is willing to make its vote count or not.This is the big, big, big theme of 2021. It trumps everything. If vaccination starts early next year, the logistics all work out, priority groups being vaccinated by governments get well covered, and middle class and above who want to buy vaccines can get them in the market – then a lot of things will fall in place. As the year ends, the AstraZeneca vaccine and the Bharat Biotech one look like getting first nods. Pfizer’s may be too complicated for India in term of storage – unless the private sector takes on the logistics for those willing to pay more. Another vaccine may get clearance down the line. India’s advantage is its huge production capabilities and past experience in vaccination. Disadvantage: the country’s tendency to produce chaos and the system’s tendency to fail to correct the chaos. But Modi Sarkar certainly will be working overtime to make the process as smooth as possible.Blended workforce. Hybrid workplace. This sums up India’s Inc’s plans for at least the first two quarters of 2021. Companies are toying with a mix of work from home, work from office, and work from anywhere model. Early adopters vouch for the efficacy of the model, leading to the possibility of wider acceptance in the New Year. However, some disturbing trends seen in 2020 may also be worries in 2021 – higher stress levels, more cases of domestic violence, employees overworked by their bosses who have ignored work-life boundaries in WFH times. Employers may have to pay greater attention to these as hybrid models become the norm. The other critical question is: will employees who work from office get an advantage over those who work from home or other non-office locations, especially if bosses all return to office?The Chinese President is at the pinnacle of his authority, never mind the coronavirus. Plus, if official Chinese statistics is to be believed, it has been the most successful country in combating Covid infections, and it started its vaccination programmes before Western countries. Also, China’s will be the best performing economy in the pandemic year. So, no wonder that as 2021 begins, the pundits are saying there’s been no one in China with such absolute power since Mao Tse-Tung. And unlike Mao, Xi presides over a rich and powerful China. The consensus is that what was being forecast in 2020 as the dawn of the Asian century has been recast in Beijing as the Chinese century. Xi’s moves in 2021 will tell us the extent to which China is willing to threaten global security to achieve this objective. Key question: Can Xi even effect a rollback if he wanted? 2021 will not answer that, but may provide a hint to what lies ahead. For India, that means potentially more trouble.What’s X? It may be, as Elon Musk mused as 2020 wound down, the name of the holding company that will have Musk’s four companies – Tesla, Space X, Neuralink, Boring – under it. That could be one of the most interesting corporate reorganisations in 2021 global business. Even without that Musk’s SpaceX is headed for big things. This year, his SN8 Starship flew 40,000 feet up, executed the belly-flop manoeuvre , and all in all it was a big step for private space flights. SN8 crashed, but SpaceX got all the results it wanted. SN9 will be tested in 2021, and Musk may get another step closer to orbit flights with his Starship. Back on planet earth, 2021 will see Musk bring Tesla to India.Cops and corporations have already put a spanner in the party works. So, as 2021 begins, we will still see parties going virtual. Like chameleons, seasoned revellers have adapted, and party planners like Cherish X have been hosting intimate events for small groups of people, with over 500 digital events per month from last December’s zero. That includes personalised radio shows, live musicians on Zoom, and even booking a celebrity appearance. The strobe lights will be off at hotel year-end bashes with people opting for staycations to bring in the New Year on a safer note.Everyone’s sick of video conferencing, while Zoom and other apps that allow many employees to listen to bosses go on and on are very happy. But will Zoom, Microsoft’s Teams, not to mention our desi JioMeet and Airtel BlueJeans be as necessary in 2021? If WFH or variations of it go on, there’s no escaping. If vaccination gets all of us back to offices, there’s still the danger – on a day you have decided to relax at home, a message may pop from the boss, let’s have a Zoom call, something important has come up. Summarise this report in a few sentences.
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a year that upended everything, from economy to eating out, how might 2021 be?. a year that saw BJP winning elections in spite of a recession, and ambani raising oceans of capital never mind lockdowns, and Trump losing US elections. but how might 2021 be?. a year that could be a pivotal year for ambani.
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live bse live nse live Volume Todays L/H More × Housing Development Finance Corporation on June 3 offloaded 1.28 percent equity stake in its listed subsidiary HDFC Life Insurance Company. The corporation has sold 2.6 crore equity shares (representing 1.28 percent of total paid-up equity of HDFC Life) at Rs 490.22 per share, as per the bulk deal data available on the BSE. The above bulk deal was worth Rs 1,274.57 crore, while HDFC Life's market capitalisation stood at Rs 1,01,241.34 crore. Standard Life has launched a fresh $260-million block deal, today, to sell around 2 percent stake in HDFC Life Insurance, said people familiar with the matter. Among other deals, founder Haridas Thakarshi Kanani sold 4,00,002 shares of Neogen Chemicals at Rs 473.25 per share, while his wife Beena Kanani offloaded 7,26,002 equity shares at Rs 473.53 per share on the BSE. Together they sold 4.82 percent stake in the company through bulk deals, which was worth more than Rs 53 crore. Promoters held 70.01 percent stake in the company as of March 2020. However, Malabar Investments-owned Malabar India Fund and Malabar Value Fund acquired 9,22,121 shares of Neogen at Rs 473.32 per share and 1,25,000 shares at Rs 474.06 per share, respectively. They picked up 4.48 percent stake in Neogen. As per the bulk deals data of National Stock Exchange, Kotak Mahindra (International) has bought 31,52,863 shares of SH Kelkar at Rs 62 per share, whereas Fidelity Investment Trust Fidelity Series Emerging Markets Fund sold 34,53,500 shares in SH Kelkar at Rs 64.15 per share and HDFC MF sold 40,00,000 shares at Rs 62.03 per share. Goldman Sachs International Equity Fund sold 4,61,000 equity shares of SP Apparels at Rs 64.03 per share, whereas Kesavapillai Annamalai was the buyer, acquiring 4,39,721 shares at Rs 64 per share on the NSE. Fidelity Investment Trust's Fidelity Series Emerging Markets Fund sold 54,00,000 shares of SREI Infrastructure Finance at Rs 5.05 per share. Summarise this report in a few sentences.
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housing development finance corporation sells 2.6 crore equity shares at Rs 490.22 per share. the corporation has sold 1.28 percent equity stake in its listed subsidiary HDFC Life Insurance Company. the above bulk deal was worth Rs 1,274.57 crore, while HDFC Life's market capitalisation stood at Rs 1,01,241.34 crore. founder Haridas Thakarshi Kanani sold 4,00,002 shares of Neogen Chemicals at Rs 473.25 per share.
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Even as Rs 1 lakh crore worth of commercial papers (CPs) sold by non-banking finance companies (NBFCs) will see redemption this month, mutual funds and investors are willing to roll nearly half of these securities over amid tentative signs of stability returning to the money market. With easing regulatory measures, they are hopeful that the fear of defaults may diminish fast.Mutual Funds are investors in NBFC short-term debt papers and a major source of short-term credit.“The fear of failure, which was looming large a few weeks ago, is gradually coming down,” said A. Balasubramanian, chief executive at Aditya Birla Mutual Fund. “Nearly half of those CPs coming up for redemption this month would be rolled over, with fund houses increasing investments on select papers. Every company is likely to have arranged money for upcoming redemptions in mind,” he said.Rollover of CPs means issuance of fresh papers when old series mature. It is a common practice in the market, but investors turn averse to it or claim higher rates at the time of renewal. Company pedigree counts when it comes to rollovers.Many known para banks have sold good quality loan portfolios to large banks, which now find an opportunity to expand their retail credit.“NBFCs are not growing their books, and some are selling good quality loan portfolios,” said Lakshmi Iyer, chief investment officer-debt at Kotak Mutual Fund. “The combination of both will reduce reliance on commercial papers with no incremental funding need. There is no forced rollover pressure now,” she said.NBFCs have been facing a liquidity squeeze of late. More than a month ago, infrastructure financier and operator IL&FS defaulted on repayments, triggering a crisis of confidence among investors who stayed away from investing in securities sold by NBFCs. About Rs 2.4 lakh crore worth of CPs are maturing this month, of which NBFCs and housing finance companies (HFCs) own 42%, according to an estimate by a mid-sized mutual fund. In the next fortnight, CPs worth about Rs 50,500 crore are maturing.“Overall liquidity situation has begun to stabilise as known NBFCs are availing liquidity either through asset sales or short-term credit from the banking system,” said B Prasanna, group executive and head of markets at ICICI Bank . “November is going to be crucial amid large redemptions. Chances of any systemic risk, however, look unlikely as issuers are unlikely to go for aggressive rollovers,” he said.Groups including IIFL, Indiabulls Housing Finance, Dewan Housing Finance Corp and JM Financial are collectively facing CP maturities worth nearly Rs 25,000 crore this month alone. Immediately after the IL&FS defaults, investors turned averse to these companies but CP buybacks by the companies have helped regain investor trust.“We see selected top-rated NBFCs/ HFCs have adequate refinancing arrangement in place for near month maturities,” said Siddharth Chaudhary, senior fund manager — fixed income at Sundaram Mutual Fund.“This has led to a certain degree of normalcy in the market and stable rates for these particular companies. However, as mutual funds remain cautious, their share of total lending to the sector will drop,” he said.Regulators have been proactive in managing the situation with reasonable liquidity infusion at a systemic level. The Reserve Bank of India last Friday allowed banks to give partial credit support to NBFC bonds, an approval that should ease fundraising concerns at para banks. Summarise this report in a few sentences.
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NBFCs face a liquidity squeeze of late. a month ago, IL&FS defaulted on repayments. NBFCs and housing finance companies own 42% of CPs. a spokesman for NBFCs says it is a "very positive" move. a spokesman for NBFCs says it is a "very positive move"
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New Delhi: Sacked directors of Infrastructure Leasing and Financial Services Ltd (IL&FS) will have to face questions on negligence, diversion of funds, failed risk management and misrepresentation of facts that are viewed seriously under the Companies Act. They will also need to explain charges of mismanaging the infrastructure lender that is threatening the stability of the financial system. A statement issued on Monday by the corporate affairs ministry and its petition filed before the National Company Law Tribunal blamed the erstwhile directors for a host of failures at IL&FS which affected the markets and the financial system, though it is for the Serious Fraud Investigation Office (SFIO) to dig out facts and initiate prosecution. The charges against these directors include siphoning off of funds through excessive executive pay, financial mismanagement, misrepresentation of true state of the group’s financial fragility, suppression of material information, misrepresentation of facts to camouflage debt stress and exaggerated depiction of non-current assets. Some of these failings, if found to be done intentionally such as making a false statement, could get covered under definition of fraud which makes a defaulter liable to imprisonment of up to 10 years and a fine of up to three times the amount involved, as per section 447 of the Companies Act. A government official, who spoke on condition of not being named, said the SFIO investigation was ordered given the “enormity and depth of the violations." “169 group companies of IL&FS are under probe. The new board of directors will review decisions of the previous management," said the official. The government is also likely to impose travel restrictions on some of the ex-directors. The auditor of IL&FS will also be covered under the proposed investigation by SFIO, a multi-disciplinary agency with members from different financial regulators, said a person informed about the charges being pressed by the government. The auditor SRBC & Co and IL&FS did not respond to emails seeking comment. The government took the serious step of replacing the board as a significant portion of the money invested in IL&FS is public money from financial institutions and the failure of the group has led to contagion effect in markets and posed risks to financial stability. As much as 40% of IL&FS is owned by Life Insurance Corporation of India (LIC), Central Bank of India and State Bank of India. Experts said in the case of entities which are large and the failure of which could impact markets, negligence and failure are taken seriously by regulators. “Even in cases where there is no financial manipulation or siphoning off of funds, wrong judgment, failed business acumen and negligence could bring a company to its knees. Specifically when such actions are against public interest, they are viewed seriously under the Companies Act," said Pavan Kumar Vijay, founder of advisory firm Corporate Professionals. Directors are the custodians of the company and have a fiduciary duty to safeguard the interests of stakeholders, said a chartered accountant, who spoke on condition of anonymity. To be sure, pressing charges by the regulators do not establish guilt, which is the domain of the judiciary. The 10 directors replaced by the government include vice-chairman Hari Sankaran and chief executive officer Arun Saha. Varun Sood contributed to this story. 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.
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169 group companies of IL&FS are under probe. government took serious step of replacing board. as much as 40% of IL&FS is owned by life insurance corporation of india. if found guilty, directors could face imprisonment of up to 10 years. if found guilty, they could face fines of up to three times the amount involved. if found guilty, they could face travel restrictions.
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Real estate accounts for a sizeable 7% of India’s GDP and employs over 50 million people. The industry also has a cascading effect on economy with over 250 related industries having linkages with it. It is of strategic importance not only as an economic growth driver but also towards job creation across the country. The industry was struggling over the past several years due to regulatory actions and macro environment factors such as demonetisation, RERA, GST, IBC and the NBFC crisis. Just when it was appearing set to emerge from the woods, Covid-19 has struck. Due to expected economic fallouts of the pandemic, the immediate future outlook for the industry appears to be challenging. With prices being flattish over the past several years, the speculative investor buyer had by and large exited the market, thereby making it a market driven only by end users. For end users, real estate is an emotive yet thoughtful purchase, with significant financial outlays and EMIs running over several years. End users seek comfort around financial security and confidence in the future to be able to make a home buying decision. Magicbricks conducted an extensive consumer survey to understand the ‘mood of the buyer’ amidst the uncertainty. There were three significant findings. First, that 67 percent of consumers still want to go ahead with their home buying plans. As the industry emerges from the lockdown, this will bodes well to kick-start the purchase cycle again. Two, that while 2/3rd of buyers mentioned that they’d pursue home buying, 73 percent of them were looking at reducing their budget by 10-15% and were also wanting to defer their buying by 3-6 months more. And finally, that job uncertainty and expected price volatility were triggers that were driving this sentiment & consequently solutions which mitigated these would also drive purchase behaviour. The sentiments are also varied across geographies and age groups. Stable markets such as Bengaluru and Pune are seeing the least drop in consumer sentiment. Sentiment is also stronger in the 36-45 age group compared to the younger Gen Z. The study also suggests that home buyers will now look just not for price drops or discounts, but will exhibit a higher propensity towards ready-to-move in apartments in gated societies. All of this will only accelerate an already emerging trend in the industry pointing towards a shift towards ready-to-move in properties and with reduced outlays. Prices in the last one month of lockdown have decreased by 2-9% across cities. In the past, during major economic disruptions like demonetisation, prices remained largely stagnant. Developer margins have shrunk considerably in the post RERA environment and there is understandable resistance from sellers to therefore reduce prices. However, with demand likely to shrink by a third and with liquidity issues causing a potential distress situation with some sellers, there could be attractive deals and buying opportunities that become available in several micro markets. Interestingly, with the lockdown forcing everyone to spend an inordinate amount of time at home, large sets of buyers are also considering upgrades so as to have homes that allow them to manage better in the new environment. This could mean a bigger home with an additional room to enable work from home, or homes in less-dense societies or localities. This too bodes well for the industry in the mid to long term if it could come up with highly relevant products that meet such needs. Liquidity, slower sales and labour are the top three issues that would plague the industry in the short term as a fallouts of covid-19. However, the consumers’ desire to have one’s own home and importantly, to seek a better home will perhaps now be stronger than ever before. (By Sudhir Pai, CEO, Magicbricks) Summarise this report in a few sentences.
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the industry is of strategic importance as an economic growth driver. it also has a cascading effect on economy with over 250 related industries. 67 percent of consumers still want to go ahead with their home buying plans. 73 percent of them were looking at reducing their budget by 10-15%. 'as the industry emerges from the lockdown, this will bode well to kick-start the purchase cycle again,' says magicbricks.
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After the Securities and Exchange Board of India’s (SEBI) scheme categorisation of mutual funds as per market capitalisation of underlying stocks, the definition of mutual funds has changed and it has brought more clarity and transparency. As per the new arrangement, small cap funds are those funds which invest at least 65% of their corpus in stocks of companies which have small capitalisation or market share and which are ranked from 251 – 500 in the market capital wise categorisation of companies. For ease of understanding we can highlight certain features which define and separate small-cap companies from others: These are companies a) with lowest market capitalisation in the universe of listed companies b) which are in their initial phase of business and are looking for expansion and growth c) where the scope for share price appreciation during market highs is quite high and so is it for price slide during market lows d) which are expected to gain more than the broader market in a rising economy Benefits of investing in Small Cap Funds Small cap funds give an extra edge that a portfolio needs. If large cap funds bring stability to the portfolio, small cap funds, with the high potential, strong growth expectation, aggressive expansion objective and market beating performance, lift the overall returns on investments. These are managed by professional managers who, through in depth research, identify ‘winners of tomorrow’ and help generate ‘alpha’ for the investors’ portfolio. Although volatile in nature, the scope of return over a longer period of time is quite high and works in the favour of the small cap fund investors. Let us now look at some of the key aspects investors should look for before selecting and investing in Small Cap funds: 1. Risk Involved Small cap funds mostly invest in new companies or companies servicing specific areas, businesses or are companies with greater opportunities and high potential. These companies might have the added advantage of a new product offering or service and come with a USP or might even service a niche demand. As is quite evident, small cap funds investing in such companies are more volatile due to risks associated with smaller companies which are either starting out or have only a few years of operational experience. Such companies come with additional risk of limited fundraising capabilities, smaller scale of operations and market to operate in, there is the missing benefit of economies of scale and limited scope for attracting talent etc. Still, these are part of the stock markets and hence will be measured vis a vis their performance metrics and against the competition as well. Investors need to assess these funds against their own risk profile and should arrive at a decision with a defined amount which they can invest for a considerable period of time. 2. Potential scope of return In addition to the current profitability and the level at which small cap companies are operating, the future potential is what the investors should look at. Small cap funds can become the star performers in no time, due to multiple factors working for them. The same factors which might turn negative for a short while in a slowing economy, lend them the heft to become outperformers when the economy is in an upswing. 3. Investment time-frame Small cap funds should be looked at from a long-term time-frame. This is because these companies are not established and for proving their worth, they would need to address some or all of these – invest in expansion capabilities, plant and machinery, developing technical or technological capabilities, cater to fundraising needs etc. This obviously takes time and will start yielding results only after a certain period of time. Remember what they say in markets ‘today’s large cap companies or blue chips started out as small caps.’ Thus, before investing in small caps, a clear strategy should be devised. 4. Expense Structure and Taxes Expense structure which is referred to as ‘Expense Ratio’ or ‘Total Expense Ratio’ needs to be kept in mind because higher expenses reduce the overall returns considerably. Although it might seem to be small, even a 1 percent difference in the expense ratio of funds reduces the returns significantly over 10 – 15 – 20 years. The tax structure for small cap funds is similar to other equity funds. Redemption of small cap units will result in capital gains (or losses). The tax rate depends on the holding period of funds. If the holding period is less than one year, the gains are taxed as Short Term Capital Gains (STCG) at the rate of 15 per cent. In case of holding period of more than one year, Long Term Capital Gains (or losses) are generated and are taxed at the rate of 10 per cent over and above the exemption limit of Rs 10 lakh. 5. Alignment with specific Goals Some investors try to capitalise through market gains and want to benefit from specific events or from market movements. However, small caps can prove to be tricky if the objective is quick returns within a small time-frame. Investors should align their small cap investments with specific long-term goals. This is also beneficial because a longer time-frame gives the investments time to compound and provide better returns. Conclusion For making the best of the opportunity that lies in these funds, investors should choose the SIP route. They can add more through lump sum investment whenever they have an amount which they do not require for the foreseeable future. Investors should also note that along with caution, patience to play out the volatility is what would eventually pay with small cap funds. (By Harsh Jain, Co-founder and COO, Groww) Summarise this report in a few sentences.
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small cap funds are funds which invest at least 65% of their corpus in stocks of companies which have small capitalisation or market share. these are companies with lowest market capitalisation in the universe of listed companies. they are also companies with low scope for share price appreciation during market highs and so is it for price slide during market lows. small cap funds are managed by professional managers who, through in depth research, identify ‘winners of tomorrow’.
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Bharti Airtel gains 3% as co pips Jio in subscriber addition after 4 years UltraTech Cement climbs 4% as co announces Rs 5,477 cr expansion plan Airliners rally up to 10% as govt revises cap on capacity Burger King IPO subscribed 141 times so far 274 stocks hit 52-week high: IndiGo, Infibeam, Escorts, Eclerx, Cadila, Indostar and Bharat Forge top names "Traders should not get carried away with the prevailing buoyancy and stick to quality names as we can’t ignore the possibility of an intermediate corrective phase" — Ajit Mishra, Religare Broking Loan growth data: RBI will also release loan growth, deposit growth and forex reserves data in the evening, to which the market may react on Monday. NEW DELHI: Buyers accumulated banks, along with select telecom and FMCG names, on Friday following bullish commentary from RBI about economic growth that took benchmark indices to fresh record highs.Talks of stimulus measures in the US also added to the momentum. Meanwhile, volatility plummeted sharply in the wake of vaccine approval in the UK, suggesting traders are less nervous now.The 30-share pack Sensex climbed over 45,000 level for the first time ever. The index settled at 45,079.55 after rising 446.90 points or 1 per cent. Its broader peer NSE Nifty climbed 124.65 points or 0.95 per cent to 13,258.55.Investors got richer by Rs 1.25 lakh crore as the total market cap of BSE listed firms rose to Rs 179.49 lakh crore.“With all the major events behind us, we feel global cues would dictate the market trend ahead. Besides, news related to COVID vaccines will also be in focus. Mostly rate-sensitive ended on strong footing and we may see follow-up buying next week,” said Ajit Mishra, VP - Research, Religare Broking.Among blue chip names, Adani Ports was the biggest gainer in Nifty, up 4.86 per cent. It was followed by ICICI Bank, Hindalco, UltraTech Cement, Sun Pharma, Bharti Airtel and SBI that added 3-5 per cent.Reliance Industries was the biggest drag on the index, falling 0.83 per cent. HDFC Life Insurance, Bajaj Finserv, BPCL, HCL Tech and Tata Motors were other losers.Broader market indices also gained but underperformed their headline peers. Nifty Smallcap added 0.36 per cent, while Nifty Midcap advanced 0.35 per cent. Nifty 500, the broadest index on NSE, rose 0.78 per cent.SpiceJet, Dilip Buildcon, Omaxe, Tata Chemicals, Edelweiss Financial Services and Page Industries were the top gainers from the mid and smallcap indices, rising in the range of 3-10 per cent.Dalmia Bharat, JSW Energy, Shriram Transport Finance, Vakrangee, Equitas Holdings and Heidelberg Cement were the major losers, falling in the range of 3-10 per cent.Sectorally, all indices registered gains. Nifty Bank was at the top of the list, rising 2.05 per cent. Nifty Pharma, Nifty FMCG and Nifty Metal were other indices that added over a per cent each.Market breadth was in favour of the gainers as 1,646 stocks ended in the green, while 1,249 names settled with cuts. As many as 274 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 31 names hit 52-week lows, mostly from the microcap space. About 405 stocks hit upper circuit limits and 182 lower circuit limits.European shares were trading mixed. FTSE was up 0.84 per cent while markets in France and Germany were up 0.35 per cent and down 0.01 per cent, respectively. Barring Nikkei and Jakarta Composite that ended in the red, all Asian markets closed with gains. Kospi was the biggest gainer, adding 1.31 per cent. Summarise this report in a few sentences.
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Sensex climbed over 45,000 level for the first time ever. adani ports was the biggest gainer in nifty, up 4.86 per cent. ICICI bank, Hindalco, UltraTech Cement, ICICI Bank, Sun Pharma, Bharti Airtel and SBI that added 3-5 per cent. bharti airtel jumped 4% as co announces Rs 5,477 cr subscriber addition.
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The Asian Development Bank (ADB) on Wednesday said it has approved a USD 346 million (around Rs 2,616 crore) loan to Indian government to provide reliable power connection in rural areas of Maharashtra. Maharashtra is the second-most populous state in India, and about half of the state’s labour force is engaged in agriculture and related activities in the rural areas, ADB said in a release. Agriculture output, however, has been impacted by lack of irrigation, less-than-efficient use of electricity and water, as well as inadequate storage and connectivity to markets. The loan will support the state government’s high voltage distribution system (HVDS) program for new grid-connected rural agricultural customers across the state, said the Manila-headquartered multi-lateral funding agency. ”Providing efficient, reliable, and good quality power to rural agriculture customers in Maharashtra will improve agricultural productivity and efficiency in the electricity value chain,” said ADB Senior Energy Specialist Len George. ”Wider adoption of HVDS with metering and usage-based tariffs sets the stage for investments in energy efficient pumps, drip irrigation and could support improvements in subsidy management.” The loan will be under ADB’s results-based lending (RBL) modality, where fund disbursements are linked to the achievement of agreed programme results rather than to upfront expenditures, as is the case with traditional investment lending, ADB said. This first ADB-financed RBL program in South Asia’s energy sector will help in the early construction and installation of metered HVDS through the installation of about 46,800 kilometers of 11 kilovolt (kV) grid extension lines, construction and upgrading of 121 33/11 kV distribution substations. The programme will also build institutional capacity in the Maharashtra State Electricity Distribution Company Limited (MSEDCL) on HVDS, it added. The Maharashtra government and MSEDCL will arrange for counterpart funding of USD 357.1 million equivalent toward the USD 703.1 million total cost of the project. The project will be implemented by the Maharashtra Energy Department and MSEDCL. ADB said this loan supports the first phase of the state’s HVDS programme. This program complements ADB’s Maharashtra Rural Connectivity Improvement Project and Maharashtra Agribusiness Network Project to promote economic growth and private sector development in rural Maharashtra. This loan will be accompanied by a USD 1 million technical assistance from ADB to demonstrate energy and water conservation efforts, the funding agency said. Summarise this report in a few sentences.
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the loan will support the state government’s high voltage distribution system (HVDS) program for new grid-connected rural agricultural customers across the state. the project will be implemented by the Maharashtra energy department and MSEDCL. the loan will be under ADB’s results-based lending (rBL) modality. the first ADB-financed RBL program in South Asia’s energy sector will help in the early construction and installation of metered HVDS.
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With the rising cost of living as well that of education, marriage etc, making proper investments is a matter of concern for most of the parents to make funds available to meet the financial goals for their daughter(s) as and when required. Before choosing an investment plan, therefore, parents must take into consideration the effect of inflation, which may increase the current cost many-folds, resulting in a higher fund requirement in the future. Assuming that the requirement of Rs 1 crore has been calculated keeping in mind the effect of inflation and also the time when the girl turns 21-year old, let’s evaluate the three investment options and the amount to be invested periodically to achieve the target on time. Sukanya Samriddhi Yojana (SSY) Among the several investment avenues to reach the goal, SSY has become a very popular choice due to attractive interest rate, complete tax benefits and sovereign guarantee. However, there is a limit on investments per financial year, which is currently Rs 1,50,000. If the current interest rate of 8.5 per cent and investments as per the limit continue and the parent of a daughter starts investing from the year of the birth of the girl, the maximum Rs 74,96,802 would be accumulated in the SSY account at the end of 21 years, if Rs 1,50,000 is invested at the beginning of every year for 15 years. So, SSY alone won’t be sufficient to accumulate Rs 1 core in 21 years. Moreover, as the age of the girl increases, lesser will be the return till the age of 10, as an SSY account may be opened for a girl child till she turns 10 years old. Also Read: Know some little known facts about Sukanya Samridhhi Yojana Unit-linked Insurance Plan (ULIP) Along with insurance, ULIPs also provide an investment option through the equity route. While the insurance part ensures additional security, equity investments bear the market risks, but generate higher return over the long term. ULIP investments are also completely tax-free. Assuming that ULIPs take the conservative route generating about 9 per cent long-term compound annual growth rate (CAGR), about Rs 15,541 need to be invested at the beginning of every month (i.e. about Rs 1,86,493 every year) for 20 years starting from the year of birth of the girl. Also Read: 5 little known facts about ULIPs which you need to know Mutual Fund (MF) Investments in MFs are subject to market risk depending on the category of a fund, but generate higher returns than other investment options over the long term. Investments in equity-linked saving schemes (i.e. ELSS category of MFs) enjoy tax deductions u/s 80C, while other categories don’t enjoy such benefit. Moreover, from this year, 10 per cent long-term capital gain (LTCG) tax has been imposed on equity MFs over the LTCG of Rs 1 lakh on redemptions made in a financial year. The gains from MFs are considered long term, if redemption is made after one year from the date of investment. Assuming long-term CAGR of 12 per cent, a person has to start a monthly SIP of about Rs 10,871 (i.e. about Rs 1,30,455 per year) for 20 years to accumulate a corpus of Rs 1 crore (without considering the LTCG tax of approximately Rs 7.29 lakh). Also Read: Know in which category of MF you should invest Summarise this report in a few sentences.
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parents must take into consideration the effect of inflation, which may increase the current cost many-folds. if the girl turns 21-years-old, the amount to be invested annually will be Rs 1,50,000. SSY is a popular choice due to attractive interest rate, complete tax benefits and sovereign guarantee. if the current interest rate of 8.5 per cent and investments as per the limit continue, the maximum Rs 74,96,802 would be accumulated in the SSY account at the end of 21
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As Europe and the US loosen their lockdowns against the coronavirus, health experts are expressing growing dread over what they say is an all-but-certain second wave of deaths and infections that could force governments to clamp back down. "We are risking a backslide that will be intolerable," said Dr Ian Lipkin of Columbia University's Center for Infection and Immunity. Around the world, German authorities began drawing up plans in case of a resurgence of the virus. Experts in Italy urged intensified efforts to identify new victims and trace their contacts. And France, which has not yet eased its lockdown, has already worked up a "reconfinement plan" in the event of a new wave. "There will be a second wave, but the problem is to which extent. Is it a small wave or a big wave? It is too early to say," said Olivier Schwartz, head of the virus unit at France's Pasteur Institute. In the US, with about half of the states easing their shutdowns to get their economies restarted and cellphone data showing that people are becoming restless and increasingly leaving home, public health authorities are worried. Many states have not put in place the robust testing that experts believe is necessary to detect and contain new outbreaks. And many governors have pressed ahead before their states met one of the key benchmarks in the Trump administration's guidelines for reopening -- a 14-day downward trajectory in new illnesses and infections. "If we relax these measures without having the proper public health safeguards in place, we can expect many more cases and, unfortunately, more deaths," said Josh Michaud, associate director of global health policy with the Kaiser Family Foundation in Washington. Cases have continued to rise steadily in places such as Iowa and Missouri since the governors began reopening, while new infections have yo-yoed in Georgia, Tennessee and Texas. Lipkin said he is most worried about two things: the reopening of bars, where people crowd together and lose their inhibitions, and large gatherings such as sporting events, concerts and plays. Preventing outbreaks will require aggressive contact tracing powered by armies of public health workers hundreds of thousands of people strong, which the US does not yet have, Lipkin said. Worldwide the virus has infected more than 36 lakh people and killed over a quarter-million, according to a tally by Johns Hopkins University that experts agree understates the dimensions of the disaster because of limited testing, differences in counting the dead and concealment by some governments. The US has recorded over 70,000 deaths and 12 lakh confirmed infections, while Europe has reported over 140,000 dead. This week, the researchers behind a widely cited model from the University of Washington nearly doubled their projection of deaths in the US to around 134,000 through early August, in large part because of the easing of state stay-at-home restrictions. Newly confirmed infections per day in the US exceed 20,000 and deaths per day are running well over 1,000. In hard-hit New York City, which has managed to bring down deaths dramatically even as confirmed infections continue to rise around the rest of the country, Mayor Bill de Blasio warned that some states may be reopening too quickly. "My message to the rest of the country is learn from how much effort, how much discipline it took to finally bring these numbers down and follow the same path until you are sure that it is being beaten back," he said on CNN, "or else, if this thing boomerangs, you are putting off any kind of restart or recovery a hell of a lot longer." A century ago, the Spanish flu epidemic's second wave was far deadlier than its first, in part because authorities allowed mass gatherings from Philadelphia to San Francisco. "It is clear to me that we are in a critical moment of this fight. We risk complacency and accepting the preventable deaths of 2,000 Americans each day," epidemiologist Caitlin Rivers, a professor at Johns Hopkins, told a House subcommittee in Washington. President Donald Trump, who has pressed hard to ease the restrictions that have throttled the economy and thrown more than three crore Americans out of work, pulled back Wednesday on White House plans revealed a day earlier to wind down the coronavirus task force. He tweeted that the task force will continue meeting indefinitely with a "focus on SAFETY & OPENING UP OUR COUNTRY AGAIN". Underscoring those economic concerns, the European Union predicted the worst recession in its quarter-century history. And the US unemployment rate for April, which comes out on Friday, is expected to hit a staggering 16 per cent, a level last seen during the Great Depression of the 1930s. Governors continue to face demands, even lawsuits, to reopen. In Michigan, where armed demonstrators entered the Capitol last week, the Republican-led Legislature sued Democratic Governor Gretchen Whitmer, asking a judge to declare invalid her stay-at-home order, which runs at least through May 15. In hard-hit Italy, which has begun easing restrictions, Dr Silvio Brusaferro, president of the Superior Institute of Health, urged "a huge investment" of resources to train medical personnel to monitor possible new cases of the virus, which has killed about 30,000 people nationwide. He said that contact-tracing apps which are being built by dozens of countries and companies are not enough to manage future waves of infection. German Chancellor Angela Merkel said after meeting with the country's 16 governors that restaurants and other businesses will be allowed to reopen in the coming weeks but that regional authorities will have to draw up a "restriction concept" for any county that reports 50 new cases for every 100,000 inhabitants within a week. Lothar Wieler, head of Germany's national disease control centre, said scientists "know with great certainty that there will be a second wave" of infections. Britain, with over 30,000 dead, the second-highest death toll in the world behind the US, plans to extend its lockdown but has begun recruiting 18,000 people to trace contacts of those infected. In other developments, the US Centers for Disease Control and Prevention said nearly 5,000 coronavirus illnesses and at least 88 deaths have been reported among inmates in American jails and prisons. An additional 2,800 cases and 15 deaths were reported among guards and other staff members. Also read: UK coronavirus death toll crosses 32,000; highest in Europe Also read: Coronavirus: India to supply Europe with 1,000 tonnes of paracetamol API Summarise this report in a few sentences.
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"we are risking a backslide that will be intolerable," says one expert. experts are concerned about the resurgence of the coronavirus. the virus is a deadly virus that can cause serious illness and death. the u.s. has the highest rate of cases of the virus in the world. a u.s. government shutdown could lead to more deaths and infections.
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Gold prices edged higher to settle at Rs 49,290 per 10 gram on December 11 as participants trimmed their long position as seen by the open interest. The precious metal ended the week with a marginal loss of 0.14 percent for the week. The yellow metal traded in a narrow range during the week as the surge in coronavirus cases in the US and Europe has brought fears in the global market offsetting the optimism of the vaccine. The market will now look at the Fed meeting next week, any fresh trigger from the US stimulus talks, US-China trade tensions and Brexit uncertainty for further cues. In the retail market, the bullion metal settled at Rs 49,046 per gram on Friday down 0.55 percent on rupee depreciation and firm dollar. The premium charged by dealer over official domestic price fell to $2.5 per troy ounce this week from $3.5 last week as high prices dented retail appetite. The rate of 10 gram 22-carat gold in Mumbai was Rs 44,926 plus 3 percent GST, while 24-carat 10 gram was Rs 49,046 plus GST. The 18-carat gold quoted at Rs 36,785 plus GST in the retail market. The US dollar settled modestly higher at 90.97 or up 0.17 percent yesterday against a basket of six currencies, it gained 0.30 percent for the week. Gold holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund fell 3.79 tonnes to 1,182.70 tonnes. MCX Bulldesk jumped 67 points, or 0.44 percent to settle at 15,225. The index tracks the real-time performance of MCX Gold and MCX Silver futures. Sunand Subramaniam, Senior Research Associate at Choice Broking said, “Fundamentally for the coming month, we expect international gold futures to continue to trade mixed to bearish as there is a report of a further revival of global economic activities especially after the reports of third quarter GDP growth rate of various countries confirming that the global economy is heading towards the pre-COVID-19 situation.” Moreover, gold prices could see correction as ETF investments in gold has shown a slowdown with recoveries in 10-year bond yields of the major economies such as US, China, European Union, Japan and the UK. Gold prices could also further decline with decent development in the global equity markets as manufacturing and service industries are getting back into full capacity with further vaccine developments and rising demand from China, he said. The gold/silver ratio currently stands at 78.81 to 1, which means the amount of silver required to buy one ounce of gold. Silver prices fell Rs 368 to Rs 62,232 per kg from its closing on December 11. In the futures market, the gold rate touched an intraday high of Rs 49,438 and an intraday low of Rs 48,875 on the Multi-Commodity Exchange (MCX). For the February series, the yellow metal touched a low of Rs 41,560 and a high of Rs 57,100. Gold futures for February delivery soared Rs 213, or 0.43 percent, to settle at Rs 49,290 per 10 gram with a business turnover of 11,492 lots. The same for April edged higher Rs 177, or 0.36 percent, at Rs 49,330 on a business turnover of 425 lots. The value of the February and April’s contracts traded on December 11 was Rs 4,761.10 crore and Rs 209.48 crore, respectively. Similarly, Gold Mini contract for January climbed Rs 209, or 0.43 percent to close at Rs 49,290 on a business turnover of 11,203 lots. Subramaniam said on the daily chart, that MCX Gold February has closed below its “Bollinger Band Mean” which indicates weakness in the counter. Gold has been trading in a “Rectangle formation” suggesting choppy movement. The price has sustained below its “Ichimoku Cloud” signalling bearishness in the counter. The momentum indicator Relative Strength Index (RSI) has remained below its 50 levels suggesting negative momentum. We can expect a sideways to bearish movement in MCX Gold February futures for the month ahead with price finding resistance around Rs 50,180 levels, while on the lower end it may test the support at Rs 47,700 levels, he said. Spot gold settled with a slightly up $2.88 at $1,839.60 an ounce on Friday in London trading. For all commodities-related news, click here 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.
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gold ended the week with a marginal loss of 0.14 percent for the week. the precious metal ended the week with a marginal loss of 0.14 percent. the market will now look at the Fed meeting next week, any fresh trigger from the US stimulus talks, US-China trade tensions and Brexit uncertainty for further cues. the premium charged by dealer over official domestic price fell to $2.5 per troy ounce this week from $3.5 last week.
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The devastating impact of coronavirus on tourism sector can be gauged with the foreign tourist arrivals data. In February 2020, 1.01 million foreign tourists arrived in India compared to 1.08 million in February 2019, registering a year-on-year (y-o-y) de-growth of -6.6 per cent. This was the sharpest decline since 2015 and also the first in the month of February. In January it grew 1.3 per cent on a y-o-y basis. On a month-on-month (m-o-m) basis, tourists' arrivals in February fell 9.2 per cent compared to 8.9 per cent in January 2020. Though the intensity of the fall is hard to ignore, but going by the m-o-m data since 2015 this may not be a very unusual trend. India normally observes a healthy flow (a double-digit growth) of foreign tourists during October, November and December, which starts coming down from January till May and again improves during monsoons. Foreign exchange earnings (FEEs) during the month were Rs 18,281 crore as compared to Rs 17,912 crore in February 2019, posting a scanty y-o-y growth of 2.1 per cent. This was after a double-digit y-o-y growth since September 2019. The growth rate in FEEs during January- February 2020 was 7.1 per cent over the corresponding period last year. FEEs in US$ terms in February was US$ 2.6 billion compared to US$ 2.5 billion during the month of February 2019. Bangladesh tops the charts for foreign tourist arrivals in the country with highest share of 21.4 per cent in 2018. This was followed by tourists from United States with a share of 13.3 per cent and United Kingdom with 9.75 per cent. The top ten source countries accounted for nearly 66 per cent of tourist's inflow including Australia (3.28 per cent) and China (2.67 per cent). What started as an epidemic in China has now become a global pandemic. China reported its first COVID-19 case to the World Health Organisation on December 31, 2019 and since then the count has been rising. There have now been over 5.75 lakhs confirmed COVID-19 cases and 26,654 deaths globally. By end of January, China had 9,720 confirmed coronavirus cases and there were only 106 confirmed cases outside China from 19 countries. The percentage share of foreign tourist arrivals in India during January among the top 15 source countries was highest from Bangladesh (18.68 per cent) followed by USA (15.34 per cent), UK (9.68 per cent). Canada had a share of 4.51 per cent, Australia (4.01 per cent), China (2.86 per cent) and France (2.54 per cent). As on February, the COVID-19 cases in China jumped to 79,394 with 6,009 confirmed cases outside China. This restricted the inflow of tourists from China too as the country disappeared from India's top 15 list in the February. The highest was again from Bangladesh with 21.19 per cent share followed by USA (12.68 per cent), UK (11.39 per cent) and Canada (4.46 per cent). Total number of coronavirus cases in India has risen to 979 claiming 25 lives. The government has imposed a 21-day lockdown in the whole country on March 25th. All international passenger flight operations will remain closed till April 14 in the wake of the three-week nationwide lockdown imposed in light of the coronavirus outbreak in the country. As per the report of 3rd Tourism Satellite Account for India prepared in 2018 for the reference year 2015-16(using new base year, 2011-12 figures of CSO) the contribution of tourism to GDP was estimated around 5.2 per cent in 2015/16. With a lockdown ahead in India and restricted movements of people across the globe, tourist arrivals will be badly hit in the month of March and April and so will the foreign exchange earnings. Now, with roughly a 5 per cent share one can imagine the loss to the economy. Also read: BS-VI norms: Over 40 diesel cars, SUVs to leave showrooms in April Also read: Coronavirus: PM Modi advises people to perform yoga during lockdown; shares video Summarise this report in a few sentences.
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india recorded a year-on-year (y-o-y) de-growth of -6.6 per cent in February 2020. this was the sharpest decline since 2015 and also the first in the month of February. in January it grew 1.3 per cent on a y-o-y basis. in the month-on-month (m-o-m) basis, tourists' arrivals in February fell 9.2 per cent compared to 8.9 per cent in January 2020.
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Sensex and Nifty fell over 5.5% each on Monday tracking weak cues from overseas trend and subdued earnings season. Reversing trend after 4-days of gains, Sensex closed 2,002 points or 5.94% lower at 31,175 and NSE Nifty lost 566 points or 5.74% to 9,293. Experts said earnings reports and global cues would continue to dictate the local market's trend. Asian markets faced sharp sell-off on Monday amid growing concerns over China-US trade war tariffs, in response to the COVID-19 pandemic. Sentiments turned negative after US President Donald Trump threatened China to impose new tariffs. Wall Street sold off sharply on Friday after Trump, as well as US Secretary of State Mike Pompeo, blamed China for creating coronavirus in a Chinese laboratory. Ajit Mishra, VP - Research, Religare Broking said," Above all, the news of US president contemplating fresh tariffs on China over its mishandling of the pandemic triggered a sharp decline in the US markets which further worsened with the warning from Apple and Amazon." Domestic equity indices were also subdued, taking cues from the latest March quarter earnings that came below street estimates. While RIL share price fell 3.22% intraday after Q4 results, Hindustan Unilever declined 5.26%. Tech Mahindra stock lost 7.8% after Q4 earnings. Apollo Pipes share price was down 7.5%, followed by ICICI Lombard General Insurance that fell 6.6% and AU Small Finance Bank shares that traded 5% lower. Pharma stocks outperformed in today's session, the only index that closed in green territory. All the other indices ended with losses with banking, metals and consumer durables being the top losers. Among pharma stocks, Aurobindo Pharma rose 4.43% while Cipla was up 3.7%, followed by 2.15% gain in Cadila and 1.43% rise in Biocon. Sun Pharma also closed as the top gainer on Nifty today, quoting 0.33% at the session's end. While metal, banking and financial indices dropped over 8% each, PSU Banking, realty and auto were down 7% each, followed by 5% fall in media. Auto shares fell sharply today, as most of the industry majors posted zero domestic sales for the April month, due to the virus-induced lockdown. While Maruti closed 8.75% lower, Eicher Motors fell 6.45%, and M&M ended 2.66% lower. Ajit Mishra VP - Research, Religare Broking said, "The sharp cut in the index in early trade on Monday could be a shock for many and that might result in erratic swings. Technically, 9200 would be a critical support zone for the Nifty index." Amid weakness in equity markets, rupee also opened 61 paise lower in the currency market today at 75.73 per dollar. The local currency later closed at 75.71 against the last closing of 75.12 per US dollar. Traders said the extension of the lockdown till May 17, coupled with weak economic key data also impacted the markets. Meanwhile, the nation has reported a total of 42,533 coronavirus cases, of which 11,706 have been cured or discharged patients. The death toll in the country has risen to 1,373. Nifty today saw closing in the support zone at 9300-9100 and India VIX again saw a notable spike to close around the 44 mark, said Sameet Chavan Chief Analyst-Technical and Derivatives, Angel Broking. Commenting on Nifty's near term technical outlook, Sameet Chavan said, "In case of further escalation, we may see Nifty correcting towards 9100 - 9000, whereas on the flipside, 9390 followed by 9450 would be seen as immediate hurdles." Sensex slides to 31K, Nifty loses 500 points: 5 factors behind market crash today Coronavirus corrodes India's manufacturing; factory activity reaches record lows in April Share Market Update: Sensex ends 2,002 points lower, Nifty at 9,293; Hindalco, ICICI Bank top losers Why Hindustan Unilever shares fell 6% in intraday trade Tech Mahindra share price falls over 8% on weak Q4 earnings RIL share price slides 3% on fall in Q4 net profit Summarise this report in a few sentences.
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Sensex and Nifty closed 5.94% lower at 31,175 and 566 points or 5.74% to 9,293. pharma stocks outperformed in today's session, the only index that closed in green territory. pharma stocks rose 4.43% while Cipla was up 3.7%, followed by 2.15% gain in Cadila. pharma stocks outperformed in today's session, the only index that closed in green territory.
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Rajesh Raghavan, a medical representative with a mid-sized pharmaceutical company in Mumbai, no longer travels in local trains or visits crowded alleys to meet doctors. Locked down in his small flat in Navi Mumbai, Raghavan's main job now is to convince doctors for a Zoom meeting with his company's medical director and team. What's more, doctors are also happy to listen to the director about the latest medical innovations, besides discussing the advantages of the blood pressure drug that Raghavan has to market. "I was struggling to meet a dozen doctors earlier, now I am able to get in touch with an average 20 doctors a day," he says. According to industry leaders, fundamentals of the biopharmaceutical industry, built over decades, are changing post-coronavirus. Manufacturing, supply chain management, doctor-patient interactions, research and development (R&D), regulatory hurdles - everything is undergoing a transformation. Kiran Mazumdar-Shaw, Executive Chairman of Bangalore-based Biocon, with experience of over 45 years in biopharma research, says fundamental changes are bound to happen in healthcare post-corona, especially in scientific innovations. "Public health is likely to get priority, from the government, private sector and investor community," she says. Umang Vohra, Managing Director and Global CEO, Cipla, says the pandemic will redefine ways in which drug manufacturers engage with stakeholders, focus more on self-reliance and embrace new technologies. "Now it is natural for drugmakers to 'over-emphasise changes in the near-term' which will definitely happen, but the change will be gradual over time," says Nilesh Gupta, Managing Director, Lupin. Changing Manufacturing Landscape One thing that is happening now is that Indian drug manufacturers are receiving regulatory clearances for many of their plants found to be short of current Good Manufacturing Practices (cGMP) benchmarks of the US Food and Drug Administration (USFDA). The reason: With Covid-19 at its peak, the US started experiencing shortage of medicines and quickly cleared many Indian facilities under its scanner. First was IPCA Labs' two facilities for Hydroxychloroquine (HCQ) to treat Covid-19 patients. These plants were banned by the USFDA for nearly five years. It also gave green signal to Lupin (four plants), Dr. Reddy's Laboratories (two), Aurobindo (two) and Biocon (three) in the last couple of months. "That shows India's role and importance as a key supplier of drugs to the world," says an industry executive. Cipla's marketing application for the generics of Albuterol Sulphate, a medicine used to address breathing difficulties, was fast-tracked and approved by the USFDA last month. Its patented drugs, which have a market size of $1.1 billion, are sold by Merck, Teva and GlaxoSmithKline. Generics are cheaper than branded drugs. So far, the only other company to have received generic approval for the drug is US-based Perrigo. An Axis Capital analysis says the Indian biopharma industry is now in a sweet spot, given the high earnings visibility, supply opportunities due to demand and shortages in the US and Europe, a depreciating currency and faster approvals for facilities having minor issues. As against this, Indian companies were experiencing pricing pressure and margin squeeze due to consolidation of wholesalers and severe regulatory scrutiny, causing loss of business and market capitalisation. Leading Indian companies lost over $1 billion in market cap in the last one year. "The US and Europe are primary export destinations. India heavily exports paracetamol, ritonavir and key drugs like HCQ to these nations. With demand moving upwards, there is tremendous potential for the sector to make further inroads in international markets," says Cipla's Vohra. More investments in R&D and incentives for the private sector to boost export production in a favourable environment are needed to cash in on the opportunity, he adds. In a post-Covid world, domestic manufacturing may emerge as the biggest takeaway. "Increasingly, countries would want security over supply chains, and this is an opportunity for deeply vertically-integrated players to make more in-country manufacturing moves in line with major market requirements," says Lupin's Gupta. However, such changes will need to take into account regulatory and economic considerations. More automation in manufacturing lines and quality control is another likely change. Companies such as Lupin already use robots at some of its manufacturing lines to reduce human intervention. Increased focus on safety and sanitisation standards across sites are also here to stay, according to experts. However, delays in re-inspection of facilities and approval of limited competition products can affect prospects of Indian companies, warn analysts at rating agency ICRA. The USFDA has put on hold all routine inspections till further notice and ban on exporting products within the European Union (EU) will hit Indian companies with manufacturing bases in Europe. New World for APIs Supply chain disruptions due to the lockdown in China have put in focus countries' dependence on China for critical raw materials. "It has prompted governments across the world to focus on self-reliance. Local manufacturing will become a key focus, like 'Make in America, Make in India, Make in China' and so on," says Cipla's Vohra. One of the options before companies is to de-risk and procure raw materials from multiple sources and countries instead of a single source. Another is to manufacture key active pharmaceutical ingredients (APIs) and intermediates in-house. "We need to develop strategies to manage the production and distribution of products that are essential and in high demand," adds Vohra. About 65-75 per cent of India's imports of APIs (the part of any drug that produces intended effects) and intermediates are from China, worth an annual $2.4 billion. India imports APIs worth $3.56 billion a year. China controls over 55 per cent of the global API market worth $172.69 billion (2018). In the case of key APIs such as cephalosporins, azithromycin and penicillin, the dependence on China is as high as 80-90 per cent, according to ICRA. However, it may take years to build the scale of API manufacturing similar to China. "The government has to re-invigorate domestic manufacturing of raw materials through favourable policies and incentives that foster economies of scale and cost-competitive API output for the sector," says Lupin's Gupta. The Centre seems to have caught the hint. It is setting up three bulk drug parks at an investment of Rs 3,000 crore, and is prioritising production of 53 key raw materials (KRM)s and APIs with incentives worth Rs 7,000 crore. Healthcare to Go Digital Online medicine delivery and doctor consultations are the new trends in healthcare. Companies such as Cipla are using e-commerce firms to deliver consumer health products. Digital therapeutics (DTx), or mobile assisted software for medical interventions unlike lifestyle and wellness apps, are also gaining prominence. Companies like Cipla have already taken baby steps in this direction by investing in Wellthy Therapeutics, an Indian DTx player focusing on lifestyle disease management. Roles of medical representatives are changing as well, and there are new digital tools to connect doctors and patients. "The industry now engages healthcare professionals through virtual ad-boards, podcasts and webcasts to discuss scientific aspects of medicines, besides engaging doctors with global experts," says Sharad Tyagi, Managing Director, Boehringer Ingelheim, India. After the lockdown is fully lifted, companies are likely to use the work-from-home model for roles that do not necessarily rely on being on-site, including for field-based employees, says Tyagi. Lupin's Gupta says more digital adoption will happen across the commercial supply chain, covering distribution and order fulfilment. Lupin is promoting a chatbot among doctors to facilitate patient-doctor interaction. A study by American research firm IQVIA on the impact of Covid-19 for the Indian pharmaceutical industry says digital supply solutions, e-commerce and sustained investments by companies in digital channels, including video chats, e-detailing platforms and teleconsultations, will become a part of the new normal. Changing R&D World New drugs and vaccines, including for infectious diseases neglected earlier, will form the mainstay of global drug research going forward. Biocon's Shaw says increased funding for public health solutions such as vaccines and developing healthcare infrastructure will take place, especially in primary healthcare. "Apart from government initiatives, venture capitalists, angel investors and corporate houses will come forward to invest in biopharma innovations and technology-assisted medical solutions, which they had neglected due to high risk and long waiting periods for rewards," she adds. As an example, Shaw cites the launch of the Covid-19 Innovations Deployment Accelerator (C-CIDA) by DBT's Centre for Cellular and Molecular Platforms (C-CAMP) along with multiple non-governmental partners, an area of funding hitherto unheard of in biotech research in India. But pursuit of new chemical entities (NCEs) and novel biological entities (NBEs) may not be easy for Indian companies as it involves funding of over $1 billion to develop a drug or a vaccine. Balanced product pipelines are being developed across high-value generics, biosimilars (a product similar to an already approved medicine), NCEs and NBEs, with a thorough assessment of intellectual capital, available financial resources and the evolving regulatory and pricing environment. "Indian companies would continue such pursuits judiciously with a sharp focus on regulatory compliance and more global partnerships to shorten developmental timelines for complex products," says Cipla's Vohra. Lupin's Gupta says generics, including complex generics and biosimilars, will always be a meaningful part of companies' businesses. Use of technology in R&D for reducing cost, time and speed of marketing is going to gain prominence. Technology will also be used for regulatory communications, including virtual data rooms for preparing and sharing key documents with government bodies or regulators, he adds. But, ongoing trials could be impacted as safety of volunteers becomes a problem. "Researchers have to identify and actively monitor trials, pre-empt any possible issues and develop mitigation strategies accordingly, including shifting of trials to sites where risks are lower," says Cipla's Vohra. The change is already here, and according to experts, companies are already adapting to the change. One thing is clear. The Indian biopharmaceutical industry has a lot to take away from the current crisis. @pb_pbjayan Summarise this report in a few sentences.
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biopharmaceutical industry fundamentals are changing post-coronavirus. manufacturing, supply chain management, doctor-patient interactions, research and development (R&D) regulatory hurdles. public health is likely to get priority, from government, private sector and investor community. cGMP benchmarks of the usfda are being rolled out in india.
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Tougher scrutiny of foreign investment in India has soured the plans of China's smartphone manufacturers seeking to expand beyond selling hardware for a bigger share of the South Asian country's competitive financial services market. Xiaomi and Oppo, with more than 100 million in combined smartphone users in India, cannot directly lend to consumers without a shadow banking licence and have partnered with Indian financial companies to provide the funds for services offered on their platforms. Xiaomi in December launched its online lending service MiCredit in India, connecting users with Indian lending firms to access small loans. By the end of 2019, its platform had disbursed loans worth $16.5 million. Oppo introduced a similar financial services model Oppo Kash in March. The Chinese phone brands, however, are keen to establish their own non-banking financial company (NBFC) which will help improve margins by allowing them to directly sell financial products to their pool of smartphone users, people familiar with their plans said. "India is a very important market...This (rule change) will have a dampening effect," said an industry executive familiar with Xiaomi's consumer finance plans. That is because India's new foreign direct investment (FDI)rules add another layer in an approval process already incumbered by red tape, a lack of transparency and worries that Chinese investors are encroaching into Indian businesses. The Reserve Bank of India (RBI) has been cautious about issuing such approvals after the near collapse of one major lender in 2018, and it may now go even slower. In April, the government said it would monitor FDI from companies based in neighbouring countries, in what was widely seen as a move to keep Chinese firms from taking stakes in distressed local businesses amid the coronavirus crisis. China has called the rules "discriminatory". For Xiaomi and Oppo - both of which sources say have been waiting for around a year to get an NBFC approval from the RBI - the policy comes when India's smartphone shipments are likely to decline by 10% this year due to the coronavirus-led slowdown. Xiaomi and Oppo did not respond to a request for comment. Before tighter scrutiny of foreign direct investment was announced, would-be investors only sought RBI approval for a shadow banking licence. Now, it will be a two-step process for those from the neighbouring countries and approval will probably take longer to obtain, industry sources say. Alok Sonker, a partner at Indian law firm Krishnamurthy & Co, said the government needs to sign off on the initial capital infusion into an entity before it applies to the central bank for a licence. And even if the RBI were to grant an NBFC permit to those who have already applied - such as Xiaomi and Oppo - companies who raise funds from the neighbouring countries will face delays on their plans as these will need government approval, he said. "It raises questions about India's hard-earned regulatory agility that had banked on ease of doing business and single-window clearance," Sonker said. BUILDING THE ECOSYSTEM Xiaomi is the No. 1 smartphone brand in India, which is also its biggest international market, according to Hong Kong-based technology firm Counterpoint Research. It has a 30% market share based on shipments versus rival Oppo with a 12% share. Neil Shah, a vice president for research at Counterpoint, said that an NBFC would give Xiaomi and Oppo access to user data and spending patterns which can be exploited to boost revenue for other services. Profit margins from their smartphone sales are estimated at 1-2%. "Chinese brands are sacrificing margins on hardware to build a user base of hundreds of millions which they can monetise," said Shah. "Their ambitions can be delayed (by the policy)." In recent years, several companies have started operating as Indian shadow banks that lend more easily to customers new to the credit ecosystem. India's total credit demand is projected to be $1.41 trillion by 2021-22, consultants PwC estimate. India is lucrative for Chinese players as some have encountered regulatory setbacks in other Asian markets. Xiaomi's financial unit, for example, had to shut down in Indonesia in late 2018 due to a disagreement with regulators over the type of licence it needed. Xiaomi's and Oppo's consumer finance ambitions could face further delay as worries about Chinese investments grow more broadly amid anger in India over China's handling of the coronavirus pandemic, industry executives said. At least 30 applications backed by Chinese investors for licences to operate shadow banks are now with the RBI, two other industry sources said. The RBI does not disclose such statistics and did not respond to a request for comment for this story. Santosh Pai, a partner at Indian law firm Link Legal, said he had in recent months been approached by dozens of Chinese investors seeking advice on obtaining NBFC licences. "Given the sector is attracting scrutiny, some Chinese investors who did not have a great track record might not consider this (Indian NBFC) market now," Pai said. Also read: Fiscal stimulus vs Monetary measures: How India and other countries mixed it up Also read: Coronavirus Live Updates: Delhi cop tests COVID-19 positive; India's total cases top 78,000; deaths past 2,500 Summarise this report in a few sentences.
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Xiaomi and Oppo cannot directly lend to consumers without a shadow banking licence. they have partnered with Indian financial companies to provide the funds. the companies are keen to establish their own non-banking financial company. the move comes as india's smartphone shipments are likely to decline by 10% this year due to the coronavirus-led slowdown.
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Being inherently forward-looking, the market is possibly factoring in events six-nine months ahead, when the economic activity is expected to normalise, and this is what led to the bulls taking charge of D-Street in the week gone by, Umesh Mehta, Head of Research, Samco Group, said in an interview to Moneycontrol’s Kshitij Anand. Edited excerpts: Q) The bulls remained in control of D-Street in the week gone by. What led to the rally? A) Last week started on a muted note for the Indian market with major indices witnessing pressure and some profit-booking, however, an upbeat global sentiment magnetised domestic bourses for a bounce back. Given that global markets are nearing their 2020 highs, Indian bourses, too, are trying to imitate this trend. Mr Market being inherently forward-looking is possibly discounting events six-nine months ahead of time when economic activities are expected to normalise, this has ceremoniously given bulls charge of D-Street this week. Q) Sectorally, metal and consumer durables hogged the limelight in the previous week. What is driving the rally in these sectors? A) Metals are trying to catch up with the rally which is currently being witnessed in gold and silver. The seemingly superfluous liquidity present across the world is now being channelised into the commodity space, especially metals and this has brought back the lustre in the metal space. Given that India is looking to jump-start the economy by unlocking different jurisdictions in a phased manner, buoyancy has shifted to the consumer-durable space with an increased focus on the automobile sector. Q) Any particular data point that investors should watch out for in the coming week? Which are the important Nifty levels to track? A) Investors should watch out for the US’ second stimulus package to fight the distressed economy amid this pandemic. The move is expected to lift the overall sentiment of the US market and, in turn, markets across the globe. Accordingly, domestic markets are likely to mimic stimulus clues and sentiments are likely to be positive. Markets are likely to consolidate and move higher. Investors are, therefore, advised to maintain a cautiously bullish outlook for the time being in the near term unless the Nifty50 breaks below 10,850. As the rally in heavyweights has taken a pause amid weakness in banking majors, consolidation is possible before the next upmove. Traders are advised to follow a buy on dips strategy, with 10,850 as a strict stop loss. Q) India has crossed 20 lakh COVID cases, gold is above Rs 56,000 and the Nifty back above 11,200. How do investors make sense of this puzzle? A) Currently, markets are gazing beyond the rise in COVID-19 cases and are looking to factor in the revival of the economy post normalisation in the next six-nine months. This has led to a fourfold positive sentiment. Additionally, qualified institutional placements of financial biggies roughly indicate gargantuan amounts of liquidity waiting in the system and this has the strength to push markets higher. With the cost of credit low and precious metals souring, the positivity is leading to higher highs in the bourses. Mid and smallcaps, too, are chasing this very rally. Therefore, investors are advised to ride the rally so long as it continues. Q) Small and midcaps continued with their outperformance in the week gone by. What is fuelling the rally in the broader market space—is it undervaluation, flush of money or investors just chasing growth? A) Historically, it is seen that small and midcaps tend to outperform when the overall market is in an uptrend and grossly underperform when markets are heading southwards. The benchmark indices have inched up nearly 50 percent from their March 2020 lows, which gives small and midcaps a reason to follow suit. Further, the quantum of helicopter money floating across the world, including in India, has ignited positive momentum across the board. Small and midcap stocks were already quite beaten down before the pandemic, the new-found momentum is causing rerating in stock prices. Q) Which sectors are you bullish on and why? A) We remain bullish on the pharmaceutical sector as R&D and drug trials continue in full force. The pandemic has led to great demand for a variety of drugs and has also quickened the pace for USFDA approvals. With pressure on generics slowly easing and turnaround in the pharma cycle, the rally has little more potential going forward. Q1 FY21 numbers were just a glimpse into the pharma’s rosy growth and if the demand continues at a faster pace, margins of companies are sure to improve even further. 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.
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bulls took charge of D-Street in the week gone by, says head of research. last week started on a muted note for the Indian market with major indices witnessing pressure. but an upbeat global sentiment magnetised domestic bourses for a bounce back. metals are trying to catch up with the rally which is currently being witnessed in gold and silver.
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