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Transcript Hi there, this is ETMarkets Investors' Guide, a show about asset classes, market trends and investment opportunities. I am Saloni Goel. Some investors have made a quick buck on Dalal Street over the past few weeks amid the Covid-19 disruption. Data showed nearly 88 per cent stocks on the BSE have delivered positive returns to investors since their March lows, with 123 of them doubling their prices in this period. The benchmark Sensex has advanced nearly 35 per cent since then. But, the macroeconomic picture looks bleak and very uncertain. Subdued GDP figures, sovereign rating downgrade, Sino-US flareup, India's own border tensions and rising Covid-19 cases make the near-term outlook grim. Are the bulls then walking on a slippery slope? Is it time to be extra-cautious or book some profit? Can the market again see quick and sharp correction and trap investors ? Or is it actually an opportune time to pick stocks? We caught up with Amit Jeswani, Founder and Chief Investment Officer at Stallion Asset Management, to seek answers to some of these questions. Welcome to the show, Mr Jeswani How would you explain the dichotomy between very clear distress in the macro- economy and a surging stock market? Have you been a buyer in this rally or are you still waiting and watching? Amit Jeswani Byte 1 Would you explain the investment philosophy of your fund? About 50% of your portfolio allocation seems to be to consumers, consumer technology and finance. How would you explain this investment thesis? Amit Jeswani Byte 2 Let’s talk about performance, because that’s what matters to the investor. How has your fund performed in the past few years and though this Covid disruption? Amit Jeswani Byte 3 Capital protection is important. What mechanism do you follow to protect the capital of your investors and under what circumstances your strategy may not work very efficiently? Amit Jeswani Byte 4 How did special situation investing help you in the past? Does it work in a bear market? How do you see the opportunities going ahead in this space? Amit Jeswani Byte 5 That’s it in this special weekend podcast. Do come back next Saturday for this weekly special. You can check out our regular podcasts on the equity market twice every week day. Summarise this report in a few sentences.
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88 per cent of stocks on the BSE have delivered positive returns to investors since their March lows. 123 of them doubling their prices in this period. the benchmark Sensex has advanced nearly 35 per cent since then. but, the macroeconomic picture looks bleak and very uncertain. subdued GDP figures, sovereign rating downgrade, Sino-US flareup, India's own border tensions and rising Covid-19 cases make the near-term outlook grim.
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MUMBAI: The consumption slump, a major challenge afflicting the economy, cannot be attributed to the NBFC crisis as it predates the first default by infra lender IL&FS, says a brokerage, which has also slashed growth forecast to 6 per cent with a downward bias.Many people attribute the deepening slowdown in consumption to the NBFC crisis that began in September 2018 when IL&FS went belly up following which consumption financing - a forte of shadow banks, stopped with a chill in disbursements by these players.According to Prachi Mishra, chief economist at Wall Street brokerage Goldman Sachs , her analysis indicates that consumption has been falling since January 2018, which is much before the end August 2018 default by IL&FS which triggered the liquidity crisis for NBFCs.She said the fall in consumption is responsible for a third of the overall dip in overall growth, with the global slowdown coupled with funding constraints."There is a slowdown and the growth numbers have fallen by 2 percentage points," Mishra said, speaking at an event.However, she expects growth to tick up in the second half, courtesy the easy money policy of the RBI which has slashed the key policy rates by a record five times or by 135 bps to a decadal low of 5.15 per cent since February and also the push to sentiment from the growth enhancing measures like the recent massive tax giveaways to corporates.Mishra said investments and exports have been sliding for a long time, but it is the steep consumption slump which has is the new pain area."The present slowdown is protracted and has lasted for over 20 months now," Mishra said, adding this is different from the growth headwinds like demonetisation or even the 2008 financial crisis, which were temporary in nature.The comments come amid growth slowing down to a six- year low of 5 per cent in the June quarter, which has been followed by a rash of downward revision in growth estimates to the tune of 70-110 bps, including by the RBI which now expects the economy to expand by 6.1 per cent and also by multilateral agencies like IMF and the World Bank Research by the brokerage points out that 40 per cent of the pain is coming from the slump in global trade, over 30 per cent from consumption slowdown and the rest is due to the severe funding constraints. Addressing the same event, Srei Infra Finance chairman Hemant Kanoria said there is a need for the economy not to be "messed" around for political gains.Kanoria said his company has cut down on disbursements and chosen to focus on holding on to liquidity for the rainy day, which has resulted in a sharp 30 per cent dip in new construction equipment hiring.Highlighting that this is a broader trend among the shadow banks, Mishra said NBFCs' credit growth has dipped to 13-14 per cent now as against a growth of 24 per cent till the recent past and blamed it on the slowing demand for loans, the increased regulatory pressures and a risk aversion NBFCs are show shy of lending that they are preferring to invest in government bonds rather than making loans, she said, adding this aspect needs to be broken. Summarise this report in a few sentences.
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consumption has been falling since January 2018, according to a brokerage. the fall in consumption is responsible for a third of the overall dip in growth. the growth numbers have fallen by 2 percentage points. but the RBI has slashed the key policy rates by a record five times. the brokerage has also slashed growth forecast to 6 per cent with a downward bias.
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IT Minister Ravi Shankar Prasad today asked Indian-origin IT entrepreneurs based in Silicon Valley, US, to mentor start-ups from India and sought their collaboration in new-age areas like artificial intelligence and data analytics. During his visit to Silicon Valley in San Francisco (US), Prasad interacted with prominent achievers and entrepreneurs including Vinod Dham of (Pentium chip fame) and Professor Thomas Kailath of (Stanford University), an official release said. At his interaction with entrepreneurs, Prasad “urged them to provide mentorship to the growing Indian start-ups of India from their vast experiences”, the statement said. “He also sought their active cooperation in the field of growing technologies such as artificial intelligence, data analytics and cyber security, and urged them to take India to a new level of growth by leveraging these technologies,” it added. India is among the fastest-growing electronics and digital markets in the world and a preferred destination for tech investment, given the large pool of skilled IT professionals. In the last few years, India has also emerged as the third largest start-up ecosystem in the world after the US and the UK. “Due to initiatives like Digital India and Make In India, the production of electronics goods in India in last four years has witnessed tremendous growth,” the statement noted. Summarise this report in a few sentences.
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IT minister asks entrepreneurs based in Silicon Valley, US, to mentor start-ups. he interacted with prominent achievers and entrepreneurs. he urged them to take india to a new level of growth by leveraging these technologies. india is among the fastest-growing electronics and digital markets in the world. in the last few years, India has emerged as the third largest start-up ecosystem in the world.
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Oil prices fell on Friday after the United States showed signs of following Asia into an economic slowdown, although supply cuts by producer club OPEC kept declines in check. US West Texas Intermediate (WTI) crude oil futures were at $46.71 per barrel at 0117 GMT, down 35 cents, or 0.7 percent, from their last settlement. International Brent crude futures were down 38 cents, or 0.7 percent, at $55.57 a barrel. Data for December from the Institute for Supply Management (ISM) on Thursday showed the broadest US slowdown in growth for more than a decade, as the trade conflict with China, falling equity prices and increasing uncertainty started to take a toll on the world's biggest economy. Despite this, traders said oil prices are expected to receive some support as supply cuts announced late last year by the Organization of the Petroleum Exporting Countries (OPEC) start to kick in. OPEC oil supply fell by 460,000 barrels per day (bpd) between November and December, to 32.68 million bpd, a Reuters survey found on Thursday, as top exporter Saudi Arabia made an early start to a supply-limiting accord, while Iran and Libya posted involuntary declines. OPEC, Russia and other non-members - an alliance known as OPEC+ - agreed last December to reduce supply by 1.2 million bpd in 2019 versus October 2018 levels. OPEC's share of that cut is 800,000 bpd. "If OPEC is faithful to its agreed output cut together with non-OPEC partners, it would take 3-4 months to mop up the excess inventories," energy consultancy FGE said. Considering the planned cuts versus ongoing increases in US crude production, which hit a record 11.7 million bpd by late 2018, FGE said it expected Brent prices to range between $55-$60 per barrel in the first months of 2019. Summarise this report in a few sentences.
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crude oil futures were at $46.71 per barrel at 0117 GMT, down 35 cents. international Brent crude futures were down 38 cents, or 0.7 percent, at $55.57 a barrel. data for December from the institute for supply management (ism) on Thursday showed the broadest US slowdown in growth for more than a decade.
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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 Indian School of Business ISB Chief Digital Officer Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit Yes, because clearly the markets had also expected LTCG tax going away and that has not happened. Two, is of course, for financials in the short term, there is going to be a kneejerk reaction because for banks, the insurance cost on deposits will go up, The allocations to mutual funds and insurance companies by individuals now may not grow at the same kind of pace. So that is something which is going to basically impact.Third of course, there was some of the global headwinds which have been there and the market is now again trying to come back and address those headwinds as well. On the whole, I would say that the kneejerk reaction from markets is both a combination of global headwinds and some of the expectations around LTCG tax, which have not been met. That is essentially the dual impact which the market is right now facing.Yes, there has been a combination, it depends upon what you really look at. Some of the foreign investors were facing a lot of challenges, the sovereign wealth funds. A lot of their concerns have been addressed. The dividend distribution tax issue, that has been addressed. So, basically for the financial investors, there are of course, some aspects to take home but there were one or two areas which have essentially not got addressed. On the whole for financial investors, it has been a mixed bag.No, absolutely. It is a huge advantage and it provides a huge trigger to sovereign wealth funds to come into India and invest and finance infrastructure projects. This was something which was badly needed and it has happened. That is a huge positive and the government has done a nice balancing act by extending this benefit only to sovereign wealth funds, because they clearly have a long term perspective and are essentially not looking out for some really super high returns.I clearly think that this is very positive, you are going to get quality investors and I think that quality money is now going to flow into a lot of big bang infrastructure projects, these are sovereign wealth funds who have deep pockets. So I think this essentially is a huge positive for essentially the overall investment cycle as well as for the infrastructure sector of India. Summarise this report in a few sentences.
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a range of CXO courses are available at the Indian School of Business. a kneejerk reaction from markets is a combination of global headwinds and expectations around LTCG tax. a government-backed tax on dividends provides a huge trigger for sovereign wealth funds to come into india. a government-backed tax on dividends is a huge positive for the overall investment cycle.
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By Vipul Tuli Government, industry and economic experts are aligned on the need to urgently encourage new project investments, to revive growth. The multiplier effects of large, new capital investments are many, especially job creation through the project life cycle, demand stimulation, productivity improvement and credit flow. The National Infrastructure Investment Pipeline of over Rs 100 lakh crore released last month by the prime minister is a stimulus to achieve such benefits. One of the biggest challenges in kickstarting infrastructure stimulus programmes is the 2-3 years planning and financing lead time required. Therefore, the need of the hour for the nation is to identify large, viable infra projects that are ready for implementation. The thermal power sector offers one such opportunity. Coal-fired thermal power plants across India are required to meet the latest emission standards prescribed by the government. To achieve this, most plants will need to install additional environmental protection equipment to reduce sulphur and nitrogen emissions. Considering only the sulphur removal equipment (FGDs, or Flue Gas Desulfurisation), the estimated investment required is over Rs 80,000 crore across India. Investments to reduce nitrogen emissions would be over and above this, of a similar order of magnitude. Besides the environmental and health benefits, there are several reasons why India should prioritise this massive capital investment programme. First, it can be kickstarted rapidly. The emission standards are already mandated by law. Many power generation companies have already planned and designed their equipment, and others are at various stages of planning. Deadlines for each power plant to install FGDs are clear and imminent, i.e., from 2019 to 2022. Second, the benefits of job creation and economic activity would be spread across the country, since the 441 thermal power plants identified for FGD implementation are across 16 states and about 140 districts. Third, FGDs offer significant scope for indigenisation, which would give a welcome boost to Make in India. And finally, the financial implications of these investments are modest, amounting to 5-10 paise per kWh across all power generated (around 25 paise per kWh for coal power). This is just 1-2% of average end-consumer tariffs of around Rs 5/kWh. Yet, implementation of the FGD programme is sluggish. The primary obstacle is the high investment cost for each plant, amounting to Rs 0.5 crore per megawatt (MW) of installed capacity, or around Rs 1,000 crore for a 2,000 MW power plant. With neither stressed power generators nor loss-making state distribution companies having the financial wherewithal to bear the additional costs, lenders understandably seek assurance on how these costs would be recouped. Only after electricity regulations provide this clarity, would lenders approve the necessary funding. The following measures would help accelerate financing approvals for the FGD mega-investment programme: Provisional tariff increases for contracted plants: A process for in-principle approval to pass FGD costs on to the end consumers via tariff increases is already in place for plants that have long-term power purchase contracts. This should ordinarily suffice for lenders to confirm debt financing. However, in view of the inordinately long and uncertain processes to secure final regulatory approval after project implementation, lenders perceive FGD cost recovery to be risky, and therefore, seek additional sponsor guarantees, higher interest rates, higher security reserves, etc, which are rarely feasible. Therefore, to enable financing, a provisional tariff increase for each such contract should be approved upfront by regulators, rather than just in-principle approval. The final tariff can, of course, be subject to final true-up based on actuals. A process for in-principle approval to pass FGD costs on to the end consumers via tariff increases is already in place for plants that have long-term power purchase contracts. This should ordinarily suffice for lenders to confirm debt financing. However, in view of the inordinately long and uncertain processes to secure final regulatory approval after project implementation, lenders perceive FGD cost recovery to be risky, and therefore, seek additional sponsor guarantees, higher interest rates, higher security reserves, etc, which are rarely feasible. Therefore, to enable financing, a provisional tariff increase for each such contract should be approved upfront by regulators, rather than just in-principle approval. The final tariff can, of course, be subject to final true-up based on actuals. Cost pass-through for uncontracted plants: Nearly 25,000 MW, representing 13% of India’s thermal capacity, is currently without long-term power purchase contracts. These plants are already struggling to survive since they typically sell at lower margins into the daily merchant and short-term markets (IEX and DEEP). There is currently no regulatory mechanism to repay the Rs 12,500 crore funding these plants would require for FGDs. Without a viable financing mechanism, these plants will likely end up as banking non-performing assets (NPAs), to the tune of another Rs 1,00,000 crore. FGD financing can be ensured for these plants by a regulator-approved tariff increase levied on all power sold on the IEX and DEEP markets and paid to FGD-ready plants selling into these markets. This mechanism would, in one stroke, enable uncontracted plants to go ahead with their investments. Nearly 25,000 MW, representing 13% of India’s thermal capacity, is currently without long-term power purchase contracts. These plants are already struggling to survive since they typically sell at lower margins into the daily merchant and short-term markets (IEX and DEEP). There is currently no regulatory mechanism to repay the Rs 12,500 crore funding these plants would require for FGDs. Without a viable financing mechanism, these plants will likely end up as banking non-performing assets (NPAs), to the tune of another Rs 1,00,000 crore. FGD financing can be ensured for these plants by a regulator-approved tariff increase levied on all power sold on the IEX and DEEP markets and paid to FGD-ready plants selling into these markets. This mechanism would, in one stroke, enable uncontracted plants to go ahead with their investments. Waiver of clean energy sess: Clean Energy Cess is being levied on coal-fired plants since 2010, presently at the rate of Rs 400/ton. In 2017 this was renamed GST Compensation Cess. An alternative to passing on FGD costs to consumers as described earlier is to allow generators to retain the Clean Energy/GST Compensation Cess after they commission their FGDs. This would immediately provide financing certainty to all contracted and uncontracted plants. An additional benefit of this option is that there would also be no need to increase end-consumer tariffs. The downside of this option would be lower GST collections for the government, but this impact would be spread over 3-4 years as FGDs are commissioned. India has laid out a bold vision to transition to cleaner thermal energy, the bedrock for 24×7 power to all Indians. Bringing regulatory clarity to enable financing of environmental investments is essential for this transition. It can almost immediately unlock Rs 80,000 crore of investment activity across the country, with significant economic and health benefits and a pre-emptive solution for another looming NPA crisis. If successful, a similar financing model can also be used for other environmental equipment, such as Selective Catalytic Reduction (SCRs) that reduce nitrogen emissions. The author is Managing Director, Sembcorp Energy India Ltd. Views are personal Summarise this report in a few sentences.
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nirmala khan: government's national infrastructure investment pipeline is a stimulus. khan: thermal power plants are required to meet latest emission standards. khan: the benefits of job creation and economic activity would be spread across the country. khan: government should encourage new projects to boost growth. khan: government should encourage more investment in renewable energy.
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Uday Kotak Uday Kotak has likened India’s lockdown situation due to the coronavirus pandemic to Abhimanyu's Chakravyuh – seeing as Abhimanyu from the Mahabharata despite being trained in warfare and breaking into the Chakravyuh, did not know how to escape. "It is easy to get into the lockdown, but getting out is a more complicated process," the Kotak Mahindra CEO said. He added that India would have to exit the lockdown in a “gradual and calibrated manner,” Business Today reported. Kotak acknowledged that emerging from the lockdown would be a struggle as chances of infections rising would be high, but the exponential economic cost of the lockdown is a reality. He added that the science problem would have to be dealt with in the real world economy. Follow our LIVE Updates on the coronavirus pandemic here On the Rs 20 lakh crore package announced by Prime Minister Narendra Modi and outlined by Finance Minister Nirmala Sitharaman in multiple tranches, Kotak said: “I would like to see the break-up… have no doubt a reasonable portion will go to those bottom of the pyramid and MSMEs.” 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 Adding that coronavirus is a long-term thing, Kotak added that despite collective efforts the vaccine is at least 12-15 months away. Speaking about lending in the post-coronavirus world, Kotak added that the bank will “look at the right sectors to lend” adding that the bank is focused on building a strong deposit franchise. He expects consolidation in the banking sector similar to the telecom and airlines. Follow our full COVID-19 coverage here Summarise this report in a few sentences.
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a vaccine works by mimicking a natural infection. it also helps quickly build herd immunity to put an end to the pandemic. a vaccine works by mimicking a natural infection. it is hoped that the'sea-save' vaccine will help prevent the spread of the disease. the'save' vaccine is a 'non-replicating' virus that uses a benign virus as vector that carries the antigen of SARS-CoV
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Boeing Co raised $25 billion in a bond offering on Thursday, a blowout result for the planemaker, which it said helped the company avoid taking government aid during the coronavirus-induced travel downturn. Boeing's capital raise, first reported by Reuters earlier this week, is the sixth-largest investment-grade bond offering of all time and the biggest year-to-date, according to Refinitiv data. The Federal Reserve's intervention in the credit market has boosted prospects for troubled borrowers such as Boeing. The U.S. central bank has slashed interest rates to zero and rolled out around $2 trillion in lending commitments. While it has not yet snapped up any corporate bonds such as Boeing's, its openness to doing so has buoyed credit markets. The planemaker has been trying to bring its 737 MAX jet back into service after two fatal crashes, while the coronavirus pandemic has hammered aviation and other industries. Business shutdowns around the world to curb the outbreak have dried up demand for air travel. Earlier this week, Boeing was hoping to raise between $10 billion and $15 billion in the bond offering, but increased the size of the deal to $25 billion due to the strong investor demand, according to people familiar with the matter. Demand was stoked by high yields relative to Boeing's other bond issues, Boeing's earnings report on Wednesday and provisions in the offering that protect investors in case of a credit rating downgrade to junk status. Following the bigger-than-expected bond offering, Boeing, which had been weighing seeking government aid, said it had no further plans to raise funds. "As a result of the response, and pending the closure of this transaction expected Monday, May 4, we do not plan to seek additional funding through the capital markets or the U.S. government options at this time," Boeing said in a statement. "We will continue to assess our liquidity position as the health crisis and our dynamic business environment evolve," the company added. Credit ratings agency Moody's Investors Service Inc estimated this month that Boeing's funding needs could top $30 billion in 2020. The company secured about half of this by drawing down on a $13.8 billion credit line in March, Moody's said. Chicago-based Boeing sold seven new bonds with maturities ranging from 2023 to 2060. The new funds came at a higher price for Boeing than prior bond offerings, a sign of the company's precarious financial situation. Among the debt sold was a 10-year bond with a 5.15% yield and a 450 basis point premium to U.S. Treasuries of a comparable duration, according to Refinitiv IFR data. By comparison, Boeing sold a 10.5-year bond in July with a 2.96% yield and at a 90 basis point premium to U.S. Treasuries. Given the higher yields on offer, there was around $75 billion's worth of demand for the new bonds, one source said S&P on Wednesday lowered its credit rating for Boeing to BBB-minus, one step above junk. To placate investors over the risk of a potential downgrade to junk status, the bonds contained a provision that raises the coupon paid to bondholders if Boeing loses its investment-grade status. Boeing had faced a May 1 deadline set by Treasury to seek priority funding from a $17 billion fund for national security-related companies. A Treasury spokeswoman declined to comment on Boeing's decision to forgo aid. U.S. President Donald Trump has repeatedly vowed to provide financial assistance to Boeing. The company in March had said it backed $60 billion in government loans and loan guarantees for the entire aviation industry and its chief financial officer had warned the "markets essentially" were closed to Boeing. Boeing said this week it would cut its 160,000-person workforce by about 10%, further reduce 787 Dreamliner production and try to boost liquidity as it prepares for a years-long industry recovery from the pandemic, which drove its second consecutive quarterly loss. The 737 MAX jet is expected to remain grounded at least until August due to software issues, people briefed on the matter told Reuters on Tuesday. Boeing shares closed up 1.5% on Thursday at $141.02. Citigroup, BofA Securities, J.P. Morgan and Wells Fargo Securities were the joint book-running managers on the bond offering. Also read: Why airlines reject DGCA plan to keep middle seats empty post-lockdown Also read: Airlines turn to cargo supply for survival during coronavirus lockdown Summarise this report in a few sentences.
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Boeing raises $25 billion in a bond offering, the sixth-largest of all time. the planemaker says it avoided government aid during the coronavirus-induced downturn. the deal is the biggest year-to-date, according to a report by refinitiv data. the company says it has no plans to seek additional funding.
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Key Highlights: Top economists pitch for another round of fiscal stimulus worth 2% of GDP to put the economy on growth path and protect jobs. Additional borrowing to fund stimulus and front-loading of expenditure in infrastructure, especially small-ticket projects involving local companies, among key suggestions. The Centre had announced stimulus package worth Rs 21 lakh crore or 10% of India's GDP in May but most experts contested the size of the stimulus and pegged it at less than 2% of the GDP. The government has indicated that it will wait for the pandemic to subside before offering further financial support to trade and industry. Another round of fiscal stimulus worth at least 2% of gross domestic product (GDP) is needed to put economy on growth path and protect jobs, top economists have said. They have suggested additional borrowing to fund the stimulus and front-loading of expenditure in infrastructure, especially small-ticket projects involving local companies, that employ local people to support their income. Pronab Sen, country director of the International Growth Centre and former chief statistician, called for continuation of direct transfer of food and cash for some more time to help the vulnerable section of the society. Even as the government has indicated that it will wait for the pandemic to subside before offering further financial support, Sen said that the deadly virus is going to be around for some time and a vaccine is still not in sight while economic imperatives are getting more and more pressing. He said that delay in stimulus may delay economic recovery and more firms would go bankrupt. "This is the time it (stimulus) should be done. But at the moment the government is silent. The industry is absolutely correct in demanding a fiscal stimulus now when they are ready to start production," the former chief statistician said. He stressed that all relatively small projects, rural roads, housing (urban and rural), micro and mini irrigation works, drinking water pipeline projects etc should be taken up using local firms. DK Srivastava, EY India Chief Policy Advisor and also a Member of the Advisory Council to the 15th Finance Commission, endorsed another tranche of fiscal stimulus but said that its timing should be decided in line with the introduction and implementation of COVID-19 vaccine. "The moment the vaccine starts getting circulated, economic activities will open up fully and that should be the time we should stimulate the demand. Right now, any stimulus will have fractional impact and may lead to firming up of inflation," said the noted economist. He suggested the stimulus to be 2% of the GDP and should be shared between central and state governments so that the burden is evenly distributed between them and benefits are also shared in the same proportion. "Most of it should come from fiscal side because it was the fiscal stimulus which was relatively weaker part of the stimulus (announced in May following the gradual lifting of lockdown). The monetary stimulus was strong but most of it was ineffective because of transmission issues and also because of the fact that fragmented lockdowns continued," Srivastava said. The experts recommend high government spending rather than facilitating bank loans. "There is enough credit availability but no takers for lack of demand. The government should give up its conservative fiscal stance, as most responsible governments - both among the rich and poor countries - have done after the pandemic," said R Nagaraj, eminent economist and professor at Indira Gandhi Institute of Development Research (IGIDR). The government had announced a stimulus package, termed as Atma Nirbhar Bharat package, in May this year to combat economic recession triggered by the coronavirus pandemic. While it claimed the stimulus package was worth Rs 21 lakh crore or 10% of India's GDP, most experts contested the size of the stimulus and pegged it at less than 2% of the GDP. "I would say the government should provide another round of fiscal stimulus of minimum 2% of GDP at this stage," said HDFC Bank chief economist Abheek Barua. He, however, noted that the government may not come up with any significant stimulus until there are signs of infections going down and economy on a clear path of recovery. "Given the rise in public debt even in absence of a stimulus, I don't think they are in the position to offer a big stimulus," noted Barua. While some of the high frequency data such as Purchasing Managers Index (PMI), monthly vehicle sales and GST collection data have signalled improvement compared to sharp fall in the months of April and May, the economy is unlikely to reach pre-COVID level any time soon. Most economists expect the GDP data to show sharp contraction during the first quarter of FY21. Also Read: Enough legislative backing for GST compensation borrowing program: Centre Also Read: States to bear interest costs if they borrow more than shortfall GST implementation Summarise this report in a few sentences.
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experts argue that fiscal stimulus package is less than 2% of the GDP. government will wait for pandemic to subside before offering further financial support. pronab Sen, country director of the international growth centre, calls for continued direct transfer of food and cash for some more time. he says delay in stimulus may delay economic recovery and more firms would go bankrupt.
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Home textiles major Welspun India saw an increasing thrust on antiviral and antimicrobial products when the Covid scare gripped the country. In a freewheeling chat with ET Digital, Dipali Goenka, CEO and joint Managing Director, Welspun India talks about how the pandemic ushered in significant changes for the textile industry and why antiviral is more than just a buzzword. Edited excerpts:When the lockdown happened, our immediate problem and concern was that since our factories were shut, there was not a drop of revenue. What came to mind were our people, several of whom are directly or indirectly dependent on us. Around 20,000 people and hundred thousand people, directly or indirectly, depend on us.However, we saw to it that communities interdependent on Welspun are flourishing and safe. We started manufacturing masks because we have a technical textile vertical and started distributing it in our communities. One month was completely a lockdown for us. But as we moved ahead, the markets opened up.We took care of our people’s safety. We created protocols with safety, social distancing, and got our protocols audited by one of the big fours. And that's the time our journey began and has been very interesting so far.It wasn't a part of our core portfolio, but we have a vertical - technical textiles - which came into complete forefront of what we were doing. So we gradually looked at the relevance of the mask coveralls, medical coveralls, disposable linen like towels and sheets, and that's where we started.And then we forayed into creating it as a vertical for health and hygiene. Our labs today are BI certified . We have a clean environment to make our health and hygiene goods. Even the vendors are quality checked for the kind of raw material used.We created antimicrobial towels, sheets and also carpets. When we talk about antimicrobials, we have this woven into our products. Like if you talk about charcoal, bamboo, zinc, copper, silver, they were woven into our textile products and we created antiviral home linen.Apart from the antiviral products, masks and other goods from technical textile, we also looked at innovations related to sleep. Sleep is becoming a very important aspect.When we talk about the next generation of textiles, interestingly, health and wellness is going to be the prime. There will be a shift to value and extensions. So many people are going to find value in essential goods, whether it is the food, what they sleep in, and even the clothes they wear.Apart from that, the health and care economy will become the key, whether it's product, food, FMCG and the home space. 70% of the world population will not go back to work, even when the vaccine comes in.Apart from health and hygiene, an interesting thing will be sustainability. One out of every six individuals globally is connected directly or indirectly to home textiles or apparel. And it is the second biggest polluter in the. Textile corporates have an enormous responsibility towards sustainability.They definitely work in inhibiting the micro-organisms. And we took a little time to launch these things, because we wanted it to be tested. And they definitely are relevant. Also, importantly, I think it's not just about these finishes, I think it also has to go inherently into the products. Whatever we have done - that has been tested and tried.I would take safety as something which will become important for all of us. So when you talk about safety, it is directly related to health, hygiene and wellness.Even sleep will become very important because we all know how much time one is online and it definitely plays with our mind. Looking at the schools working online, everyone working online, we need that kind of mental space now. So what is that all about? It is all about sleep. So textiles which are very comfortable and sleep conducive also become important.Very interesting question. Seven months back, when the factories were completely shut down, we were worried. Today, as the world opened up, the countries globally opened up, I think suddenly there is a surge for home textiles. Our factories are chugging along and working at full throttle. So we see that happening in terms of demand. The peak today could be a temporary blip, but the demand is here to stay because people will work from home. So needs for home will improve.As far as ‘vocal for local’ and the textile industry is concerned, we are dependent and interdependent on MSMEs because that forms the entire supply chain. MSMEs form the bedrock and definitely so for textiles.We have to look at them [MSMEs] growing because it is going to be the ecosystem that you create. So definitely this is one important part of what we see as textile manufacturers.India is becoming a very important centre for manufacturing. And you will see in the next couple of years, 90 million non-farming jobs will be created and they need to be created for India to reach the $5 trillion economy status. Manufacturing is the biggest employer and textile, after agriculture, is the biggest employer. So creating that ecosystem and that entire system where India will become a very important strength to reckon with will be important.Vocal for local will be important, not only for consumers and the population but also for the world. India is going to be that bright spot for the world to see.I would say that textile will become a very important space for India as a whole, because I think we are talking about moving towards non-farming jobs. I think textiles will play a very important role because it's the highest employer. And definitely the demand that we see coming in for the next two years and more, home will be an important place for a consumer. So, definitely, I think textiles will be the focus.I think India is in the right space where, after China, the largest producer of cotton is India and we have vertical integrated facilities here. And we have the manpower, the knowledge, because textiles have been something which is inherent in our country. So, definitely, I think textiles could be a saviour. Summarise this report in a few sentences.
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welspun india saw an increasing thrust on antiviral and antimicrobial products when the Covid scare gripped the country. we created antimicrobial towels, sheets and carpets. we also created antimicrobial home linen. sleep is becoming a very important aspect of our products. we are a global leader in antiviral and antimicrobial products.
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Mumbai: Among the key bulk deals on Friday, private lender ICICI Bank sold 3.9 per cent stake in ICICI Lombard General Insurance. Companies such as Mindtree, Orient Cement and Nalco also witnessed bulk deals in the day.The 30-share Sensex rose 1.53 per cent or 523.68 points to close at 34,731.73, while the 50-share Nifty climbed 1.51 per cent, or 152.75 points to close at 10,244.40.Here’s who bought and sold what in some of the key bulk and block deals of the day:>> ICICI Bank sold 180,00,000 shares or 3.9 per cent of ICICI Lombard General Insurance at Rs 1,250.55 each.>> IIFL Asset Management bought 269,000 shares of Apollo Tricoat at Rs 370 per share.>> IDBI Bank sold 94,372 shares of Galada Power Telecommunication at Rs 50.04 each.>> Equity Intelligence India bought 8,63,993 of Bajaj Corp shares at Rs 146.68 per share.>> iShares Digitalisation UCISTF ETF sold 4,77,256 Justdial shares at Rs 361.01 per share.>> Integrated Core Strategies (Asia) bought 10,54,707 shares of Mindtree at Rs 918.89 per share, while The Vanguard Group sold 17,03,922 shares of the company at Rs 913.58 per share.>> iShares Emerging Markets Dividend ETF sold 145,84,208 shares of Nalco at Rs 30.75 per shares.>> HDFC Equity Opportunities Fund sold 17,96,150 shares of Orient Cement at Rs 72.93, while HDFC Balanced Advantage Fund bought 27,00,000 shares of the company at the same price.>> HDFC Equity Opportunities Fund sold 31,12,600 shares of Texamco Rail at Rs 35.95 each, while HDFC Balanced Advantage Fund bought 31,00,000 shares in the company at the same price. Summarise this report in a few sentences.
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ICICI Bank sold 3.9 per cent stake in ICICI Lombard General Insurance. companies such as Mindtree, Orient Cement and Nalco also witnessed bulk deals. the 30-share Sensex rose 1.53 per cent or 523.68 points to close at 34,731.73. the 50-share Nifty climbed 1.51 per cent, or 152.75 points to close at 10,244.40.
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live bse live nse live Volume Todays L/H More × Neha DaveMoneycontrol Research Central Depository Services (CDSL) is one of only two security depositories in India. The sector has been growing at brisk pace ever since it was made compulsory in 1999 for all securities trading to take place in the dematerialised (demat) form. Depositories have actually been a catalyst in increasing active participation of investors in the Indian market. The business is a proxy for the capital market in general and stocks in particular. CDSL is well-poised to benefit from capital markets continuing to grow in scale and depth. More importantly, we like the depository's inherent strength and the uniqueness of its business model. Add to this its robust financials and the stock is certainly worth considering. Low risk, predictable business As a security depository, CDSL facilitates holding and transacting of securities in the electronic form. The depository participants (DPs) act as its agents, offering depository services to the beneficial owner (BO) of the securities. NSDL, which is the only other domestic player in the sector, continues to lead with a market share of around 57 percent, but CDSL has been consistently gaining market share from NSDL. CDSL has a well-diversified revenue mix with a higher proportion of annuity revenue, which is not market-linked and is non-cyclical. Annual issuer charges This is a stable and regulated (SEBI determined) fixed fee charged to corporate entities annually for holding different securities (equity shares, preference shares, debt instruments, etc.) in the electronic form. CDSL earned around 29 percent of its operating revenue from annual issuer charges in FY18. The increase in revenue from these fees will be driven by an increase in the number of companies availing demat facilities, and is expected to remain steady. According to news reports, discussions are on to admit unlisted companies with depositories so that the Ministry of Company Affairs can get a complete view of what is happening in the sectors with respect to shareholding. This can turn out to be another line of business, though it may not be as big as the listed companies' segment. Transaction charges These charges are market-linked and charged to DPs based on the number of debit transactions. So the transaction fee depends on the volumes in the secondary market and the increase in number of demat/investor accounts. CDSL's incremental market share, in terms of number of demat/investor accounts, rose to 63 percent in FY18, which is encouraging. This will drive growth in transaction charges in the future. IPO and corporate action charges These are paid by corporates for non-cash corporate actions like bonus issues, subdivision of shares, or creation of new shares in the demat form after an initial public offering. Revenue from these charges has stupendously grown over the last 3 years because of a thriving capital market in general, and primary markets in particular. While this trend continues, we can expect to see higher growth in this category of charges. Online data charges This revenue is mainly derived from CDSL Ventures, which is a 100 percent subsidiary of CDSL. CDSL Ventures provides KYC services to investors in the capital markets, including to those in mutual funds. CDSL's revenue pool is de-risked by the diverse nature of these charges. We see the stable revenue base from the annual issuer charges segment as one of the key strengths of the business. The depository has deployed its capital to some other businesses that provide services such as insurance repository and commodities repository. It was recently granted a license by SEBI to become an RTA (registrar and transfer agent). All these initiatives are in nascent stages and are not making any meaningful contribution to the company's revenue as yet. However, we are encouraged by CDSL's foray into new business segments and expect it to translate to revenue at some point in the future. Robust financials Annual issuer charges are expected ensure stable growth in the company's revenue. The booming capital market, with a large number of primary issuances, high trading volume in the secondary market and huge inflows into mutual funds, will combine to deliver higher revenue growth in the years to come. CDSL's main operating costs are employee cost and software development and maintenance costs, which are largely fixed in nature. This results in high economies of scale, which is visible in CDSL's high-yet-improving EBITDA margin. The company's EBITDA margin has expanded to 60 percent in FY18 from 39.4 percent in FY13 as the improvement in revenue growth trickled down to higher profit because of high operating leverage. Moreover, CDSL's debt-free status and minimal capital expenditure requirement enables it to generate strong free cash flows. Promising outlook With the only two depositories in the country being promoted by its two major stock exchanges (NSDL by NSE and CDSL by BSE), the depositories sector has a strong entry barrier. SEBI is considering allowing corporates to enter the depository business based on the recommendations of the panel set up under the guidance of former RBI Deputy Governor R Gandhi. However, we don't see this move severely impacting the incumbents. With strong parental lineage, these depositories will have a clear advantage over any new entrant, if at all they have to face one. The growth of depositories is linked to the increase in capital market transactions. We see multiple growth drivers such as increasing financial savings, more retail participation, increase in market capitalisation in sync with economic growth, higher trading volumes and buoyant primary markets, aiding the growth of depositories. CDSL, being the only listed depository, could be a play on the increase in penetration of financial markets. Reasonable valuations The CDSL stock had run up after the company's public issue in June 2017 and is currently trading at 42 percent below its 52-week high. In terms of valuation, the stock is currently trading at 22 times the company's estimated earnings for FY20. While it is still at a premium to the valuation of BSE, which is a closely-related business, we believe the higher multiple is justified because of its less-cyclical nature vis-a-vis exchanges. Given the strong return ratios, with RoE at 17 percent (subdued because of cash in the balance sheet), and the inherent strength in its business model, we see a strong upside to the stock's current market price, driven by earnings growth and valuation re-rating. Long-term investors, looking for relatively low-risk financial service businesses with high return potential should buy the stock. Follow @nehadave01 For more research articles, visit our Moneycontrol Research page Summarise this report in a few sentences.
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central depository services (CDSL) is one of only two security depositories in india. the sector has been growing at brisk pace ever since it was made compulsory in 1999 for all securities trading to take place in the dematerialised form. the depository facilitates holding and transacting of securities in the electronic form. the depository participants (DPs) act as its agents, offering depository services to the beneficial owner (BO) of the securities.
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As the S&P 500 approaches fresh highs, some investors hope to pick up bargains in the battered U.S. real estate sector, where values of some major stocks have been cut in half this year.Coronavirus-fueled lockdowns and a major shift toward working from home have weighed on residential and retail U.S. real estate investment trusts. The sector has slid 7% this year compared with a 3% gain on the S&P 500.Yet investors say stocks in the sector could jump if a coronavirus vaccine loosens the pandemic’s hold on the U.S. economy.“You’re going to find more attractive spots in the REIT space than you will in some areas of the market like technology, that have the growth but are getting expensive,” said Mark Freeman, chief investment officer at Socorro Asset Management.Among his largest positions is Alexandria Real Estate Equities Inc ( ARE.N ), which rents space for medical research, and Prologis Inc (PLD.N), which owns warehouses used for ecommerce fulfillment by companies such as Amazon.com Inc (AMZN.O).Drugmakers will likely have tens of millions of doses of coronavirus vaccines in the early part of next year, Anthony Fauci, the top U.S. infectious diseases official, told Reuters in an interview on Wednesday.Such a breakthrough would be a boon for companies like mall landlord Simon Property Group Inc (SPG.N), said John Creswell, executive managing director at Duff & Phelps Investment Management Co. Shares of the company are down 58.2% for the year to date and trade at a trailing price to earnings ratio of 9.6, less than half of their 52-week high of 22.9.The company, which is expected to report earnings on Aug. 10, is managing the effects of the pandemic by capping its spending until consumers once again feel comfortable congregating in large groups, Creswell said.“They’re showing that they can live with COVID, not just get through COVID,” Creswell said.An extension of unemployment benefits and another stimulus bill would likely provide an outsized lift to retail and residential REITs that have lagged hot sectors such as data centers, said Michael Knott, Green Street’s head of U.S. REIT Research.“Given that consumption is such a critical aspect of GDP, bridging toward an environment that starts to look more normal will be pretty important to the retail and residential space,” he said.There are plenty reasons to be skeptical of a quick rebound. Enhanced unemployment benefits lapsed last week, and Congress has, as of Friday, had failed to pass another stimulus bill that would provide relief. Those enhanced benefits had funded continued spending for many of the more than 20 million Americans who have lost their jobs since February.More than 30% of mall-based businesses and office tenants are expected to withhold at least part of their rent payments this year, according to estimates from Green Street Advisors.Valuations in the sector also tend to vary widely, thanks to rallies in warehouse and data-center stocks that have skewed averages higher. Data center operator Digital Realty Trust, for example, is up 31% for the year to date and trades at a P/E of 55.2. On the whole, companies in the sector trade at 37 times earnings, compared to 24 for the S&P 500.Still, Freeman of Socorro Asset Management has raised his exposure to the REIT sector, expecting that consumers will return to physical retail stores and workers will return to offices once the pandemic is over.He also plans on adding to his exposure to apartments and retail centers, in part due to more attractive yields than those available from government or corporate bonds.“We are going to see how fundamentals play out before we become much more aggressive, but we’re starting to get much more comfortable with the space,” he said. Summarise this report in a few sentences.
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some investors hope to pick up bargains in the battered real estate sector. the sector has slid 7% this year compared with a 3% gain on the S&P 500. investors say stocks in the sector could jump if a coronavirus vaccine loosens the pandemic’s hold on the economy. a broader economic recovery could be a boon for REITs.
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Volatility in domestic stocks looks set to rise ahead of Thursday’s expiry of June series futures and options contracts. Here’s breaking down the pre-market actions.Nifty futures on the Singapore Exchange traded 28 points, or 0.27 per cent lower at 10,457, in signs that Dalal Street was headed for a negative start on Wednesday.The index formed a bullish candle on the daily chart, negating Monday's indecisive Doji candle.Normally, the negation of such a pattern (Doji) more often results in a sharp movement in the opposite direction, says Nagaraj Shetti, Technical Research Analyst at HDFC Securities.Japan's Nikkei 225 index was up 0.26 per cent or 59.21 points at 22,608.26 in early trade. Hong Kong's Hang Seng Index rose 0.51 per cent, or 127.53 points, to 25,034.87. China's Shanghai Composite index added 0.08 per cent, or 2.36 points, to 2,972.98.Oil futures edged lower on Wednesday, extending losses from the previous day, after US crude stockpiles grew more than expected, adding to worries about oversupply, although a fall in gasoline stocks kept the decline in check. Brent crude was down 2 cents at $42.61 a barrel.On Tuesday, the Dow Jones Industrial Average index rose 131.14 points, or 0.5 per cent, to 26,156.1, the S&P500 index gained 13.43 points, or 0.43 per cent, to 3,131.29 and the Nasdaq Composite index added 74.89 points, or 0.74 per cent, to 10,131.37.IOC, GAIL, Canara Bank , India Cements, GTL Infra, Indoco Remedies, Prestige Estate Projects and United Breweries are among companies, which are scheduled to announce their March quarter earnings on Wednesday.Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 168.96 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 454.48 crore, data suggests.The rupee on Tuesday appreciated by 37 paise to close at nearly two-week high of 75.66 against the US currencies following a rally in domestic equities and persistent foreign fund inflows on easing border tension with China.India 10-year bond yield rose 0.44 per cent to 5.90 after trading in 5.88-5.91 range.The overnight call money rate weighted average stood at 3.58 per cent, according to RBI data. It moved in a range of 1.80-4.05 per cent.>> Q4 Earnings: Canara Bank I GAIL I India Cements I IOC I PFC I Prestige Estates>> BoJ Summary of Opinions (05.20 am)>> BoE FPC Meeting (02.00 pm)>> April US House Price Index MoM (06.30 pm)>> ECB Non-Money Policy Meeting>> EIA Crude Oil Stocks Change (08.00 pm)The government heralded the “early green shoots of economic revival” in May and June, pointing to higher electricity and fuel consumption, greater movement of goods and an increase in financial transactions. The Finance Ministry listed as many as 14 separate indicators across manufacturing, services, finance and agriculture to back this up in a statement entitled ‘Increase in Economic Activity-Improvement in Economic Indicators’ issued on Tuesday, which saw BSE Sensex breach the 35,000 mark for the first time since March 11, closing at 35,430, up 1.5%.India’s dominant lenders in the consumer finance space have seen credit card spends normalise and inch closer to pre-Covid levels after a fall of almost 70-80% in April. Top lenders such as HDFC Bank, Axis Bank and RBL Bank are seeing the return of consumer spends to almost 80% of the prelockdown levels in June. The largest credit card player, HDFC Bank, is likely to clock nearly 80% of its average monthly credit card spend at the end of June. The bank sees monthly credit card spends in the range of Rs 15,000-20,000 crore.Bond sales by NBFCs have nearly doubled in the first quarter of FY21, indicating a revival of investor confidence in suppliers of crucial credit to last-mile users despite the protracted lockdown. These financiers together raised Rs 89,433 crore, compared with Rs 49,625 crore garnered last year in June quarter. The tally may rise further as the quarter is yet to end. Double-A rated companies, considered less resilient than those with a higher rating, raised Rs 8,508 crore — more than four times of FY20.Indian customs could carry out 100% checks of Chinese import consignments at ports on the back of heightened security concerns following tensions at the border, people familiar with the development said. The move, possibly aimed at discouraging Chinese imports, could lead to delays in the release of consignments. However, the government played down the move with officials saying that no such instructions had been issued and containers may have been held up on the basis of risk assessment or intelligence inputIndia will seek a separate discussion on the suspension of work visas, ordered by US President Donald Trump on Monday, independent of the trade negotiations between the two countries, top government officials told ET. The contentious order, widely criticised by global technology leaders, disallows grant of fresh visas until December 31, jeopardising the prospects of thousands of skilled workers worldwide with Indian engineers likely to be the most affected.The ministry of road transport and highways is likely to cancel the bid submitted by a Chinese firm for execution of a stretch on the Delhi-Mumbai Expressway. Separately, two other bids submitted by Malaysian companies for highways projects being executed by the National Highways Authority of India are being reviewed, senior officials close to the matter said. Each of these three bids is about ₹500-₹600 crore.… Billionaires have been quick to recoup losses in the aftermath of the Covid-19 crisis. Of the four Indian billionaires who are among the world’s top 100, Mukesh Ambani saw a V-shaped recovery in his wealth, losing 19% in the initial weeks and regaining 18% in dollar terms. Vaccine king Cyrus Poonawalla was one of the fastest gainers in the world with his net worth rising 25% to $15 billion, making it into the top 100. The Gautam Adani family and Shiv Nadar of HCL, the remaining two in the top 100, saw their wealth decline by 18% and 6%, respectivelyListed microfinance companies including CreditAccess Grameen, Satin Creditcare Network and Spandana Sphoorty Financial are back on investors’ radar after clocking 26-95% gains in one month. This was despite pressure on the NBFCs due to liquidity issues and worries over deterioration in asset quality. But some are bucking the trend. Healthy capital base, early provisioning for pandemic losses, strong customer network, and attractive valuations based on forward multiples are key factors supporting their stock performance.Fund managers at domestic mutual funds are facing a tricky situation these days that could affect their performance. They are unable to buy more shares of RIL — one of the top performers on Dalal Street in the past three months — in equity schemes on account of the mandatory limits on holding a particular stock. Sebi guidelines do not allow actively managed diversified equity schemes to own more than 10% in a single stock. After this limit is hit, the weight in a scheme can go up only to the extent of rise in share price. Summarise this report in a few sentences.
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nifty futures on the Singapore Exchange traded 28 points, or 0.27 per cent lower at 10,457. the index formed a bullish candle on the daily chart, negating Monday's indecisive Doji candle. japan's Nikkei 225 index was up 0.26 per cent or 59.21 points at 22,608.26.
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The crusade against recovery of funds from defaulters would continue and if necessary be intensified as the nation transforms its credit culture, said Finance Minister Arun Jaitley in what appeared to be backing the regulator’s stance on defaulters."We lived in a society where the creditor indefinitely chased the debtor, today the roles have reversed," Jaitley told a conference of bankers held by the Indian Banks’ Association. "The need now is that we expedite the process. We need to augment our capacity as far as NCLT and NCALT are concerned. This change of relationship has had a salutary effect."Minister Jaitley ‘s assertion comes amid lobbying by industry that the central bank has been harsh, especially to power sector, with its rule that if a borrower misses payment by even one day would be considered a default and banks commence on how to resolve stress. Some sought judicial intervention as the deadline ended Monday and the Allahabad High Court declined to stay the order.India still remained a strong growth economy despite many complaints, but the external factors such as political crisis in Turkey or a sudden jump in Crude oil prices affect the economy, he said."No doubt we will continue to retain sweet spot of fastest growing economy," said Jaitley. "Macro economic fundamentals are strong. Our challenges are really external."In a veiled attack on the Opposition Congress Party which is claiming credit for about 10 percent growth after the back series of the GDP data were released, Jaitley said that the adverse effects of such a strong growth is more dangerous that called for a moderation."If we have growth on the basis of 31% or 21% credit offtake, history will record it as growth on the back of indiscriminate lending," said Jaitley. "One lesson that all of us must learn – moderation is required rather than just running after numbers."In fact, he blamed the indiscriminate lending during those days that put banks in poor health now."We ended up creating surplus capacities and funding projects which were unable to support debt they have taken," said Jaitley. "Some have indulged in fraudulent practices. The next error we did was to start dressing up and evergreening money that was owed to the banking system." Summarise this report in a few sentences.
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finance minister says he is backing the regulator's stance on defaulters. he blames indiscriminate lending during those days that put banks in poor health. he says the adverse effects of such a strong growth are more dangerous. he says the government must take a more moderate approach. he says the government must not rely on a'stupid' approach to recovery.
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Rewriting the law is probably necessary at times, but the Supreme Court wanting to revisit the remit of the Insolvency and Bankruptcy Code (IBC) with respect to the sale of natural resources is worrying. To be sure, the IBC is a relatively new piece of legislation, but to question its fundamental premise, namely that financial creditors have the first right to the financial proceeds, can have deleterious consequences for the country’s financial system. If lenders can’t be sure they have total control over their collateral, not one of them would lend a penny. The law must protect them. Debating whether the government is an operational or financial creditor is unwarranted. It seems quite clear that natural resources like spectrum, are like any other assets—a house or a piece of land—that have been paid for by the user. In the case of spectrum, even though the telcos have deferred payments, this was part of the agreement they signed; whether they paid all the money upfront or chose to pay part of it in instalments doesn’t make a difference. Nor does it make sense to say the government owns the spectrum since it gave these rights—for 20 years—to the telcos when it auctioned the spectrum. And, since the government hasn’t given the company a loan, it cannot be a financial creditor; it is an operational creditor, offering a particular kind of service. Consequently, the banks have the first right to the proceeds, as laid out in the code, and the remaining creditors must await their turn. The matter of relooking the status of the government has arisen because insolvent telecom operators like Reliance Communications and Aircel have put up their spectrum for sale as part of the corporate insolvency resolution process. The issue of whether assets like spectrum can be transferred or not should have been decided decades ago. The SC seems determined to ensure the government recovers the AGR dues from the insolvent telcos. It is possible the government may not get much by way of dues for adjusted gross revenues (AGR) after the banks have been given their share of the proceeds. But that is the law. Also, if the court is questioning how the government agreed to defer the revenue payments by the telcos, rather than claiming these upfront, it needed to have done so years ago when the government took the decision. As the telcos have pointed out—Aircel and Rcom, in this instance—they have the right to use and transfer the spectrum. Lawyers have pointed out, during the course of the hearings, that if the SC holds that spectrum is not saleable, it won’t help recover AGR dues anyway. The spectrum will merely be returned to DoT, to be auctioned for future use. The SC is justified in asking whether some telcos have filed for bankruptcy to escape paying their AGR dues. But, it must examine the matter in great detail, without prejudice. While some telecom companies may have mismanaged their affairs and found themselves in the insolvency courts, that so many telcos have gone bankrupt or are in serious trouble suggests it isn’t entirely their fault. The fact is government policy hasn’t been friendly; while spectrum prices were artificially jacked up by keeping supply restricted and even when the government started charging market prices for spectrum, it still kept charging licence fees and spectrum usage charges that were introduced at a time when spectrum was given for virtually nothing. The court is right to be fighting for the AGR dues, but it is critical that banks stay healthy as the impact on the economy is far greater. Summarise this report in a few sentences.
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the court wants to revisit the remit of the insolvency and bankruptcy code. it is concerned that the law must protect the government's financial system. spectrum is like any other assets -- a house or a piece of land -- that have been paid for by the user. the court seems determined to ensure the government recovers the AGR dues.
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ET Bureau The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Learn more about our print edition 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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government has asked apple to join a probe into alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians. industry grouping representing india’s top three telcos has accused global consumer-technology majors of “presumably circumventing and bypassing the legal telecom route”. causing a likely 3,000-crore annual revenue loss to both the Centre and the service providers.
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NEW DELHI: The country's farm sector is functioning smoothly despite COVID-19 lockdown and there will not be much impact on its growth in the current fiscal unlike other sectors, Agriculture Minister Narendra Singh Tomar said on Wednesday.Agriculture and allied sector's growth stood at 3.7 per cent during the 2019-20 fiscal.Meanwhile, government think tank Niti Aayog pegged the farm sector growth at 3 per cent in the current fiscal in hopes of a good monsoon amid prevailing COVID-19 situation.Addressing the media, Tomar said: "In the current lockdown situation, the agriculture sector is functioning smoothly as there has been no shortage of foodgrains, vegetables and dairy products. But, many other sectors are impacted. We are proud of our farmers. We thank our farmers".The impact of lockdown on the overall agriculture GDP will not be much this year on hopes of good rains. And the government has exempted farm activities from the lockdown rules, he said."Agriculture GDP was at 3.7 per cent during last year. I am confident that this growth in future will not be impacted much," Tomar added.Sharing the same views, Niti Aayog member Ramesh Chand said farm sector growth is estimated to be 3 per cent in the 2020-21 fiscal despite prevailing adverse circumstances.The forecast of good southwest monsoon, sufficient water level in reservoirs, increase in kharif sown areas, rise in offtake of fertilizer and seeds -- all these factors are in favour of farm sector growth, he said.The agriculture sector will rise to the occasion and play an important role in giving normal growth to Indian economy, he added."If you look at growth rate of 3.7 per cent in current price level, then growth rate comes to 11.3 per cent, which is 60 per cent more than the growth rate of the non-agriculture sector," the Niti Aayog member said.Agriculture accounts for 15 per cent of India's gross domestic and a source of livelihood for more than half of the country's 1.3 billion population. Summarise this report in a few sentences.
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agriculture and allied sector's growth stood at 3.7 per cent during the 2019-20 fiscal. government think tank Niti Aayog pegged the farm sector growth at 3% in the current fiscal. agriculture accounts for 15 per cent of india's gross domestic and a source of livelihood for more than half of the country's 1.3 billion population. despite COVID-19 lockdown, the government has exempted farm activities from the lockdown rules.
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Two years after AirAsia India took to the skies, Vistara began operating, from January 2015. Vistara said on Tuesday that it had collaborated with a Canada-based firm to launch a new scheme that allows passengers to put in bids to upgrade their seats to superior classes in flights. The new scheme is a way "to offset revenue losses experienced in 2020" and "leverage the higher capacity in superior cabins", the airline said in a statement. Once a passenger has purchased an economy or a premium economy class ticket, all he or she has to do is make an offer for a seat in the higher cabin class seven days prior to the flight's departure, Vistara told its passengers through an email on Monday. "If your offer is accepted, you will be informed before your departure," it stated. "With support from Plusgrade, more passengers will have access to the personal space, comfort, privacy and high-end service that come with a Premium experience," Vistara chief commercial officer Vinod Kannan said. Plusgrade provides fresh revenue generating solutions to the global travel industry. Vistara has 43 aircraft in its fleet. Majority of them are in a three class configuration -- economy, premium economy and business. The aviation sector has been significantly impacted due to the travel restrictions imposed in India and other countries in view of the coronavirus pandemic. All airlines in India have taken cost-cutting measures, such as pay cuts, leave without pay and firings of employees in order to conserve cash. India resumed domestic passenger flights from May 25 after a gap of two months due to the novel coronavirus pandemic. However, occupancy rate in Indian domestic flights has been around just 50-60 per cent since then. Currently, the airlines are allowed to operate only a maximum of 45 percent of their pre-COVID domestic flights. While scheduled international flights continue to remain suspended in India, special international flights under Vande Bharat mission or air bubble arrangements with other countries are allowed to operate. Summarise this report in a few sentences.
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Vistara has collaborated with a firm to launch a new scheme. passengers can bid to upgrade to superior cabins. the scheme is a way "to offset revenue losses experienced in 2020" the aviation sector has been significantly impacted due to travel restrictions imposed in India. the coronavirus pandemic has impacted all airlines in india.
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The wait is over! The big stimulus package which most of the market participants were waiting for is finally here, but the Rs 20 lakh cr stimulus package might not be enough to push Nifty back above 10,000, says Jyoti Roy, Deputy Vice President and Equity Strategist, Angel Broking Ltd in a podcast ‘D-Street Talk’ with Moneycontrol. The Government has announced additional stimulus measures of Rs 6 lakh cr on Wednesday on top of Rs 10 lakh cr. announced so far with more announcements which are likely over the next few days, he said. Wednesday's package tried to address the liquidity issues for the MSMEs, NBFCs, and power distribution companies which is positive for banks and NBFCs. He further added that though more announcements are expected from the FM over the next few days we believe that the total fiscal & monetary package of Rs 20 lakh cr. (~10% of GDP) may not be enough and more needs to be done. “We don't think that these stimulus measures are unlikely to take Nifty above 10,000. We need to take into account what is happening in the global economy - the US economy turnaround or the Dow rallying significantly from the current level which may pull the Nifty above the 10,000 marks,” he said. The market may not see a vertical kind of movement that we have seen in the past, it is more likely to be a slow grinding kind of movement. Our investment strategy is more sector-specific. He advises investors to focus on sectors where there is revenue visibility like FMCG, pharma, telecom and to some extent IT as well. On the other hand, banks are likely to remain under pressure for another 2-3 quarters. “It is going to be difficult for the market to breakout and sustain above the 10,000 mark. We think that we are still in that mild kind of bear market and markets will continue to grind lower,” says Roy. (Tune in to the podcast for more) 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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the government has announced additional stimulus measures of Rs 6 lakh cr on Wednesday on top of Rs 10 lakh cr. announced so far. more announcements are likely over the next few days, says jyoti roy, Deputy Vice President and Equity Strategist, Angel Broking Ltd. he advises investors to focus on sectors where there is revenue visibility like FMCG, pharma, telecom and to some extent IT.
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Mumbai: Moody 's Investors Service has placed the ratings on Tata Motors on review for a possible downgrade.The review, which will be completed over the next 90 days, is on the Ba3 corporate family rating and Ba3 senior unsecured debt rating,Moody's said in a statement.The outlook on ratings under review has been revised from negative, Moody's said.“We expect to conclude the review within 90 days,” based on a review of the impact of Covid-19 on the operations of Tata Motors, including its supply chains; impact on demand in key global markets and government's containment measures including some government support as well as its countermeasures and liquidity profile.On the rationale for a possible downgrade, Moody's cited the rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines, which are creating a severe and extensive credit shocks across many sectors, regions and markets.“The combined credit effects of these developments are unprecedented. The automotive sector has been one of the sectors most affected by the shocks given its sensitivity to consumer demand and sentiment,” it said.More specifically, the agency said “the weaknesses in the company's credit profile, including its exposure to final consumer demand for automobiles, have left it vulnerable to shifts in market sentiment, leaving it more vulnerable.”Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety.“Today's action reflects the impact on the companies of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered,” Moody's said.The review for downgrade decision considers that demand for new vehicles will come down meaningfully over the coming months, especially in the EMEA and North American markets. This is likely to extend through the early summer at least, with a reasonable recovery from the low points commencing then. “Our current assumptions are that global demand will shrink by about 14 per cent for all of 2020, and can be down in the range of 30 per cent for the second quarter,” Moody's said.Accelerating incidence of coronavirus infection across the US and EMEA could lead to even more extended production shutdowns and a much delayed demand recovery for its wholly-owned subsidiary, Jaguar Land Rover JLR's British plants are mostly closed, as are units along the broader auto supply chain. This should enable field inventories of unsold units to be somewhat restrained , but also lead to potential disruption even after new production starts, unless OEMs and the supply chain cooperate carefully.For now, Moody's said “we assume a reasonable pace of demand recovery in the third quarter, however the risk to the downside is considerable and further downside scenarios given the uncertainty on the severity and duration of the pandemic.”For China and India, Moody's expects auto sales to steadily improve from the first quarter. Nevertheless, these markets also face downside risks in terms of the pace and magnitude of the demand recovery. Summarise this report in a few sentences.
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moody's Investors Service has put the ratings on Tata Motors on review for a possible downgrade. the review is on the Ba3 corporate family rating and Ba3 senior unsecured debt rating. the agency cited the rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines.
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Along with the lives, the coronavirus pandemic may cost India $150 billion in the current year 2020. The nationwide lockdown and standstill businesses in the April-June quarter caused the economy to shrink by 17 per cent till May, said a research report by the World Bank. It added that the GVA in the calendar year 2020 is likely to contract by 5.1 percent, going by the trend so far. However, it further said that the actual growth will depend on whether the economy will continue to be held back by the Covid-19 pandemic; whether it will revert to previous levels; or whether it will overshoot to compensate for forgone activity during the lockdown. In the research carried out on the basis of daily electricity consumption and nighttime light intensity, the World Bank said that both electricity consumption and nighttime light intensity can provide a measure of economic activity in India. The findings suggested that the economic impact of the lockdown was not equal across states, districts, and cities, and the impact of the lockdown varied across them. The heterogeneity was related to the economic structure of the states and the migration patterns. Also Read: India’s economy may contract more than estimated earlier; firms won’t operate at over 70% capacity However, it was also found out that a larger number of Covid-19 infections resulted in a larger decline in nighttime light intensity in cities, but not in states. While nearly all the cities reported a fall in light intensity in April 2020, the contraction ranged from 16.8 per cent in Nagpur to 0.5 per cent in Pune. In Delhi, the nighttime light intensity shrank by 13 per cent. However, in Kolkata and Patna, the light intensity did not decline at all. The World Bank has revealed a positive correlation between Covid-19 cases per million residents and the decline in light intensity. Having more than 50 cases per million residents is associated with a 15 percentage points larger decline in light intensity. Summarise this report in a few sentences.
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the global bank said the global economy is likely to contract by 5.1 percent. the research was carried out on the basis of daily electricity consumption and nighttime light intensity. it found that a larger number of Covid-19 infections resulted in a larger decline in nighttime light intensity in cities, but not in states. the world bank has revealed a positive correlation between Covid-19 cases per million residents and the decline in light intensity.
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Shuttered sectors of New York’s economy will begin inching back to life Friday with more construction, manufacturing and curbside retail pickups allowed in parts of the state that are hours away from pandemic-stricken New York City. The smaller cities and rural regions of upstate New York have been spared the brunt of the coronavirus outbreak. Gov. Andrew Cuomo is allowing many of those areas to gradually reopen first, industry by industry. The first wave of businesses includes retail — though only for curbside or in-store pickup — along with construction and manufacturing. In the largely rural Mohawk Valley, DANVANN Construction & Development is set to begin an excavation job Monday at a lake on the southern edge of the huge Adirondack Park. “I’ve been lounging around the house a lot, and I’m ready to get busy,” said employee Justin Brown. “I’d rather be working.” 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 Job site rules will be different next week, with workers keeping their hands disinfected and their faces covered, said company owner Dan Roth, who has been paying his four idled employees. They'll also “have to stay 6 feet away from each other as best as you possibly can," he said. Cuomo's administration divided the state into 10 regions that will reopen on different timetables. Restrictions can’t be eased until a region meets seven benchmarks demonstrating that COVID-19 deaths and hospitalizations are down and that there are enough hospital beds if the outbreak flares up again. Each region must have a program of testing and contact tracing. The five regions of New York poised to open Friday cover a wide strip down the middle of the state. Excluded are New York City, Long Island and the Hudson Valley on the state's east side, and the Buffalo region to the west. It might resemble a soft opening. A lot of manufacturing, construction and retail deemed essential has continued in New York during the lockdown. And curbside retail pickup has been available for food, wine and some other retail goods. In Rochester, Tanvi Asher has been filling orders online for her Shop Peppermint and Salty Boutique clothing stores. She already has signs telling customers to stay in their cars while a worker brings packages to them. She will be open for curbside pickup Friday. But business is only about 25% of what it was before the pandemic, and she doesn’t expect a rebound until customers can browse the racks. “Sadly, the truth is if I don’t open, we will close forever,” she said. “So, at some point we’re going to have to open.” If new COVID-19 cases remain under control during the initial reopening, regions can open more types of businesses in a couple of weeks. The next phase will include office jobs like professional services and insurance, as well as retail. Restaurants are included in the phase after that, and then finally arts, entertainment, recreation and education. Along with the regional reopenings, Cuomo is relaxing other restrictions statewide. Warm weather gardening and landscaping businesses got permission to restart, as did drive-in theaters. The Four Brothers Drive-In Theater near the Connecticut border opens for the season Friday evening with “Trolls World Tour” and “Birds of Prey” showing on the big outdoor screen. Drive-ins, a nostalgic niche business before the pandemic, are suddenly an outlet for cooped-up families to watch movies safely from their cars. “Our only concern is making sure we can control the crowd. And we actually hired some police to come in and direct traffic,” said John Stefanopoulos, whose family runs the business 70 miles (110 kilometers) north of New York City. Businesses in the regions slated for reopening must come up with a plan outlining how they will prevent the spread of COVID-19, with requirements for providing face coverings and “social distancing markers” in common areas. Dandelion Energy, which installs geothermal energy systems, already has plans to stagger workers coming into its Peekskill warehouse and have crews drive in separate vehicles to installation sites. The company has a backlog of 180 jobs it can start tackling next week, at least in the Mohawk Valley, which is poised to reopen, according to CEO Michael Sachse. Dandelion has about 60 people on furlough and 20 active workers. Sachse said he hopes to be up to 60 active workers in June. “The risk for us is in starting and stopping again,” Sachse said. “Our hope is that it’s just a gradual and steady ramp back up to business as normal. But realistically, it may not look that way.” Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.
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governor Andrew cuomo is allowing many of the smaller cities and rural regions of upstate new york to gradually reopen first. the first wave of businesses includes retail — though only for curbside or in-store pickup. 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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New Delhi/Bengaluru: Within months of launching operations in China, hotel chain Oyo Rooms, run by Oravel Stays Pvt. Ltd, is looking to set up business in Indonesia, according to two people close to the development. Gurugram-based Oyo is also looking at the UK and some European countries to expand into within the next 12-18 months, the two said on condition of anonymity. “Our primary focus is to strengthen our foothold further in India. We are happy to state that we have reached 100,000 keys and are confident to reach 180,000 keys by this year. In an endeavour to deepen our network and commitment as South Asia’s largest hotel chain, we have expanded into Malaysia, Nepal and China, where we have over 5500 assets partners," said an Oyo spokesperson. Earlier this month, Oyo announced its presence in 26 Chinese cities including Hangzhou, Xian and Guangzhou. The hotel chain currently employs more than 1,000 people in China. Mint reported in March that Oyo was in early talks with existing investor SoftBank to raise as much as $800 million in fresh capital and could value the company at over a billion dollars. Founded in 2013 by Ritesh Agarwal, Oyo was one of the breakout startups from the funding boom of 2015, raising a surprise $100 million from SoftBank. However, poor service by hotels slowed its aggressive expansion plans. Oyo, which began as a marketplace, today controls room inventory and is bullish on its new brand, Townhouse. The brand was launched in January 2017 and played a key part in improving Oyo’s image with customers. Townhouse properties are owned by Oyo and fully managed by the company’s staff, working like any other branded budget hotel. Oyo is among the few startups creating a global brand from India. Zomato, Ola and Practo are some of the others, which have expanded into international markets in the last few years. Oyo competes with Fabhotels and Treebo. Mint reported on 25 May that a growing number of Indian startups, including Ola and eyewear retailer Lenskart, are venturing overseas, as they grow increasingly confident about their business models and their ability to take on global rivals. For instance, Ola has so far come out on top in its gruelling market-share battle with Uber, while Oyo has seen a turnaround in its business, driven by its efforts to gain full control of the room inventory on its platforms. This gives the founders increased confidence to venture into overseas markets. 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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hotel chain is looking to expand into the UK and some european countries. the chain is also expanding into the uk and some european countries. it is one of the few startups creating a global brand from india. a growing number of Indian startups are venturing overseas. a growing number of startups are venturing into international markets. a growing number of startups are venturing overseas to compete with global rivals.
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India is one of the most people-friendly tax regimes, Prime Minister Narendra Modi told a gathering of business leaders from Thailand and India on Sunday in Bangkok. Stressing on his government’s focus on tax reforms for its people and businesses, Modi said that while India has lowered the tax burden on the middle class considerably in the last five years, it is now starting ‘faceless’ tax assessment to avoid any discretion or harassment. “Our GST has fulfilled the dream of the economic integration of India. We want to work towards making it even more people-friendly. All of what I have said just now makes India one of the world’s most attractive economies for investment,” Modi said. Speaking at the golden jubilee event of the Aditya Birla Group, referring to the Direct Benefit Transfer (DBT) scheme launched to help people get direct benefit of the government’s subsidies and benefits, the prime minister said that DBT has ended the culture of middlemen and inefficiency and has saved more than $20 billion so far. Also read: Finance Ministry plans next tranches of CPSE, Bharat 22 ETFs in fourth quarter Modi also stressed on the $286 billion FDI received in the last five years to highlight investors’ interest in the Indian economy. “90 per cent of this came through automatic approvals. And 40 per cent of this is Green Field Investment. This shows that investors are taking a long term call on India.” The prime minister said India is among the top 10 FDI destinations, as per UNCTAD moved up 24 ranks on the Global Innovation Index of WIPO in five years. He further reiterated the government’s target of $5 trillion dollar economy. “In 65 years, 2 trillion. But in just 5 years, we increased it to nearly 3 trillion dollars. This convinces me that the dream of a 5 trillion dollar economy will soon become a reality. We are going to invest One Point Five Trillion Dollars for next-generation infrastructure,” he said. Modi added that India is actively working on Industry 4.0 to adopt latest technologies for development and governance needs in order to become a global manufacturing destination. “If there is one thing I am especially proud of, it is India’s talented and skilled human capital. No wonder India is among the world’s largest start-up eco-systems,” the prime minister said. Summarise this report in a few sentences.
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prime minister stressed on his government's focus on tax reforms. he said India has lowered the tax burden on the middle class considerably in the last five years. but it is now starting 'faceless' tax assessment to avoid any discretion or harassment. he also stressed on the $286 billion FDI received in the last five years. he also reiterated the government's target of $5 trillion dollar economy.
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ITEM 7a. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK As of December 31, 2000, we have approximately $411.3 million in cash and cash equivalents and current, long-term and restricted investments. Of the investments, approximately $228.7 million is classified as available-for-sale investments and $21.2 million is classified as held-to-maturity investments. These investments are primarily in fixed income, investment grade securities. Our investment policy emphasizes return of principal and liquidity and is focused on fixed returns that limit volatility and risk of principal. Because of our investment policies, the primary market risk associated with our portfolio is interest rate risk. Assuming interest rates were to increase by a factor of 1.1, the net hypothetical loss in fair value of stockholders' equity related to financial instruments is estimated to be approximately $5.1 million after tax (5.6% of total stockholders' equity). We believe that such an increase in interest rates would not have a material impact on future earnings or cash flows, as it is unlikely that we would need or choose to substantially liquidate our investment portfolio. The effect of interest rate risk on potential near-term net income, cash flow and fair value was determined based on commonly used interest rate sensitivity analyses. The models project the impact of interest rate changes on a wide range of factors, including duration and prepayment. Fair value was estimated based on the net present value of cash flows or duration estimates, assuming an immediate 10% increase in interest rates. Because duration is estimated, rather than a known quantity, for certain securities, other market factors may impact security valuations and there can be no assurance that our portfolio would perform in line with the estimated values. As of December 31, 2000, we had $135 million in borrowings outstanding under a revolving credit facility. The average cost of borrowing on this credit facility for 2000, including the impact of the interest-rate swap agreements, was approximately 9.9%. If the average cost of borrowing on the amount outstanding as of December 31, 2000 were to increase by a factor of 1.1, annual income before tax would decrease by approximately $1.3 million. As of December 31, 2000, CII had convertible subordinated Debentures outstanding of $47,059,000, of which $18,000 were held by Sierra Health Services, Inc. and is eliminated on consolidation. Purchase activity for the Debentures, to parties other than CII or Sierra, is believed to be minimal and there is no known market quotation system for the Debentures. The fair value of the Debentures at December 31, 2000 and 1999 was estimated to be $23,530,000 and $35,601,000, respectively. The December 31, 2000 value is our best estimate and was based on $18,000 stated value Debentures that we purchased for $9,000 in September 2000 and may not be indicative of the actual market value since we are not aware of any other recent Debenture purchases or market quotes. The December 31, 1999 price is based on the estimated market price on December 31, 1999. If interest rates were to fluctuate by a factor of 1.1, we do not anticipate a material change in the fair value of the Debentures based on the current market for them. Our outstanding financing obligations related to the sale-leaseback transaction are not publicly traded and are not subject to fluctuations in interest rates. ITEM 8. Summarise this report in a few sentences.
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This text discusses the market risk associated with CII's investments, borrowings, and financing obligations. As of December 31, 2000, CII had approximately $411.3 million in cash and cash equivalents and current, long-term and restricted investments, of which $228.7 million was classified as available-for-sale investments and $21.2 million was classified as held-to-maturity investments. The primary market risk associated with the portfolio is interest rate risk, and a hypothetical 10% increase in interest rates would result in a net loss of $5.1 million after tax (5.6% of total stockholders' equity). CII also had $135 million in borrowings outstanding under a revolving credit facility
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3:30 pm Market Closing: The benchmark indices ended off day's low but remained under pressure during the day. The 30-share BSE Sensex was down 286.71 points at 34,010.76 and the 50-share NSE Nifty was down 94.30 points at 10,451.20. 3:15 pm Market volatile: The benchmark indices were volatile in the final hour of trade with Sensex trading around 34, 000 and Nifty trading below 10,450. Here are the top headlines at 3 pm from Moneycontrol News' Sakshi Batra 2:50 pm SBI's exposure to PNB fraud case: SBI said that it has an exposure of USD 212 million (about Rs 1,360 crore) in respect to letter of undertaking issued by Punjab National Bank to Nirav Modi, but does not have any direct exposure to the absconding jewellery designer. “We don’t have any direct exposure on Nirav Modi but we do have some exposure on Punjab National Bank,” State Bank of India Chairman Rajnish Kumar told reporters here today. He said the bank has lent USD 212 million to Modi on the basis of LoU issued by PNB. Kumar, however, said the bank has some exposure to Gitanjali Gems, owned by Mehul Choksi, uncle of Nirav Modi. 2:35 pm market slips further: The Indian indices slipped further in the last hour trade with PSU bank index fell nearly 3 percent. The Sensex was down 239.61 points at 34057.86, and the Nifty was down 77.20 points at 10468.30. About 603 shares have advanced, 2059 shares declined, and 163 shares are unchanged. 2:20 pm Market Check: The benchmark indices recovered from the low point of the day, while Nifty trading below 10500 level. Ambuja Cements, Kotak Mahindra Bank, Dr Reddys Labs, TCS, Infosys and Wipro are the top gainers on the indices, while top losers are SBI, Tata Steel, Yes Bank, Maruti Suzuki, ICICI Bank, Eicher Motors and Tech Mahindra. The Sensex was down 195.70 points at 34101.77, and the Nifty down 62.30 points at 10483.20. 2:10 pm Dilip Buildcon bags EPC project: Dilip Buildcon has been declared L-l bidder by the National Highways Authority of India (NHAI) for a new EPC Project under NHDP-IVB for Varanasi - Dagamagpur (Pkg-l) in the State of Uttar Pradesh worth Rs 670.50 crore. 2:01 pm PSU banks under pressure: PSU Bank index fell more than 2.5 percent as all stocks caught in bear trap after PNB detected transaction fraud worth USD 1.8 billion (Rs 11,300 crore). PNB and Bank of Baroda were biggest losers, falling nearly 5 percent each. Bank of India, IDBI Bank, Union Bank, Syndicate Bank, SBI, Indian Bank, Canara Bank, Andhra Bank, OBC and Allahabad Bank were down 1-3 percent. Here are the top headlines at 2 pm from Moneycontrol News' Anchal Pathak 1:50 pm Buzzing: Phoenix Mills shares gained 1 percent after global brokerage house CLSA has maintained its Buy call on Phoenix Mills with increased target price at Rs 722 from Rs 597 per share earlier. Core mall portfolio is performing well as rentals rise 8-17 percent YoY, it said. 1:38 pm Europe Trade: European stocks opened higher, as investor confidence slowly returns after a sharp sell-off earlier in the month. The pan-European Stoxx 600 was up around 0.5 percent shortly after the opening bell, with almost all sectors and major bourses in positive territory. 1:25 pm Rupee Trade: The rupee erased its early gains to trade down by 5 paise at 63.96 against the US currency in afternoon trade in line with losses in stock markets. The rupee opened higher at 63.87 per dollar as against previous close of 63.91 at the inter-bank foreign exchange here. It gained further to 63.81 on good bouts of dollar selling before quoting at 63.84 at 1030 hrs. However, the rupee gave most of its gains in afternoon trade to quote at 63.96, down by 5 paise, as stock markets lost steam. Meanwhile, the US dollar slipped to a three-year low against a basket of currencies in early Asian trade, headed for its biggest weekly loss in two years. 1:15 pm Asia Update: Asian equities ended mixed on the last day of the week, but trading in the region was subdued with many markets shut for the Lunar New Year holiday. Gains on Wall Street provided an initial bounce to regional markets. Major US indexes extended their winning streak to five days on Thursday, with the Dow and S&P 500 breaking above their 50-day moving averages as bond yields hit fresh multiyear highs. On the US data front, jobless claims increased by 7,000 to a seasonally adjusted 230,000, rebounding from a near 45-year low. The producer price index, meanwhile, rose 0.4 percent in January, in line with expectations. 1:01 pm 5G Roadmap: The Department of Telecom expects to finalise a roadmap for 5G services by June this year, a top official said. "By June this year, I hope we will be able to unveil India's 5G roadmap," Telecom Secretary Aruna Sundararajan said at an Assocham event today. Globally, standards around 5G are expected to be finalised this year. The telecom ministry has set up a high-level committee to work on 5G roadmap so that India gets access to the next generation technology when it is available for commercial roll-out globally. "In the 5G we are looking to do lot of pilots. So when 5G hits India will be at leading edge of technology as well as used cases," Sundararajan said. She said that the DoT is in the process of framing new numbering scheme for SIMs that will be used for machine-to-machine (M2M) communications. Here are the top headlines at 1 pm from Moneycontrol News' Sakshi Batra 12:50 pm Market Update: The market remained under pressure due to a correction in banking, financial and auto stocks. The Sensex was trading over 100 points lower. The Nifty Midcap index was down around a percent. PSU Bank was the biggest loser among sectoral indices, falling 2 percent as all stocks are down. PNB, Bank of India, Bank of Baroda and Union Bank are prominent losers, down 2-5 percent. Technology stocks like Infosys, TCS and HCL Technologies were trading with a percent gain. 12:37 pm Management Interview: NBCC did not have much to show in their Q3 report card as execution weakened and additional provisions also limited bottomline growth. All large value projects that I have mentioned have started and some of the revenue has also come in Q3 but not to that extent. Q4 will be definitely far better. Initial three-four months, the project is at the foundation stage, so subsequently the revenue will come, Anoop Kumar Mittal, Chairman of NBCC said in an interview to CNBC-TV18. The present order book is around Rs 80,000 crore and in next one year, I am expecting another Rs 30,000-40,000 crore orders and it will be from the self-revenue generation projects like redevelopment, he added. 12:25 pm Buzzing: Shares of Union Bank of India declined more than 3 percent intraday after the lender said it has an exposure of Rs 1,900 crore to the PNB fraud case. "We wish to inform you that the bank through our foreign branches has been taking exposure with Punjab National Bank (PNB) as counterparty under various Letters of Undertakings (LoU) issued through authenticated SWIFT message," Union Bank of India said in late night filing to stock exchanges. State-owned Punjab National Bank on February 14 said it has detected a Rs 11,400 crore scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders. 12:16 pm BHEL commissions project in Punjab: State-run power equipment maker BHEL said it has commissioned 18 megawatt (MW) Mukerian hydro-electric project (HEP) in Punjab. "With the commissioning of the second 9 MW hydro generating unit, Bharat Heavy Electricals Ltd (BHEL) has successfully commissioned the 18 MW Mukerian hydro-electric project (HEP) stage-II in Punjab," the company said in a regulatory filing. Located on the Mukerian canal in Hoshiarpur district of Punjab, the 18 MW Mukerian project is a surface powerhouse of Punjab State Power Corporation Ltd (PSPCL). "The generation from Mukerian HEP stage-II will contribute significantly in reduction of greenhouse gas emissions and will help in achieving a low carbon development path for the nation," the company added. 12:05 pm IPO: Infrastructure construction and management company HG Infra Engineering will open its initial public offering for subscription on February 26, with a price band of Rs 263-270 per share. The anchor portion will be opened for a day prior to the issue open. The IPO, which will close on February 28, consists of a fresh issue of up to Rs 300 crore and an offer for sale of up to 60 lakh equity shares. HG Infra aims to raise Rs 462 crore through the issue at a price of Rs 270 per share. The net proceeds of fresh issue would be utilised for purchasing capital equipment; repayment of debt and general corporate purposes. 11:55 am Asset Monetisation: Reliance Communications said the shareholders approved the monetisation of its assets. The company announced the results of postal ballot on February 15, 2018, whereby the shareholders approved the resolution to monetise the spectrum, towers, fiber, telecom infrastructure and other assets with overwhelming majority of 99.91 percent. "RCom's asset monetisation is proceeding on fast track to close by March 2018, subject to lenders’ consents and other regulatory approvals," the company said. Post monetisation, the debt and liabilities of the company will reduce by around Rs 25,000 crore by prepayment of debts and transfer of Department of Telecommunications' Spectrum Installments. 11:51 am Market Update: The market extended losses late morning deals due to correction in banking & financials and auto stocks. The Sensex is trading lower with 150 points loss and the Nifty Midcap index lost a percent. Market breadth was largely in favour of declines as about three shares declined for every share rising. All sectoral indices were trading in the red barring IT. Technology stocks like Infosys, TCS and HCL Technologies were trading with a percent gain. 11:41 am Crude Oil Update: Oil prices edged higher as the dollar stood near a three-year low in subdued Asian trade, with many markets closed for the Lunar New Year holiday. US crude for March delivery was up 32 cents, or 0.52 percent, at USD 61.66 a barrel, after settling up 74 cents on Thursday. For the week, the contract has risen nearly 4 percent after losing nearly 10 percent last week. Brent crude was up 32 cents, or 0.5 percent, at USD 64.65 after settling down 3 cents. Brent is up nearly 3 percent for the week after falling more than 8 percent last week. 11:31 am Fiscal Deficit: The IMF has welcomed the fiscal deficit target set by India in its annual budget and noted that the country is returning to the path of gradual fiscal consolidation. "We can say we welcome the FY fiscal year 2019 budget targets and the target for a fiscal deficit of 3.3 per cent of GDP. Thus, returning to the path of gradual fiscal consolidation while keeping in mind the need to provide support to the nascent economic recovery in India," Gerry Rice, IMF Director of Communications Department told reporters at his fortnightly news conference. 11:19 am Buzzing: Shares of Gitanjali Gems plunged another 20 percent in after the company came under scanner of various investigating agencies following Punjab National Bank's Rs 11,400-crore fraud detection. The stock fell for the third straight session to hit 52-week low on both BSE and NSE. Among other jewellery stocks, Tribhovandas Bhimji Zaveri (TBZ) fell 2.52 percent to a low of Rs 110, Thangamayil Jewellery slumped 5 percent to Rs 514.45, Rajesh Exports fell nearly one percent to Rs 795.55. PC Jeweller, which had slumped 19.50 percent intraday yesterday, was trading in the positive territory. 11:01 am PNB Fraud Case Update: The ED today issued summons for appearance to billionaire diamond merchant Nirav Modi and his business partner Mehul Choksi in connection with its money laundering probe in the Rs 11,400 crore alleged fraud in Punjab National Bank (PNB), officials said. They said both Modi and Choksi were summoned under the Prevention of Money Laundering Act (PMLA) and asked to depose within a week's time. The notices were handed over to the directors of the firms of the two businessmen as they were not in the country. While Modi runs the jewellery brand chain under his name, Choksi is the promoter of Gitanjali Gems. The ED had registered a PMLA case against them and others based on a CBI FIR which was the result of a PNB complaint. The ED yesterday carried out multiple raids on showrooms, workshops, offices and residences of Modi and Choksi and seized diamonds, jewellery and gold worth Rs 5,100 crore. Here are the top headlines at 11 am from Moneycontrol News' Sakshi Batra 10:50 am Market Outlook: The Nifty had rallied 29 percent in previous year, but equity returns in 2018 will not be as good as 2017, Pratik Gupta, Head of Equities, Deutsche Bank India said in an interview to CNBC-TV18. He expects an upside of 10 percent on Nifty & Sensex by end of year. Deutsche sees Nifty at 11,500 levels and Sensex at 37,000 by December-end. He is not worried for market due to recent correction of 5-6 percent driven largely by rising US bond yield, but that actually was good, he said. The market will see such correction intermittently going ahead, he feels. 10:40 am Investment: Auto major Mahindra & Mahindra (M&M) said it will invest up to Rs 176 crore in car and bicycle rental firm Zoomcar India and Zoomcar Inc, its US incorporated holding parent company. Under the aegis of the deal, Mahindra Group would invest up to Rs 176 crore in Zoomcar India or Zoomcar Inc. which, when converted to common stock of Zoomcar Inc on a fully diluted basis, would constitute approximately 16 percent stake in Zoomcar Inc, the company said in a statement. Mahindra said the company has been keen to invest in the shared mobility space as a part of its strategy to participate in sustainable mobility solutions. 10:20 am Buzzing: Shares of Punjab National Bank continued to reel under pressure for the third consecutive day after the detection of Rs 11,400-crore fraud, slipping over 3 percent intraday. A fortnight after the scam was first reported, PNB Chairman and Managing Director Sunil Mehta yesterday said it has the capability to recover the dues from Modi and promised to take action against all wrongdoers. As the Enforcement Directorate conducted multiple searches at establishments linked to Modi, seizing diamonds, jewellery and gold worth Rs 5,100 crore and sealing six properties, the finance ministry said recovery would be made and nobody would be spared. 10:05 am PNB fraud case Update: Union Bank of India clarified that it has nearly 17 percent exposure to the transaction fraud worth USD 1.8 billion (Rs 11,300 crore) detected by Punjab National Bank recently. The bank said it through its foreign branches has been taking exposure with Punjab National Bank as counter party under various letters of undertakings (LoU) issued through authenticated SWIFT message. The bank has also purchased some buyers' credit assets from Axis Bank through risk participation as a part of normal international business practice, it added. "The outstanding exposure related to the incident is approximately USD 300 million and the bank is fully secured by LoU / LC / other documents," Union Bank said. The bank is fully confident to receive the payment, it added. 9:55 am Market Update: Benchmark indices continued to trade higher in morning, with the Sensex rising 134.45 points to 34,431.92 and the Nifty up 41.70 points at 10,587.20. About 1,144 shares advanced against 838 declining shares on the BSE. Technology stocks continued to support the market as TCS, Infosys and HCL Technologies gained 2 percent each. L&T, ICICI Bank, Reliance Industries, HDFC Bank and ITC gained 0.3-0.6 percent whereas HDFC, SBI, Adani Ports, Axis Bank, HUL and Eicher Motors were under pressure. 9:45 am PC Jeweller comments after PNB fraud case: As its shares got hammered in the aftermath of India's biggest bank fraud, PC Jeweller said the company does not use a letter of credit/letter of undertaking in business transactions and buys all diamonds from local markets on a cash basis only. The BSE had sought clarifications from the company after its share prices slumped nearly 20 percent intraday to Rs 303 apiece in previous session. The share ended the day at Rs 356.40, down 5.31 percent. "The company does not use the instruments of LUT/LOC (Letter of Undertakings/ Letter of Credit) etc in its business transactions. "The company does not have any international transactions in diamonds. It procures all its diamonds from local markets on a cash basis only," PC Jeweller said in its regulatory filing. It assured investors and shareholders that the fundamentals of the company remain strong and it continues to move ahead as per its laid down business plans. 9:35 am Buzzing: Share price of Indoco Remedies added 6.4 percent in morning as it has received certification for its Goa plant. The company received European GMP certification from Regulatory Authority of Hungary for its manufacturing facility for non-sterile products (Goa-plant III). The EU GMP certification will enable company to export medicinal products to all European countries. The granted GMP certification will also continue to support export of drug products to Canada, Australia, New Zealand and rest of the emerging territories as well, company said in release. 9:21 am Credit Suisse on Apollo Hospitals: Credit Suisse has upgraded the stock to Outperform from Neutral and raised target price to Rs 1,450 from Rs 1,075 per share. Start-up losses at Navi Mumbai should reduce starting next quarter and stent pricing impact should moderate next year as company repriced insurance contracts, the research believes. It feels EBITDA CAGR for FY18-20 should be strong at 20 percent versus 3 percent CAGR in past two years. FY18/19 EPS estimates cut 28/23 percent to factor in stent impact & higher AHLL losses. 9:15 am Market Check: Equity benchmarks extended previous day's gains on last day of the week, with the Sensex, Nifty Bank and Midcap indices rising around 150 points each, tracking positive global cues. The 30-share BSE Sensex was up 149.65 points at 34,447.12 and the 50-share NSE Nifty rose 48.30 points to 10,593.80. Punjab National Bank lost another 2 percent on top of 21 percent fall in previous two consecutive sessions. Gitanjali Gems tanked 19 percent on top of 20 percent correction in previous session. Nifty Midcap as well as Nifty Bank indices rallied 150 points each. Fortis Healthcare gained 4 percent as the Supreme Court allowed sale of pledged shares with lenders. Indoco Remedies, Shriram EPC, Future Consumer, Apollo Hospitals, HOEC, KNR Construction, Vakrangee and 8K Miles Software were up 2-5 percent while Nalco was down 3 percent. Summarise this report in a few sentences.
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benchmark indices ended off day's low but remained under pressure during the day. Sensex was down 286.71 points at 34,010.76 and the 50-share Nifty was down 94.30 points at 10,451.20. Sensex was down 195.70 points at 34101.77, and the Nifty down 77.20 points at 10468.30.
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AIS Glass Villa by Tahiliani Homes. These are rather tough times for most businesses, but for businesses such as the indie luxury real estate company, Tahiliani Homes, headlined by designer and master of drapes Tarun Tahiliani’s young son, the 29-year-old Jahan Tahiliani, it is far more difficult. It was just a short three months ago that they extended their real estate development and design company into the world of hospitality and high-end vacation rentals. With the current lockdown, the hospitality end of the real estate business has been paralysed. “Short term rentals will take a backseat and we won't see too many weekend visitors or trips for a few months at least. But we are seeing an increase in enquiries for long-term rentals and longer-duration stays. It's an interesting time, without any clarity on the timelines ahead.” Hopefully, as things settle down in a few months, what will survive is the business that involves posh, individualistic homes designed by a team led by Tarun Tahiliani. Sporting architecture by independent architects, among them Sameep Padora, these swish villas are located in some of the ritziest parts of states such as Goa and cities such as Delhi and Hyderabad. The six-year-old company has already delivered over Rs 100 crore worth of inventory for its clients and hopes to expand to Mumbai, Bangalore, Coonoor and other cities and towns. So, what's an economics scholar, son of India’s foremost fashion designer, doing in the luxury real estate business? Jahan studied economics in the US and last worked with CB Richard Ellis (CBRE) capital markets team. “Isn’t economics the basis of everything you do? It gives you a framework within which you can think,” he says. He joined the legacy business five years ago, but not on the fashion design front. Rather, he chose to metamorphose the fledgling interior design business into a hipster real estate-meets-home and hospitality design company. Just as an aside: Niche real estate and design companies are a global trend today. For instance, in Britain, indie companies like Fizzy, Pocket and Igloo are shaking up the real estate market not with volumes, but with interesting projects. Tahiliani Homes, the real estate development and design unit of Tarun Tahiliani Design, works in two ways: To build villa properties or luxury serviced homes, one to three to five villas on a site and then sell them. They also have launched their high-end vacation rental business. “We offer after-sales maintenance and concierge services. We help our buyers to rent out their villas to vacationers, particularly for our projects in a tourist destination like Goa, which is where our real estate story also began.” The other, equally important part of the business is their built-on-site projects, where they offer design solutions – from architecture to interiors, customised according to a client’s needs. “From identifying the land and designing the home, to the materials we carefully source and the inspirations that guide us, it is an end-to-end design service for both inner-city and destination homes.” Here is how Tahiliani Homes set the trend of innovative, small luxury real estate companies and what defines them. The evolution from space design to a luxury real estate company: “There was a lot of pressure on me to join the legacy fashion business, but I wasn’t convinced about getting into retail. I am not a designer,” recalls Jahan. “So I worked with different companies, including CBRE, where I got a bird’s eye view of the realty industry, micro markets and what High Networth Indians are buying. By then, Tarun had already forayed into the home design business.” The beginning of the space design business for Tarun was his family home just outside Delhi, and then the family vacation home in Goa. “The Goa villa was very Geoffrey Bawa-style (the Sri Lankan architect of mixed German, Scottish and Sinhalese descent) – outdoors-meet-indoors, tropical architecture, et al.” A few years later, he sold the home and moved on to design other projects, including a turnkey project on a piece of land he bought, and The Sol, a boutique hotel for Sun Estates., purely, Tarun states, “as part of my creative process”. Jahan Tahiliani. Jahan says he joined the space design business in 2014 and realised over time that the economics was skewed heavily in favour of the developer. “They were leveraging Tarun’s design ethos, his name, and our brand and paying us just a licence fee. On a Rs 15 crore project, we were earning a Rs 50 lakh fee. I had to fight this out, even to convince my father that we needed to give up the licensing businesses and move into development and design. Now, either we develop and design the properties on our own and sell them, or work on a joint development model where we are partners and design principal.” The division, which Jahan runs out of a different studio and not from Tarun Tahiliani Design office, has 12 employees, including architects and interior designers. This doesn’t include the team of concierges, hosts and maintenance guys in Goa for the vacation rental business. The homes they have built: From glass and Accoya wood villa for AIS Glass as the showcase for can be done, architecturally, with high-end processed glass, to three villas in a Goan village called Nachinola, bought by a Hyderabad family, to homes in Delhi (including a treehouse built on stilts), and a design project for a big south star, who Jahan is wary of naming, Tahiliani Homes has worked on individualistic projects. Design aesthetics: Verdant spaces that are seamlessly integrated deftly handcrafted materials and finishes, muted shades of ivory, taupe, grey and black complementing each other, are some of the elements that define a Tahiliani Home, says Jahan. “Our signature style is India Modern. It involves looking at our architecture and design traditions, our artisans, through the prism of modernity. We work with all kinds of artisans across India, from marble craftsmen to Aligarh carpet weavers to Moradabad brass artisans, use indigenous materials such as local laterite stone in our Goa projects. The way craftsmen are approaching their craft is rapidly changing. Though steeped in tradition, it has a new face. We offer them a design direction to ensure it is less ‘crafty’ and more sophisticated.” However, for those who do not “buy into the India Modern” aesthetics, Tahiliani Homes offer India Artisanal (far more detailed and embellished), Classic (drawing from colonial architecture and the Art Deco movement) and Contemporary (more steel and glass). “Often people like us to blend two styles, India Modern with Classic or India Modern with Contemporary,” he says. Their homes in Goa range from the very modern AIS Glass Villa to the more Portuguese-style villas that bring together the elements of the outdoors within the interiors via water bodies and a central courtyard. Why people invest in a niche luxury real estate property: “Because it is of the highest quality. A buyer is involved in every part of the process, from architecture to the design; we incorporate their artefacts, art and furniture into the home design. It is a personal journey of building your own home without dealing with a million people, from contractors to architects and structural engineers.” The foray into the hospitality business: As the sharing economy grows, most buyers of luxury vacation homes choose to leverage their assets and get a yield out of their investment. “As we see this trend become more popular, our hospitality division will help clients achieve this goal by putting up the properties for holidaymakers to choose from. The income generated from this will allow the homeowners to cover all of the expenses that are associated with their villa and additionally make a return on their investment,” says Jahan. Their concierge team assists owners and vacationers with restaurant bookings, spa services, home entertainment, boat rentals, and more, much like a five star hotel would. Deepali Nandwani is a journalist who keeps a close watch on the world of luxury. Summarise this report in a few sentences.
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indie luxury real estate company, Tahiliani Homes, has delivered over Rs 100 crore worth of inventory for its clients. the firm is led by Tarun Tahiliani's son, the 29-year-old master of drapes. he studied economics in the us and last worked with CBRE capital markets team. he chose to metamorphose the fledgling interior design business into a hipster real estate-meets-home and hospitality design company.
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Huawei unveiled the next-generation of its P-series smartphones earlier this week in Paris and they will arrive in India soon. The Huawei P20 and P20 Pro are scheduled to land on Indian shores sometime soon. The talking point of the new smartphones is their cameras which Huawei has developed in collaboration with Leica. The camera on Huawei P20 Pro has toppled every score on DxOMark, scoring an overall score of 109 - 114 for photo and 98 for video - whereas the Huawei P20 Pro comes second with 102 points, scoring 107 for still images and 94 for videos. The new smartphones from Huawei pip even industry leaders in mobile cameras like Samsung Galaxy S9 Plus (overall DxOMark score 99), Google Pixel 2 (98), and Apple iPhone X (97). The recently launched Xiaomi Mi MIX 2S, which was hailed for matching Apple iPhone X still images, also falls short of mathcing the Huawei P20 Pro and P20. Huawei has teased the P20 and P20 Pro on its Indian website, but a definite launch schedule is yet to be announced. The teaser seen on the website reads 'Coming Sooon in India' with the silhouette of the rear of P20 Pro in the background. Huawei, however, will not be bringing its Porsche Design Mate RS, which was unveiled alongside the P20 and P20 Pro, to India. The Chinese tech major has not revealed the prices of Huawei P20 and P20 Pro for Indian markets either. The Huawei P20 has been priced at 649 euros (over Rs 52,000) and the Huawei P20 Pro has been priced at 899 euros (over Rs 72,000). Coming to specifications, the Huawei P20 Pro sports a 6.1-inch OLED screen. It is a FullView display with a resolution of 2240x1080 pixels and a pixel density of 408ppi. The Huawei P20 has a 5.8-inch LCD panel up front, with a resolution of 2244x1080 pixels and a pixel density of 428 ppi. Both phones join the notch race, with a narrow display cut-out housing the front camera and other sensors. Talking about cameras, Huawei has partnered with high-end photography player Leica to design the cameras on both phones. The Huawei P20 Pro comes with a triple camera setup on the back featuring a 40Megapixel RGB sensor with f/1.8 aperture, a 20Megapixel monochrome sensor with f/1.6 aperture and an 8Megapixel snapper with telephoto lens and f/2.4 aperture. The smaller Huawei P20 gets a dual camera setup from Leica which has a 12Megapixel RGB sensor with f/1.8 aperture and a 20Megapixel monochrome camera with f/1.6 aperture. The selfie camera on both the P20 Pro and P20 is a 24Megapixel shooter with f/2.0 aperture. Going with the trends, Huawei has incorporated several AI functionalities in the cameras of P20 and P20 Pro which allows for image stabilisation, night time photography portrait selfies, and more. Huawei has also introduced slow motion video capture at 960 fps. Powering all this is the latest top of line Kirin 970 SoC that Huawei claims is a better performer than the latest Snapdragon 845. Inside the Huawei P20 Pro, it is coupled with 6GB of RAM and 128 GB of internal storage. The smaller Huawei P20 comes with 4GB RAM and 128 GB ROM. Both phones run EMUI custom OS based on Android 8.1 Oreo. In terms of connectivity, Huawei has opted for a USB Type-C and has done away with the 3.5mm audio jack. Other connectivity options include WiFi, Bluetooth, GPS/A-GPS and NFC. The Huawei P20 Pro has a 4,000 mAh, whereas the P20 has 3,400 mAh power unit under the hood. The Huawei P20 Pro will be avilable in Black, Midnight Blue, Twilight and Pink Gold, with an additional Champagne Gold option available with the Huawei P20. Summarise this report in a few sentences.
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the new smartphones will be unveiled in india sometime soon. the phones will feature a 6.1-inch oLED screen and a 5.8-inch LCD panel. the phones will be priced at 649 euros (over Rs 52,000) and 899 euros (over Rs 72,000) the phones will be available in europe and the u.s. from january.
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Royal Bank of Scotland has begun a major restructuring in its overseas investment banking operations, cutting almost a quarter of full-time staff in the United States, two sources with knowledge of the plan told Reuters. The taxpayer-backed lender is looking to cut between 80-90 jobs at its US head office in Stamford, Connecticut, following consultation with various employee unions and representatives, one of the sources said. The second source said the layoffs in the United States, where it employs 400 people, were the first in a broader plan to cut between 20-30 percent of NatWest Markets' non-UK workforce, with an undisclosed number of redundancies also being considered across Asia. At least eight bankers based in Singapore were laid off on Wednesday, the second source said, with redundancies in Hong Kong also seen likely. "In line with the multi-year process announced in February, we continue to progress our plan to refocus NatWest Markets on activities which directly support the bank's core customers and on areas where we will have a more stable and consistent revenue stream," a spokeswoman for NatWest Markets said. "These are always difficult decisions, but we intend to make NWM a more sustainable business and will be supporting our colleagues through this process," she added. The roles affected include economists, rates traders and credit traders, one of the sources said. Earlier this month, RBS named Robert Begbie as chief executive of NatWest Markets, confirming a role he had held on an interim basis since December. Begbie faces a tough task to revive RBS's investment banking operations, where returns and market share have underwhelmed investors, prompting some to call for a cull of the business. Summarise this report in a few sentences.
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royal bank of Scotland is cutting 80-90 jobs in the united states, sources say. the taxpayer-backed lender is looking to cut between 20-30 percent of its non-uk workforce. at least eight bankers based in Singapore were laid off on a Wednesday, the source says. the cuts are the first in a broader plan to cut 20-30 percent of its non-uk workforce.
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MUMBAI: Markets staged a strong comeback on Thursday after six straight sessions of losses as investors accumulated recently hammered healthcare, energy and power stocks even as the rupee breached the 72 level for the first time.The BSE Sensex rebounded 224.50 points to end at 38,242.81, while the broader Nifty gained 59.95 points to 11,536.90. Benchmarks largely benefited from fag-end value buying in beaten-down stocks, lead by RIL and Sun Pharma , amid a rebound in European shares in late-morning trade, traders said.The session was marked by high volatility and stock-specific action. Troubled edtech major Byju’s on Saturday reported its delayed audited financial accounting for the year ended March 2022 — in parts — showing a 2.3 times growth in revenue to ₹3,569 crore in its standalone business. Ebitda loss of the core business — financials for which were reported — was down to ₹2,253 crore in FY22, from ₹2,406 crore in the previous year, according to a company statement. State Bank of India (SBI), the country’s largest lender by loans outstanding, met D-Street expectations to report an 8% increase in the second-quarter net profit on steady credit demand and lower provisions as the nation’s most-valued government entity wrote back some accounts where recovery was delayed. The lender expects robust loan growth, underpinned by broad-based economic expansion. India has cleared the first 100% foreign direct investment (FDI) in the defence sector, with permissions granted to Sweden’s Saab to set up a new facility that will manufacture rockets. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live Summarise this report in a few sentences.
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the rupee has breached the 72 level for the first time. the broader Nifty gained 59.95 points to 11,536.90. the session was marked by high volatility and stock-specific action. edtech major byju's on Saturday reported its delayed audited financial accounting for the year ended March 2022. the rupee has now breached the 72 level for the first time.
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The Haryana government on Sunday issued fresh guidelines for the next phase of lockdown and decided to open its interstate borders, including those with Delhi from June 1 and places of worship, hotels and malls from June 8. Seeking to follow the Centre's guidelines for the next phase of lockdown, starting June 1, the state government also decided to allow interstate movement of people and goods. As per the fresh guidelines issued by Haryana, the lockdown in containment zones will continue till June 30. Chief Minister M L Khattar held a meeting with some of his senior ministers and officials on late Sunday evening and took a call on the Centre's fresh lockdown guidelines, termed as "Unlock 1.0". It was decided in the meeting that there will be no restriction on inter-state and interdistrict movements of people and goods, a state government statement said after a three-hour meeting which ended late Sunday evening. In the meeting, it was also decided to open all religious places, hotels, restaurants and other hospitality services, besides shopping malls from June 8 in accordance with the SOPs, which would be fixed later by the Ministry of Health and Family Welfare. The meeting was attended by Deputy Chief Minister Dushyant Chautala and Home Minister Anil Vij, besides several senior government officials. Chief Minister Khattar had summoned the meeting in Chandigarh in the wake of the Centre's issuing fresh guidelines for the fifth phase of the lockdown beginning June 1. Vij had justified earlier sealing of the borders with the national capital, saying coronavirus cases in Haryana would have been at par with Delhi had they not been sealed. The Haryana government has maintained that a spurt in infection has been due to rising cases in districts adjoining the national capital owing to the cross-border movement of people from Delhi. Vij, however, had at the same time said if Centre allows free movement of people after lockdown 4 ends on May 31, the state will follow these directions. In the fresh guidelines on Saturday, the Centre has said there shall be no restriction on interstate and intrastate movement of people and goods and no separate permission, approval or e-permit will be required for such movements. "The state government decided to extend the lockdown in containment zones till June 30. It has also been decided to open the restricted areas in a phased manner in accordance with the provisions of National Disaster Management Act, and guidelines issued by the District Magistrate and concerned department," said the statement. It was decided in the meeting that district magistrates can impose restrictions under Section 144 of the CrPC on movement of individuals in areas under their jurisdiction from 9 pm to 5 am except for essential services. In addition, the shops will remain open from 9 am to 7 pm, the new Haryana guidelines said, adding the the deputy commissioner concerned can, however, impose suitable restrictions in highly congested markets depending on their own assessment. Interstate and intrastate buses will ply as per the schedule issued by the Transport Department from time to time, the guidelines said, adding taxis and cabs too will ply as per the existing Standard Operating Procedures (SOPs). The guidelines said the sports activities can begin from 5 am as against the earlier directions from 7 am. The earlier instructions issued with regard to sports activities, however, will continue, the guidelines stipulated. It was also decided in the meeting that as per the Centre's directive for COVID-19 management, wearing face mask would be compulsory in public places, workplaces and during transport. People will also have to maintain a minimum distance of 6 feet from others in public places, the guidelines said, adding, shopkeepers will ensure physical distancing among customers and will not allow more than five persons inside the shop at one time. Large public gatherings or congregations will continue to remain prohibited, the guidelines stipulated, adding in marriage related gatherings, the number of guests shall not exceed 50, while up to 20 people can attend last rites of a person. The guidelines also decided to allow the functioning of offices with 100 percent attendance of Group 'A' and 'B' officials and 75 percent attendance of Group 'C' and 'D' employees. Also read: Bihar extends lockdown till June 30; to follow Centre's 'Unlock 1.0' norms Also read: Herd immunity as coronavirus strategy too risky for India: CSIR DG Summarise this report in a few sentences.
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the state government decides to open its interstate borders starting from June 1. it also decides to allow interstate movement of people and goods. the lockdown in containment zones will continue till June 30. the state government has issued fresh guidelines for the next phase of lockdown. a meeting was held in a meeting attended by several senior government officials.
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Aegon Custody BV on Monday sold shares of HDFC Bank worth over 72 crore through an open market transaction. According to the block deal data available on BSE, Aegon Custody B V -MM Emerging Markets Fund sold a total of 7,99,386 shares of the bank. The shares were sold on an average price of Rs 910.3, valuing the transaction at ?72.76 crore, the data showed. These shares were bought by TKP Investments BV -Aegon Custody B V-RE AGMM Emerging Markets Fund. The stock of HDFC Bank settled at Rs 946 on the BSE, up 3.91 per cent from its previous close. Summarise this report in a few sentences.
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the shares were sold on an average price of Rs 910.3, valuing the transaction at?72.76 crore. the stock of HDFC Bank settled at Rs 946 on the BSE, up 3.91 per cent from its previous close. the stock of the bank settled at Rs 946 on the BSE, up 3.91 per cent from its previous close.
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Ayushman Bharat health insurance scheme cards will now be printed and hand-delivered to about 110 million families. The government will also organise 'Ayushman Pakhwaras' in villages to implement this ambitious plan. The Modi government will also set up a 24X7 centre in Delhi to attend to queries and complaints about the schemes. The family cards that the government is planning to hand-deliver will mention the names of the eligible individuals and will come along with a letter intimating each beneficiary about the primary points of the scheme. Additionally the call centre will have a toll free number and will have the responsibility of answering queries and addressing complaints via mails and calls. The call centre will also be vested with the duty of ensuring that beneficiaries have all the information about the schemes and services. CEO of Ayushman Bharat, Indu Bhushan said that the government plans to finish all preparations for the scheme by August 15, as mentioned in The Economic Times. Out of 500 million beneficiaries, the government has so far identified 80% of them in rural areas as well as 60% in the urban areas. Contracts for printing the cards and running the call centre will be awarded by August. More than 107 million family cards need to be printed and delivered over a period of two years as per a document by AB-NHPM. The service provider will print the cards, sort them into bundles according to area code and then deliver them. The letters would be sent to gram panchayats and distributed during Ayushman Pakhwaras door-to-door by health workers. Beneficiaries outside their home states could facilitate national portability benefits with the help of the call centre. Bhushan, however, added that it will take less than two years and meanwhile the beneficiaries will not be denied services in case their cards have not reached them. As the 2019 election is fast approaching, this move of the Modi government can get a nod of approval from the masses. To make this scheme a success, the health ministry recently even said that furnishing Aadhaar card to get access to the scheme is desirable but not mandatory. Aadhaar, whose constitutional validity is still under trial in the Supreme Court can become a major hindrance, especially as the sentiment towards it is not very favourable. The Modi government is also currently falling short of achievements to show for, while a spate of issues challenging the country's economy and social fabric has popped out its ugly head. So, Ayushman Bharat's smooth implementation could just be the masterstroke that the Modi government was looking for. However, recent reports had mentioned that while the government is shooting for the August 15 deadline, only 12-15 states would be able to roll out the scheme on that day, as told by Dr Vinod K Paul, the chief architect of the scheme who is also a member of Niti Aayog. States like UP, Bihar and West Bengal may take another 6 months or longer to launch Ayushman Bharat. Summarise this report in a few sentences.
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the government will also organise 'Ayushman Pakhwaras' in villages. the call centre will have a toll free number and will be vested with the responsibility of answering queries and addressing complaints via mails and calls. out of 500 million beneficiaries, the government has so far identified 80% of them in rural areas as well as 60% in the urban areas.
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Prime Minister Narendra Modi on Monday interacted with India's top business stalwarts and discussed how to improve economic growth and create new job opportunities. The meeting was attended by top businessmen like Ratan Tata (Tata Sons), Mukesh Ambani (Reliance Industries), Anand Mahindra (Mahindra & Mahindra), Gautam Adani (Adani Industries), Sunil Mittal (Bharti Airtel), Anil Agarwal (Vedanta), N Chandrasekaran (Tata Sons), AM Naik (L&T), Sajjan Jindal (JSW Group), Baba Kalyani (Kalyani Group) and Venu Srinivasan (TVS Group). The discussions assume significance as the government is looking at solutions for reviving the economy, which has witnessed a downturn in recent quarters, falling over six year low to 4.5 per cent in July-September quarter. Even the government has announced slew of measures to revive domestic consumption and attract more foreign investment. Also Read: PM Modi aims for $100 billion bio-manufacturing hub; industry says target seems aggressive Meanwhile, Finance Minister Nirmala Sitharaman has already started her pre-Budget consultations with various stakeholder from across the sectors ahead of her Budget speech on February 1. Once the pre-Budget meetings are over, a final decision on the tax proposals would be taken by the FM after which the proposals would be discussed with PM Modi. Also Read: Modi govt mulls another single window investment clearance cell to boost Ease of Doing Business Earlier on December 31, Finance Minister Nirmala Sitharaman announced that Rs 102 lakh crore worth of infrastructure projects have been identified for the next five years as part of the government's spending push in the sector. The minister said that projects worth Rs 3 lakh crore are likely to be added in this pipeline by the states, taking the total to Rs 105 lakh crore. By Chitranjan Kumar Summarise this report in a few sentences.
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top businessmen attended the meeting, which took place on monday. discussions assume significance as the government is looking at solutions for reviving the economy. the government has announced slew of measures to revive domestic consumption. the government has also announced slew of measures to attract more foreign investment. a total of Rs 105 lakh crore worth of infrastructure projects has been identified for the next five years.
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Updated: 3 Mar 2020, 10:07 am pradeep yadav | ETMarkets.com | Updated: 3 Mar 2020, 10:07 am Summarise this report in a few sentences.
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pradeep yadav: 'i'm not a shopper, i'm a shopper' pradeep yadav: 'i'm a shopper' pradeep yadav: 'i'm a shopper' pradeep yadav: 'i'm a shopper'
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Xiaomi Mi 10 is all set to launch in India today after many delays due to coronavirus lockdown. The company will launch Mi 10, along with IoT product Mi Box and earpiece Mi True Wireless Earphones 2. The phone Mi 10 has already been launched in China and some other global markets. Here's a lowdown of what Xiaomi is offering with its latest launch, Mi 10 phone: Mi 10 price: The phone is being offered in China at a price of Rs 42,800. However, Xiaomi India Managing Director Manu Kumar Jain had earlier stated that the pricing in India will be calculated differently than in China due to factors such as GST hike, direct import and depreciating rupee. Mi 10 features: The phone is equipped with a hole-punch display, and a quad camera setup at the back. Mi 10 has an in-display fingerprint sensor and runs on Android 10-based MIUI 11. When it comes to the display, the phone is packed with a 6.67-inch full-HD+ with a curved AMOLED display. The phone is powered by octa-core Snapdragon 865 SoC and comes with 12 GB of RAM. Mi 10 has 256 GB of onboard storage. The camera comes with a 13-MP wide-angle lens and two 2-MP cameras. There is also a 20-MP selfie camera on front. A 4,780mAh battery with 30W wired charging and 30W wireless charging support the Mi 10. Xiaomi is also launching a new IoT product, Mi Box. It is expected to come with 4K support, Chromecast support and Dolby Audio. The Mi True Wireless Earphones 2 will also be launched and is expected to be priced around Rs 6,600. Also read: Coronavirus: Govt to launch COVID-19 tracing app for Reliance JioPhone Also read: Coronavirus: Havells India trains engineers for zero contact service, extends warranty till June 30 Summarise this report in a few sentences.
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the phone is being offered in china at a price of Rs 42,800. the company is also launching a new IoT product, Mi Box. the phone is packed with a 6.67-inch full-HD+ with a curved AMOLED display. the company is also launching a earpiece Mi True Wireless Earphones 2.
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Mumbai: Falling bank deposit rates should not make you lose heart. Fixed deposits of top-rated companies could be an attractive investment option, especially for those desiring safety and reasonable returns. With the Reserve Bank of India announcing the closure of government bonds that paid 7.75 per cent interest and the country’s largest lender State Bank of India slashing deposit rates, financial planners are advising investors to consider fixed deposits of companies such as HDFC, Bajaj Finance, ICICI Home Finance and Mahindra Finance.Investors in a corporate deposit can earn as much as 200-240 basis points higher than deposit with a nationalised bank like SBI. While an SBI deposit pays a maximum of 5.4 per cent, a deposit in Mahindra Finance pays 7.8 per cent for 40 months. Bajaj Finance offers 7.6 per cent for a five-year deposit. Investors can opt to receive interest payment on a monthly, quarterly or annual basis, and many retirees often use such products to meet their monthly expenses.“Uncertainty in stock markets, negative environment around debt mutual funds and no fresh issuance of NCDs is turning investors towards corporate fixed deposits,” said Anup Bhaiya, CEO, Money Honey Financial, a Mumbai-based distributor.Investors prefer these companies because of their stable track record, strong parentage and top-notch ratings. While there is a preference for safety over higher returns, investors deem the current rates offered by banks to be unviable. The government bonds offered post-tax returns of 4.4 per cent annually for a person in the highest tax bracket. Though returns were not considered high, individuals preferred them for their safety. The highest interest rate offered by SBI is 5.4 per cent after the 40-basis point cut.“Investors are looking to lock money at higher rates in these corporate deposits as they believe rates will go down further,” said Rupesh Bhansali, head (distribution), GEPL Capital.Many senior citizens prefer corporate deposits over debt mutual funds as these are simple to understand, with defined rate of interest. The scrapping of six schemes by Franklin Templeton that has led to redemptions being stopped indefinitely has contributed to the aversion to debt funds. Returns after tax deductions in these fixed deposits work well for those whose income are not subject to tax or for people in the marginal tax bracket.Financial planners point out that investments in company FDs should be done after planning for emergency funds. “Build your contingency fund first through bank deposits and after that is done, opt for such deposits. Since they are illiquid, investment must be made with a view of holding till maturity,” says Vinayak Kulkarni, a Mumbai-based financial adviser. Summarise this report in a few sentences.
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falling bank deposit rates are turning investors towards fixed deposits. investors prefer companies because of their stable track record, strong parentage and top-notch ratings. government bonds offered returns of 4.4 per cent annually for a person in the highest tax bracket. the highest interest rate offered by SBI is 5.4 per cent after the 40-basis point cut. a deposit in ICICI Home Finance pays 7.8 per cent for 40 months.
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Gone are the days when President Donald Trump held forth daily at the White House podium flanked by members of his coronavirus task force. And the days when Vice President Mike Pence and other task force officials would head to Trump’s office to brief him immediately after their meetings. The White House won’t say when Trump last met with the task force. In the week since he emerged from coronavirus isolation, Trump has demonstrated new determination to minimize the threat of the virus that has killed more than 215,000 Americans and complicated his chances of winning another four years in the White House. “The light at the end of the tunnel is near. We are rounding the turn," Trump told supporters Friday at an event in Fort Myers, Florida, one of many moments during a week of campaigning when the president tried to play down the virus threat. “Don’t listen to the cynics and angry partisans and pessimists." In word and action, he is pushing an optimistic outlook even as coronavirus infections are spiking in Europe and public health officials are raising alarm that the infection rate in the U.S. is climbing toward a new peak. In the past week he has spread misinformation about the virus, undercut the nation’s leading infectious disease expert and kept up his practice of shunning mask use. The effort to diminish the virus has gone into overdrive as Democrats try to frame the race for the White House as a referendum on Trump’s handling of the worst U.S. public health crisis in over a century. The US economy is still roughly 11 million jobs short of recovering all 22 million jobs that were lost when the pandemic struck in early spring. The nation averaged more than 50,000 new coronavirus cases per day over the past week. National and battleground public opinion polls suggest that Trump faces stiff headwinds in his bid for a second term. Olivia Troye, a former aide to the task force who has emerged as a harsh Trump critic, says that early in the crisis Trump was “asking the right questions" when doctors spoke to him about their concerns that the country could face a surge of cases in the fall and winter. “That’s why it so completely reckless of him, after having COVID himself, to turn around this week and double down on taking the mask off and parading around like it’s not a necessary thing, calling himself immune," she said. “He’s doubling down on misinformation that has been coming out of his mouth for the entire tenure of this pandemic." At his NBC News town hall on Thursday night, Trump was asked whether he should have known better than to announce his nomination of Judge Amy Coney Barrett to the Supreme Court with a Rose Garden ceremony and indoor reception where few guests wore masks and social distancing was nonexistent. He responded by incorrectly citing a Centers for Disease Control and Prevention study to falsely suggest that mask wearing doesn’t mitigate the spread of the virus. The study did not say that. Trump also has been guarded in releasing information about his health and wouldn’t say whether he had tested negative on the day of his first debate with Democrat Joe Biden, two days prior to his positive diagnosis, allowing only, “Possibly I did, possibly I didn’t." After first lady Melania Trump revealed this week that their son, Barron, had tested positive for the illness, Trump used his child’s health scare and recovery to try to make the case that the virus is no big deal for young people. “It happens. People have it, and it goes," Trump said at a rally in Iowa. “Get the kids back to school." Earlier in the week, Trump undermined the nation’s top infectious disease expert, Dr. Anthony Fauci, who has at times contradicted the president’s commentary about the virus. “He’s a nice guy so I keep him around, right?" Trump mused at a rally in North Carolina, adding of the studiously non-partisan Fauci: “He’s a Democrat. ... He’s (New York Gov. Andrew) Cuomo’s friend." While campaigning, Trump and his team often go without masks, a return to the status quo for a president who earlier in the crisis suggested that some people wore masks just to signal their disapproval of him. In one striking moment this week, senior adviser Hope Hicks returned to campaigning with Trump more than two weeks after she tested positive for the virus. Hicks, the president and other aides climbed aboard Maine One wearing no masks. Trump defends his decision to go mask-less by saying that doctors tell him he isn’t shedding virus anymore and he remains “immune" for at least four months. Public health experts say that by refusing to wear masks, Trump and his advisers are missing an opportunity to model behavior that is essential to keep the rest of America safe. Dan Eberhart, a prominent Republican donor and Trump supporter, said the president’s rhetoric since leaving the hospital isn’t easing jitters among conservative contributors. Several GOP senators in tough races are having difficulty keeping up with an avalanche of Democratic campaign contributions that’s being driven in part by liberal anger over the president’s handling of the pandemic, Eberhart said. “Keeping up the veneer that everything is fine may soothe the president’s ego, but it isn’t motivating donors," Eberhart added. Trump’s interest in engaging with Fauci and other top medical officials on the coronavirus task force waned long ago. Fauci said in an interview with the Skullduggery podcast this past week that the task force was meeting seven days a week in the spring, but now typically holds one virtual meeting per week and a weekly call to update governors on the state of the virus. Dr. Deborah Birx, the task force coordinator, continues to spend most of her time traveling, frequently by car, between hot spot states trying to help governors and public health officials handle their epidemics. Neither Fauci nor Birx has appeared with Trump in public in months. As recently as Friday, Fauci contradicted Trump, saying he was “concerned" about the president frequently describing the country as “rounding the corner" on the virus, a notion at odds with the data. Tensions on the task force continue between Trump’s science adviser, Dr. Scott Atlas, who is not an expert in public health or infectious diseases, and the other professional scientists. The latter view Atlas, who joined the White House in August, as promoting dangerous theories around “herd immunity" and resisting more aggressive calls for Americans to wear face masks. They see Atlas as reinforcing Trump’s worst instincts and lending the veneer of science to rhetoric they see as fundamentally dangerous. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. This story has been published from a wire agency feed without modifications to the text. Topics Summarise this report in a few sentences.
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president has shown new determination to minimize the threat of the virus. he has spread misinformation about the virus and kept up his practice of shunning mask use. the nation averaged more than 50,000 new coronavirus cases per day over the past week. the virus has killed more than 215,000 americans and complicated his chances of winning another four years in the white house.
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After taking a breather during the week before this one, Indian equity indices moved higher again and closed the week with decent gains. The trading range remained less wide than that in the previous week. Nifty oscillates in a 784-point range in the previous week; this week that range narrowed to 546 points. Such a wider-than-usual trading range explains the liquidity gush occurring in line with the risk-on trade setup seen across global markets. Even as Nifty stayed below the key resistance point, it ended with a net gain of 271.50 points, or 2.72 per cent on a weekly basis.While Nifty surged 7.4 per cent during the week, volatility cooled off a bit.Volatility index INDIA VIX came off 2.78 per cent to 29.97. During the week before this one, Nifty had seen the 200-week moving average act as a strong resistance point. The 200-DMA currently stands a 10,368, and it will continue to pose very stiff resistance to the indec going forward.In the event of an extension of the current move, Nifty's price action vis-à-vis this level will be crucial to watch in the coming weeks. In the coming week, Nifty is expected to face overhead resistance at 10,368 and 10,435 levels, while supports will come in relatively lower at 10,135 and 9,960 levels. Like the previous week, Nifty trading range will continue to remain wider-than-usual this time as well.The weekly RSI stood at 50.20. It remains neutral and does not show any divergence against the price. This lead indicator often finds resistance in the 50-60 zones during bear market moves. It will be important to watch this level going ahead.The weekly MACD remains bullish and trades above the signal line. A White Body Candle emerged on the candles. Apart from this, no other formations were noticed.Pattern analysis suggests Nifty has managed to crawl above the decade-old upward rising trend line. In a way, this was an extraordinarily strong support that the market has breached on the downside. The significance of the breach of this support is that this was supposed to act as a very strong resistance on the way up. However, it posed resistance only once before the Nifty moved past it. The index may now face resistance at the 200-week moving average in the coming days in the event of continuation of the current up-move.Short-term traders have little choice but to keep following the trend. However, given the present technical setup, chasing such wild moves on the higher side is making the risk-reward ratio less favorable. To handle such a situation, it would be prudent to chase the momentum. But one must do so vigilantly with trailing stop losses, as this would help protect a major portion of profits in the event of any sharp corrective move.We reiterate staying highly stock-specific and moving along with the uptrend with a great degree of caution. A rapid move on the higher side is making the setup somewhat unhealthy.In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (Nifty500 Index), which represents over 95% of the free float market-cap of all the listed stocks.A review of the Relative Rotation Graphs (RRG) shows the sectoral setup is progressing on the expected lines. No untoward or sudden move was noticed in any sector. Consumption and the IT indices, which were about to slide in the weakening quadrant, has slipped into the weakening quadrant this week. The FMCG Index has moved further down in the weakening quadrant.Nifty Energy and Infrastructure indices remain in the leading quadrant. Along with these two groups, Nifty Pharma and Commodities indices also remain in the leading quadrant, though the pharma group appears to be slowing down in terms of relative momentum.However, these four groups will continue to relatively outperform the broader Nifty500 Index in the coming week.NIFTY Media, Metal and Auto Indices are in the improving quadrant; they are seen maintaining their relative momentum against the broader market. However, Nifty PSE Index appears to be taking a sharp negative rotation back towards the lagging quadrant.The Bank Nifty and Realty, PSU Banks, Services Sector and Financial Services groups are seen sharply improving their relative momentum. However, they still remain in the lagging quadrant and have not completed their bottoming out process.Important Note: RRG™ charts show the relative strength and momentum for a group of stocks. In the above chart, they show relative performance against Nifty500 Index (broader markets) and should not be used directly as buy or sell signals.(Milan Vaishnav, CMT, MSTA is a Consultant Technical Analyst and founder of Gemstone Equity Research & Advisory Services, Vadodara. He can be reached at [email protected]) Milan Vaishnav, CMT, MSTA Summarise this report in a few sentences.
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india equity indices closed the week with decent gains. the trading range remained less wide than that in the previous week. the weekly RSI stood at 50.20. It remains bullish and trades above the signal line. the weekly RSI stood at 50.20. It remains bullish and trades above the signal line. a white body candle emerged on the candles.
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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 Operations Officer Programme Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit 50-60% of the excesses in the midcaps has been corrected. There is still way to go but you are going to see very big rises very fast, says big bull, Partner,, in an exclusive interview with Nikunj Dalmia ofEdited excerpts:I do not agree that we are in a bear market. In any market, at any stage, some stocks are going to underperform and some are going to outperform. The index went up from 4700-4800 to 11000. Today also it is around 11,000, peak of 11,300. Now, the market according to me, is consolidating to make the second phase of a rise. There is polarisation in the market, that polarisation will correct itself but there were a lot of excesses in the midcaps, matlab 40 PE kya hota hai (What is 40 PE)? It is that kind of PE that quality companies should carry. The nature of their business, their corporate governance, their cash profile, deserves that kind of PE. I was shouting from the rooftop that boss this is not going to last!I do not think we are in any kind of bear market and even in the midcaps you have had tremendous rises, stocks have gone up five times from 100 to 500 and they have given away 40% of that and still the rise is tremendous. I do not agree we are in any kind of bear market. We are in a state of correction and consolidation.First the stocks have to stop going down. How will you know that a bottom has been made, that a stock will make a range? Some of the stocks had gone from 100 to 500, then it comes back to 300. I am giving you random examples. After touching 300, it will spend time between 300 and 350-360 and then it will make higher bottoms and higher tops. After that, it will rise again. Time-wise correction is sometime away, but as an investor, I never see the increase in my portfolio and I never know what my performance is. And other than my wife Rekha, I don’t have any other partner to whom I have to show my performance. Why should I show it to anybody? I had a 70% rise in 2017! It was never going to last. I knew that.So, maturity is in understanding and not getting unnecessarily excited about the game. Similarly, when stocks fall, they fall beyond a point which is reasonable. But that fall is temporary and I can always be right and wrong. We need a more mature outlook and we need to filter the reality from the noise. Let me buy midcaps as everybody else is buying it and making money is not the right approach.I think the Indian economy is going into an upturn, capital investment is reviving, demand is reviving. There are a lot of idle assets where the NCLT process will come into effect. The silent changes which are taking place in India by the NCLT process credit discipline in this country will improve. Aaj main telco ka supplier hun, telco mujhe payment nahin deta hai to I bear, kal mera bank account hi band kar dega to main to teleco ko jaake bologna yah to mujhe paisa de ya dhandha band kar (If I am a supplier to a telco and don’t get payment from them, my own bank account may be closed tomorrow. So, I will tell the telco to either pay me or close shop). Eventually, people will no longer misbehave with assets.Basically, you do not have very high corporate profits, you are seeing an upturn in the economy, the reform measures benefits are going to kick in. I see by no means that this market has reversed. Only thing is internationally, a) the euro is not going to last. Whether it breaks in one year, two years, three years or five years, we do not know. B) I do not know what really happened to China because China has extremely high levels of debt. These are two things which can internationally upset India. Otherwise, there is nothing internationally also.Those falls can be temporary. Woh ho sakta hai ki temporary fall ho but bhaav saccha hai na toh buyer kyo nahi aata hai? (The fall can be temporary but the sentiment is true. Otherwise, why won’t the buyer come? If you are a good leverage player, you still get leverage here. I get leverage at 8.3%. The price is real.Some say prices fell because somebody sold the share. The issue here is why didn’t somebody else buy it? Let us believe that the prices are real and that they have been excessive on the midcap side. Price induces its own buying and selling. So, the midcap fall, though it is excessive, is correct.It is not that all midcaps should necessarily trade at discount to largecaps. It depends on the nature of the business. There are some midcaps which are doing some very good businesses. My personal judgement at these levels is that at least 50-60% of the excesses in the midcaps has been corrected. There is still way to go but you are going to see very big rises very fast. You will have a period of correction and consolidation.But if you see the start, I will tell you Titan. It went to Rs 1000. Is it not a gain? There are so many stocks. After a stock goes up three time, it is going to rest. Look at Avanti Feeds. It may have gone from Rs 2,000 to Rs 1,000 but it went from Rs 60 to Rs 2,000. How do you say it has not gained? You bought it at Rs 2,000 that is your problem. But if you look at the longer term gain, it is unbelievable!Even in my portfolio, I have 70% rise. I know that 70% is not going to last but 40-50% of that rise will last. Everybody who has invested prudently, who has not got excited unnecessarily, will be okay. Pretty girls may excite you but you pay a very heavy price! The stock market may excite you but you pay a very heavy price!You can label everything with the same. It depends on stock to stock. There are certain midcap stocks which have not corrected at all. We have to look at the quality. The madness has corrected itself and that madness will not come easily before two-three years. Matlab samay lagega logo ko bhulne ko, jo chot lagi hai us pe thora malam lagane ko (It will take people time to forget the beating they got). But good quality stocks will do well. I would say broadly I will invest.I think now they are well valued. At that time, I thought there was lot of opportunity in them but now are well valued.I cannot say Infosys spread should be 10 to 20 because market’s PE changes, sector’s PE changes. But selectively markets have gone up. If largecap market cap have gone up Rs 40, earnings growth has also doubled from 10% to 20%. In my opinion, largecap IT is well priced. Dollar could gain and rupee could go below these levels, so then they could appreciate more.It is a business strategy of each company. What do you do with cash? Either you acquire or you give back. If they do not want to acquire because they do not want to take a risk to your business models, then giving back cash is the best.I do not know all that but I feel it is a time to buy bank stocks with a five-year angle. You will get multiple returns.No, I do not mean those banks. Banks have a pre-provisioning profit and then they make provisions right. Now the fact is that you go to any country in the world credit growth is 1.25 to 1.5 times nominal GDP growth. Nominal GDP growth in India will not be less than 12%, 7% to 8% growth, 4% to 5% inflation. So credit growth has to be 15% to 18%. There is a big need for these banks. The external opportunity in the demand for their product is unbelievable.It is now going to a lot of NBFCs. The bad loans will be ultimately be over. By 2019 march quarter, most banks other than the worst performing public sector banks, would have adequately provided for themselves and there is no legacy bad debts from 2014, 2015, 2016.Also, the pre-provisioning profits will grow because there will be credit growth and they have all set up networks. So the cost to credit ratio will come down. Today the return on equity is 6%, 8%, pre-provisioning profits where return is 17%-18%. When the pre-provisioning profits grow and the provisions are not there, their profits will shoot up and the return on equity will go back to 17-18% by 2020-2021.In these banks, not only will the benefit price be equal to EPS multiplied by PE. EPS will go up because of credit growth and provisions will be less and cost to income ratio will go down and PE will go up. There are good one or two good public sector banks and those private sector banks which have not performed well and who have well provided I think they will give multiple returns.Other than the Kotak Mahindra, Yes Bank and HDFC Bank, the other banks which have not performed, their return on assets are low. Whether Federal or any of those banks, ICICI, anybody do very well in that.Well because of the nature of the business. and the fact that security consumption in India will always go up. These companies have given consistent returns. The market made a bottom six-seven days after September 11, 2001. Right on that day, the prices of Hindustan Lever was Rs 329, 15 months later or in 2004 March, the index was 6,000 and Lever was Rs 150 and Lever did not cross Rs 329 until 2011. For nine years, Lever gave no return. Now it is up and has corrected itself. Markets are giving these kinds of multiples because India has now gone above that $1600 per capita income range where discretionary spending takes off. These are all discretionary spending items. They expect a big growth in consumption and very good margins and very good cash flow payouts and corporate governance.See whenever you have very high PEs, after may be for a year or two, the shares do not depreciate because the earnings will go up but the PEs will correct. I am not smart enough to predict that now this stock has peaked. If you are holding a good bluechip stock which has given you a return over a period of time, I would hold it.I still own 6 crore 25 lakh shares whose worth today is Rs 5,500 crore. If I lost confidence, I would have sold the balance. I sold a part to make another very large investment. I am investing Rs 2,400 crore in a single unlisted company. I need money and Titan became too disproportionate part of the portfolio. I still believe in Titan very much. I am extremely bullish but I sold because I needed money to make an alternative investment.Disclosures are right.You are badly mistaken. Jaiprakash has got various businesses.No, consolidated basis mein kya lena dena usko? The promoters cannot bid for Jaypee Infratech. Their debt in Jaiprakash Associates is nothing. It is Rs 5,000 crore. They settled with all the banks. So, I do not agree with you that Jaiprakash Associates has got disproportionate debt. They have got a cement business which is valued more than Rs 5,000 crore.I have not bought the consolidated companies. Jaiprakash Power has issued equity, there is no minority. He cannot get into Jaiprakash Infrastructure because of NCLT law.Indian companies are going to do extremely well in US. It has become very common to say bad things about US generics but I am extremely bullish on the pharma sector. I think it is a time to buy.Sun made its biggest money in the skin business. That business lost became worse than the generic situation from here. Then everybody withdrew. It is only a matter of cyclicality.. I am very bullish on the pharma sector. I am holding on. Summarise this report in a few sentences.
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big bull says we are not in a bear market. he says the market is consolidating to make the second phase of a rise. he says the midcaps have had tremendous rises. he says the market is in a state of correction and consolidation. he says the market is not in a bear market. he says the market is not a bull market.
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Item 3. Legal Proceedings We are a party to the following legal proceedings: On March 3, 2017, Amgen Inc. and Amgen USA Inc. (collectively “Amgen”) filed an action against us and other defendants in the Superior Court of the State of California, County of Ventura. The complaint, which was amended, alleged that we engaged in unfair competition and improperly solicited and hired certain former Amgen employees in order to acquire and access trade secrets and other confidential information belonging to Amgen. The complaint, as amended, sought injunctive relief and monetary damages. On May 2, 2019, we and Amgen settled the trade secret action brought by Amgen. The details of the settlement are confidential but the Company continued to market UDENYCA® and began to pay a mid-single digit royalty to Amgen for five years starting on July 1, 2019. On May 10, 2017, Amgen Inc. and Amgen Manufacturing Inc. filed an action against us in the U.S. District Court for the District of Delaware (the “District Court”) alleging infringement of one or more claims of Amgen’s U.S. patent 8,273,707 (the “‘707 patent”) under 35 U.S.C. § 271. The complaint seeks injunctive relief, monetary damages and attorney fees. On December 7, 2017, the U.S. Magistrate Judge issued under seal a Report and Recommendation to the District Court recommending that the District Court grant, with prejudice, the Company’s pending motion to dismiss Amgen Inc. and Amgen Manufacturing Inc.’s complaint for failure to state a claim pursuant to Federal Rule of Civil Procedure 12(b)(6). On March 26, 2018, Judge Stark of the District Court adopted the U.S. Magistrate Judge’s Report and Recommendation to grant the motion of the Company pursuant to Federal Rule of Civil Procedure 12(b)(6) to dismiss with prejudice the patent infringement complaint alleging infringement of the ‘707 patent on the grounds that such complaint failed to state a claim upon which relief may be granted. In May 2018, Amgen filed a Notice of Appeal in the U.S. Court of Appeals for the Federal Circuit. Amgen and Coherus filed briefs in this matter and oral argument was held on May 8, 2019. On July 29, 2019, the Federal Circuit issued a precedential opinion affirming the District Court’s judgment in the Company’s favor. The Federal Circuit held that the doctrine of prosecution history estoppel barred Amgen from succeeding on its infringement claim and affirmed the District Court’s dismissal. In a Joint Status Report, dated September 20, 2019, Amgen stated that it does not intend to further appeal the Federal Circuit’s decision. On October 11, 2019, the Company filed a Motion for Attorneys’ Fees. Amgen filed its Answering Brief in Opposition on November 8, 2019. On November 22, 2019, the Company filed its Reply brief. This case is currently pending in District Court. On January 24, 2019, we filed suit against Amgen in the U.S. District Court of Delaware alleging that the manufacture of Amgen’s Humira® biosimilar, Amgevita™, infringes Coherus’ U.S. patents 10,155,039; 10,159,732; and 10,159,733. Each of the asserted Coherus patents is directed to stable formulations of adalimumab. On March 5, 2019, we filed an amended complaint asserting an additional patent, U.S. patent 10,207,000. On April 18, 2019, Amgen filed its answer and counterclaims. On June 24, 2019, we filed our answer to Amgen’s counterclaims. On November 25, 2019, the parties filed a Stipulation of Dismissal, dismissing all claims set forth in Coherus’ amended complaint with prejudice, and all counterclaims and affirmative defenses set forth in Amgen’s answer, affirmative defenses, and counterclaims as moot. On November 26, 2019, the Court granted the Stipulation of Dismissal. On December 9, 2019, Amgen filed a Motion for a Determination of Exceptional Case and an Award of Fees. On January 7, 2020, the Company filed its Answering Brief in Opposition to Amgen’s motion. On January 21, 2020, Amgen filed its Reply Brief. The case is currently pending. We are not a party to any other material legal proceedings on the date of this report. Item 4. Summarise this report in a few sentences.
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Coherus is a party to two legal proceedings involving Amgen Inc. and Amgen USA Inc. In the first, Amgen alleged that Coherus engaged in unfair competition and improperly solicited and hired certain former Amgen employees in order to acquire and access trade secrets and other confidential information belonging to Amgen. The complaint sought injunctive relief and monetary damages, and the parties settled the trade secret action on May 2, 2019. In the second, Amgen alleged that Coherus infringed one or more claims of Amgen’s U.S. patent 8,273,707. The complaint sought injunctive relief, monetary damages and attorney fees. The U.S. Magistrate Judge recommended that the District Court grant the Company’s motion to dismiss the complaint, which was adopted by the District Court. The Federal Circuit affirmed the District Court’s judgment in the Company’s favor. On January 24, 2019, Coherus filed suit against Amgen in the U.S. District Court of Delaware alleging that the manufacture of Amgen’s Humira® biosimilar, Amgevita™, infringes Coherus’ U.S. patents 10
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Sum insured: Rs 1-5 lakh Policy term: 1 year Renewability: Lifelong Eligibility: 18-65 years (dependent kids: 3 months to 25 years) Co-pay: 5% of sum insured No-claim bonus: 5-50% of “Arogya is essentially sum insured Hospitalisation Includes hospital room rent, boarding expenses, doctor fees, nursing expenses, operation theatre and ICU charges, surgeon, anaesthetist, medical practitioner, consultants, specialist fees, medicines used during hospital stay, road ambulance charges, pre- and posthospitalisation expenses. Daycare treatments All daycare treatments are covered, but OPD is not. Ayush treatments This covers inpatient care treatment under Ayurveda, Yoga and Naturopathy, Unani, Sidha and Homoeopathy. Modern treatments Stem cell therapy, robotic surgeries, oral chemotherapy, balloon sinuplasty, intra vitreal injections, among others. Dental & plastic surgery Only the treatments caused by an injury or a disease are covered. Cataract Covered up to 25% of sum insured or Rs 40,000, whichever is lower, per eye. Among the many learnings imparted by the coronavirus, perhaps the most relevant for India is the need for health insurance coverage. As the pandemic continues to rage, the dire health scenario has come to the fore: in a country where the average retail healthcare inflation has risen sharply from 4.39% in 2017-18 to 7.14% in 2018-19, as per the Economic Survey 2019, only 4.2 crore people, out of a 130 crore population, have retail health policies. This means that the out-of-pocket spends are a high 65% against a global average of 18%, as per the insurance regulator, Irdai.This is the reason that, in recent years, the government and Irdai have tried to step in and correct the skew. The Ayushman Bharat Pradhan Mantri Jan Arogya Yojana was introduced in 2018, with the intention of providing free health coverage to the bottom 40% of the population, or 50 crore people. Last year, Irdai mandated the launch of Arogya Sanjeevani (AS), a low-cost product with a nominal cover and attractive features.“The need for health insurance has always been there, but people have not bought it for various reasons, one being the complexity in the product itself,” says Pushan Mahapatra, MD & CEO, SBI General insurance. Besides the high premium and obscure terms and conditions in the fine print, there were other problems. “The traditional mindset was to procrastinate the purchase since it was not considered essential, not to mention the lack of accessibility,” says Bhabatosh Mishra, Director, Claims, Underwriting & Product, Max Bupa Health Insurance.Many of these hurdles seem to have been taken care of with Arogya Sanjeevani, with clearance given to 29 general and health insurance companies to market the product. While 16 odd insurers have already brought out the product, mandated to be launched by 1 April 2020, others are set to follow suit soon. Does this mean you can buy Arogya Sanjeevani without a second thought and it will take care of all your health insurance needs?AS is a basic health plan that offers a limited cover of Rs 1-5 lakh for one year, with the annual premium ranging from Rs 4,000 to Rs 7,500 (see Snapshot...). It can be bought as an individual or a family floater plan, covering spouse, children, parents and parents-in-law.The important thing is that the features, in terms of coverage, inclusions, exclusions, as well as the terms and conditions, remain the same across insurers. The premium, however, varies. This is because it is reflective of the costs associated with a plan: claims, management expenses and distribution costs incurred by the company. “Since the claims ratio, staff and servicing, growth and expansion, distribution across various demographies and regions is different for each company, the premium is bound to vary,” says Mishra. There is, however, no zone pricing in the plan, implying that the premium will remain the same across regions, whether the buyer is in a metro or a tier 3 city.It does have a co-pay inclusion of 5%, which translates to the customer shelling out 5% of the sum insured from his pocket, while the rest of the cost is borne by the insurer. “Co-pay is introduced by the insurer to cover the risk of uncertainty about the customer profile, and is, in fact, low in case of AS,” says Prasun Sikdar, MD & CEO, ManipalCigna Health Insurance.There is a waiting period of 30 days, but the coverage is wide, including treatment costs for coronavirus and other illnesses. It includes daycare treatments, Ayush and and modern treatments, besides dental and plastic surgery. There are, however, several restrictions and limitations in the coverage of some of these treatments.Diagnostic and investigative tests, Maternity expenses, OPD treatment, Cosmetic or plastic surgery, Obesity & weight control, Alcohol or drug abuse treatment, Rehabilitation, Change of gender treatment, Hazardous or adventure sports, Infertility and sterilityWhile the plan seems to offer a good deal at a low cost, the market still has a lot of basic health plans that offer wide coverage and features. Should one discard those in favour of Arogya Sanjeevani? It is essential to consider the pros and cons before taking a final decision.“One of the biggest problems faced by buyers was that there were multiple insurance products offered by companies, with different sets of pricing in metros and non-metros, and with various add-ons. It led to a lot of confusion as to which product to buy,” says Gurdeep Singh Batra, Head, Retail Underwriting, Bajaj Allianz General Insurance.“Besides, the fine print in the policy would typically surface only at the time of claim settlement,” says S. Brahmajosyula, Head, Underwriting, SBI General Insurance.With Arogya, there is a high degree of clarity since the features, as well as terms, are standardised and remain the same across insurers. So one doesn’t need to compare and research for the best plan. If it meets one’s requirements, one can pick it depending on the premium that suits one’s budget.To be able to get such a large set of treatments at a relatively low premium stands out as a distinct advantage. The premiums for similar basic health plans in the market are 20-50% more expensive, a huge difference for buyers.Some of the latest treatments such as stem cell therapy and oral chemotherapy are covered, while dental and plastic surgery, even cataract surgery is insured, which are typically not covered by basic plans. Another attraction is the inclusion of alternative medicine treatments, such as homoeopathy and ayurveda. While most of these treatments are covered by other health plans, they usually come for a higher premium.Individual: Cost of Rs 5 lakh cover for a 35-year-old male.Family floater: 2 adults and 2 children, with the oldest member being 35 years old.Premiums for all insurers could not be sourced. Data sourced from websites and companies.The plan has other advantages like the option of paying premium in monthly, quarterly, semi-annual or annual instalments. It also offers to cover parents and parents-inlaw at a reasonable premium, which is typically offered by other plans for a much higher premium. Besides, it offers lifelong renewability, portability and the delivery of soft document copies to customers.“The plan is quite reasonably priced, so one can easily buy a small individual cover at a young age. Later, with growth in family and income, one can port to a bigger, more comprehensive cover,” says Anand Roy, MD, Star Health and Allied Insurance.Remember, however, that the low premium comes for a cost. The room rent sub-limit, which is typically 1% of the sum insured or nil in basic health plans is 2%of sum assured up to a maximum of Rs 5,000, and for ICU, it is 5%up to a maximum of Rs 10,000.Similarly, modern treatments are covered up to 50% of the sum insured, while cataract surgery is covered up to 25% of sum insured or Rs 40,000 per eye. The dental and plastic surgery are covered only in case of an illness or accident. Many health plans that offer these facilities come without such limitations.Another limitation is the size of the cover itself, which is capped at Rs 5 lakh. “In a metro, this amount is not adequate and a person would need at least Rs 10 lakh for health cover,” says Mishra. On the other hand, a co-pay of 5%of sum insured may be high for a person in a rural area. Besides, the no-claim bonus ranges from 5-50%, while several plans offer the option of 100% no-claim bonus.Every insurance product is targeted at a specific audience and most experts are of the opinion that Arogya Sanjeevani is for the middle to low income population in tier 3/4 cities, or even rural areas. “The USP of the plan is that it is for the first-time buyers with low income in tier 3 or 4 cities who have no insurance visibility,” says Sikdar. Such a plan would work for this segment of population even with the various limitations and cappings. This is because the cost of hospitalisation in small towns and villages is much lower compared with that in metros or tier 1 cities. So even with a room rent limit of 2% or a 25% capping for cataract, the customer will be able to bear the hospital cost in smaller towns.“On the other hand, even a 2-3 day hospitalisation in a metro or tier 1 city would result in heavy medical expenses, which cannot be taken care of by this plan,” says Sikdar. In fact, a buyer may end up paying 70% of the healthcare cost from his pocket. It would then defeat the purpose of buying a health insurance plan.As for co-pay, since the plan is intended for the uninsured, it will be a step-up for them since they will now pay only 5% of the total hospitalisation cost compared with the 100%they were paying earlier. Besides this amount is typically higher, ranging from 10-30%, for other basic health plans.However, some experts believe that the plan would even work for the younger, single, lower income population in metros because it is very affordable and will help them shoulder the basic hospitalisation costs to a large extent. “After all, how many people can afford to buy a `10 lakh plan even in metros,” asks Sikdar.“It’s a good entry level plan even for people who have just graduated and are in their first jobs because it is standardised and doesn’t require too much research,” says Brahmajoysula. Later, if the buyer wants a more evolved plan and can pay a higher premium, he can easily port to other insurers.So if you are in a metro or a tier 1 city and don’t want a small cover with limitations and cappings, you can avoid this plan and opt for a more comprehensive and evolved cover. Remember, however, that you will have to pay a premium that can be 20-50% higher than the premium for Arogya Sanjeevani.If, on the other hand, the plan seems to fit your budget and needs, do not postpone buying it because, as Roy of Star Health says, “Health insurance is no longer a luxury but a necessity and this prodcut is a great way to enter insurance.”So what you should you consider while buying a plan since the features are same for all insurers? Most experts agree that the things to consider are the company’s track and serviceability record, claim settlement history, premium, and hospital network. Make sure that the company has experience in selling the type of product that you are buying.“Serviceability is a very important factor because you need to be sure that the company will stand by you during claim settlement,” says Batra. Adds Sikdar: “It’s also important to check how the company engages with you, how its officials explain the product or its terms and conditions to you, make an effort to keep in touch with you even after the sale of policy, or inform you about the changes.”Given the current circumstances, also ensure that you will be able to conduct the entire transaction digitally. Summarise this report in a few sentences.
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4.2 crore people out of 130 crore have retail health policies. out-of-pocket spends are high 65% against global average of 18%. government and insurance regulator, Irdai, have tried to step in and correct the skew. 'arogya is essentially sum insured': a policy term of 1 year.
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Vinod Nair The financial market has got very volatile due to the fear that developed markets are in doldrums and this stagnation will spread to other countries & segments, impacting the feasible working of the international financial market. To address this chaos, more public health & financial measures are needed in the international & domestic markets. Asian countries have managed well in controlling the spread of the virus, while much more stringent public rules are required in Europe & America. Only when we see stability in the number of new cases being reported in Italy, Spain, Germany, UK, and USA, only then can we have a reduction in the market sell-off. The reversal can be as fast & quick as was the correction. The confidence is still high that Covid-19 will be brought under control based on lockdown and summer season as efficiently seen in Asian countries. This correction will continue if the panic is maintained due to weak containment as seen to date. News update is that in the originator China the number of new cases has reduced tremendously, from the mid of March. It is around +20 on a daily basis from around +5,000 a month back. If you have concerns regarding the numbers being published by China, then consider South Korea, Singapore, and others. It is also expected that in the future we will also develop a vaccine, currently, about 20 molecules are under development and few may go under trial soon, still, it will take months to years to unveil. The world financial market is trying to support the situation as central banks are providing rate cuts and increasing liquidity. But this is not going to help immediately since the issue is regarding public health which has to improve first. In India, currently, everyone is talking about a rate cut, even if done, it will not be good enough. More importantly, we need supportive measures to provide confidence in the market for lenders & borrowers about the viability & sustainability of the banking system. We will need more liquidity to the system, credit to SME, refinancing and additional support to sectors that are heavily affected by the slowdown due to COVID-19. The government should also consider providing minimum wages to daily laborers and sectors who are hugely hit. The health issues from COVID-19 evolved much quicker and bigger than thought earlier. Leading to restrictions on trade, traveling, consumption and many economic activities, which got extremely curbed recently. Economic uncertainty for 2020 increased leading to a downfall in GDP forecast, corporate growth rate and increase in fiscal risk. At the same time, based on the development from January to March, the positive feeling is that this epidemic will be brought under control by lockdown, increase in temperature in developed countries and vaccines in the future. Given the disaster, the world may change its way of investment strategy in the future. Within which India is in a good position to outperform in the long-term being structural reforms and investment attractiveness policy in place with better fiscal and low impact from the coronavirus crisis to date. Currently, the market is waiting for the COVID-19 relief package to be announced by the Indian government. The author is Head of Research at Geojit Financial Services. Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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asian countries have managed well in controlling the spread of the virus. only when there is stability in the number of new cases can we have a reduction in market sell-off. the confidence is still high that Covid-19 will be brought under control. the world financial market is trying to support the situation as central banks are increasing liquidity. but this is not going to help immediately since the issue is regarding public health.
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The Securities and Exchange Board of India (Sebi) on Thursday eased norms for companies to raise capital via preferential issuances, albeit temporarily, till December 31. At a board meeting, the regulator allowed companies to acquire shares via bulk and/or block deals, during open offers, and also amended the regulations relating to insider trading. Companies can now price the shares at not less than the average of the weekly high and low of the volume weighted average price during the 12 weeks preceding or the two weeks preceding the relevant date, whichever is higher. The shares allotted using the new pricing formula will be locked in for a period of three years. They are free to choose between the new and existing guidelines. Moin Ladha – partner, Khaitan & Co, said the shorter look-back period addresses the price fluctuation, given the Covid-19 pandemic and the lockdown. “However, the price has adjusted over a period of time and 12 weeks is still a longer look back — especially, when this comes with an additional lock-in condition for a three year period. Also, since both the pricing guidelines will remain in force, it is unclear if this revised formula is available for foreign investors. This is because the Fema rules link pricing to Sebi regulations for listed companies,” Ladha said. Yash Ashar, partner & head – capital markets at Cyril Amarchand Mangaldas, said the change is primarily intended to benefit promoters who otherwise would have had to pay a much higher price. “Investors who are not in the nature of FPIs may also benefit from this. Very interestingly, Sebi has imposed this additional lock-in on such subscribers under this formula. This, we believe, will balance short- to medium-term requirements for the companies and ensure that there is no abuse by investors,” Ashar said. Sebi has also permitted acquisition of shares through the stock exchange settlement process via bulk and/or block deals during an open offer. “In case of indirect acquisitions where public announcement of an open offer has been made, an amount equivalent to 100% of the consideration payable under the open offer must be deposited two working days before the date of detailed public statement. The escrow account shall be in the form of cash and/ or bank guarantee,” Sebi said. The markets regulator has also approved amendments to the prohibition of insider trading regulations. The amendments include maintaining a structured digital database containing nature of unpublished price sensitive information and the names of persons who have shared the information; automation of process of filing disclosures to stock exchanges, and restriction on trading window not to be made applicable for transactions as prescribed by Sebi. Entities will have to file the non-compliances of Code of Conduct with the stock exchanges and amounts collected for such non-compliances will have to be credited to Investor Protection Education Fund administered by the Board under the Sebi Act. Summarise this report in a few sentences.
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sebi eases norms for companies to raise capital via preferential issuances. companies can acquire shares via bulk and/or block deals. regulator also amended regulations relating to insider trading. shares allotted using new pricing formula will be locked in for three years. shorter look-back period addresses price fluctuation, given the covid-19 pandemic.
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Markets regulator SEBI has strongly "censured" Astrazeneca Pharma India Ltd's promoter and Elliot Group for professional misconduct and following unfair trade practises during the company's delisting plan in 2014. The regulator, in a 65-page order, said that Astrazeneca Pharma India Ltd's (AZPIL) promoter AstraZeneca Pharmaceuticals AB Sweden (AZPAB), and Elliott Group, which held 15.52 percent stake in the company, had a 'private arrangement' to sail through the delisting process. SEBI said it "strongly censure the noticees (AZPAB and Elliott Group) for displaying such gross professional misconduct and fraudulent trade practice and trying to arrive at a private arrangement amongst them so as to help the company sail through the delisting procedure". It further said that the entire procedure was intended to dilute the reverse book building mechanism for discovery of delisting price of the scrip as per stipulations in the SEBI (Delisting of Equity Shares) Regulations, thereby jeopardising the interests of retail public shareholders and investors of the company at large. SEBI came across certain reports stating that the Offer for Sale (OFS) through stock exchange mechanism of shares of Astrazeneca Pharma, carried out by its sole promoter AZPAB in May 2013, was a deliberate strategy to subsequently get the shares of AZPIL delisted at its own convenience. It was also reported that more than 94 percent of total shares offered through OFS had been subscribed by a group of six Foreign Institutional Investors (FIIs) who were reportedly extending support to the promoters of AZPIL in the matter of delisting of AZPIL. The reports also stated that in March 2014, AZPIL had informed the stock exchanges that it received a letter from AZPAB proposing to make voluntary delisting offer to the shareholders of the pharma company. Following this, the regulator undertook an investigation of OFS exercise carried out by the promoter company of AZPIL and the earlier two attempts in 2004 and 2010 made by the pharma firm to delist its shares from the exchanges. Elliott Group, through FII sub-accounts, had purchased 15.52 percent shareholding through the OFS. Also, the Group decided to participate in the delisting offer in 2014. Elliott Associates L.P, Elliott International L.P, Elliot Advisors (HK) Ltd, Elliott Management Corporation, The Liverpool Limited Partnership, Mansfield (Mauritius) Ltd and Suffolk (Mauritius) Ltd were the sub-accounts. SEBI found that the series of communications exchanged between the representatives of promoter of the company and the Elliott Group conspicuously indicate that the firm's promoter was very pro-active to arrive at an understanding with the Elliott Group about the price at which the Group would like to exit its stake in the firm so that AZPAB can realise its ultimate goal of delisting the company from the stock exchanges. Besides, Elliott Group had voted in favour of the delisting resolution proposed by the company, and without its support, the delisting proposal would have certainly fallen through, it added. It further said these are sufficient ground to conclude that "there existed a prior meeting of minds between AZPAB and the Elliott Group with regard to the proposed delisting of AZPIL". The regulator said it is disquieting to note the way the promoters of the company and the Elliott Group have conducted themselves while brazenly dealing with each other trying to arrive at an negotiated deal on the best price that may be acceptable to the Elliott Group. In this process, they have not bothered to think about the interest of other minority shareholders who had held 8.9 percent of the total shareholding of the company nor have they thought about the adverse impact of their collusive behaviour on the interest of other investors in the securities market, SEBI said. However, their plan to execute their ambition through an artifice or device in the form of pre-arranged negotiated price for delisting could not fructify due to judicial intervention and the interest of the minority public shareholders remained protected as well as saved from being adversely affected by the probable manipulative their actions, it added. In the order passed on Friday, the regulator cautioned the promoter company as well as Elliott Group and directed them to refrain from indulging in such unfair trade practices in future. It further said that in case a fresh delisting proposal is initiated by the promoter company anytime in future, the same will be initiated only after complying with regulatory provisions in letter and spirit. Stock exchanges, BSE and NSE, have been directed to closely monitor the entire delisting process to be initiated by the company in future to ensure complete satisfaction of all regulatory stipulations with fairness, transparency and integrity, and to promptly report any aberrations noticed in the delisting process of AZPIL to SEBI, it added. Summarise this report in a few sentences.
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market regulator says 'professional misconduct' was part of delisting plan. astrazeneca Pharma India Ltd's promoter and Elliott Group had a private arrangement. the regulator said the entire procedure was intended to dilute the reverse book building mechanism for discovery of delisting price of the scrip. 94 percent of total shares offered through OFS had been subscribed by a group of six foreign institutional investors.
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Amid Boardroom Feuds, Spotlight Falls on Women As more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. In a clear break from the past, women are playing key roles in several ongoing boardroom conflicts, or family disputes that may extend into the boardroom, reflecting the rise in the number of women in positions where they can have their say. Tesla Ready to Drive in up to $2B, But With Riders US electric carmaker Tesla is willing to invest up to $2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. Summarise this report in a few sentences.
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women playing key roles in boardroom conflicts, or family disputes. rise in visibility in boardroom conflicts reflecting the number of women in positions. Tesla willing to invest up to $2 billion for setting up a local factory. government approves 15% duty on imported vehicles during first two years of operations. if government approves, Tesla will invest up to $2 billion for setting up local factory.
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MUMBAI: The Covid-19-forced lockdown and the resultant sluggishness in the economy have spurred startup entrepreneurs to fortify their capital structure and streamline finances. With equity funding becoming dearer, venture debt is becoming the go-to option.“Between March and May, some 180 startups approached us for funding – and a good number of them are companies in growth stage,” said Ishpreet Singh Gandhi, founder of Stride Ventures , a venture debt asset manager.Most venture debt fund managers have witnessed “a tidal wave of funding requests” in the past two months. Stride closed four deals during the lockdown, while peers Alteria and Trifecta claim to have concluded four to six deals between March and May.“Many of these companies are trying to raise debt because they do not foresee possibilities of an equity fund-raising in the immediate future. These companies are also not able to raise loans from banks or NBFCs . Traditional lenders do not usually lend to companies that are not profitable at an operating level,” Gandhi explained.Venture debt is a form of debt financing for venture equity-backed companies that lack the assets or cashflow for traditional debt financing. By borrowing money, the startup entrepreneur escapes further dilution of equity in the company. In 2019, as per Venture Intelligence data, these funds booked 67 deals worth $207 million. Between January and May this year, venture debt funds disbursed $56 million across 21 deals.“We’re quite cautious in our approach. Nobody knows what the unknown risks are,” said Rahul Khanna, MD of Trifecta Capital , which disbursed Rs 1,500 crore to 60 companies in the past three years. “As debt fund managers, we face credit and recovery risk. So, we’re looking at companies that will do well once the situation normalises a bit – in six to eight months.”By no means is this cheap money because the bets involved are risky. The borrowers are mostly startups with limited cash flows and no profit. The rates range from 14% to 17% per annum for 24 to 36 months. There are funds that offer shorter-tenure loans as well – a bridge loan for eight to 10 months – charging 18%-24% as interest. Non-banking financial companies, too, charge similar rates for poorer credit quality, while for short-tenure loans such as overdrafts or card money, banks charge 28%-36%.Startups with a low capital base (with adequate funding for 6-8 months) are generally not offered financial assistance. The ones seeking short-tenure bridge loans are also not entertained by larger players as there is not much money to be made for the fund.“Founders are now more conscious of their need for capital,” said Vinod Murali, managing partner at Alteria Capital, which has concluded about 45 deals worth Rs 900 crore since 2018. “Covid-19 and the lockdown have dampened the growth plans of several startups. Many are forced to reset their targets now. The funding ‘runway’ has also shortened for several companies, forcing them to shore up more capital.”In startup parlance, ‘runway’ refers to the time a company has before it runs out of cash.According to Murali, even well-established startups are now raising debt to create additional capital buffers. Businesses in spheres such as ed-tech, gaming, B-to-B marketplaces, intra-city logistics, health-tech, logistics, dairy-tech and agri-tech are finding it relatively easy to raise debt funding.“Venture debt, as an asset class, is relatively younger than venture equity… That apart, as startups grow older, their capacity to absorb debt also goes up. So, we’re seeing a lot of established startups raising debt rounds now,” said Trifecta’s Khanna.“We were lucky to raise some debt capital in December… By then, there were clear signs of a global slowdown. That’s when we decided to beef up our capital base to weather the upcoming storm,” said Nikhil Sikri, founder of Zolostays , a co-living brand that raised money from Trifecta.Many a time, venture debt funds are structured in a way to allow the lender minor equity participation. The equity kicker is usually 1%-2% of the money loaned. An equity kicker is an option to participate in future profits of the firm, exercisable for a specific period – either the life of the fund or the loan tenure.“Debt funding will go up in the coming months… There’s a lot of dry powder (referring to money) waiting to be deployed. As a fund, we expect to do Rs 600-700 crore worth of deals over the next 12 months,” said Murali of Alteria. Summarise this report in a few sentences.
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covid-19 lockdown has spurred entrepreneurs to fortify capital structure. many companies are trying to raise debt because they do not foresee equity fund-raising in the immediate future. borrowers are mostly startups with limited cash flows and no profit. rates range from 14% to 17% per annum for 24 to 36 months. borrowers are mostly startups with limited cash flows and no profit.
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NEW DELHI: Benchmark indices opened on a higher note on Wednesday, tracking firm cues from other Asian markets, ahead of expiry of July series futures and options contracts on Thursday.The BSE Sensex rose just over 100 points to hit an all-time high of 36,928.06, only to erase gains. The Nifty50 breached 11,150 level and was less than 20 points away from its all-time high levels. This index too wiped out gains.At 9.24 am, the 30-pack BSE barometer was trading at 36,844.24, up 19.14 points, or 0.05 per cent. The 50-pack Nifty50 was ruling flat at 11,135.60.The market-wide rollovers till Tuesday stood at 44 per cent against 39 per cent in the last three F&O series, data showed. Nifty futures rollover stood at 36 per cent against 28 per cent in the last three series."The rollover activity was vigorous in stocks eligible for physical settlement, where in-spite of two days left for the series to expire, average rollovers in these names has touched 60 per cent," Edelweiss Securities said in a note.Vedanta led Sensex gainers by rising 1.99 per cent to Rs 220.45. Hero MotoCrop, Tata Steel and Adani Ports added 1.55 per cent, 1.28 per cent and 1.26 per cent, respectively.On the downside, Asian Paints dropped 2.09 per cent to Rs 1,436. Bharti Airtel , TCS, ICICI Bank and Infosys declined 1.67 per cent, 0.59 per cent and 0.42 per cent and 0.32 per cent, respectively.Shares of Symphony plunged 17 per cent in Wednesday’s early trade after the company on Tuesday reported 48.71 per cent year-on-year fall in consolidated net profit at Rs 20 crore for the quarter ended June 2018. It had posted a net profit of Rs 39 crore in the corresponding quarter last year.The day will see a host of blue chips such as Larsen & Toubro, BHEL, Hero MotoCorp and Ambuja Cements announcing their quarterly results. Summarise this report in a few sentences.
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the Sensex rose just over 100 points to hit an all-time high of 36,928.06. the 50-pack Nifty50 was less than 20 points away from its all-time high. the market-wide rollovers till Tuesday stood at 44 per cent against 39 per cent in the last three series. the series is due to expire on july 30.
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The Union Cabinet on April 6 approved an ordinance amending the Salary, Allowances and Pension of Members of Parliament Act, 1954, to reduce the allowances and pension of MPs by 30 percent, starting April 1, 2020, for a year. This was done for managing the “health and the adverse impact of the COVID-19 outbreak in India,” Union Minister Prakash Javadekar told media persons during a press conference. The Cabinet also temporarily suspended MPLADS Fund for two years – 2020-21 and 2021-22 – saying the money saved (~Rs 7,900 crore) will go the Consolidated Fund of India. "The President, Vice President, and Governors of States have voluntarily decided to take a pay cut as a social responsibility,” Javadekar said. But, what is the salary of a Member of Parliament (MP), let’s find out: 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 According to the latest revision to the Salary, Allowances and Pension of Members of Parliament Act, 1954, which was done in 2018, an MP is entitled to receive a salary of Rs 1 lakh per month during the whole term of his/her office – five years for a Lok Sabha MP, and six years for a Rajya Sabha member. In addition, the MP will get an allowance of Rs 2,000 per day. In 2018, the then finance minister late Arun Jaitley had announced a hike in the salaries of the President, Vice President and Governors of states for the first time in 12 years. He had also announced that the salary and daily allowance of members shall be increased after every five years, staring April 1, 2023 on the basis of Cost Inflation Index provided under the IT Act. Before this revision, the remuneration of an MP included a basic salary of Rs 50,000 per month, and a constituency allowance of Rs 45,000, apart from other perks. Similarly, the salaries of the President and the Vice President were increased from Rs 1.5 lakh and Rs 1.10 lakh per month to Rs 5 lakh and Rs 4 lakh per month respectively. The Governors’ salary was increased to Rs 3.5 lakh per month. According to a report, the Centre spent Rs 2.7 lakh on an MP per month. The Parliament has a total of 795 members – 545 in the Lok Sabha and 250 in the Rajya Sabha. Summarise this report in a few sentences.
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the union cabinet on April 6 approved an ordinance amending the Salary, Allowances and Pension of Members of Parliament Act, 1954. this was done for managing the "health and the adverse impact of the COVID-19 outbreak in India," minister Prakash Javadekar said. the cabinet also temporarily suspended MPLADS Fund for two years – 2020-21 and 2021-22.
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Budget 2018: It’s budget time! And market is raft with speculations as usual. Will it be a populist one, or will the government stay on course and continue its reform agenda as PM Modi suggested in an interview to a popular news channel? Macro triggers and intensifying competition across the world to attract investments suggest very little leeway for Indian Finance Minister Arun Jaitley to roll out a populist budget. Trump administration, as per his election manifesto, has delivered tax cut for American corporates. Reduction of corporate tax from 35% to 21% has global repercussions and India is not an exception. The move will lead to reverse cash flow from emerging markets back to the US. Countering this reverse flow is the major task for FM Jaitley in the run up to the last budget of the present government. In the Budget 2018, the Modi government is largely expected to cut corporate taxes to 25% from the current 35%. The move will bring cheer to India Inc. However, it will certainly spoil fiscal math for the Indian government. The move will certainly bring more companies into the tax bracket, but it will still impact the revenues of the government which is currently under stress as indirect tax collections are yet to pick up at pre GST levels. Watch Video: Make In India A slogan. Interest Rates Should Have Been Lower By 100-150 bps In this scenario, the Government will be forced to curb the expenses and stay on reform path in order to maintain fiscal prudence. India’s fiscal deficit is already expected to widen to 3.5% during FY18 breaching the target of 3.2%. Any further deviation will further discourage FIIs who are constantly on a hunt to find attractive investment destination. With the US throwing its hat in the puddle, the competition will only intensify. These compulsions will belie market expectations and leave little room for the government to doll out popular largesse which the market is expecting. Also Read: Budget 2018 home loan tax breaks: Why FM Arun Jaitley must effect a hike, give buyers relief While rural stress a reality and which cannot be ignored for which the government will provide for, at the same time it is important to shield FIIs from being chased away. In order to generate further revenue divestment will be the theme to watch out for. In FY18, the government managed to achieve the divestment target of Rs 72,500 crore for the first time ever. The target is likely to jump to Rs 90,000 crore for FY19 with about 36 companies lined up for strategic sale, including Air India. Considering the fact, it is not always easy to get attractive valuation for PSUs; success of this strategy depends largely on the market sentiments. In order to search new revenue streams long term capital gain tax can also be expected to be levied. The move is unlikely to be welcomed by the market which might witness an immediate knee-jerk reaction. Therefore, it’s a path to be navigated carefully by the FM. Prior to the Budget 2018, FM Jaitley is walking a thin rope. Will the focus be on winning general elections of 2019 or will the country’s long-term growth prospect get a nod? The clock is ticking and 1st February is not too far. (By Jimeet Modi, CEO & Founder at SAMCO Securities) Summarise this report in a few sentences.
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arun jaitley is expected to cut corporate taxes to 25% from the current 35%. the move will bring more companies into the tax bracket, but it will still impact the revenues of the government. the government is already expected to widen to 3.5% during FY18 breaching the target of 3.2%. arun jaitley is expected to cut corporate taxes to 25% from the current 35%.
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Global as well as domestic share markets have been reeling under pressure since the start of the calendar year 2020, first due to the US-China Phase 1 trade deal, and then due to the novel coronavirus (COVID-19) pandemic outbreak. Headline indices S&P BSE Sensex and the broader Nifty 50 index tanked 24 per cent and 26 per cent, respectively, in the last financial year 2019-20, recording their worst performance in over a decade, mainly due to the slump during February-March. Amid uncertainties in the market, sectors such as FMCG, Healthcare, Pharma and select stocks in Telecom are expected to perform well, as to a certain extent, they are cushioned against the current global events, Aamar Deo Singh, Head Advisory, Angel Broking Ltd told Financial Express Online. He also elaborates that few consumption stocks have bucked the trend but if the COVID-19 pandemic gets prolonged, consumers could cut down on their consumption requirements, which could, in turn, affect this sector as well. Edited excerpts of Aamar Deo Singh’s conversation with Surbhi Jain: Q1) In FY20 Sensex and Nifty have given negative returns. What is your forecast for FY21? Valuations are becoming attractive – Nifty is currently trading at a P/BV of nearly 2.2x which is the same levels at which markets bottomed out in 2008-09. Though on a P/E basis markets are still expensive as compared to 2008, we believe that P/E is not the right measure currently given that structural reforms and the NBFC crisis have had an adverse impact on corporate profitability which will normalize over the next 3-5 years. Pickup in growth, increase in profitability and P/E rerating will drive markets over the next 3-5 years. Q2) Which sectors would be the top performers for FY21 and why do you see them benefitting? High-quality businesses will outperform in difficult market environments. The Indian Government announced a lockdown of the entire country on the 22nd of March. The proactive measure by the Indian Government should help prevent a widespread COVID – 19 pandemic though the impact of the global slowdown could last longer as developed countries may take time to fully roll back all restrictions. Therefore given the uncertainties, we would recommend to avoid vulnerable sectors and invest in the high-quality business in 3-4 tranches. Sectors which are expected to perform well include sectors such as FMCG, Healthcare & Pharma & select stocks in Telecom, as they to a certain extent, are cushioned against the current global events. Q3) Currently banking/financial stocks are facing a huge downturn. Do you see them making a comeback this FY20-21? Banking and Financial stocks could face tough times in FY20-21 as the impact of the coronavirus will be severe. Looking at the current flow of data, bank credit growth decelerated to an over five-decade low of 6.14% in the fiscal ended March 31, 2020. Also, bank advances growth in FY20 was the slowest since the fiscal ended March 1962, when loans had grown by 5.38 per cent. Further, Moody’s Investor Service changed the outlook for the Indian banking system to negative from stable, on the possibility of further deterioration in bank’s asset quality, as the economic activity gets severely impacted due to the pandemic COVID-19, putting pressure on the profitability. Further, the YES Bank issue also puts pressure on the sector. All in all, it will be a tough year for the banking sector & financials. Q4) In the current scenario, only consumer stocks have done well. Do you foresee them to continue doing well this FY21 and why? Consumption stocks have bucked the trend and the likes of Hindustan Unilever (+23% YoY) and Nestle India (+13.89% YoY) have delivered superior returns this year in spite of all the turbulence. Consumer stocks in India have really been little resilient in this whole downturn. And it is expected that this sector is better placed to weather the corona storm. But at the same time, if the corona issue gets prolonged, consumers could cut down on their consumption requirements and stick to most essentials, which could affect this sector as well. Having said that, this sector still offers safer and better bets as compared to many other sectors. Quality companies with strong fundamentals would recover faster once we see the volatility subside. Q5) Top five stocks that you believe will outperform in this fiscal? Stocks to watch out for include the likes of IPCA Laboratories, Asian Paints, Bharti Airtel, Bata India and Dr Lal Pathlab, which are expected to outperform this fiscal. Overall, markets are witnessing extreme volatility and unprecedented times, that’s keeping investors on the cautious side. But at the same time, offering opportunities to those who seek them out. Q6) By when do you think, mid-caps and small-caps will start outperforming large-cap stocks? The markets have witnessed significant correction since January, with the benchmark indices down by over 25% from their all-time highs whereas the Nifty Midcap 100 & Small Cap 100 are still down by more than 40% and 60% respectively from their record highs. Going forward, it’s the quality stocks in all categories that will find favour with the investors, and also the track record in terms of corporate governance will also be equally important. Just growth without quality would not stand a chance with the investors. Few mutual funds of late, have removed the maximum investment limit in their small-cap funds as the valuations of many companies in this space, are attractive, and could offer significant gains over the next couple of years. But at the same time, given the risks of a significant slowdown because of the COVID-19 outbreak, adopting a SIP mode is recommended as compared to the lumpsum investment. The volatility index (India VIX) still continues to trade at significantly elevated levels, around the 50 mark, which indicates that investor fear still remains high. Over the next quarter, a clearer picture would emerge, because any rally to be sustainable, has to be broad-based. It would be quality that will be valued along with resilience, be it Large, Mid or Small. Invest with caution but definitely look at investing in tranches as opportunities are plenty. (The stock recommendations in this story are by the respective research and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Please consult your investment advisor before investing.) Summarise this report in a few sentences.
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global as well as domestic share markets have been reeling under pressure since the start of the calendar year 2020. first due to the US-China Phase 1 trade deal, then due to the novel coronavirus (COVID-19) pandemic outbreak. headline indices S&P BSE Sensex and the broader Nifty 50 index tanked 24 per cent and 26 per cent, respectively, in the last financial year 2019-20.
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Auto-components maker Sansera Engineering has filed draft papers with capital markets regulator Sebi to float an initial public offering . The IPO will see sale of up to 1,72,44,328 equity shares by existing shareholders as well as promoters, according to the draft red herring prospectus (DRHP) filed with Sebi."The listing of equity shares will enhance our company's brand name and visibility and provide liquidity to the existing shareholders. The listing will also provide a public market for equity shares in India," Sansera Engineering said.The Bengaluru-based firm is an engineering-led integrated manufacturer of complex and high-quality precision components for the automotive and aerospace sectors,ICICI Securities, Credit Suisse Securities, IIFL Holdings, Nomura Financial Advisory and Securities and BNP Paribas wil manage the company's initial public offer (IPO).Apart from Sansera Engineering, at least four companies -- Dodla Dairy, Nihilent, Shyam Metalics and Energy and ASK Investment Managers -- have filed IPO papers with the markets regulator so far this month. Summarise this report in a few sentences.
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the IPO will see sale of up to 1,72,44,328 equity shares by existing shareholders as well as promoters. the listing will enhance our company's brand name and provide liquidity to existing shareholders. at least four companies -- Dodla Dairy, Nihilent, Shyam Metalics and Energy and ASK Investment Managers -- have filed IPO papers with the markets regulator so far this month.
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After the successful launch of the initial series of exchange-traded funds (ETFs) last year in December, Edelweiss Asset Management today announced the launch of two new Bharat Bond ETFs that aims to raise a total of Rs 14,000 crore from retail and institutional investors. It will open for subscription on July 14 and close on July 17. Bharat Bond Funds of Funds will invest in two ETFs, one will mature after five years in April 2025 while the other after 11 years in April 2031. Bharat Bond ETFs invest in high-quality AAA-rated bonds of public sector companies. The 2025 Bharat Bond index consists of 12 companies in which Power Finance Corporation, REC Ltd, Power Grid Corporation of India and National Housing Bank account for 56 per cent of the index, according to a presentation released by Edelweiss AMC. On the other hand, the 2031 index consists of eight PSUs where Power Finance Corporation, REC Ltd, Power Grid Corporation of India and National Highways Authority of India (NHAI) make up for 60 per cent of the index. According to Edelweiss AMC, 25 per cent of investment quota will be reserved for retail investors, and the rest will be offered to retirement funds, QIBs (institutional investors) and non-institutional investors. “BHARAT Bond ETF program has achieved some important objectives that were envisioned while creating the blueprint of this program. It has provided aggregate savings in borrowing cost for participating CPSEs/CPSUs/CPFIs,” said Tuhin Kanta Pandey, Secretary, DIPAM, Ministry of Finance. He also said that it has provided easy access to investors into bond markets and adequate liquidity on exchange, which will encourage investor participation and help in developing bond markets further. “The organic increase in AUM of existing Bharat Bond ETFs even during these uncertain times resembles investors building confidence with the product,” Tuhin Kanta Pandey added. On Thursday, NSE indices also launched two more indices under the Nifty Bharat Bond index series, having maturities in April 2025 and April 2031. “With this BHARAT Bond ETFs will have four maturity points on the yield curve — 2023, 2025, 2030 and 2031. In future we will launch more ETFs and fill the remaining maturities,” said Radhika Gupta, CEO, Edelweiss Mutual Fund. Bharat Bond ETFs provide better liquidity and transparency than bonds, predictability of return, and low-cost access to public sector bonds. Bharat Bond ETFs have a mandate to invest only in AAA-rated securities, in case a credit downgrade happens then such security will be removed from the index on the next rebalancing date. Also, any such downgrade in the issuer’s rating will be brought to the attention of DIPAM. An individual retail investor can invest a minimum of Rs 1,001 and in multiples of Re 1 thereafter, subject to a maximum investment amount of Rs 2 lakh. For non-institutional investors, retirement funds and QIBs, it is to an extent of Rs 2 lakh and in multiples of Re 1 thereafter. The basket size for unit creation and redemption for large investors is Rs 25 crore and in multiples of Re 1 thereafter, according to the presentation. Summarise this report in a few sentences.
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two new Bharat Bond ETFs will open for subscription on July 14 and close on July 17. one will mature after five years in April 2025 while the other after 11 years in April 2031. the 2025 Bharat Bond index consists of 12 companies in which power finance corporation, REC Ltd, power grid corporation of india and national housing bank account for 56 per cent of the index.
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The coronavirus pandemic has resulted in a mass labour exodus as the lockdown forced daily wage workers to return to home in the absence of bread and butter. Bringing migrant labour back to work is expected to be a herculean task, and companies will have to give incentives to get the work rolling. “The psychological pressure may hold the labour back. We may have to give some incentives to bring labour back,” SN Subramanyan, MD and CEO, L&T, told CNBC TV-18 in an interview. The current financial year will be a tough one, but the construction engineering company remains cautiously optimistic, he added. As the country imposed one of the strictest lockdowns in the world owing to the spread of coronavirus, businesses have been severely affected and the economy has come to a grinding halt. While many businesses faced worker crisis, drying up revenues have added to the pain point. Larsen & Toubro, which announced its Q4 results on Friday, said that its working capital has stretched due to delay in client payments. “There is going to be a sharp reduction in capital allocation this year,” SN Subramanyan said. To make up for the revenue losses in the last few months, L&T is now looking to ramp up its execution during monsoon. The company has reported a Rs 15,000 crore worth billing delay due to the nationwide lockdown. Speaking about how the company is faring now that the country has entered Unlock 1, SN Subramanyan said that the company has been getting back to some sort of normalcy in the last three weeks with execution resuming at 90% for about 950 projects. Labour availability is also likely to normalise in the coming 15-20 days. While the company has about 1.2 lakh labour working on the sites currently, L&T needs almost the same number of additional workers to achieve normalcy. Meanwhile, migrant labour have started to come back to the market amid financial uncertainty. A large chunk of the labour who had left for their home towns in April have now started to come back, according to CMIE. In May, the labour participation rate (LPR) went up after witnessing a drop by 6.3 percentage points from 41.9% in March to 35.6% in April. Further, nearly 2.1 crore people got new jobs in May. Summarise this report in a few sentences.
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coronavirus pandemic has resulted in mass labour exodus. companies will have to give incentives to bring migrant labour back to work. migrant labour have started to come back to the market amid financial uncertainty. migrant labour have started to come back to the market amid financial uncertainty. migrant labour have started to come back to the market amid financial uncertainty.
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Nissan India will make another attempt against the Kia Seltos and Hyundai Creta with a new turbo petrol engine with a CVT automatic transmission in the 2020 Nissan Kicks. Second times the charm? After announcing plans to update the Datsun Redi-GO, Nissan India has confirmed that it will be reworking its compact SUV as well. The 2020 Nissan Kicks will be launched soon and it will feature a more powerful turbocharged engine equipped with a CVT automatic. Nissan calls this transmission the X-Tronic CVT. Nissan India has announced that it will launch the 2020 Kicks SUV with the new HR13 DDT 1.3L four-cylinder, turbo petrol engine and it develops 153hp and 245Nm of torque. Nissan claims that the engine uses a similar kind of cylinder coating technology which was developed for its high-performance supercar – the GT-R. Nissan claims that the coating of the cylinders helps improve efficiency and performance. The engine will be equipped with Nissan’s CVT transmission which will offer an eight-step gear level function in ‘M’ mode. Rakesh Srivastava, Managing Director, Nissan Motor India said, “The all-new Nissan KICKS 2020 is built with Japanese engineering and technology and has high build quality with purposeful and intelligent technology with class-leading premium-ness. The New Nissan KICKS is powered by best-in-class turbo engine and best-in-class X-Tronic CVT offering higher fuel economy and acceleration,” Although the Kicks will maintain its current feature and equipment offerings, an updated Nissan Kicks model was spied in Thailand with a new front facia design. Whether this model is going to be launched in India is not confirmed. The new turbocharged petrol Nissan Kicks will pound for pound rival the Kia Seltos GT-Line and Hyundai Creta Turbo models. This variant of the Hyundai and Kia are both equipped with identical 1.4-litre turbocharged petrol engines which develop 138hp and 242Nm of torque. The Nissan Kicks offers better power and torque from the 1.3-litre against the 1.4-litre motor in the Seltos and Creta. However, the models from Korea offer twin-clutch automatics against the CVT in the Nissan. This competition in the compact SUV segment has just become more interesting. Nissan India has not officially stated when the new Kicks is going to be launched. However, it is likely to take place soon after the lockdown is lifted. Nissan is also working on a smaller sub-compact SUV to rival the Hyundai Venue and Maruti Suzuki Vitara Brezza which is also said to arrive soon. Summarise this report in a few sentences.
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the 2020 Nissan Kicks will feature a more powerful turbocharged engine with a CVT automatic transmission. the engine uses a similar kind of cylinder coating technology which was developed for its high-performance supercar – the GT-R. the kicks will pound for pound rival the Kia Seltos GT-Line and Hyundai Creta Turbo models.
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Employers around the world are facing the most acute talent shortage in 12 years, and India is among the top 10 most-affected markets with 56 percent of employers are facing difficulty in filling vacant positions here, says a survey. According to the latest Talent Shortage Survey released today by ManpowerGroup, of almost 40,000 employers surveyed globally, 45 percent are struggling to fill roles. "With record talent shortages around the world, it's no longer a question of simply finding talent; we need to build it," ManpowerGroup Chairman & CEO Jonas Prising said. Prising further noted that "organisations need to accelerate efforts to upskill and reskill employees for the new world of work so companies succeed and people have employment security for the long term". The worst affected country across the world in terms of talent shortage is Japan, as 89 percent employers said they faced difficulty in filling positions, followed by Romania (81 percent) and Taiwan (78 percent). As companies go digital and roles transform, finding candidates with the right blend of technical skills and human strengths, such as communication, collaboration and problem solving, is more important than ever, the survey said, adding that top drivers of talent shortage are lack of applicants, experience and hard skills. Others in the top 10 most affected countries include Hong Kong (76 percent), Bulgaria (68 percent), Turkey (66 percent), Greece (61 percent), Singapore (56 percent) and Slovakia (54 percent). Meanwhile, China has the least difficulty in finding the right talent as only 13 percent employers report talent shortage, followed by Ireland (18 percent), UK (19 percent), the Netherlands (24 percent) and Spain (24 percent). As per the survey, employers are placing greater importance on transferable soft skills as roles adapt, more than half of employers say communication skills – written and verbal – are their most valued soft skills, followed by collaboration and problem solving. Region-wise, Asia Pacific nations are suffering most acutely from talent shortages, with five of the top 10 worst affected markets in the survey: Japan, Taiwan, Hong Kong, Singapore and India. Summarise this report in a few sentences.
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45 percent of employers are struggling to fill roles in the top 10 most-affected markets. worst affected country is japan, where 89 percent are facing difficulty in filling positions. china has the least difficulty in finding the right talent as only 13 percent report shortage. more than half of employers say communication skills are their most valued soft skills. more than half of employers say communication skills are their most valued soft skills.
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Netflix India on Thursday unveiled a slate of 17 originals, including a bouquet of direct-to-digital releases, set to premiere on the streaming platform in the coming months. The announcement is one among a series of such statements made by over-the-top (OTT) players in the recent past. Besides Gunjan Saxena:The Kargil Girl, which Netflix announced will start streaming on it from August 12, it will also directly launch Abhishek Bachchan and Rajkummar Rao-starrer Ludo, Sanjay Dutt’s Torbaaz, Raat Akeli Hai featuring Nawazuddin Siddiqui and Radhika Apte, Dolly Kitty Aur Woh Chamakte Sitare and romantic comedy Ginny Weds Sunny on its platform. Besides, award-winning film Bombay Rose, five original movies and two original series (that will add up to three new upcoming ones) – including A Suitable Boy – will be available for Netflix viewers to binge-watch on. Netflix has been building on its India library — currently comprising over 10 regional languages. An episode each of its flagship property, Sacred Games, may have run into crores, analysts estimate. The firm that has 183 million paid members across markets posted a net profit of Rs 5.1 crore in FY19 in India, while revenues soared by over 700% to more than Rs 450 crore. These days, several film producers are more than willing to go for direct-to-digital releases. As Covid cases continue to rise unabated, many of them believe OTT releases will be the norm for sometime. Summarise this report in a few sentences.
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Netflix India unveiled a slate of 17 originals set to premiere on the streaming platform in the coming months. besides Gunjan Saxena:the Kargil Girl, which Netflix announced will start streaming on it from august 12. it will also launch abhishek Bachchan and Rajkummar Rao-starrer Ludo, Torbaaz, Raat Akeli Hai featuring Nawazuddin Siddiqui and Radhika Apte.
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The European Commission unveiled on Wednesday a plan to borrow on the market and then disburse to EU countries 750 billion euros in grants and loans to help them recover from their coronavirus slump, giving an immediate boost to the euro. Much of the money is to go to Italy and Spain, the worst affected by the pandemic, which together would receive 313 billion euros in grants and loans. The aim is also to protect the European Union's single market of 450 million people from being splintered by divergent economic growth and wealth levels as the 27-nation bloc emerges from its deepest-ever recession, which is expected this year. Of the 750 billion euros, two-thirds would be in grants financed by joint borrowing and one-third in loans. The grants, although controversial, are needed because Italy, Spain, Greece, France and Portugal already have high debt and are heavily reliant on tourism that was brought to a halt the pandemic. They will find it more difficult than more frugal northern nations to restart their economies through borrowing. 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 euro rose on the news to trade at 1.1022 against the dollar, up from 1.0932. The recovery fund package is in addition to the EU's long-term budget for 2021-27, which the Commission will propose being set at 1.100 trillion euros, is virtually the same as the proposal discussed by leaders in February of 1.095 trillion. "In total, this European Recovery Plan will put 1.85 trillion euros to help kick-start our economy and ensure Europe bounces forward," the EU executive said in a document titled "Europe's moment: Repair and Prepare for the Next Generation". CONCERN The 500 billion euros in grants is in line with the wishes of the EU's two biggest economies - France and Germany - though some nations would rather see the recovery package comprise only loans. The borrowing will have to be repaid, meaning higher national contributions to the EU budget in the future or new taxes assigned to the EU. The Commission proposed new revenues in the form of a tax on plastics, some money from the CO2 emissions trading scheme, a digital services tax, a part of national corporate taxes and an import levy on goods produced in countries with lower CO2 emissions standards than the EU. It also proposed the EU budget should get a bigger share of the Value Added Tax paid by governments to the EU. Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.
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750 billion euros to be disbursed to countries affected by coronavirus. money will be used to help them recover from their slump in coronavirus. much of the money is to go to Italy and Spain, the worst affected by the pandemic. the 27-nation bloc is expected to emerge from its deepest-ever recession this year.
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The stock markets are witnessing huge sell-off as the coronavirus pandemic is expanding its geographical footprint each passing day; crude and commodity prices have tumbled stroking fears of global recession. The margin calls and stop losses are triggering panic selling, which in turn is creating a cyclical effect and markets volatility is likely to intensify further. In such a situation what should a long-term investor do? Analysts suggest that individual investors stay away from small and mid-cap stocks until the volatility settles. Instead, they should look at value investing. Vasanth Kamath, co-founder and CEO, smallcase Technologies, says in such volatile markets, it is best that investors stick to their plan, remain focussed on the long-term picture, and stay away from panic markets. “Such events are great reminders of the need for a diversified portfolio, and investors should start looking to build that in order to mitigate the impact of any such events in the future.” Hold on to quality stocks While volatility will continue in the near-term, investors should not sell quality stocks in panic. Markets will take a while to recover from the significant price damage and there could be intermittent relief rallies. Siddhartha Khemka, head, Retail Research, Motilal Oswal Financial Services, says, long-term investors with good quality stocks should hold on to their portfolio and see through the current storm. “Even in the past we have seen many major economic issues impacting the market. However, we have recovered from most of them over a period of time. In fact, investors sitting on cash can start accumulating 10-15% of overall allocation on a gradual basis,” he says. Continue SIPs Mutual fund investors should continue their systematic investment plans (SIP) as they allow an investor to buy units on a given date each month. The biggest advantage of an SIP is that the investor does not have to time the market. More units are purchased when a scheme’s net asset value (NAV) is low and fewer units when the NAV is high. When the two situations are analysed together, the cost is averaged out and, the longer the time-frame of the investment, the larger will be the benefits of averaging. Also, investors who are willing to invest in stocks directly can look at stock SIPs which are offered by brokerage houses. In mutual funds, an investor can invest through systematic transfer plans (STPs) where funds are transferred from one scheme to another in the same fund house, ideally from debt to equity. In volatile market conditions, individual investors can stagger investments through STPs by investing a lump sum in debt, which could be a liquid or ultra short term fund, and then transfer a fixed amount either monthly or quarterly into a equity fund. Diversify portfolio Ideally, investors must build their portfolio with an equitable mix of equity, debt, gold and real estate which will deliver in all weathers. Ideally, an investor must have a portfolio with a mix of high quality mutual funds with proven track record, listed stocks and tax-free bonds that will take him through market ups and downs. Also, keeping your portfolio simple will make it extremely efficient and powerful in the long run. To meet regular cash flow needs, look at liquidity and protection of capital. If an investor wants liquidity, the redemption amount should not erode the original capital invested. Track the performance of your investment every year and rebalance the portfolio if required. Summarise this report in a few sentences.
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investors should stay away from small and mid-cap stocks until volatility settles. instead, they should look at value investing. a long-term investor with good quality stocks should hold on to their portfolio. a long-term investor with good quality stocks should hold on to their portfolio. a long-term investor with good quality stocks should hold on to their portfolio.
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Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. 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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luxury car buyers in india are getting younger with two out of five Audi buyers aged less than 40. at Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the german luxury carmaker globally. apple set a new quarterly revenue record in india with a strong double-digit year-on-year growth in the September quarter. apple is the world's second-largest smartphone market.
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The Nifty ESG Index has been outperforming the benchmark Nifty for more than a year, and we believe ESG stocks should continue to see traction and should grow in a big way post-Covid-19, Lav Chaturvedi, ED & CEO at Reliance Securities, said in an interview with Moneycontrol’s Kshitij Anand. Edited excerpt: Q) What would you advise – lump sum or staggered investing approach, direct equities or mutual funds? A) Lump-sum investment is usually advisable in a scenario when most of the risks appear to be factored in the valuations and you have a broad judgment about the quantum of risk. During the current pandemic, the situation is extremely uncertain with regards to both containment of the crisis and subsequent recovery process. Hence, we would advise the investors to adopt a staggered investment approach over 6 to 12 months horizon and use every dip as an opportunity to increase the investments commensurating with individual risk appetite and investment objectives. Q) IndiaNivesh Securities' broking arm shut its operations. Do you think this could just be the starting? A) As they say, no crisis should go waste. Our industry has experienced the Karvy episode before, and now it is IndiaNivesh. I think the industry will be up for some serious consolidation. This could be either because of an aggressive business model or un-sustainable operating leverage. Either way, there will be consolidation and optimization of industry players. Robust risk management and customer-centricity would be a key differentiator. Q) A lot has been talked about and spoken about COVID-19 hotspots. But where are the hotspots in terms of investment in the current scenario? A) One can always find hotspots irrespective of situations. In the context of the current scenario, potential opportunities could be in Consumer Staples, Telecom, Healthcare and OMCs as hotspots. Based upon how quickly we come out of lockdown with calibrated lifting up, we may see healthy recovery in sectors like Retail, Hospitality, Cement, Paints, Automobile, and Specialty Chemicals, etc. Q) Do you think companies in the ESG space could get attention, and could probably turn out to be big winners once this (COVID-19) is over? A) ESG sector has been gaining prominence for the last couple of years especially since topics such as global warming, climate change impact, etc. have gained momentum across the globe. Notably, there are dedicated onshore or offshore funds, which invest only on ESG stocks, as these stocks also carry relatively low regulatory interferences. The Nifty ESG Index has been outperforming the benchmark Nifty for more than a year. We believe the ESG stock should continue to see traction and will grow in a big way post-COVID-19. Q) With the starting of April we also start a new financial year – what is your expectations from the FY21? What are your views on earnings, markets, flows, as well as demand? A) The market was factoring in higher teen growth for FY21, which looks very difficult, given the current COVID-19 pandemic. In case the lockdown is not extended, the economy should come back on track over a couple of quarters. But it is too uncertain to predict anything as of yet. We are likely to see a sharp earnings downgrade for FY21 and based upon the calibrated lifting up of lockdown and subsequent recovery there might be earnings growth in the range of 5-10 percent for FY21, which still looks to be decent given the current situation. Q) Once the lockdown is over and we (the whole world) come out of COVID-19 --- what will be the new normal which the world will be looking at in investments, insurance, food habits, consumption, etc.? A) Social distancing will be a new normal. The economy that so far has been focusing on sharing (Uber, WeWork, etc.) will now take a more balanced approach and will embrace distancing as a business proposition. Focus on healthcare will grow. Also, work from home and less travel will become a new normal across sectors. This may have an impact on rental yields etc. From the investors' perspective, they will keep looking for a better value proposition with a low degree of uncertainty. As soon as the COVID-19 crisis gets over, we believe the sectors, which have been battered badly and have the potential to revive faster will be lapped up by the investors. Q) We have seen massive wealth erosion in most of the top-quality stocks in FY20, and as we step into FY21 some of those names could give multibagger returns if someone is investing in them now. Could you highlights 3-5 such stocks that hold that potential? A) As we all know during these uncertain times, there are certain quality stocks that got hammered and have the potential to generate hefty returns once dust settled and economy begun to recover. Stocks like ICICI Bank, Maruti Suzuki, Hero MotoCorp and UltraTech Cement, etc. can potentially generate relatively better returns in the large-cap space. Summarise this report in a few sentences.
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the Nifty ESG Index has been outperforming the benchmark Nifty for more than a year. we believe ESG stocks should continue to see traction and should grow in a big way post-Covid-19. a lot has been talked about and spoken about COVID-19 hotspots. potential opportunities could be in Consumer Staples, Telecom, Healthcare and OMCs.
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One Electric has begun deliveries of their electric motorcycle , KRIDN in Hyderabad and Bengaluru through their distribution partners, whose details are available on the company's website. "Hyderabad and Bengaluru have shown very high interest in pre-bookings, therefore we have started from these cities. Dealer feedback from test rides shows that the customers are surprised at the excellent performance in speed and power coming from an electric motorcycle. Customers are also happy about riding a powerful motorcycle without gears. The only part which requires explanation is how the total cost of ownership is actually lower than petrol vehicles. Therefore, Finance at low interest rates, will definitely play an important role in EV adoption," said Gaurav Uppal, CEO, One Electric. One Electric will commence deliveries in Tamil Nadu and Kerala next month in January 2021, followed by Maharashtra and Delhi NCR thereafter. "Since ours is an 80 per cent plus localized motorcycle, the Farmers protest in NCR along with skyrocketing raw material prices are posing a challenge to the smooth rollout. However, we had also not truly anticipated the challenges of supply chain management of a vehicle. Most of the bottlenecks have now been addressed and we expect a smoother scaling up of operations in the coming year," added Gaurav. The company claims that they have also received interest from International clients for their product. The company is in talks with various potential partners for South America, Africa and Middle East markets. One Electric has targeted presence in 3 continents by the end of 2021. Gaurav added, "Receiving interest from the international market has been a great validation of our product's design and specifications. We are in advanced stages of talks to enter the Africa market. Taxi segment called Boda Boda in east Africa is of special interest to us and we hope to start trials shortly in coming 3-4 months. However deliveries in the export markets will start only after our target rollout for India has been achieved and streamlined." 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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one electric has begun deliveries of their electric motorcycle, KRIDN in Hyderabad and Bengaluru. the company will commence deliveries in Tamil Nadu and Kerala next month in January 2021. the company is in talks with various potential partners for South America, Africa and Middle East markets. the company has targeted presence in 3 continents by the end of 2021. a spokesman for one electric said the company is "very pleased" with the progress made.
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The market erased all its previous day's gains with the BSE Sensex falling below 34,000 levels and the Nifty50 breaking the psychological 10,000-mark. The BSE Sensex closed at 33,538.37, down 708.68 points or 2.07 percent, while the Nifty50 shed 214.20 points or 2.12 percent to 9,902. Here are 5 factors weighed on the market: Fed To Hold Interest Rates Near Zero Till 2022 The Federal Reserve on June 10 has maintained its funds rate in a target range of 0.00-0.25 percent and said majority of its policymakers indicated no rate hike till 2022, i.e. for next two-and-half year. The Fed also said it would continue buying bonds to keep borrowing rates low and support the US economy that hit badly by the COVID-19-led lockdown, with high unemployment rate. This year the US economy is expected to contract 6.5 percent, said the Fed, adding the economy will grow 5 percent in 2021. The central bank targets unemployment rate near 9.3 percent by the end of 2020, against 13.3 percent currently. Experts feel the rate hike is largely unlikely in coming years as the US wants to get back jobs and economy on track to pre-COVID levels. Global Correction Globally markets corrected after the Fed's intention to keep interest rates zero till 2020 or till the economy shows strong recovery and forecast of US economy contracting this year before bouncing back next year. Among Asian peers, Australia's ASX 200 was down 3 percent and Japan's Nikkei fell around 2.8 percent, while Hong Kong's Hang Seng declined 2.3 percent. South Korea's Kospi was down 0.86 percent and China's Shanghai Composite fell 0.78 percent. European markets corrected sharply with the Britain's FTSE, Germany's DAX and France's CAC falling 2 percent each at 15:45 hours IST. Dow Jones futures also corrected 2 percent, indicating weak opening in today's trade later. Banking & Financials Correct Banking & financials have remained key drivers for the market on the upside as well as downside. Nifty Bank and Financial Service indices were down 2.7 percent and 2.4 percent respectively today, dragging the entire market itself. However, the Nifty Bank index had rallied more than 20 percent in the recent rally. Even though the hope rally on the back of re-opening of economy lifted these stocks, the actual problem of NPA is still worrying investors. "The main reason banking and financials sharply bounced back after the lockdown is because they had fallen the hardest in the recent mayhem and therefore a bounce back was natural. Nonetheless, this rally may not sustain as there is little clarity on the extent of bad assets in the moratorium book and that clarity isn't going to emerge before September's quarterly results (courtesy RBI's relaxant norms for asset classification)," Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote told Moneycontrol. "Additionally, PSUs too are capital hungry and given the recurring dilution in this space they might not witness outperformance for atleast the next 2 quarters. Going ahead, we might not see confidence returning in these sectors and therefore they are expected to perform inline with the market with a downward bias," he said. S&P Rating Brings A Relief, But Raises Concerns The affirmation of India sovereign rating by S&P Global Ratings on June 10 after downgrade by Moody's last week has come as a relief, but the rating agency raised concerns with respect to fiscal deficit, weakness in financial sector etc. Even the RBI also in its monthly bulletin said though the regulatory and liquidity measures taken by them (RBI) have had a salutary impact on financial markets, stress is still visible in certain areas of the market. S&P forecasts India's economy to shrink by 5 percent this fiscal, before showing 8.5 percent growth in FY22. "We could raise India's rating if government significantly cuts fiscal gaps, but see pressure on India rating if growth doesn't recover from 2021 and if government deficits exceed our forecast," the agency said, adding it sees India FY21 general government fiscal deficit at 11 percent of GDP. S&P in its report stated that though the recent India reforms suggest constructive policymaking path, the risks to India's long-term growth outlook have intensified. Hence, weak financial sector, rigid labour markets and weak private investment could hamper India recovery if not addressed, it feels. Technical View The Nifty50 as well as Bank Nifty formed bearish candle on daily charts as closing was below their opening levels. Overall the Nifty after their recent rally have been in a tight range. As today the index has broken its range of 10,000-10,300, there could be further correction in coming session, experts feel. "The markets were successful in breaking the range that it was stuck in. 10,000 which was a crucial support was broken and we fell over a 200 points in no time. The level to watch out for would be 9,850 where markets should take a breather. For the upside, the markets would now need to go past 10,150," Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments told Moneycontrol. Summarise this report in a few sentences.
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the market erased all its previous day's gains with the BSE Sensex falling below 34,000 levels. the Nifty50 shed 214.20 points or 2.12 percent to 9,902. the central bank said it would continue buying bonds to keep borrowing rates low. the central bank said it would support the US economy that hit badly by the COVID-19 lockdown.
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Item 7A. Quantitative and Qualitative Disclosures About Market Risk We are exposed to foreign currency exchange rate risks inherent in our sales commitments, anticipated sales, and assets and liabilities denominated in currencies other than the functional currency of our subsidiaries. We hedge future cash flows denominated in currencies other than the functional currency using sales forecasts up to twelve months in advance. Our exposure to exchange rate risks is managed on an enterprise-wide basis. This strategy utilizes derivative financial instruments, including option and forward contracts, to hedge certain foreign currency exposures with the intent of offsetting gains and losses that occur on the underlying exposures with gains and losses on the derivative contracts hedging them. We do not currently and do not intend to utilize derivative financial instruments for speculative trading purposes. To the extent that we are required to pay for all, or portions, of an acquisition price in foreign currencies, we may enter into foreign exchange contracts to reduce the risk that currency movements will impact the cost of the transaction. Our operations generate non-functional currency cash flows such as revenues, third party vendor payments and inter-company payments. In anticipation of these foreign currency cash flows and in view of volatility of the currency market, we enter into such foreign exchange contracts as are described above to manage our currency risk. Approximately 51 percent of our revenue in 2019, 53 percent of our revenue in 2018 and 51 percent of our revenues in 2017 were generated in U.S. dollars. The unfavorable effects of changes in foreign currency exchange rates, principally as a result of the strength of the U.S. dollar, has decreased revenue by approximately 2 percentage points in the year ended October 31, 2019. We calculate the impact of foreign currency exchange rates movements by applying the actual foreign currency exchange rates in effect during the last month of each quarter to the current year to both the applicable current and prior year periods. We performed a sensitivity analysis assuming a hypothetical 10 percent adverse movement in foreign exchange rates to the hedging contracts and the underlying exposures described above. As of October 31, 2019 and 2018, the analysis indicated that these hypothetical market movements would not have a material effect on our consolidated financial position, results of operations, statement of comprehensive income or cash flows. We are also exposed to interest rate risk due to the mismatch between the interest expense we pay on our loans at fixed rates and the variable rates of interest we receive from cash, cash equivalents and other short-term investments. We have issued long-term debt in U.S. dollars or foreign currencies at fixed interest rates based on the market conditions at the time of financing. We believe that the fair value of our fixed rate debt changes when the underlying market rates of interest change, and we may use interest rate swaps to modify such market risk. We performed a sensitivity analysis assuming a hypothetical 10 percent adverse movement in interest rates relating to the underlying fair value of our fixed rate debt. As of October 31, 2019 and 2018, the sensitivity analyses indicated that a hypothetical 10 percent adverse movement in interest rates would result in an immaterial impact to the fair value of our fixed interest rate debt. Item 8. Summarise this report in a few sentences.
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A. Quantitative and Qualitative Disclosures About Market Risk is a disclosure about the company's exposure to foreign currency exchange rate risks and interest rate risks. The company uses derivative financial instruments, such as option and forward contracts, to hedge foreign currency exposures. Approximately 51-53% of the company's revenue is generated in U.S. dollars. Sensitivity analyses indicated that a hypothetical 10% adverse movement in foreign exchange rates and interest rates would not have a material effect on the company's consolidated financial position, results of operations, statement of comprehensive income or cash flows.
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Xiaomi's ever-growing product portfolio now includes its biggest power bank yet. The company has launched the Mi Power Bank 3 with a massive 30,000mAh battery capacity, enough to charge the latest iPhone SE more than 10 times and its own flagship Mi 10 about 5 times. The latest power bank from Xiaomi is a big upgrade over Power Bank 2 and comes in a rock-solid design. It has been launched in China for now, but Xiaomi may bring its latest power bank to other markets, including India. Xiaomi Mi Power Bank 3 Price The Xiaomi Mi Power Bank 3 comes at a price of CNY 170, which translates to approximately Rs 1,800. If the company decides to bring the Power Bank 3 to the Indian market, the pricing of Rs 1,800 could be quite attractive. Recently, Xiaomi-rival Realme launched its new power banks in China, which are now expected to launch in India. In China, the Mi Power Bank 3 goes on sale via JD.com starting June 18. Xiaomi Mi Power Bank 3 Design, Features The build quality of the Mi Power Bank 3 is seemingly robust. It is a rectangular slab with one too many ports on one side. The power bank has two USB-A ports, one USB-C port, and one Micro-USB port. The USB-A and USB-C ports are rated to deliver the 18W fast charging to the connected smartphone, given it also supports the same charging rate. Most of Xiaomi's latest smartphones come with 18W fast charging or more. Meanwhile, the latest iPhone SE 2020 also has 18W fast charging. Xiaomi has given the Mi Power Bank 3 a low-power mode for products such as smartwatches and wireless earbuds, which do not require a high voltage and are charged rather more quickly than smartphones. Most power banks have issues providing the required current to these gadgets. To enable the low-power mode on the Power Bank 3, the button given on the side needs to be pressed twice. The Mi Power Bank 3 comes with 24W charging for itself using the USB-C port. There is a cable bundled with the power bank. However, when using a 30W Xiaomi charger, which will need to be procured from a smartphone, the battery pack will charge even faster. The USB-A port can charge the power bank at only up to 18W. Xiaomi's latest power bank could sell like hotcakes in India, where people rely on power banks to charge their smartphones multiple times without needing to be around the main power source. Summarise this report in a few sentences.
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Xiaomi's latest power bank is a huge upgrade over Power Bank 2. the power bank has a massive 30,000mAh battery capacity. it can charge the latest iphone SE more than 10 times and its own flagship Mi 10 about 5 times. the power bank is expected to launch in india on june 18. Xiaomi is also expected to launch a power bank in the u.s.
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Hotel and restaurant players on Saturday urged the government for giving relaxation for the sector during ‘lockdown 4.0’, at least in green and orange zones, that will help mitigate hardships faced by the industry. The apex hospitality association has proposed that hotels and restaurants in green zones be allowed to operate at 100 per cent and in orange zones at 50 per cent capacities, the Federation of Hotel and Restaurant Associations of India (FHRAI) said in a statement. “Even today, containing the spread of the virus remains the country’s priority. But we also have to take into account that the hospitality and tourism industry employs over 4.3 crore people. They are relying for their survival. Every lockdown extension is making it difficult for us to keep people employed and to sustain. “Since the government is relaxing operations for several industries to keep the wheels of economy moving, we are hoping that it allows our industry some relaxation too,” FHRAI Vice-President Gurbaxish Singh Kohli said. Due to the lockdown to curb COVID-19 pandemic, the industry is staring at a potential job loss of around 3.8 crore, which is 70 per cent of the total workforce. “According to the World Travel and Tourism Council (WTTC), as many as 7.5 crore travel and tourism jobs are at risk worldwide, one in eight of them are in India. We hope to resume operations and adhere to all the safety measures and follow the compliances strictly. We stand united with the government for eradicating the virus and together we will show the way to the world in achieving this, Kohli added. Summarise this report in a few sentences.
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hospitality and tourism industry employs over 4.3 crore people. industry facing potential job loss of around 3.8 crore. industry is staring at a potential job loss of around 3.8 crore. apex hospitality association has proposed hotels and restaurants in green zones be allowed to operate at 100 per cent and in orange zones at 50 per cent capacities. 'lockdown 4.0' is to curb the spread of the COVID-19 pandemic.
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Crude oil futures gained to Rs 2,136 per barrel on May 15 as participants increased their long position. Oil price jumped after data from China showed crude consumption picked up in April as refineries ramped up operations. MCX May crude futures have gained 168.67 percent from the low of Rs 795 it hit on April 28. The US commodities markets regulator cautioned exchanges and brokerages on May 14 to be ready for volatility and possible negative pricing for certain contracts, nearly one month after US oil futures dropped to negative for the first time in history. Crude traded higher with positive industrial data from China and expectations of more stimulus from the US. Prices got additional support after the IEA said that global oil demand was improving stronger than expected, said Tapan Patel- Senior Analyst (Commodities), HDFC Securities. Crude oil prices rallied to three weeks high on supportive fundamentals. The fall in US weekly inventories and output cut effects from OPEC plus nations supported crude oil prices to trade higher. In the futures market, crude oil for May delivery touched an intraday high of Rs 2,172 and an intraday low of Rs 2,085 per barrel on MCX. So far in the current series, black gold has touched a low of Rs 796 and a high of Rs 3,905. Crude oil delivery for May rose Rs 82, or 3.99 percent, to Rs 2,136 per barrel at 15:25 hours IST with a business turnover of 3,763 lots. Crude oil delivery for June gained Rs 49, or 2.32 percent, to Rs 2,164 per barrel with a business volume of 2,176 lots. The May crude futures narrowed its premium against June crude contract to Rs 41, or 2.32 percent. The value of May and June contracts traded so far is Rs 929.56 crore and Rs 74.41 crore, respectively. Patel expects oil to trade higher as prices have breached the near-term resistance at $27. The next resistance lies near $30 and support at $27. MCX Crude oil May futures have support at Rs 2,080 with resistance at Rs 2,210. West Texas Intermediate crude gained 1.34 percent at $27.93 per barrel, while Brent crude, the London-based international benchmark was up 1.93 percent to $31.73 per barrel. For All Commodities Related News - Click Here Summarise this report in a few sentences.
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crude oil futures gain 168.67 percent from low of Rs 795 on may 28. MCX crude futures have support at Rs 2,080 with resistance at Rs 2,210. IEA said global oil demand was improving stronger than expected. a fall in US weekly inventories and output cut effects from OPEC plus nations supported crude oil prices.
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NEW DELHI: India’s foray into clean energy has been remarkable however the system-wide clean energy transition is a work in progress. Critical to accelerating the pace of this energy transition is the increased share of decentralized clean energy, which is currently at 1 per cent of total installed electricity capacity.With an eye to helping clean energy startups to accelerate the pace, New Energy Nexus, a California-based non-profit international organization geared to a 100 percent clean energy economy, and Climate Collective , non-profit focused on innovation and entrepreneurship in the environmental segment, have come together to form New Energy Nexus India . Their aim to build the largest clean energy startup ecosystem in South Asia.This partnership expects to leverage on the global network and experience of New Energy Nexus and the Climate Collective’s successful initiatives in the region to provide start ups the boost and support that is critical for a successful and just transition to a clean energy economy.“The idea is to bring together two existing things to make something that is greater than the sum of its parts,” explains Danny Kennedy, CEO, New Energy Nexus. It is an effort to take “the great work that the Climate Collective has been doing for a number of years in India and joining up with the work we have also done in India since 2016, and have other entities join in, to see how we can add to the innovation ecosystem of India.”In many ways, New Energy Nexus India is the formalization of an engagement with India and a partnership with Climate Collective that is now nearly half a decade old. New Energy Nexus’ India engagement began in 2016 when it collaborated with the Climate Collective to run India’s first Solar Hackathon. Since then, New Energy Nexus and the Climate Collective have worked together in the region to grow accelerator programmes and other such programmes.“After four years of working together, the natural next step was to formalize our relationship and form New Energy Nexus India”, reads the official announcement.Kennedy says, “South Asia is one of the powerhouses of the energy transition, we’re excited to officially support the startup community in the region.”Detailing the new venture, Kennedy said that clean energy support and experience that New Energy Nexus has from around the world would help connect the Indian clean energy entrepreneurship scene, finance, innovation scene with capital formations outside India, with other big ideas, incubators, accelerators, programmes to support Indian entrepreneurs and also to get some of those companies from South East Asia, China, United States into the Indian market place.“It is story of joining forces to turbo boost programming and pace,” said the CEO of New Energy Nexus.Supporting startups through training, hackathons, and accelerators will be the mainstay of New Energy Nexus India efforts to creating the clean energy start up ecosystem in South Asia“We are excited to be working with New Energy Nexus and leveraging their tremendous experience in supporting the transition to a clean energy economy through startup and innovation programmes around the world,” says Pratap Raju, Country Director at New Energy Nexus India.New Energy Nexus India has already begun developing programmes specifically geared to the region. As Kennedy explained the idea is to bring together different partners so that together they create true synergy; “One plus one equals four or more for the energy ecosystem in-country and abroad”.This is reflected in the New Energy Nexus India’s plans that are already under development. It has plans for the “New Energy Nexus Startup School 2019-2020”, an online course for early-stage clean energy entrepreneurs in emerging markets in Asia.Accessing credit is a major challenge. This will be another plank of New Energy Nexus India’s activities. New Energy Nexus will deepen its engagement with Ckers Finance in India, stepping up investment in the fund from $3 million to $5 million.In the current financial year, New Energy Nexus will grow cKers Finance’s Sustainable Energy Bond issuance for India. These bonds are a new and innovative instrument that allow impact investors to finance sustainable energy assets exclusively and track the impact of their capital. These bonds will be primarily be used to scale-up newer models that accelerate decentralized solar segments. These include the nascent pay-as-you-go models in India for residential and commercial solar systems, solar pumps, and off-grid solar for micro/mini-grids segments. Part of the proceeds will be invested in the emerging ESCOs (energy service company models) that promote energy efficiency.Other initiatives on the cards for New Energy Nexus India include the Climate Launchpad, a pre-revenue accelerator programme, the Climate Runway (DST) accelerator and Climate Ready for Women pre-accelerator.The Climate Launchpad, part of the EU’s leading climate innovation platform, ClimateKIC, helps early-stage entrepreneurs understand whether their product or solution has sufficient market potential to proceed. Through this progamme, New Energy Nexus has built the largest early stage cleantech startup platform in India and South Asia.The Climate Runway takes off from the is a follow-on accelerator to Climate Launchpad. It currently supports 10 startups primarily in western India. It is a partnership with Science & Technology Park Pune to run the accelerator and is funded by the Department of Science and Technology, Government of India.The Climate Ready for Women development programme aims to increase the number of women founders in climate and cleantech entrepreneurs looking to join accelerators or enter the market. This programme is a pre-accelerator to Climate Launchpad and is supported by Kerala Startup Mission and is expected to conclude its pilot programme in June 2020.Kennedy says working together with partners “we can accelerate the transition from traditional energy dependency”. Summarise this report in a few sentences.
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New Energy Nexus and Climate Collective have come together to form New Energy Nexus India. the partnership is aimed to build the largest clean energy startup ecosystem in southasia. the partnership is a formalization of an engagement with India and a partnership with Climate Collective. the company is a non-profit organization geared to a 100 percent clean energy economy.
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Representative Image The last few weeks have been busy along the Line of Actual Control (LAC) with China. For the first time since 1975, India and China lost soldiers in a conflict. While many brave Indian soldiers lost lives in the clashes, social media was abuzz with a ‘Boycott China’ campaign, and WhatsApp messages with the list of companies with Chinese investments and mobile phone companies with roots in China were busy being forwarded. The government was quick to cancel a few contracts that some Chinese companies had won. As the government contemplates additional measures on trade and commerce, will it also spill over to aviation? The Chinese and Americans have been sparring over flights for quite some time, with both sides even banning flights for a while. Could that happen between India and China as well? Well, if it does, the Chinese carriers could have a lot more to lose than our carriers. Air traffic services between the two countries are governed by Air Services Agreement (ASA), popularly known as bilateral rights. The current ASA between India and China allows for 42 frequencies, translating into six daily flights. China was one of the most ignored countries by airlines in India, until recently. While the Chinese side utilised 41 out of the 42 frequencies, the Indian side was being represented only by Air India, with five weekly flights to Shanghai from New Delhi. And then, IndiGo jumped in. IndiGo launched operations last year to China, with flights from New Delhi to Chengdu and Kolkata to Guangzhou. The airline had announced flights to Chengdu from Mumbai but even the maiden flight did not take off as COVID-19 crippled the world. India has a separate ASA with Hong Kong – a Special Administrative Region, which is also in the middle of a conflict with China for the last few months. India’s ASA with Hong Kong allows for 45 weekly frequencies. Possible loss of connectivity Going by the winter schedule, Air China operated six weekly services to Beijing from New Delhi and four weekly flights from Mumbai. China Eastern operated a daily flight to Beijing from New Delhi and eight weekly flights to Kunming from Kolkata. China Southern had daily operations to Sanya and Guangzhou from New Delhi. Shandong Airlines had approval to fly to Jinan twice a week from New Delhi. Between Air India and IndiGo, there is connectivity to Chengdu, Guangzhou and Shanghai. Interestingly, RwandAir operates thrice a week between Mumbai and Guangzhou, in an extension of its Kigali-Mumbai service. The ASA between India and Rwanda allows for such an operation with full rights for the airline to carry passengers between Mumbai and Guangzhou. How has the traffic been? Indian carriers have not had much luck on routes to China in the past. However, IndiGo has been buoyant! Traffic has grown in the last few years and the airline was getting good traction – on both the passenger and cargo fronts -- on the route. In the past, Jet Airways and SpiceJet had failed to taste success on Chinese routes. The Directorate General of Civil Aviation (DGCA) declares quarter-wise data for international routes and countries. While the data for 2020 isn’t declared yet, the one for 2019, split across four quarters, shows the traffic to mainland China being much lesser as compared to Hong Kong -- from and to India. In the last few years, Chinese carriers were known to offer cheap tickets to North America via Chinese hubs. It led to the airlines getting into a price war. The market between India and the West Coast of USA is attractive. Air India operates flights to San Francisco and United joined the route recently. JAL, ANA, Cathay Pacific, Singapore Airlines, and Korean Air are some of the other airlines which have been wanting a slice of the pie. One argument about flights to China has been around cargo. With an increase in trade – especially import to India of critical items like pharmaceutical APIs as well as other cheaper goods -- there has been demand from traders to fly to China and high-value goods coming in as air cargo instead of ships. However, the cargo numbers are even more skewed in favour of Hong Kong. While Hong Kong is not a benchmark to compare cargo traffic with China, the close proximity in terms of geography and allowed frequency makes it an interesting mix. Tail Note While all efforts are being made to contain the current conflict and look for peaceful ways to disengage, there remains a possibility of things going out of control – either militarily and economically or just on the economic front. Either way, if the aviation industry is hit, there won’t be much impact on Indian carriers. Both Air India and IndiGo have very low dependence on China’s markets as far as their total international operations are concerned. In fact, the China pie on their total operations is miniscule! With passenger traffic expected to see a slower rebound, there could still be an opportunity for the airlines to fly cargo services to China – which again depends on the trade barriers that may come up between the two countries. Cargo has been the attractive bet in all these months and SpiceJet, which does not have scheduled cargo or passenger services to China, operated a few cargo flights to cities in China during the lockdown period! Ameya Joshi runs the aviation analysis website Network Thoughts. Summarise this report in a few sentences.
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the government was quick to cancel a few contracts that some Chinese companies had won. the current ASA between India and China allows for 42 frequencies, translating into six daily flights. between Air China and IndiGo, there is connectivity to Chengdu, Guangzhou and Shanghai. the government is considering additional measures on trade and commerce. the government is considering a number of measures to improve the connectivity between the two countries.
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ITEM 1. BUSINESS. GENERAL Central Illinois Public Service Company (AmerenCIPS or the Registrant) is a subsidiary of Ameren Corporation (Ameren), a holding company which is registered under the Public Utility Holding Company Act of 1935. On December 31, 1997, CIPSCO Incorporated (CIPSCO) and Union Electric Company (AmerenUE) combined with the result that the common shareholders of CIPSCO and AmerenUE became the common shareholders of Ameren, and Ameren became the owner of 100% of the common stock of AmerenUE and CIPSCO's operating subsidiaries, the Registrant and CIPSCO Investment Company (the Merger). Since the Merger, Ameren has formed a number of other subsidiaries including AmerenEnergy Resources Company (Resources Company) which is a holding company for Ameren's nonregulated electric generation, related marketing and fuel procurement businesses and Ameren Services Company which provides shared support services to the Registrant. For additional information on the Registrant's business organization, see Note 1 to the "Notes to Financial Statements" under Item 8 herein. The Registrant, an Illinois corporation, was organized in 1902. AmerenCIPS is a public utility operating company engaged in the sale of electricity and natural gas in portions of central and southern Illinois. The Registrant furnishes electric service in 557 incorporated and unincorporated communities and adjacent suburban and rural areas. The Registrant also furnishes natural gas service to retail customers in 267 incorporated and unincorporated communities and adjacent suburban and rural areas located in 41 counties of central and southern Illinois. The Registrant supplies electric service to about 325,000 customers and natural gas service to about 175,000 customers. The AmerenCIPS service territory is predominantly made up of small towns and rural areas. The territory served by the Registrant, located in 66 counties in Illinois, has an estimated population of 820,000 and is devoted principally to agriculture and diversified industrial operations. Key industries include petroleum and petrochemical industries, food processing, metal fabrication and coal mining. In conjunction with the Illinois Electric Service Customer Choice and Rate Relief Law of 1997, on May 1, 2000, following the receipt of all required state and federal regulatory approvals, the Registrant transferred all of its electric generating assets and related liabilities, at historical net book value, to a newly created nonregulated affiliate, AmerenEnergy Generating Company (Generating Company), a subsidiary of Resources Company (the Transfer). The Transfer was made in exchange for a subordinated promissory from Generating Company in the principal amount of $552 million and shares of Generating Company's common stock. The assets transferred by AmerenCIPS included the generating facilities located in Newton, Coffeen, Meredosia, Grand Tower and Hutsonville, Illinois as described under Item 2 Summarise this report in a few sentences.
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herein.
AmerenCIPS is a public utility operating company engaged in the sale of electricity and natural gas in portions of central and southern Illinois. It is a subsidiary of Ameren Corporation, a holding company registered under the Public Utility Holding Company Act of 1935. AmerenCIPS supplies electric service to about 325,000 customers and natural gas service to about 175,000 customers in 66 counties in Illinois. In 1997, AmerenCIPS and Union Electric Company combined, resulting in Ameren becoming the owner of 100% of the common stock of AmerenUE and CIPSCO's operating subsidiaries. In 2000, AmerenCIPS transferred all of its electric generating assets and related liabilities to a newly created nonregulated affiliate, AmerenEnergy Generating Company, in exchange for a subordinated promissory and shares of Generating Company's common stock.
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Sensex up 1.88%, or 595,37 points, at 32,200; Nifty gains 1.88%, or 175.15 points, to 9,490 27 Sensex stocks close higher. L&T top gainer, up 6.17%;·Hero MotoCorp 5.52%, IndusInd Bank 4.95% ITC down 0.83%, SBI 0.19%, Bharti Airtel 0.05% Bulls ruled, number of advancing shares were double the number of those declined BSE Midcap Index rises 1.34%, Smallcap Index 1.42%; all sectoral indices close higher BSE Capital Goods index top sectoral gainer, up 5.11%; Bharat Forge up 6.54%, BHEL 6.34% BSE Auto rises 3.54%; Eicher Motors up 8.33%, Motherson Sumi Systems 6.76% Ujjivan up 8.38% after it reported an 80% jump in consolidated March quarter profit. FIIs pump in $835.37 million (Rs 6,316.62 crore) so far in May; DIIs Rs 2,563.09 cr Short Covering in banking stocks India playing catchup Expectation of fresh stimulus Rise in global markets The March quarter GDP data due on Friday. It will provide an insight on the early impact of the lockdown. The pace and extent of spread of coronavirus infections in the country will be closely watched. Investors will watch out for relaxations or extension of the fourth phase of lockdown that ends on May 31. MUMBAI: Financials again led the way for the domestic market on Thursday as dealers opted to cover shorts on the expiry of monthly derivatives contracts. Firm cues from global markets and hopes of economic recovery too helped the sentiment back home. However, analysts maintained that the rally could be short-lived amid rising Covid-19 infections and US-China spat.Bank and NBFC stocks contributed the most to benchmark Sensex’s 595-point gain. Private lender HDFC Bank was the top contributor and rose 4.56 per cent. Mortgage lender Housing Development Finance Corporation (HDFC) climbed 3.46 per cent.The 30-share index gained 1.88 per cent to close at 32,201, while the 50-share Nifty climbed 1.88 per cent, or 175 points, to 9,490. As many as 27 of Sensex stocks closed higher. Engineering and construction major L&T was the top gainer, up 6.17 per cent. Two-wheeler maker Hero MotoCorp and private lender IndusInd Bank rose 5.52 per cent and 4.95 per cent respectively.On the other hand, cigarettes-to-hotels business ITC, top lender State Bank of India and telecom major Bharti Airtel shed 0.83 per cent 0.19 per cent and 0.05 per cent respectively. Hemang Jani , equity strategist and senior vice-president at Motilal Oswal Financial Services said there was a lot of shorts in bank stocks, which got covered, leading to the rally. "A part of the rally that we are seeing right now was led by short-covering. Also, we have to reckon that there has been a very swift revival across most of the global markets and somehow India was actually lagging behind,” he said.The bulls continued to rule as advancing shares were nearly twice the declining ones on the BSE. The broader market, too, joined the rally, with BSE mid and smallcap indices rising 1.34 per cent and 1.42 per cent, respectively.All sectoral indices closed in the green with BSE Capital Goods index as the top sectoral gainer with a 5.11 per cent jump. Bharat Forge and BHEL rose 6.54 per cent and 6.34 per cent, respectively. BSE Auto index followed next as it rose 3.54 per cent. Eicher Motors and Motherson Sumi Systems climbed 8.33 per cent and 6.76 per cent, respectively.Ujjivan Financial Services jumped 8.38 per cent after the NBFC reported an 80 per cent rise in consolidated March quarter profit.“Further stimulus measures are also expected to boost demand in the economy and help the most impacted sectors to recover. The market is rising on the back of expectations while there has been little change in ground realities,” Vinod Nair, Head of Research at Geojit Financial Services.Foreign institutional investors (FIIs) have invested a net of $835.37 million (Rs 6,316.62 crore) so far this month, while domestic institutional investors (DIIs) have infused a net of Rs 2,563.09 crore in the same period.Nair expressed doubt if this bouyancy can sustain. “Given the dynamics of our own country and the way the financial sector is going to behave in the next three to six months, it looks difficult to sustain this rally," he added.Asian markets had subdued trading on Thursday even as futures of US equity indices traded flat amid growing tensions between China and the US. But that failed to affect the enthusiam on Dalal Street. Chinese lawmakers approved a proposal for new national-security legislation in Hong Kong, in defiance of US President Donald Trump A Bloomberg report stated that Trump was preparing to sign an executive order that could penalize social-media giants for the way they moderate content on their sites, leading to a fall in US stock futures.There was momentum in banking stocks for the second day in a row most bank and NBFC stocks witnessed short covering on the expiry of monthly derivative contracts, dealers said. Some positions also got rolled over.Indian stocks remained laggards over the past few weeks amid a swift revival across most of the global markets. Lagging far behind, Indian stocks are now trying to catch up, as sentiment improves on domestic front with the opening up of factories and more sectors of the economy.The market is building up expectation of further stimulus measures to boost demand in the economy and help the most impacted sectors to recover. While there has been no such indication from the government, the Finance Minister has indeed promised to reassess the damage at a later stage.Global stocks climbed while US futures fluctuated as investors weighed fresh fiscal stimulus from the European Union against increased friction between America and China, Bloomberg reported. Futures on the S&P 500 Index dipped 0.1 per cent while Stoxx Europe 600 Index gained 0.7 per cent. The MSCI Asia Pacific Index rose 0.8 per cent. Summarise this report in a few sentences.
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Sensex up 1.88%, or 595,37 points, at 32,200; Nifty gains 1.88%, or 175.15 points, to 9,490. private lender HDFC Bank was the top contributor and rose 4.56 per cent. 'we are not going to be able to sell our shares,' said a spokesman.
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Former cricketer Yuvraj Singh has invested in full-stack nutrition brand Wellversed. According to the company statement, it has raised an undisclosed amount from Singh's YWC Ventures in its Pre-Series A funding valuing the two-and-a-half-year-old startup at nearly Rs 100 crore. Apart from the said investment, Singh will all also be Wellversed's brand ambassador for three years and will be closely working with the founding team to scale the business. The association will help the startup "scale expansion in newer markets, upgrade technology, and strengthen the company's supply chain and R&D." The company has already gained a strong foothold in metropolitan and tier-1 cities and aims at "expanding across rapidly tier-2 cities as well as entering new international markets in the future." Also Read: Yuvraj Singh decides to end his retirement; writes to BCCI chief Sourav Ganguly Meanwhile, the company also plans to raise its Series A round of investments in early 2021. Speaking about what prompted him to invest in Wellversed, (Yuvraj) Singh said, "During my battle with cancer, I realised the importance of maintaining a good nutrition regime for our overall health and wellness. Wellversed is redefining the way nutrition and food products are crafted. It is not just another nutrition brand to me, it's a technological innovation that paves the way for a fundamental change in the entire nutrition ecosystem." Singh's earlier investments include the ones in JetSetGo - India's first plane aggregator for private jets and helicopters, Healthians - India's largest at-home health test service provider, HoloSuit - an AR/VR based tech startup. Founded by Aanan Khurma, Wellversed was started with the goal of healthspan maximisation, an idea Khurma thought of while pursuing his research into clinical nutrition at the Microsoft Ventures Accelerator in Israel. He then joined forces with Industrial Designer Aditya Seth to design specialised food production equipment and fellow Stanford Biodesign alumni Ripunjay Chachan to lead the business operations, both of whom came on board as co-founders of the startup. Talking about why the company chose the cricketer, Khurma said, "Yuvraj Singh has a high synergy with our brand in terms of the change that we aim to bring to the society at large. He has high faith in the intent and expertise of our team, as we take on the challenge of redefining the way food and nutrition is perceived and consumed by people." Also Read: Yuvraj Singh ready for fun after announcing international cricket retirement Wellversed has products that span across 8 nutrition regimes and is a dominant brand in the ketogenic and the low-carb segment. The company claims it fulfills 50,000 product units per month and has witnessed a robust growth of over 250% in the last year. Khurma says that the startup has facilitated more than 12,000 health transformation plans for weight loss, skin health, hair care, and sexual health, over 40% of the company's revenue is direct-to-consumer through their own website. Wellversed products are available across 25 online channels including their own website, Amazon, LBB, Big Basket, 1MG, Healthkart, Qtrove, Milk Basket, and more. Summarise this report in a few sentences.
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former cricketer invests in wellversed nutrition brand. wellversed is valued at nearly Rs 100 crore. the company also plans to raise its Series A round of investments in early 2021. aanan khurma is the founder of the company. he is also wellversed's brand ambassador. he is also the founder of aaron sagar's ipah.
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By Sabiha Khan and Sahil Shah Over 60 days of lockdown, a massive slump in business, and giant bouts of uncertainty looming large on all our heads – it’s a scenario we all relate to and understand only too well. The economy has been hit really hard and according to industry experts one way to revival is for brands and retailers to tap into the surge of demand for online commerce that has been induced by the lockdown. The accelerated boost in e-commerce (from existing and new online customers) that has been noticed due to the lockdown is an opportunity that one should leverage. If the question ‘how’ popped in your mind, read on. Consumer Electronics – Non-essential bust? Consumer electronics as a category has always been big on online marketplaces. Now contrary to popular opinion, consumers have not just been turning to e-commerce for essentials but also non-essentials. While there were fears that due to the restrictions imposed on non-essentials, growth in this category had slumped majorly, there is enough and more evidence showcasing significant recovery. According to research from Forrester, a recovery rate of 35% was noticed in the first week of lockdown 3.0, with order volumes increasing significantly. Searches on Google for Air-conditioners, Smart TV prices, big screen TVs, dishwashers, have been on the rise, and this fact is corroborated by the fact that brands are also seeing inquiries coming in for these products as well as searches on online marketplaces for these products are increasing. Interestingly, according to Amazon, dishwashers sold 31 times more than pre-Covid-19 levels and robotic vacuums sold 33 times more compared to before the lockdown. With salons shut, search for trimmers increased 4.5 times on Flipkart and PayTm Mall saw an overall increase of 1.5 times in demand for consumer electronics overall. Consumer Trends – The Post-Covid Difference A lot has shifted for the regular Indian consumer in terms of behaviour as well as preferences. Understanding these trends can help brands decide which products to focus on and leverage online. The need to work-from-home/ learn-from-home has resulted in the need for investments in additional work-systems particularly for larger families that operated only on one work system until now There is an emergence of a new kind of ‘Home essentials’ category – Non essential products for a lot of people like ovens, microwaves, dishwashers, eyebrow upper-lip hair removal pens, epilators, have now turned essential due to social distancing norms that prevent access to human assistance, thus giving rise to the need for “chore convenience” Home entertainment is no longer a luxury but more a necessity and will continue to emerge as a key area, as people will continue to take precautions with respect to stepping out in public Consumers will be anxious where installations/ demos and maintenance/ servicing is concerned. Hence, online tutorials to fix products, remote access checking, safety stipulations, etc. may become the norm because of long term social distancing Authenticity of products will continue to remain a concern and consumers will seek ways to assure themselves of the same Due to financial constraints, consumers may look at a down-grade in terms of product purchase Apart from this there is now a wave of first time online buyers who showcase some differences compared to the regular online buyers: First time online buyers will be more prone towards low-to medium ticket size products and using cash-on-delivery rather than a prepaid service. Additionally, they will need hand- holding wrt online financial options to convince them towards larger ticket items Possibly they will be comfortable with vernacular languages and will be from Tier II/III cities Will be shopping online through a mobile phone and hence data used/ time to load/ ease of navigation/ product photos/ etc. will become extremely important How can brands navigate through the storm online? There is clearly a propulsion where the e-commerce market for consumer electronics is concerned. Products that seemed not so popular (dishwashers/ robotic vacuum cleaners) have started increasing in relevance for consumers. So how does one take advantage? Definitely get your hygiene in place: While this may seem like the most mundane of things to do, it is the most important of all, especially to improve discoverability. Make sure your A+ content is in place and your brand stores across online marketplaces are updated. Shoppers like to make informed purchases. As a brand, make sure you identify highlights and lowlights of your products from reviews, compile or update an existing list of frequently asked questions, and respond to customers as they reach out. Solve Warehousing in the short term and plan for Omnichannel in the long term: Of the many reasons online consumers give for abandoning their cart, some of the most common excuses revolve around problems with fulfillment. As such leveraging automation and third-party logistics including opting for marketplace driven options like (Fulfilled by Amazon) to take care of supply chain issues would be beneficial. In the long term, consider going omnichannel ( like MI ) and adopting multiple fulfillment options. One way to go omni- channel could be through establishment of specific OR conversion of certain non- performing retail outlets into “dark stores” or “hybrid stores”, to facilitate a ‘click and collect’ model of order fulfillment. Ensure your digital content addresses consumer concerns: Instill consumer confidence by communicating the adoption of safety measures especially with respect to contact-less delivery + contact-less installation and contact-less servicing. For example, brands like Sony, Samsung, Panasonic, Haier and Godrej Appliances, etc. are leveraging Livechat, WhatsApp, DIY video as well as on-call assistance, on a real-time basis and also putting up content for consumers to check on their appliances themselves. Additionally, do not wait for the tide to turn, act now to stay top-of mind by encouraging consumers towards a call to action like for example, encouraging them to “add to wishlist” or provide a pre-booking incentive. Leverage Vernacular + Colloquialism effectively: It is important to understand how the audience is referring to your products or what is the colloquial way in which they refer to a particular product so as to capture that in your search keywords online. For example: Racold innovatively deployed a phonetically influenced keyword strategy based on the search input of its audience looking for geysers online. This has now become a regular practice on Amazon. Here’s the casetudy. Also, be on the lookout for more vernacular languages adoption; for instance, Paytm Mall has around 10 languages in which listings can be accessed, thus opening new markets/ opportunities. Go PWAMP, Go Mobile: We all know that mobile is going to be the key facilitator for online commerce, so focus on getting a mobile first ecommerce strategy in place. Progressive Web Apps + Accelerated Mobile Pages together drive efficiency of page loads & effectiveness of better commerce. Thus, use this advanced technology to create websites that have the look and feel of a mobile app and can be accessed with or without the mobile app installation. Plus, increase SEO thereby discoverability, as Google algorithm recognizes and promotes such pages faster. Also, on owned platforms, leverage 360 images, high definition photos + product videos which can help understand the product better by taking into consideration both screen size and screen resolution – especially for high ticket appliances like refrigerators/ smart TVs, etc. Bring your offline retailers and distributors online: Recognize digital as a key element in your consumer journey. By bringing your offline retailers and distributors online you can facilitate e-commerce avenues for them which in turn helps build better relations. Samsung is a frontrunner in this and has facilitated many digital interventions for its offline retailers to help them take advantage of the online demand. Owned versus Marketplace: Yes, you should have an ecommerce operation that belongs to the brand. The primary reason for this is data. When a customer directly buys online from you, it helps you to collect first-party data that you may utilize to personalize your marketing efforts including after-sales efforts (servicing reminders, software upgrades, etc.) which are very crucial in the consumer electronics industry. If you are existing in a high ASP category and have a range of products, then you must think of building first party data & a CRM around it. Brands that treat data seriously will survive in the digital economy in the long run. There will be no third-party data in the future as privacy increasingly becomes a concern across the world and in India . And besides data, an owned platform also earns a fair amount of trust from the consumer while the brand is able Threat of Private Label Brands: Online retail partners (like Amazon) have increasingly started offering private label products which were originally manufactured by established brands. This trend is noticed very strongly among kitchen appliances, home electronics, and personal electronics where the consumer is looking for better value and is not necessarily brand loyal. Hence, by selling directly to consumers some of this threat can be mitigated. Go for outcome based media: From now onwards, look at every rupee spent from a ROI point of view – which means all your digital marketing efforts should drive intent and in- market consumers to take action. Additionally, the digital spends mix should have a significant part allocated to spends on eComm platforms. Besides search there are lots of in-market audience ads once can opt for, on the platform and even off it. For instance, through partnerships like Flipkart X Disney Hotstar one can target Flipkart audiences on Disney Hotstar’s Content or using the upcoming Amazon DSP to leverage the most realistic in-market audiences across the internet. Essentially, look at all spends that drive incremental or exponential growth for your business. Conclusion With Consumer Electronics projected to grow at 11% CAGR till 2025 in India; eCommerce with its almost double-digit growth of 20% CAGR will play a significant role. And not just that, we strongly feel that a large portion of the Consumer Electronics business is going to be influenced by digital and we advise you to think very hard on all aspects of “digital enabled commerce” and take that moonshot, now, more than ever! Also, while you spruce up your digital commerce efforts, keep an eye out for niche opportunities with respect to re-commerce or resale/ renting of products, given the emerging consumer needs. Lastly, in the words of Bob Willett, former president of Best Buy International – “The sooner we drop the ‘e’ out of ‘e-commerce’ and just call it commerce, the better.” Too many of us feel daunted by the term “e-commerce” and as such treat it as a separate entity when you should actually be including it as a part of your business as usual. #EcommerceEssentialHai, just has some different rules but it definitely deserves a valid seat at the table. Sabiha Khan is VP, strategy, planning and new business of WATConsult while Sahil Shah is executive vice president, WATConsult Summarise this report in a few sentences.
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consumer electronics as a category has always been big on online marketplaces. recovery rate of 35% was noticed in the first week of lockdown 3.0. search for trimmers increased 4.5 times on flipkart and PayTm mall. e-commerce is booming as more people are turning to e-commerce. a new kind of work-from-home/ learn-from-home is emerging.
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After the COVID-19 pandemic, India will have the opportunity to build an economy that is more resilient, diversified and attractive to the global manufacturers and services as the majority of the businesses world wide have faced disruptions and economic fallout, according to the head of a India-centric American business representative group here. Nisha Desai Biswal, the president of US India Business Council (USIBC) said India is expected to benefit as it is expected that businesses will want to de-risk in having too much of a supply chain concentrated in one area and try to diversify and disperse. “Now after the pandemic, I think it just further underscores that there’s an opportunity here for India. In the midst of all of the disruption and economic fallout, there’s an opportunity to build an economy that is more resilient, that is more diversified and that is more attractive to more global manufacturing and global Services,” Biswal, who served as the Assistant Secretary of State for South and Central Asia during the previous Barack Obama Administration, told PTI in an interview on Monday. Globally, the coronavirus pandemic has killed 119,666 people and infected almost two million people, according to Johns Hopkins University data. The United States recorded 1,509 deaths related to the coronavirus pandemic over the past 24 hours, the data showed. Several nations have opted for complete shutdown to contain the spread of the deadly virus, a measure which is expected to impact the economy of the countries. Biswal said that USIBC is committed to working with India on positioning of a post pandemic opportunity to ensure that India continues to be a global services hub in sectors like pharmaceutical, among others. “USIBC is committed to working with India on positioning for kind of a post pandemic opportunity to ensure it continues to be the pharmacy to the world and continues to build its economy to provide more opportunity and investment for India, but also allow India to become more and more integrated into a global supply chain,” she said. But India will also have to make sure that it takes the steps that it needs to create more efficient opportunities for supply chains to be located in India, whether it’s on economic incentives, whether it’s on labour, she said. Biswal said USIBC has written a letter to Prime Minister Narendra Modi underscoring the need for keeping supply chains open, maintaining an open global trading system, and to think about stimulus to support Indian businesses for global investors. “So, we need to make sure that just as the government is taking very strong measures to support vulnerable populations that are affected by this pandemic, that it takes some robust measures to support Indian businesses that are impacted by the pandemic,” Biswal said. That is another area that USIBC has identified for the government as they start designing a second stimulus package, she said. USIBC has turned its attention almost exclusively to helping minimise the disruptions in businesses and make things available to people at home during the global coronavirus crisis. “That’s been almost our entire focus for the past month. But now we’re getting to a point that as we anticipate a longer period of disruption, that we’re starting to work with both governments on what are some ways in which we can adapt our business models to be able to do more longer in in these kinds of conditions,” she said. “…. the US and India can look in terms of a post pandemic world and how our two countries our two economies can take a collaborative approach to addressing key concerns or challenges that have been highlighted through this pandemic period,” Biswal added. She also said that USIBC has been having conversations with the Indian Ambassador to the US, Taranjit Singh Sandhu, and his American counterpart in New Delhi, Ken Juster, and other senior officials in both the countries over the matter. “What we’re trying to do is really envision how the technology and the capabilities that the private sector has can be deployed, you know, reimagined and deployed to help meet both the societal and economic needs that are emerging today,” she said. Summarise this report in a few sentences.
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the coronavirus pandemic has killed 119,666 people and infected almost two million people. the united states recorded 1,509 deaths related to the pandemic over the past 24 hours. the pandemic is expected to impact the economy of the countries. the u.s. has opted for complete shutdown to contain the spread of the deadly virus.
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Hello Tata, Goodbye Wistron: Anatomy of a Takeover Deal The Tata Group’s acquisition of Wistron’s manufacturing facility, which will make it the first Indian firm to assemble iPhones, is worth a total $750 million inclusive of debt, said people with knowledge of the matter. Both sides signed the takeover deal on Wednesday, they said. India Graduates Summa cum Laude, Beats China Grades India has edged out Mainland China to become the most represented country in the QS World University Rankings: Asia 2024 for the first time ever, reflecting its higher education system’s rising prominence amid steps taken towards increasing research output, academic recognition and internationalization. Summarise this report in a few sentences.
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both sides signed the takeover deal on Wednesday. both sides will make it the first Indian firm to assemble iPhones. india has edged out Mainland China to become the most represented country in the QS World University Rankings: Asia 2024 for the first time ever. Mainland china is the most represented country in the rankings. a total of $750 million is being paid out by both sides.
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The dollar hit a more than two-year low against the euro on Tuesday, and riskier currencies including the Australian and Canadian dollars gained as optimism that U.S. lawmakers would enlarge stimulus payments to individuals boosted risk sentiment. The House of Representatives voted on Monday to more than triple stimulus payments to Americans, to $2,000 from $600, sending the plan on to the Senate for a vote. "The possibility of another U.S. stimulus package has lifted the market's spirits," FX analysts at Scotiabank said in a report. "Still, market optimism may be somewhat unwarranted as the legislation faces little chance of passing in the Senate as Republicans attempt to rein in spending - but rejecting increased payments amid pressure from Trump could risk their showing in the Jan. 5 Georgia Senate runoffs," they added. Georgia Republican incumbents Kelly Loeffler and David Perdue face crucial Senate runoffs next month that will determine who controls the chamber. The dollar fell 0.35% against a basket of currencies to 89.92. It is holding just above a two-and-a-half year low of 89.72 reached on Dec. 17. Investors are betting the greenback will continue to decline - it fell more than 6% this year - on expectations the Federal Reserve will hold interest rates near zero and the U.S. economy will struggle to recover from coronavirus-related shutdowns. Data released by the Commodity Futures Trading Commission on Monday showed traders increased bets against the dollar in the week ended Dec. 21 to $26.6 billion. That was the highest in three months, according to Reuters calculations. The Aussie gained 0.34% to $0.7608. It reached $0.7639 on Dec. 17, the highest since June 2018. The greenback slipped 0.40% against the Canadian dollar to 1.2797 Canadian dollars. The loonie reached 1.2684 on Dec. 17, the strongest since April 2018. The euro gained 0.40% to $1.2265 after getting as high as $1.2274, the highest since April 2018. The single currency has also been buoyed by a trade deal reached last week for Britain to leave the European Union. Though the agreement is not comprehensive, it avoided a damaging no-deal outcome. Sterling rose 0.28% to $1.3496 following a two-day dip. It was as high as $1.3625 this month, a level unseen since May 2018, but investors have taken some profits since the Brexit trade deal was struck. Bitcoin fell 1.17% to $26,720 after hitting a record $28,378 on Sunday. XRP the third-biggest digital currency, slumped by over a fifth to its lowest since July after Coinbase, a major U.S. virtual coin exchange, said it would suspend XRP trading. The move came after U.S. regulators charged Ripple, a blockchain firm associated with XRP, with conducting a $1.3 billion unregistered securities offering. Ripple has denied the charges. Also Read: Relief to Tata Trusts: Appellate body quashes I-T dept order, upholds tax-exempt status Also Read: Future Retail urges Sebi to approve Reliance Retail deal, cites Delhi HC order Summarise this report in a few sentences.
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the dollar hit a more than two-year low against the euro on monday. the euro gained 0.40% to $1.2265 after getting as high as $1.2274. the dollar fell 0.35% against a basket of currencies to 89.92. the greenback slipped 0.40% against the Canadian dollar to 1.2797. the euro gained 0.40% to $1.2265 after getting as high as $1.2274.
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A few days ago, Zareena took a pregnant woman to a nearby hospital post-midnight after all the emergency helpline numbers failed to respond. She had to arrange a bike after her numerous calls for an ambulance went unanswered. "The lady is safe now. She gave birth to a baby boy," added Zareena, an ASHA worker in Noida. Pregnant women in India, be it from the rural or urban regions, are severely facing the brunt of the coronavirus-induced lockdown. Although lockdown 3.0 has brought some relaxations across the less-infected zones in India, scattered health facilities continue to disrupt family planning to a huge extent across the country. Although the government has recognised abortive healthcare under 'essential non-COVID services', women seeking abortions are finding it difficult to access healthcare amid the ongoing lockdown. Also read: Coronavirus India Live Updates: Learn to live with COVID-19, says govt; total cases-59,662, death toll-1,981 Prevalent lockdown rules, closure of private facilities, lack of mobility, and disruption in the supply chain have led to limited access to healthcare for women. At least an estimated 1,400 to 2,000 maternal deaths might occur due to the lockdown because of poor access to family planning during this period, according to Foundation of Reproductive Health Services India (FRHS), a non-profit organisation that works in the area of reproductive and sexual health. BusinessToday.In talked to several gynaecologists in Delhi-NCR, the majority of them said that they had to close their private clinics amid the lockdown due to staff unavailability. Many of them said they were working with private hospitals or were giving advice to their patients on phones in case of emergencies. Anita Gupta, a senior gynaecologist in GK 2 Fortis La Femme said, "All of us are attached to some hospital. We are doing deliveries there. Most of the doctors have closed their private clinics amid the ongoing lockdown". Another Delhi based gynaecologist stated that there has been a significant decline in pregnant women's footfall in hospitals due to fear of coronavirus infection. She also talked about the spike in cases of unintended pregnancies. "In every five days, at least one case of unintended pregnancy comes to me," the gynaecologist added. According to the CEO of FRHS, VS Chandrashekhar, around 20- 24 lakh unintended pregnancies might happen between March to June period due to the inaccessibility of contraceptives or abortion process. These unintended pregnancies might result in 5.50 lakh to 7 lakh additional births in 2020 as many women who end up with an unintended pregnancy will be forced to carry their pregnancy to term, because of inaccessibility to abortion care. Restrictions on mobility and lack of public transport have acted as a double whammy amid the lockdown. Pregnant women seeking doctor supervision are unable to go to gynaecologists or health facilities due to restrictions imposed by the police. Chandrashekhar added that both private and public facilities have reported a sharp decline of almost 70 per cent in OPD clients amid the nationwide lockdown. The emergence of coronavirus cases has forced district authorities across India to close down several private facilities. According to FRHS, "In Bihar, private facilities were shut for the entire month of April and all activities were suspended as district authorities were over-cautious. But later, the authorities encouraged them to open services". Another reason for the closure of private facilities during lockdown is the absence of hospital staff due to lack of public transport. Every year in India around 15.6 million abortions take place, out of which, almost 93-95 per cent happen in private facilities. "A huge amount of patients undergo medical abortion using drugs, which are either sourced from a private clinic or from chemists using a doctor's prescription. A lot of people who would have wanted an abortion are unable to access it due to the disruption caused by this lockdown," Chandrashekhar said. Poor and marginalised women are severely impacted by the lockdown. Shehnaz, an ASHA worker based out of Delhi NCR stated that she is unable to attend pregnant women as she is re-assigned to treat coronavirus patients in government hospitals. "We are handling emergency cases only. In the last 40 days, I have attended only one pregnant woman. Sometimes, we send these women to other hospitals. Since the lockdown, we have stopped regular check-ups. Women seeking abortion are also getting overlooked due to this," Shehnaz added. Pre-lockdown ASHA workers used to do at least five deliveries in a month apart from the regular door-to-door check-ups. Now, as the majority of these ASHA workers are deployed to COIVD-19 related duties, women seeking pregnancy-related healthcare are largely going overlooked. Contraceptive market, too, has taken a huge hit amid the coronavirus-triggered lockdown. According to Chandrashekhar, "In this scenario, there would be a loss of 6.9 lakh sterilisation services, 9.7 lakh intra-uterine contraceptive device (IUCDs), 5.8 lakh doses of injectable contraceptive (ICs), 23.8 lakh cycles of Oral contraceptive pills (OCPs), 9.2 lakh emergency contraceptive pills (ECPs) and 40.59 crore condoms. This is likely to result in an additional 23.8 lakh unintended pregnancies, 679,864 childbirths, 14.5 lakh abortions (including 834,042 unsafe abortions), and 1,743 maternal deaths". In 2019, as per the Health Management Information System (HMIS), 35 lakh sterilisations, 57 lac IUCDs, 18 lakh IC services were provided by the public sector. Public health facilities also distributed 4.1 crore cycles of OCPs, 25 lakh ECPs, and 32.2 crore condoms. In addition, the commercial market sold 220 crore condoms, 11.2 crore cycles of OCPs, 36 lakh ECPs, 12 lakh doses of ICs, and 8 lakh IUCDs. Also read: Coronavirus Lockdown XIII: Five steps to rebuild a post-COVID economy Also read: Coronavirus: WHO plans to launch app to check COVID symptoms, contact tracing Summarise this report in a few sentences.
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pregnant women in india are severely facing the brunt of the coronavirus-induced lockdown. many doctors have closed their private clinics amid the lockdown due to staff unavailability. gynaecologists in Delhi-NCR say there has been a significant decline in pregnant women's footfall in hospitals due to fear of coronavirus infection.
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NEW DELHI: Domestic equity markets are likely to witness a positive opening on Friday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed Asian cues.ET Now spoke to various experts and here's what they have to recommend for today's trade: Godrej Industries is a 'Buy' call with a target price of Rs 590 and a stop loss of Rs 567. Petronet LNG is a 'Buy' call with a target price of Rs 248 and a stop loss of Rs 232. Container Corporation of India (Concor) is a 'Buy' call with a target price of Rs 1,330 and a stop loss of Rs 1,275. Havells India is a 'Buy' call with a target price of Rs 570 and a stop loss of Rs 538.MRF is a 'Buy' call with a target price of Rs 80,000 and a stop loss of Rs 76,000.(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.) Summarise this report in a few sentences.
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domestic equity markets are likely to witness a positive opening on Friday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed Asian cues. Godrej Industries is a 'Buy' call with a target price of Rs 590 and a stop loss of Rs 567. Petronet LNG is a 'Buy' call with a target price of Rs 248 and a stop loss of Rs 232.
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The ubiquitous box office in a cinema theatre from where one bought tickets to watch a film would be history in the new normal post the coronavirus lockdown. While multiplexes would probably be the last to bounce back in the new normal, multiplex companies such as PVR and Inox are going all out to make their properties safe for their patrons. Movie ticket buying will completely shift online, which is one of the many precautions these companies plan to take in order to offer a contactless experience. "Almost 60-70 per cent of our tickets are already booked online, now we are making box offices redundant in most properties. People will get QR codes on their phones, which they can flash in front of the security. At the security, we will have door frame metal detectors instead of hand-held metal detectors so that there is a distancing maintained," explains Ajay Bijli, MD, PVR. "There is no doubt that COVID has challenged the passion for cinema which is prevalent in our country. In order to serve them the safest experience, we have re-engineered most of our processes, ensuring that the responsibility to ensure entertainment is not compromised. I am sure these practices will slowly become an integral part of a consumer's behaviour," adds Alok Tandon, CEO, Inox Movies. Apart from temperature checks being done for both the patrons and employees, multiplex chains claim their spends would be up by 15-20 per cent for putting in place strict safety and hygiene practices. PVR, says Bijli, would be investing in a hygiene product which will keep the seat disinfected for 30 days. "There will be stickers on the seats to say that the seat was sanitised on a particular date. We are putting disinfectants even in the AC ducts. Our employees will also wear a badge saying that they have been tested and are safe. Our best-practices are better than what it is being practised even in the matured markets." While all of them are planning staggered seating in order to ensure physical distancing, Tandon of Inox also says that movie shows would be planned in such a way that entry, intermissions and exits to two shows don't occur simultaneously so that crowding of lobbies and restrooms can be avoided. Food and beverage contributed around 30-35 per cent of a multiplex company's revenue and prior to COVID-19, most of them had made huge investments on their F&B menu. From international cuisine offerings to live kitchens manned by teams of celebrity chefs, multiplex menus were as lavish as it could get. The new normal would be back to basics as far as multiplex menus are concerned. It will be back to the good-old popcorn and cold drinks. "We will truncate our menus, lot of the food will be pre-packed, which will help in reducing the waiting time at the food counters," points out Bijli. Staggered seating and truncating of menu cards will surely lead to a loss of revenue and it would take a long while for the multiplex business to revive. Bijli disagrees. "There is lot of misconception that our installed capacity will get reduced to half. It will not get reduced to half, it will get impacted by only 10-20 per cent," he says. "The lesser seats that we would sell and the lesser shows that we would run in our cinemas whilst sacrificing revenues, will be the investment of inventory that we will be making for gaining customer confidence, which will be our top priority," adds Tandon. With footfalls likely to be half of these multiplexes' actual capacity and revenue from F&B likely to be considerably muted, will the cinema-going experience get more expensive (average cost of a multiplex ticket is around Rs 200-Rs 300)? It is a blatant no from the multiplex head honchos. "We want to bring people back to the cinemas, we will not increase our prices," says Bijli. Summarise this report in a few sentences.
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multiplexes plan to make their properties safe for patrons. cinemas will be able to offer contactless access to their patrons. multiplexes will also be able to offer a'safety' product. a number of companies are planning to make their properties safer. a'safety' product will be installed on all of their properties.
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(This story originally appeared in on Jul 01, 2020) Elevate Your Tech Prowess with High-Value Skill Courses Offering College Course Website IIT Delhi IITD Certificate Programme in Data Science & Machine Learning Visit Indian School of Business ISB Product Management Visit IIM Kozhikode IIMK Senior Management Programme Visit The Indian government 's decision to ban 59 Chinese apps may not significantly impact their revenues, but it is a big setback for many internet giants with global ambitions. The ban includes apps from some of the largest Chinese technology companies, including Alibaba, Bytedance , Baidu, Tencent, Xiaomi , YY Inc and Lenovo, which have been building up user bases of millions in India. Even more worryingly for them, India's move could set a global precedent, said experts tracking the digital economy.Unlike US tech majors like Facebook and Google, which have been able to build big businesses in Europe and Asia, India and Southeast Asia are some of the markets that large Chinese companies have been betting on to show that they can succeed beyond their home turf.With no global competitors at home due to the great Chinese firewall, many of these companies have flourished in their huge domestic market, generating billions in profits. They have used these funds to expand globally, either through investments or direct operations."Chinese psychology is about not giving even an inch in life. All the Chinese companies were struggling to build revenues, but India is important to them as the last large consumer market in the world," said the founder of a tech startup that counts a large Chinese company as one of its investors.An analysis of India’s top 200 apps by install volume shows the share of Chinese apps was at 38% in 2019, marginally behind 41% for apps developed locally in India. In 2018, Chinese apps were ahead, at 43%, against India's 38%. Apps like TikTok , Shareit and Xender have been topping Google's Android ecosystem, which accounts for 90-95% of smartphones in India.For example, Indians clocked 5.5 billion hours on TikTok in 2019, an increase of over five times from the 900 million hours spent in 2018, according to data of Android users assessed by mobile and data analytics firm App Annie.While Facebook is ahead in India, with total hours spent on the platform at around 25.5 billion hours, TikTok has been catching up fast by aggressively capturing new users. The TikTok app was downloaded 323 million times across Apple’s App Store and Android devices in India in 2019 — over twice the 156 million times Facebook was, according to Sensor Tower data reported by TOI in January.In December 2019, the total time spent on TikTok in India was more than the next 11 countries combined, according to App Annie. This underlines India's importance for TikTok's parent Bytedance, which is set to go for an IPO soon.Bytedance, which also owns Helo and is the world's most valuable startup at $100 billion, understands that India is an "MAU (monthly active users) market and not revenue market", according to an industry analyst. This strategy is similar to that of Facebook - which counts its highest number of global users in India even though the country contributes only a fraction of FB's revenues compared with the US.Bytedance reported revenues of just Rs 44 crore ($6 million) in India in the financial year ending March 2019, according to MCA filings. It is expected to report higher revenues in 2019-20 given that in the last quarter (Jan-March) of the year, it earned Rs 22-30 crore or $3-4 million, according to a person with knowledge of the matter. This constitutes little more than a blip on the global dashboard – the company’s worldwide revenues in calendar 2019 were $17 billion and net profit $3 billion, according to Bloomberg.Even so, losing the Indian market would take some of the lustre out of their valuation numbers. "If these companies are not global in nature, it restricts their ability to do a good global listing (IPO). India provides growth for the future- the fastest growing and highest volume market. It's also the least competitive market - Facebook and Google have hardly any competition here in India, while they do in the US," said Anand Lunia, co-founder of venture firm India Quotient, which has backed companies like Sharechat, which competes with Bytedance. The founder of a tech startup said he expected the Chinese giants to fight the ban, adding, "The big danger for them is if other countries follow in India's footsteps."While companies like Bytedance and Xiaomi have aggressively opened up direct operations in India, others like Alibaba and Tencent have primarily operated through investments. Alibaba Group has backed Indian unicorns like Paytm, Zomato and Bigbasket, while Tencent has backed Byju's, Dream11, Ola and Udaan. "Great organisations don’t see people as a commodity to be managed to help grow their money, they think of money as a commodity to be managed to help grow their people." Summarise this report in a few sentences.
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the ban includes apps from some of the largest Chinese technology companies, including Alibaba, Bytedance, Baidu, Tencent, Xiaomi, YY Inc and Lenovo. the share of Chinese apps was at 38% in 2019, marginally behind 41% for apps developed locally in India. in 2018, Chinese apps were ahead, at 43%, against India's 38%.
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MUMBAI: Indian fans of German football league Bundesliga will finally get to watch all the matches of the league after FanCode, the multi-sport aggregator platform by Dream Sports, signed an exclusive partnership with Bundesliga International. Indian fans were left in a lurch after the league's Indian broadcast rights holder, Star India did not renew its deal, which ended this year. FanCode has signed an exclusive multi-year partnership for Indian region with the DFL Deutsche Fußball Liga subsidiary. With the deal, for the first time, Indian football fans will have access to every single game from the league, including the German Supercup which this year takes place between Bayern and Dortmund.“FanCode is committed to bringing depth and breadth to the sports experience in India by promoting a multi-sport culture through digital innovations,” said Yannick Colaco, co-founder of FanCode. “We have an opportunity to bring a new-age experience to Indian sports fans that are tailored to their preferences.” The Bundesliga features some popular clubs, including the current UEFA Champions League winner, FC Bayern München, along with Borussia Dortmund, RB Leipzig, FC Schalke 04 and VfL Wolfsburg. The top players of Bundesliga include Robert Lewandowski , Thomas Müller, Erling Haaland, Marco Reus and Manuel Neuer.Prasana Krishnan, co-founder, FanCode, added, “While the popular European league is widely followed by avid football fans across the globe, the league is gaining traction among Indian football fans as well. There are many local fan clubs that enjoy and immensely follow the league in India. With this partnership, Bundesliga becomes our largest football association and our flagship football property. Together, we will bring comprehensive fan experience to Indian sports fans like never before and further support in increasing the popularity of football in India.” Besides live streaming, FanCode will allow its users access to coverage of the league, including game highlights, news, live blog commentary, fantasy research resources and more.Through this partnership, the Bundesliga will have direct reach to 100 million unique Indian sports users that are part of the Dream Sports ecosystem, the company said. “India is one of the largest and fastest markets for digital growth and this opportunity to utilise FanCode was a key factor in our decision making,” said Robert Klein, CEO, Bundesliga International. The 2020-21 season, that begins on September 18, will see the defending champions FC Bayern launch the 58th Bundesliga campaign with a home game against FC Schalke 04 at the Allianz Arena in Munich, Bavaria. The Bundesliga is also associated with Dream11 as their official fantasy sport partner. Summarise this report in a few sentences.
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dream sports aggregator FanCode has signed an exclusive multi-year partnership with the German football league Bundesliga. the deal will give Indian fans access to every single game of the league, including the german supercup. the 2020-21 season, that begins on September 18, will be the first of its kind in the country. the top players of the league include Robert Lewandowski, Thomas Müller, Marco Reus and Manuel Neuer.
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Bengaluru: India can be the destination of choice for global manufacturing in the post-COVID 19 world if it gets its acts together with the right policies as a lot of things are going for the country, say industry experts. Areas like drones and robotics would see major investment and research going forward in India, which would move faster into the digital age, they said, discussing opportunities for the country once the coronavirus-inflicted situation returns to normalcy.Remote working will become a norm rather than something done once in a while, said a former President of the Confederation of Indian Industry . "There will be many work-from-home opportunities. We will see far greater participation from women, who chose to stay at home, and it will add to the productive workforce."A corporate leader said he is seeing the beginning of a fourth industrial revolution and added that India should strive to get a proper shareof the pie.Secretary General of industry body ASSOCHAM Deepak Sood , said there is a broader consensus that the global manufacturing supply chain would be more spread than concentrated in major economies like China."If India comes out of the present crisis with minimum of impact, we can be the destination of choice for the global manufacturing giants in different sectors like electronics, computer hardware, pharmaceuticals, including medical devices, automobile, including components and other engineering products," he told .Another industrialist said India really needs to open up and welcome whoever wants to diversify and bring manufacturing into India."Manufacturing is very, very necessary. At the end of the day we have really skipped that and gone into services. But manufacturing is very important and we need to be able to capture this moment when a lot of manufacturing could come to India if we show the right policies, set up single window clearances and hand-hold companies coming in," the industrialist, who did not wish to be named, said.Sood said crude prices are expected to stay muted at least for the medium term, adding that with India depending 80 per cent on imported crude,low prices would be a big advantage for the economy with a multiplier impact on consumer demand.The other major advantage for India, relative to other major economies, is that the country depends on domestic consumption, absorbing a large part of our output, he said.Though exports are important for meeting foreign exchange requirements, the global markets are likely to remain subdued for longer period.But post COVID-19 , our domestic consumption is expected to bounce back sooner than exports, he said.A top executive of a company said, "The Fourth industrial revolution is on us. We no longer have to sort of ask as to when it will come, it's here on us."Asked if he expects India to drive the fourth industrial revolution, he said the country does have the talent and depth of technology to be able to do quite a bit.India can definitely look toward diversification of supply chains.The wisdom of Indians should ensure that proper share comes to India. We have the people, the demographics, ability to skill our people very, very quickly. We have democracy,we have lot of things going for us , he said.But we have to make it count for us, instead of squabbling and wasting time; we really need to get our act together to be able to welcome whichever industry that wants to diversify its supply chains , he added. An industry executive said there would be far more focus on expanding social infrastructure going forward and fields such as biotechnology and biochemistry would get a boost, while online content writers would be very much in demand. Digital platforms are allowing customising teaching for individuals and education would become much more personalised, he said.Delivery will cease to be single channel or dual channel and it would all become omni channel .An operator in the MSME sector said the government's top priority post-COVID 19 should continue to be the health of the people and to feed the masses.These two will have to be top priority for a while till such time a medicine or vaccine is discovered, he said.Sood said thankfully, India's agriculture and rural economy have so far remained least affected by the pandemic.Foodgrains in the Central pool are three-times the buffer requirements even before arrival of the new crop in mandis.So the Centre and states would continue to have enough elbow room for looking after the vulnerable sections of society, he said.On what should be the Government's priority post-COVID 19, Sood said: "Ensure continuous and enough liquidity both for the consumers and producers of goods and services.Retain lower interest rate regime, stay nimble and act quickly as and when a sector starts showing any stress."He said that hospitality, transport, airlines and exports are being crushed the most by the health crisis, and these sectors would need special revival packages in the form of interest subvention, subsidy for repairing the impaired assets, reduction in taxes, including GST and other levies.He said the public expenditure on the healthcare sector should be at least doubled and eventually reach five per cent of the GDP from less than 1.5 per cent at present.The public-private partnership should be encouraged, not only in the area of front-end healthcare, but also in the R&D and development of cutting edge drugs and vaccines, he said. 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drones and robotics would see major investment and research going forward in india. remote working will become a norm, said a former president of the confederation of Indian Industry. industry experts say if India comes out of the present crisis with minimal impact, we can be the destination of choice for global manufacturing giants. a corporate leader said he is seeing the beginning of a fourth industrial revolution and added that India should strive to get a proper share of the pie.
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Term insurance premium rates were hiked by insurance companies including ICICI Prudential Life, Max Life, Tata-AIA, and HDFC Life, in April. Experts say the increase was expected as recently, companies have noticed a hike associated with claims due to the increased mortality rate. Earlier this year, reinsurers had also raised their premium charges by 30-50 percent. The reinsurance rates increase if the current claim experience, for policies bought over the last 5 years, is not beneficial and if they have paid more in claims amount compared to premiums they have earned. From 1st April 2020, most reinsurers have increased their rates. This has led to some life insurers passing on the increase to customers through higher premiums. There are variations in the quantum of the hike across sum assured, age groups, policy term, and premium payment terms. This increase by re-insurers is varied, depending on their mortality experience with the various insurers. Naval Goel, CEO, and Founder of PolicyX.com says, “The calculation of term insurance premiums is done on the basis of mortality rate and expected claims. The present rate of premium charges is not sufficient to offer the required coverage due to the increase in reinsurer rates. After witnessing the current situation, there will be a hike in premium in the coming days. So, people should make an investment in term insurance as soon as possible.” The increase in the premium charged in term insurance plans implies that the number of actual deaths is higher than the expected death rate for which the pricing was done. Life insurance companies may choose to increase the premium charged in term insurance plans basis the current experience of the company, however, only a few companies have followed in their footsteps. For instance, IndiaFirst Life says they will not increase the premiums in their existing e-term plans, as they have not had any adverse experience. How will the new hike in term insurance affect policyholders? The hike in term insurance means that all new policies bought will have higher premiums for the same sum assured (SA) compared to policies that were bought before this change. Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company says, “Most term plans are level paying policies, where the premiums are set for the duration of the plan. Hence, this does not impact existing policyholders. The hike in premium will be applicable only to the new customers, who will have to pay as per revised premium rates.” In view of the increasing uncertainties in people’s lives, even with the new hike making term plans more expensive for customers, experts suggest having a life insurance cover with a pure protection term plan is a must as it is one of the safest options to securing the financial future of one’s family. Karthik Raman, CMO, and Head-Products, IDBI Federal Life Insurance says “Despite this increase, term plans should still be the first financial asset one invests in. They are pure protection plans that provide a crucial financial safety net to the policyholder’s family in case of unfortunate death of the policyholder.” Industry experts say there is a huge protection gap in the country, and India still has fairly low rates when it comes to protection products even as compared to the rest of the markets across the world. Suresh Badami, Executive Director – HDFC Life says, “Term insurance prices continue to be competitive and from the customer perspective they are very much affordable. Customers should evaluate their requirements based on their own financial planning and definitely go for adequate term cover.” Summarise this report in a few sentences.
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reinsurance rates increase if current claim experience is not beneficial. from 1st April 2020, most reinsurers have increased their rates. hike implies that the number of actual deaths is higher than the expected death rate for which the pricing was done. e-term policies will have higher premiums for the same sum assured compared to policies bought before this change.
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The World Bank raised its growth forecast for East Asia and the Pacific for 2018, but warned that a possible U.S.-China trade war could harm growth in countries that are part of the Chinese goods supply chain. The Washington-based lender said in a report on Thursday it expected 2018 growth in the developing East Asia and Pacific (EAP) region, which includes China, to expand 6.3 percent, a notch up from 6.2 percent forecast in October. The 2018 forecast is slower than last year's 6.6 percent growth, reflecting a slowdown in China as it continues to rebalance its economy away from investment towards domestic consumption, with policies that focus more on slowing credit expansion and improving the quality of growth, the bank said. China's 2017 growth was a faster-than-anticipated 6.9 percent, prompting the World Bank to revise up this year's growth projection to 6.5 percent from October's forecast of 6.4 percent. Sudhir Shetty, the World Bank's chief economist for the region, said the forecast did not take into account a potential trade war between the world's two largest economies, although he did not feel that one was imminent. Some U.S. officials and analysts have said they believe the dispute could eventually be resolved via dialogue, but Beijing reiterated on Thursday that no formal talks have taken place. However, Shetty noted that two thirds of Chinese goods on a U.S. list targeted for increased tariffs are made in a supply chain that stretches across the region, particularly in the Philippines, Malaysia and Vietnam. Should the tariffs be imposed on goods assembled in China, there would be "a knock-on effect" to economies in the supply chain, Shetty told a news conference. "That is a significant thing to be concerned about because the success of this region is based on open trade," he added. The World Bank suggested bolstering regional trade through mechanisms such as the ASEAN Economic Community, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the China-led Regional Comprehensive Economic Partnership so that the region can try to insulate itself against the threat of a trade war. "Will that completely offset the impact of a possible trade war? Probably not, but it could certainly mitigate against the worst effects of those developments," Shetty said. The pace of interest rate increases in advanced economies is another short-term risk for the region, Shetty said. Interest rates in most economies in the EAP region are currently at historically low levels and monetary tightening may be needed to help offset capital outflows should rates in advanced economies rise faster than expected, he said. This was particularly the case for countries with high debt levels or rapid credit growth, such as Malaysia, he said. Meanwhile, countries such as Papua New Guinea, Laos and Myanmar may have to increase their fiscal buffers through a conservative fiscal stance and better public debt management, he said. The World Bank expects the region to grow 6.1 percent in 2019, unchanged from its prior forecast, and 6 percent in 2020. Summarise this report in a few sentences.
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the world bank raises its growth forecast for East Asia and the Pacific for 2018. it warns a possible trade war between the world's two largest economies could harm growth. the 2018 growth forecast is slower than last year's 6.6 percent growth. the pace of interest rate increases in advanced economies is another short-term trend. a chinese government has stepped up its interest rate hikes.
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S&P Global Ratings on Wednesday lowered India’s economic growth forecast to 5.2 per cent for 2020, saying the global economy is entering a recession amid the coronavirus pandemic. The agency had earlier projected a growth rate of 5.7 per cent during the 2020 calendar. Asia-Pacific economic growth in 2020 will more than halve to less than 3 per cent as the “global economy enters a recession”, S&P said in a statement. “An enormous first-quarter shock in China, shutdowns across the US and Europe, and local virus transmission guarantees a deep recession across Asia-Pacific,” said Shaun Roache, chief Asia-Pacific economist at S&P Global Ratings. By recession, S&P meant at least two quarters of well below-trend growth sufficient to trigger rising unemployment. “Our estimate of permanent income losses is likely to at least double to more than USD400 billion,” said Roache. As per the statement, external shocks from the fallout of the global viral spread add a new dimension. People flows from the US and Europe will be decimated for at least two quarters, heaping more pressure on the tourism industry. If lingering uncertainty results in a strong preference for US dollars, policymakers in Asia’s emerging markets may be forced into a damaging round of pro-cyclical policy tightening, Roache said. The countries most vulnerable to capital outflows remain India, Indonesia, and the Philippines, he added. “We lower our forecasts for China, India, and Japan for 2020 to 2.9 per cent, 5.2 per cent and -1.2 pre cent (from 4.8 per cent, 5.7 per cent, and -0.4 per cent previously),” S&P said in the statement. The global policy response, including the Federal Reserve’s policy-rate cut to zero and the Bank of Japan’s scaled-up asset purchases, will help cushion but not quickly reverse these shocks, it said. Local measures aiming to support vulnerable sectors and workers may help but their effect will “wane the longer the crisis lasts”. It further said the timing of a recovery depends, most of all, on progress in containing the viral spread. Even if major progress is made during the second quarter, after a sustained period of stressed cash flow many firms will be in no position to resume investing quickly, the S&P said. Households that have either lost their jobs or have worked fewer hours will spend less and banks will be busy managing the deterioration in asset quality, it said. On Tuesday, Moody’s Investors Service had lowered India’s economic growth forecast for 2020 to 5.3 per cent (from 5.4 per cent), on coronavirus impact on the economy. Summarise this report in a few sentences.
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agency had earlier projected a growth rate of 5.7 per cent during 2020. Asia-Pacific economic growth in 2020 will more than halve to less than 3 per cent. external shocks from the fallout of the global viral spread add a new dimension. people flows from the us and Europe will be decimated for at least two quarters. lingering uncertainty results in a strong preference for US dollars.
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Farm equipment and engineering major Escorts Ltd on Wednesday reported 21.1 per cent increase in total tractor sales at 10,851 units in June. The company had sold 8,960 units in the same month last year, Escorts Ltd said in a regulatory filing.Domestic tractor sales were at 10,623 units in the month under review, as against 8,648 units in the year-ago month, a growth of 22.8 per cent, it added. Exports during June, however, declined 26.9 per cent at 228 units as compared to 312 units in the year-ago period."We have seen unprecedented demand in this month. The industry is expected to grow significantly backed by pent-up demand of the lockdown period, better farmer sentiment due to good monsoon prediction reflected in better than normal Kharif sowing, better rural cash flows owing to record crop output and crop prices, and reasonably good availability of retail finance," the company said. The industry is witnessing widespread growth in almost all markets barring one or two, it added."Our inventory levels, both with the company and with channel have been lowest ever. After necessary permissions, we were able to run our factories in multiple shifts to achieve production at about 90 per cent of the capacity," Escorts said. Supply chain situation, though better than before, continues to remain volatile, it added. Summarise this report in a few sentences.
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Escorts reports 21.1 per cent increase in tractor sales in June. the company had sold 8,960 units in the same month last year. exports during June decline 26.9 per cent. the industry is witnessing widespread growth in almost all markets. a lockdown period has boosted demand. a spokesman for the company says the supply chain is "very volatile"
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Gurugram based DSM Fresh Foods fresh meat brand Zappfresh has raised Rs 20 crore in pre-series A round of investment from the Vice Chairman of Dabur India, Amit Burman and SIDBI Venture capital. The company plans to use the funds in driving business strategy, expanding supply chain and to scale up geographically. Commenting on the investment, Amit Burman, Vice Chairman at Dabur India said, “I see a great potential in the ‘e-market for meat’ and Zappfresh has had an impressive growth story. The business model is innovative and the use of technology in the supply chain management has allowed for the possibility of a sustainable scale up capability. I look forward to be part of this venture and its success.” The company claims to have reached the breakeven point in the first 8 months, after raising the angel investment from renowned HNIs. The company has scaled rapidly since its inception in 2015 and now claims to provide services to entire Delhi NCR from its Gurgaon based factory. Zappfresh was founded by Deepanshu Manchanda and Shruti Gochhwal in 2015. They procure meat from the farms and delivers it to the end-customer in the selected time-slot on the same day. The company deals in raw meat and cooked meat products. The company in a media release stated that the investment has laid the foundation to validate this category of business to have a growth potential. While investing partner Amit Burman will offer mentorship to the company. Commenting on the investment and why Zappfresh, Sajit Kumar, Senior Vice President at SIDBI Capital said, “Investing in a firm many times translates to investing in an idea with the potential to scale up. This in my mind is the story of Zappfresh. The fresh meat industry is highly fragmented and digitization of the market can also improve the value chain operating system of this industry. Zappfresh’s promise to offer a hassle-free meat buying experience of highest quality is unique and has great potential.” The company has pioneered the concept of ‘Farm to fork’ via the use of Farm-Tech to optimize their time-to-delivery and costs.They are engaged with a number of farms to ensure absolutely fresh and chemical free products. Their technology helps connect farmers, vendors and retail channels. This is done via real time data and inventory tracking, reducing time-to- consumer from farm. Talking about the latest round of funding, Deepanshu Manchanda, CEO & Co-Founder, Zappfresh said, “The company would use the funds to hire people in key departments and increase storage capacity. We are very excited to have Mr. Burman and SIDBI Venture Capital on board believing in our business and supporting our expansion plans. This investment will aid our back-end support along with expansion in newer markets after having laid a strong foundation in Delhi-NCR” Summarise this report in a few sentences.
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Zappfresh was founded by deepanshu manchanda and Shruti Gochhwal in 2015. they procure meat from the farms and delivers it to the end-customer in the selected time-slot on the same day. the company plans to use the funds to drive business strategy, expanding supply chain and to scale up geographically. the company claims to have reached the breakeven point in the first 8 months, after raising the angel investment from renowned HNIs.
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Credit and Finance for MSMEs: Small and medium businesses, which constitute 19.3 per cent of the total bank loan, are likely to tap into their sanctioned working capital limits by banks amid squeezing liquidity and financial crisis due to the Covid-19 outbreak. “We expect immediately that companies will draw more from their sanctioned working capital limits for a couple of months but it will be difficult for them if it persists for long,” according to the SBI Ecowrap report. According to the data from the Reserve Bank of India, bank credit as of February-end stood at Rs 89.8 lakh crore out of which Rs 10.95 lakh crore was deployed in micro and small enterprises – 6.7 per cent up from same period last year. “They are in need of more working capital to sustain and bear their fixed costs etc. to keep going. They need that liquidity. Some of them may be earning revenues, some of them not depending on the sector. For instance in FMCG, they may be but perhaps not in sectors like automobiles while the effect varies. It is for the banker to assess their viability of stay alive and whether liquidity issue doesn’t morph into insolvency issue,” Renu Kohli, a Delhi-based independent economist told Financial Express Online. According to the RBI, as per Nayak Committee Report, working capital limits to small scale industry (SSI) units is computed on the basis of minimum 20 per cent of their estimated turnover up to credit limit of Rs 5 crore. Also read: Job cuts on anvil: Small, medium retailers may layoff this many employees as Covid-19 kills liquidity Small businesses, for example, in retail are staring at job cuts amid crumbled operations due to Coronavirus. As per a survey by the retail trade body Retailers Asociation of India, small retailers are likely to lay off 30 per cent of their employee strength ahead while medium retailers are expected to cut 12 per cent of their manpower, according to 768 retailers (including 682 small and medium retailers) responding in the survey. “Support for salary, a larger amount for sustaining business, relief in interest rates, and a better moratorium for repayments is what we seek from the government,” Kumar Rajagopalan, CEO, Retailers Association of India had told Financial Express Online as among they asks from the government to help small and medium retailers financially. The report from SBI also noted that the loss in labour and capital income of around Rs 3.60 lakh crore is maximum in hotels, trade, education, petroleum and agriculture. This is due to the “unorganized and proprietary form of business organization and nature of self-employment in our economy that accounts for around 30 per cent of GDP,” it added seeking a fiscal package for them. “There is a case for a fiscal package for them. Many of them may be just self-employed or at best having two-three people who are very often family members etc. All monetary, regulatory or fiscal measures taken by the government and RBI have been limited to one quarter. There will be many businesses will flounder, which is to say they are very weak. So viability is an issue there,” added Kohli. Summarise this report in a few sentences.
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small and medium businesses are likely to tap into working capital limits. banks are squeezing liquidity and financial crisis due to the covid-19 outbreak. small retailers are likely to lay off 30 per cent of their employee strength ahead. medium retailers are expected to cut 12 per cent of their manpower. a survey by retail trade body Retailers Asociation of India found that small retailers are likely to lay off 30 per cent of their employee strength ahead.
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ITEM 1. BUSINESS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of the words such as “anticipates,” “believes,” “continue,” “could,” “would,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “potential,” “should,” or “will” and similar expressions or the negative of those terms. The forward-looking statements include, but are not limited to, statements regarding: the impact of the COVID-19 pandemic on our business, employees and customers; our SaaS only business model and our belief that it affords recurring revenue visibility, more predictability and 50% faster time to value to SaaS clients; our belief that SaaS revenue better reflects business momentum; expectations regarding our revenue, including visibility and predictability; our beliefs regarding the value of our platform; the opportunities afforded by automation of contact centers, innovation in cloud and growing API economy; our business strategies; the effect of changes in macroeconomic factors beyond our control; our ability to predict subscription renewals or upgrade rates; our lengthy sales cycles and the difficulty in predicting timing of sales or delays; competition in the markets in which we do business and our competitive advantages; our expectations regarding the composition of our customers and the result of a loss of a significant customer; our beliefs regarding our prospects for our business; the adequacy of our capital resources and our ability to raise additional financing; the development and expansion of our strategic and third party distribution partnerships and relationships with systems integrators; legal liability or the effect of negative publicity for the services provided to consumers through our technology platforms; our ability to compete; the operational integrity and maintenance of our systems; the effect of unauthorized access to a customer’s data or our data or our IT systems and cybersecurity attacks; the uncertainty of demand for our products; our beliefs regarding the attributes and anticipated customer benefits of our products; the actual mix in new business between subscription and license transactions; our ability to increase the profitability of our recurring products and services; our ability to increase revenue as a result of the increased investment in sales and marketing; our ability to hire additional personnel and retain key personnel; our ability to expand and improve our sales performance and marketing activities; our ability to manage our expenditures and estimate future expenses, revenue, and operational requirements; the effect of changes to management judgments and estimates; the impact of any modification to our pricing practices in the future; our beliefs regarding our international operations; our ability to timely adapt and comply with changing European regulatory and political environments; uncertainty relating to the implementation and effect of Brexit; the effect of recent changes in U.S. tax legislation; the effect of compliance with California privacy laws and regulations on our business and our customers; our inability to successfully detect weaknesses or errors in our internal controls; our ability to take adequate precautions against claims or lawsuits made by third parties, including alleged infringement of proprietary rights; the potential impact of foreign currency fluctuations; the impact of accounting pronouncements and our critical accounting policies, judgments, estimates, models and assumptions on our financial results; and our expectations with respect to revenue, cost of revenue, expenses and other financial metrics. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expected. These risks and uncertainties include, but are not limited to, those risks discussed in Item 1A Summarise this report in a few sentences.
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, “Risk Factors” and elsewhere in this Annual Report on Form 10-K.
This Annual Report on Form 10-K contains forward-looking statements regarding the impact of the COVID-19 pandemic, the company's SaaS only business model, revenue visibility and predictability, the value of the platform, opportunities afforded by automation of contact centers, business strategies, competitive advantages, customer composition, capital resources, strategic and third party distribution partnerships, legal liability, demand for products, international operations, compliance with California privacy laws, internal controls, and financial metrics. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expected.
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Creditors have withdrawn 26,518 insolvency cases involving defaults of as much as ₹9.33 lakh crore before their applications were admitted by the adjudicating authority since the Insolvency and Bankruptcy Code (IBC) came into force. IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024, as India’s largest airline looks to court more business flyers and rival Air India on international routes, said people with knowledge of the matter. The initial public offering (IPO) market is in an unprecedented bull wave. Three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Read Economic Times Epaper. Top Trending Stocks: SBI Share Price Summarise this report in a few sentences.
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creditors have withdrawn 26,518 insolvency cases involving defaults of as much as 9.33 lakh crore. IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024. the initial public offering (IPO) market is in an unprecedented bull wave. three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening
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21:37 Won't allow SC/ST Act to be diluted: PM Modi Prime Minister Narendra Modi today asserted that his government will not let the law to prevent atrocities on SCs and STs to be diluted after the Supreme Court laid down new guidelines to prevent its misuse. He also launched a no-holds-barred attack on the Congress, accusing it of spreading "lies" to create fissures. "I want to assure the nation that the law which has been made stringent by us will not allowed to be affected (by the SC order)... Do not get trapped by the Congress and those parties who have surrendered to the Congress culture," he said at the inauguration of BR Ambedkar memorial. (PTI) 21:21 Rabri Devi files nomination for Legislative Council polls Former Bihar Chief Minister Rabri Devi and two other RJD leaders today filed nomination papers for the Legislative Council election slated for April 26. Rabri Devi, RJD vice-president, filed her nomination papers at the Assembly secretariat in presence of her sons Tej Pratap Yadav and Tejashwi Yadav, and other leaders. RJD state president Ramchandra Purve and senior party leader Khurshid Mohsin also filed their nominations. Hindustani Awam Morcha's Santosh Manjhi, son of party chief and ex-chief minister Jitan Ram Manjhi, too filed his nomination papers. (PTI) 21:00 Unlike previous regimes, NDA government working for people's welfare: Smriti Irani Union minister Smriti Irani today said unlike the previous governments that had forgotten about development, the BJP-led central government was working for the welfare of the people ever since it came to power. The Union Information and Broadcasting Minister arrived here today on a two-day visit. Addressing the gathering after inaugurating a medical camp in the district hospital, she said, "It had been common in the political history of India that after coming to power, people had forgotten about development and instead, concentrated on their own development." The BJP-led NDA government, on the contrary, is continuously working for the welfare of the people, framing schemes and implementing them, Irani said, adding that the pace of development never stops if the intentions of the government are good. (PTI) 20:50 Don't raise issue of judges' press conference before us: Supreme Court The Supreme Court today took umbrage when an attempt was made to raise before it the issue relating to the unprecedented January 12 press conference by the four senior-most judges, who had accused the Chief Justice of India (CJI) of arbitrarily allocating cases. While hearing a PIL challenging the existing roster system and powers of the CJI to allocate cases, a bench of Justices AK Sikri and Ashok Bhushan made it clear that it was not concerned with the issue of the presser for "many reasons and obvious reasons". (PTI) 20:32 Unnao rape accused BJP MLA Kuldeep Sengar arrested by CBI 20:16 US to review duty free access of certain Indian products The US has decided to review India's eligibility to enjoy duty free access for certain products in the American market under a tax benefit scheme. As many as 3,500 Indian products from sectors such as chemicals and engineering get duty free access to the US market under the Generalized System of Preferences (GSP), introduced in 1976. 20:07 India's daughters will get justice: Modi 19:52 BJP ministers Chander Prakash Ganga and Chaudhary Lal Singh submit their resignations Two BJP ministers in Jammu and Kashmir have resigned, reports CNN-News18. The ministers, Chandrer Prakash Ganga and Chaudhary Lal Singh, supported the accused in the Kathua rape case. 19:42 Crimes against women shame the nation: Modi Whatever is happening for the past two days is not good for a civilised society, PM Narendra Modi said on Kathua and Unnao rape cases. 19:39 Govt won't allow dilution of law preventing atrocities against SCs/STs 19:28 We have made more stringent laws on atrocities against Dalits under NDA rule: Modi 19:22 Deepak Kochhar's Nupower sold arm to A-One, part of debt-laden group, for Rs 116 crore Even as the controversy over Videocon founder Venugopal Dhoot's alleged sweetheart deal with Deepak Kochhar’s NuPower Renewables is yet to die down, another interesting transaction has come to light. Documents available with Moneycontrol show that NuPower Technologies, a 100 percent subsidiary of NuPower Renewables, was bought out by little-known A-One Parts and Services for Rs 116 crore in 2016. Read the full story here. 19:15 More than 2 crore Dalits have benefited from Mudra Yojana scheme: Modi 19:10 Congress government closed the files for the Ambedkar memorial National memorial was to be built when Vajpayee was in power. But files were closed during Congress rule. The project was put into cold storage, said PM Narendra Modi. 19:00 In this memorial, people would be able to know more about Dr Ambedkar: Modi "This is a very emotional moment for me. In this memorial, people would be able to know more about Dr Ambedkar," says PM Narendra Modi speaking at the inauguration of the Ambedkar National Memorial. (CNN-News18) 18:49 India's exports dip 0.66% in March; up 9.78% in 2017-18 India's exports dipped by 0.66 percent to USD 29.11 billion in March, even as they increased by 9.78 percent for the full 2017-18 fiscal. Exports aggregated at USD 302.84 billion in 2017-18 as compared to USD 275.85 billion in the previous fiscal. Imports in March grew by 7.15 percent to USD 42.8 billion, leaving a trade deficit of USD 13.69 billion, according to data released by the Commerce Ministry today. Oil imports during the month under review were valued at USD 11.11 billion, 13.92 percent higher than the same month previous year. (PTI) 18:12 Bharat BillPay sees 75% growth in transactions in March One-stop bill payment platform Bharat BillPay registered a 75 percent year-on-year growth in the number of transactions at 31.5 million in March this year. The platform had recorded 18 million transactions in the same month last year. "The primary reason behind growing acceptance of Bharat BillPay among consumers is the ease of making instant and safe bill payments to any biller of any state, city or region from anywhere in the country," Bharat Bill Payment System's chief project officer A R Ramesh was quoted as saying in a release on Friday. (PTI) 17:54 India's forex reserves at a record high of $424.867 billion The country's foreign exchange eserves rose by USD 503.6 million to touch a life-time high of USD 424.864 billion in the week to April 6, aided by increase in foreign currency assets, the Reserve Bank said on Friday. In the previous week, the reserves had surged by USD 1.828 billion to USD 424.366 billion. It had crossed the USD 400-billion mark for the first time in the week to September 8, 2017, but has since been fluctuating. In the reporting week, the foreign currency assets, a major component of the overall reserves, rose by USD 657.7 million to USD 399.776 billion. (PTI) 17:25 Kathua rape victim's family should get justice: Rajnath Singh The family of the Kathua rape victim should get justice, Home Minister Rajnath Singh said on Friday. Singh's remarks come amid nationwide outrage over the rape and killing of an eight-year-old girl in Kathua in Jammu and Kashmir. The girl, who belonged to the nomadic Bakerwal Muslim community, had disappeared from a spot near her house in Kathua on January 10. A week later, her body was found in the same area. (PTI) 17:09 Congress to stage nationwide protests against violence against women The Congress is seeking to take forward the protest against the Kathua and Unnao rape cases and has asked its cadres at state and district headquarters to stage similar demonstrations across the country, demanding justice for the victims. Sources said Congress chief Rahul Gandhi has asked party cadres to organise similar protests on Friday in support of protection of women. They said party general secretary (organisation) Ashok Gehlot has told all state Congress chiefs to galvanise the cadres in each state and stage candle-light marches at all state and district headquarters. (PTI) 16:47 Infosys, India's second-largest information technology company on Friday reported a 28 percent sequential fall in net profit to Rs 3,690 crore in the Q4FY18, in line with analysts' expectations. The company forecast its annual constant currency revenue for FY19 to grow by 6-8 percent. The Bengaluru-based tech giant's net profit came in at Rs 3,690 crore, compared to the Rs 3,722.4 crore estimated by analysts polled by Reuters. The company reported revenue of Rs 18,083 crore for the quarter ended March, compared with Rs 17,794 crore reported in the December quarter. 16:32 Qatar raises record $12 bn in first bond sale since 2016 Qatar raised USD 12 billion in its first dollar bond sale in two years and it is the biggest dollar bond from an emerging-market nation this year, according to Bloomberg. Yesterday's sale eclipsed Saudi Arabia's USD 11 billion bond issued earlier this week and received more than USD 53 billion in bids. 16:28 Rahul to PM: India waiting for you to speak up on violence against women Congress president Rahul Gandhi today hit out at Prime Minister Narendra Modi over his silence on violence against women and children, saying it was "unacceptable" and India was waiting for him to speak up.The Congress chief's comments come a day after he led a midnight march to India Gate to protest the Kathua and Unnao minor rape cases and said it was time for Modi to walk the talk on 'beti bachao' (save the girl child). 16:23 China poses strategic challenge to US: CIA director tells senators China poses a strategic challenge to the US, CIA Director Mike Pompeo said today, as top American Senators flagged concern over Beijing's assertive behaviour in both the strategic and trade domain.Pompeo, 54, made the remarks during his confirmation hearing for Secretary of State before the Senate Foreign Relations Committee. If confirmed, he would replace Rex Tillerson, who was fired by US President Donald Trump last month, to lead the State Department. 16:22 HC declines to stay plastic ban in Maharashtra The Bombay High Court declined today to stay the implementation of the Maharashtra government's decision to ban plastic materials, but protected citizens from prosecution for their possession for a period of three months.The court, while giving an interim ruling on a bunch of petitions opposing the ban, maintained it cannot overlook the adverse impact of plastic waste on the environment. 16:12 Time ripe to nationalise private sector banks: Unions Employees unions of public sector banks have made a strong pitch for nationalisation of private sector lenders amid allegation of corporate governance lapses and concealing of information.Various allegations and imposition of fines for violation of guidelines raise a serious question mark on their ability to deal with the public money, unions said, adding that the recent events has also punctured their claims of being most efficient banks. 15:58 Syria fears, OPEC compliance propping up oil price: IEA Fears of fresh escalation in Syria's brutal war coupled with compliance with a pledge by the OPEC cartel and Russia to limit production are keeping oil prices at current high levels, the International Energy Agency said today. 15:27 The Bombay High Court has issued notice to the Maharashtra Cricket Association seeking reply on how it will arrange water for maintaining the ground for Indian Premier League matches in Pune. Six of Chennai Super King's 'home' matches have been moved to Pune over Cauvery water issue protests. 15:16 Lok Sabha polls will see 'Islam vs Bhagwan', 'Pak vs India', says BJP MLA The 2019 Lok Sabha elections would be fought on the lines of ‘Islam versus Bhagwan’ and ‘Pakistan versus India’, BJP UP MLA Surendra Singh has said, days after he defended his colleague accused of raping a teenage girl, reports PTI. 14:47 India should take steps to ensure privacy in biometric identification programmes: IMF The IMF has said India should take necessary measures to ensure privacy and security controls while implementing large identification programmes like the Aadhaar, as the global financial body identified India as a leader in the biometric identification system. 14:16 National Awards: Newton receives best hindi picture "Newton" was named the best Hindi film while S S Rajamauli's "Baahubali: The Conclusion" was the best popular film providing wholesome entertainment. The late Vinod Khanna is this year's Dadasaheb Phalke Award winner and the late Sridevi the best actress for her role in "Mom", the National Awards film jury announced today. The best actor recognition went to Riddhi Sen for the Bengali film "Nagarkirtan". 14:05 U.S. reviewing trade preferences for India, Indonesia, Kazakhstan The United States is reviewing the eligibility of India, Indonesia and Kazakhstan for U.S. trade preferences, the U.S. Trade Representative’s Office said on Thursday. 13:49 SC to examine Shanti Bhushan's PIL on allocation of cases The Supreme Court today decided to examine a PIL filed by former law minister Shanti Bhushan challenging the existing roster practice of allocation of cases by the Chief Justice of India (CJI).A bench comprising Justices A K Sikri and Ashok Bhushan sought the assistance of Attorney General K K Venugopal and Additional Solicitor General Tushar Mehta in dealing with the PIL stating that the CJI cannot exercise arbitrary power in allocation of cases. 13:10 Pak SC bars Nawaz Sharif from holding govt office for life Pakistan's ousted prime minister Nawaz Sharif has been barred from holding office for life, after the Supreme Court ruled unanimously that disqualification of a lawmaker under the Constitution is for life. 13:28 Unnao rape: CBI takes over probe in 3 cases, detains BJP MLA for questioning The CBI has taken over investigation in three cases related to the alleged rape of a 17-year-old girl by BJP MLA Kuldeep Singh Sengar and detained him today for questioning, officials said today. 12:45 Sridevi posthumously wins first National award Actress Sridevi was posthumously awarded a national award for her role in the thriller film MOM. Sridevi died in February from drowning in a hotel bathroom in Dubai and was cremated with state honours in Mumbai later. 12:20 SC refuses to allow out-of-court settlement with Binani CementThe Supreme Court has disallowed the possibility of an settlement outside of court for the beleagured Binani cement, according to a CNBC-TV 18 report. The verdict may set a precedent for cases that come under the ambit of the Insolvency and Bankruptcy code (IBC). Rajendra Chitale, Advisor for Chitale Legal said that this will allow for the competitive bidding for these stressed assets to take place. 12:07 US has a global campaign plan for China: Pentagon The Pentagon has developed a global campaign plan against China, a top American military leader today told US lawmakers, who identified the Asian giant as "one of the central challenges" to their national security. "We have a global campaign plan for China. Each one of the combatant commanders addresses China in the context of that global campaign plan," General Joseph Dunford, Chairman of the US Joint Chiefs of Staff told members of the House Armed Services Committee during a congressional hearing. 11:28 UNSC must prevent Syria spiralling out of control: UN chief UN Secretary-General Antonio Guterres has appealed to the five permanent members of the Security Council to break the current deadlock on reported use of chemical weapons in Syria and prevent the situation spiralling out of control in the war-torn country. 10:28 Need to revive global economic cooperation to defeat trade protectionism: WTO official The world needs to unite and revive global economic cooperation, liberalisation and growth to defeat trade protectionism and the rising threat of a trade war, a World Trade Organisation (WTO) said."No issue is more urgent today than reviving global economic cooperation, liberalisation and growth," Yonov Frederick Agah, the deputy director general of WTO told delegates at the Annual Investment Meeting (AIM) being held at the Dubai World Trade Centre. 10:09 Massive gas plant resumes operations after severe PNG quake ExxonMobil's massive gas project has resumed operations in Papua New Guinea after a major earthquake damaged the plant, the US energy giant said today, in a boost for the Pacific nation as it rebuilds after the devastation. More than 125 people were killed and many more injured after the 7.5-magnitude tremor hit the country's mountainous interior on February 26, cutting off villages and knocking out power. 09:38 Head of Nobel-awarding Swedish Academy steps down after criticism The head of the Swedish Academy stepped down on Thursday after criticism of how the institution, which picks the winner of the Nobel Prize for Literature, handled a probe into allegations of sexual misconduct by a man married to one of its members.Shortly afterwards, the Academy announced that the man's wife had decided to quit her post on the board.Three members of the Academy withdrew last week over the issue. 09:17 Taliban, Haqqani enjoy safe havens in Pakistan: Pentagon Asserting that the Taliban and the Haqqani network enjoy safe havens in the border regions of Pakistan, a top US Army General today told the lawmakers that it was very difficult to contain insurgency in war-torn Afghanistan if Islamabad continues to harbour terrorists on its soil. 08:56 China's first-quarter trade surplus with U.S. rises 19.4 percent China's trade surplus with the United States rose 19.4 percent in the first quarter to USD 58.25 billion from the same period a year earlier, customs said on Friday.The data follows weeks of tit-for-tat tariff threats by Washington and Beijing, sparked by U.S. frustration with China's massive bilateral trade surplus and intellectual property policies, which have fueled fears of a global trade war. 08:34 Warren Buffett’s tells students not to borrow money like Donald Trump Warren Buffett warned students about the perils of using debt and leverage decades ago, using Donald Trump as a negative case study, reports CNBC. He cautioned students to avoid borrowed money during a question-and-answer session at Notre Dame in 1991. Buffett used Donald Trump's troubled casino investments to explain the life lesson. "I've seen more people fail because of liquor and leverage – leverage being borrowed money. Donald Trump failed because of leverage. He simply got infatuated with how much money he could borrow, and he did not give enough thought to how much money he could pay back," Buffett said. 08:29 JSW Steel's bids have stood the test of scrutiny, unlike ArcelorMittal's: Seshagiri Rao Responding to ArcelorMittal's allegation of making ‘mockery’ of the Insolvency and Bankruptcy Code, JSW Steel said it is bid has stood the test of eligibility, unlike the world's largest steelmaker’s, reports Moneycontrol News' Prince Mathews Thomas. 08:15 Battle for control of Fortis intensifies as Munjal of Hero and Burmans of Dabur enter fray In another twist to the Fortis Healthcare saga, the country’s second largest healthcare provider said on Thursday it has received an unsolicited binding offer jointly from Sunil Munjal of Hero and Burmans of Dabur to invest Rs 1,250 crore directly into the company through a preferential allotment, reports Moneycontrol News’ Viswanath Pilla. Of the Rs 1,250 crore, Munjal and Burmans have offered to invest Rs 500 crore immediately, and Rs 750 crore post due diligence to be completed within three weeks. 08:11 Retail inflation cools off marginally to 4.28% in March India’s retail inflation came in at 4.28% in March as prices of vegetables and other food and beverages softened. In February, prices grew at 4.4%. 08:08 India's factory output expands at 7.1% in Feb vs 7.4% in Jan Aided by robust manufacturing output, India’s industrial production grew 7.1% in February, as compared to 7.4% in January. Manufacturing sector, which accounts for more than three-fourths of the entire index, came in flat at 8.7% in February as compared to 8.7% in January and 0.7% a year ago. 07:58 Indian athletes sent home after needle found in room Indian athletes Rakesh Babu and Irfan Kolothum Thodi are being sent home from the Gold Coast Commonwealth Games after a needle was found in a cup in their bedroom at the Athletes’ Village, the Commonwealth Games Federation (CGF) told Reuters. 07:36 US eyes 8 possible targets in Syria, Trump says decision coming 'fairly soon' US President Donald Trump met with his national security team on Thursday to discuss the situation in Syria. A final decision on whether or not to use military force has not been made, White House Press Secretary Sarah Sanders said. A source told CNBC the US was considering striking eight potential targets. Summarise this report in a few sentences.
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BJP-led central government is working for the welfare of the people, says smriti Irani. a smriti irani spokesman says the BJP-led government is not working for development. a smriti irani spokesman says the BJP is not working for the welfare of the people.
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The Nifty rallied for the ninth consecutive day in a row on Tuesday but the index failed to close above 10550 levels. It formed a ‘Hanging Man’ kind of pattern for the second time in the last four trading sessions which suggests caution. The index registered a Hanging Man kind of pattern on 11th April and it recorded a similar pattern on Tuesday. A hanging man is a bearish candlestick pattern that gets usually formed at the end of an uptrend. It is formed when bears take control at the beginning of the session but then buyers or the bulls were able to push the index near the opening levels towards the end of the session. The large selloff at the beginning of the markets could be seen as an indication that bulls might be losing control. The Nifty50 which opened at 10557 slipped to an intraday low of 10495. It bounced back to hit its intraday high of 10560 before closing 20 points higher at 10,548. Investors are advised to stay cautious but do not sell this market now and wait for some more confirmations. But, the recent price trend suggests that the momentum may be fading. Investors who are long can keep a stop loss below 10379. “Bulls appear to be just dragging on their feet as Nifty50 registered a ‘Hanging Man’ kind of formation on candlestick charts suggesting exhaustion of momentum. Interestingly, this kind of pattern is emerging close to its critical resistance zone placed around 10600 levels after 9 consecutive positive closes,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol. “Albeit there are no sell signals on short-term charts, some sort of consolidation or running correction can’t be ruled out in next couple of trading sessions as indices reaching overbought zones. Hence, it looks prudent for short-term traders to book profits and wait for either correction or a breakout above 10630 levels,” he said. Mohammad further added that the trend will not favour bears unless Nifty50 closes below 10379 levels whereas a close above 10630 shall extend the current swing towards 10900 kinds of levels. Hence, as of now, any dip towards 10400 is looking like a buying opportunity. On the options front, maximum Put OI was seen at 10400 followed by 10300 strikes while maximum Call OI was seen at 10700 followed by 10500 strikes. Significant Put writing at 10500 and 10550 strikes which is shifting its support to higher side while minor Call Writing is seen at 10600 followed by 10700 strikes. “Option band suggests an immediate trading range in between 10480 to 10650 zones. Nifty index formed a Hanging Man Candle on the daily scale which implies follow up buying is missing at higher levels,” Chandan Taparia, Derivatives, and Technical Analyst at Motilal Oswal Securities told Moneycontrol. “However it continued its higher highs formation from last twelve consecutive trading sessions which indicates that bulls are still holding the momentum in the market,” he said. Taparia further added that till Nifty holds above 10480 it could extend its gains towards 10580 and then 10630 levels while on the downside supports are seen at 10480 then 10440 levels. Summarise this report in a few sentences.
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the index registered a ‘Hanging Man’ kind of pattern on 11th April. it recorded a similar pattern on Tuesday. the large selloff at the beginning of the markets could be seen as an indication that bulls might be losing control. the recent price trend suggests that the momentum may be fading. the trend will not favour bears unless Nifty50 closes below 10379 levels.
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Item 7A. Quantitative and Qualitative Disclosures About Market Risk We are subject to financial market risks, including changes in the valuations of our investment portfolio and interest rates. Valuation Risk Our investments may not have a readily available market price, and we value these investments at fair value as determined in good faith by our Board of Directors in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material. Interest Rate Risk As of December 31, 2019, on a fair value basis, two of our debt investments bear interest at a fixed rate. All of our other debt investments bear interest at a floating rate, which primarily are subject to interest rate floors. Interest rates on the investments held within our portfolio of investments are typically based on floating LIBOR, with many of these investments also having a LIBOR floor. Additionally, our Credit Facilities are also subject to floating interest rates and are currently paid based on floating LIBOR rates. Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. There can be no assurance that a significant change in market interest rates will not have a material adverse effect on our income in the future. The following table estimates the potential changes in net cash flow generated from interest income, should interest rates increase or decrease by 100, 200 or 300 basis points. Interest income is calculated as revenue from interest generated from our settled portfolio of debt investments held as of December 31, 2019 and 2018. These hypothetical calculations are based on a model of the settled debt investments in our portfolio held as of December 31, 2019 and 2018, and are only adjusted for assumed changes in the underlying base interest rates and the impact of that change on interest income. Interest expense is calculated based on outstanding secured borrowings as of December 31, 2019 and 2018, and based on the terms of our Credit Facilities. Interest expense on our Credit Facilities is calculated using the interest rate as of December 31, 2019 and 2018, adjusted for the hypothetical changes in rates, as shown below. We intend to continue to finance a portion of our investments with borrowings and the interest rates paid on our borrowings may impact significantly our net interest income. We regularly measure exposure to interest rate risk. We assess interest rate risk and manage interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. Based on our Consolidated Statements of Assets and Liabilities as of December 31, 2019 and 2018, the following table shows the annual impact on net investment income of base rate changes in interest rates for our settled debt investments (considering interest rate floors for variable rate instruments) and outstanding secured borrowings assuming no changes in our investment and borrowing structure: Item 8. Summarise this report in a few sentences.
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A is a disclosure about the market risks that the company is subject to, such as changes in the valuations of its investment portfolio and interest rates. The company is exposed to valuation risk due to the lack of a readily available market price for its investments, and interest rate risk due to its debt investments and credit facilities. The company regularly measures its exposure to interest rate risk and manages it by comparing its interest rate sensitive assets to its interest rate sensitive liabilities. The table in the text estimates the potential changes in net cash flow generated from interest income should interest rates increase or decrease by 100, 200 or 300
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The government will provide Kisan Credit Card (KCC) to 1.5 crore dairy farmers belonging to milk unions and milk producing companies within the next two months (1st June-31st July 2020) under a special drive. The Department of Animal Husbandry and Dairying in association with Department of Financial Services has asked all state milk federation and milk unions for implementing the scheme on a mission mode.Under the dairy cooperative movement, approximately 1.7 crore farmers are associated with 230 milk unions in the country.In the first phase of this campaign, the target is to cover all farmers who are members of dairy cooperative societies and associated with different Milk Unions and who do not have KCC.“Farmers who already have KCC based on their land ownership, can get their KCC credit limit enhanced, though interest subvention shall be available only to the extent of Rs 3 lakhs,” said an animal husbandry department official.The special drive to provide KCC to 1.5 crore dairy farmers is part of the Prime Minister’s Atma Nirbhar Bharat package for Farmers. Finance Minister on 15 May 2020 has announced to cover 2.5 crore new farmers under the KCC scheme.“This will provide an additional liquidity of Rs.5 lakh crore in the hands of farmers, who are suffering from the recent downturn of economy,” the official said. Summarise this report in a few sentences.
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the scheme will be available to 1.5 crore dairy farmers within the next two months. the farmers are members of milk cooperative societies and associated with different milk unions. the government has asked all state milk federation and milk unions for implementing the scheme on a mission mode. the special drive is part of the prime minister’s Atma Nirbhar Bharat package for farmers.
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While India’s manufacturing growth has remained under pressure in the current fiscal year, RBI Governor Shaktikanta Das said India should strive and become a part of the global manufacturing value chain to boost growth in today’s era. He said that India had been fairly insulated from the global value chain in the past which also protected India at the time of global slowdown, but it cannot be a justification for remaining permanently away from it for far too long. “For a major economy such as ours, which is increasingly making its global presence felt, it is necessary to play a significant part in the global value chain. I am sure that the policymakers in the government will give due attention to this aspect,” said RBI Governor Shaktikanta Das. There are a number of steps that have been taken in this direction in recent months and years, however, more steps are necessary, he added. January bulletin of the RBI shows growth prospects in a few other sectors as well. Other than manufacturing, food processing, textiles, and tourism sectors are shown as the key sectors to tap for growth. Also Read: WPI inflation jumps to 7-month high in December; skyrocketing food prices hit both CPI, WPI Meanwhile, as India has yet not come out of the prolonged slowdown, many companies are not availing their working capital limits to the full, which has kept the investments away from the markets. It points to some slowdown in the economic activity and on the other hand, it could also imply that they have an adequate surplus with them which is being used to meet their working capital requirements, said the RBI report. It also indicated that a certain amount of capital available in the system needs to feed into the investment cycle to keep the momentum up. Shaktikanta Das also said the markets were somewhat surprised by RBI’s action a little ahead of time, in terms of reduction in policy rate as early as in February 2019, when the RBI anticipated that momentum for a slowdown is building up. The RBI further cut the interest rates four times in a row after February 2019. However, the central bank surprised the markets by maintaining the status quo in the policy rates in its MPC meet in December. Summarise this report in a few sentences.
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RBI Governor Shaktikanta Das says India should strive and become a part of the global manufacturing value chain. he says it is necessary for a major economy such as ours to play a significant part in the global value chain. he says there are a number of steps that have been taken in this direction in recent months and years. RBI has cut the interest rates four times in a row after February 2019.
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By Barendra Kumar Bhoi Although securing life and livelihood together is a challenging job, wisdom lies in converting challenges into opportunities. The Modi government’s endeavours have been to fight the pandemic head-on and simultaneously support the economy from collapsing. It announced a comprehensive Atmanirbhar Bharat package of Rs 20 trillion in five tranches during May 13-17, including nearly Rs 2 trillion relief package given earlier. The Atmanirbhar package carries the blueprint of the government’s vision for a new India in the medium term. The government has steadfastly avoided soft options so far, like monetisation of deficit/debt, transfer of RBI’s reserves/contingency funds to finance stimulus package, asking RBI to open a direct window to finance NBFCs/MFs, etc. Many experts wonder as to how the government would finance the Rs 20 trillion package proposed in phases. While the uses of funds have been explicitly communicated by the finance minister, the sources of funds need better understanding to clarify misgivings surrounding the large package without a commensurate rise in the gross fiscal deficit-to-GDP ratio. The package, in public domain now, has three elements—relief, rehabilitation, and rebooting of the economy through structural reforms. The bulk of the relief is being met by cash outgo from this year’s budget, which is around 1.2% of GDP, while sources of funds for rehabilitation and rebooting are distributed between future revenues of the government, the liability of the public sector units, and RBI. A major part of the rehabilitation package is credit-led. The government has given credit guarantee for Rs 3 trillion collateral-free loans to MSMEs, besides equity support of Rs 40,000 crore and subordinated debt of Rs 20,000 crore. This is a bold decision to keep MSMEs afloat and prevent large-scale lay-offs. Also, revision of MSME definition would enable a wider segment of India’s manufacturing sector to survive and help reboot the economy. RBI has been generous in making durable liquidity available through several channels like cut in CRR, OMO purchases, long-term repo operations (LTRO), targeted LTRO (TLTRO), special refinance, SLR exemption, etc. There is scope to cut the repo rate further and make LTRO/TLTRO funds available at a cheaper rate. Given the growth scenario, it may be difficult to have investment-grade corporate papers to the tune of Rs 8 trillion in FY21. Hence, RBI may have to change the conditionality associated with LTRO/TLTRO funds. Medium-term liquidity should be made available on tap for deployment as loans and/or investment in certain proportions, such that MSMEs are not deprived. The Rs 20 trillion package includes Rs 8 trillion liquidity injected by RBI. The excess liquidity, which currently returns to the RBI balance sheet as reverse repo deposits, is likely to be utilised by the beneficiaries as proposed by the finance minister as soon as lockdown conditions are removed. Since the RBI liquidity is essentially the sources of funds, the Atmanirbhar package works out to Rs 12 trillion on a net basis. Partial/full credit guarantee forms the contingent liability of the government, which has exceeded the permissible limit under the FRBM Act. In the wake of the Covid-19 pandemic, as fiscal arithmetic are unlikely to conform to the RFBM Act, there is a need to review the Act and draw a new timeline to achieve medium-term objectives of fiscal consolidation in India. Part of the relief programme is being met by the Food Corporation of India (FCI) in the form of distribution of free cereals/pulses. FCI-led relief will devolve on the government and add to its liability in due course, although it is initially considered as extra-budgetary resources. There is no free lunch anyway. Food security being a government programme, the government has to foot the bill to FCI sooner or later. Rebooting the economy can be done in two ways—through structural reforms and fiscal stimulus or a combination of both. Structural reform proposals in the Atmanirbhar package are many and far-reaching, covering agriculture, industry, mining, infrastructure, defence production, etc. The epicentre of Covid-19 disruption being the real sector, the government has to widen its structural reforms to several areas, besides continuing with ongoing reforms. In fact, the coverage of structural reforms this time is much wider than in the early 1990s. This may invigorate the economy in the medium-term if implemented in a time-bound manner. The Union government’s fiscal deficit in FY21 is likely to increase from 3.5% to 7% of GDP, mainly due to shortfall in revenues and disinvestment. Moreover, the limit of state governments’ borrowings has been increased from 3% to 5% of their respective gross state domestic products, of which 0.5% is unconditional and the rest is conditional. The combined fiscal deficit may vary between 10.5% and 12% of GDP in FY21. As the fiscal space is limited, the government has not been able to give adequate fiscal stimulus so far. However, this may be necessary, going forward. Unless economic activity is fully restored, any fiscal stimulus to augment demand at this stage may go waste. Hopefully, the government may consider fiscal stimulus at a later stage, but limited fiscal space may constrain this effort in a big way. As the domestic market is unable to absorb the enhanced government borrowing without pushing up the yield rate, the government may consider borrowing from abroad in foreign currency, either directly or through PSUs under government guarantee. Floating of Covid-19 tax-free bond for $15 billion in the overseas market, open for all non-residents, including NRIs, may be considered. If necessary, the government may resort to borrowing under bilateral swap arrangements for a similar amount, besides obtaining concessional loans from multilateral institutions like the IMF, the World Bank, the ADB, and the NDB. This would offset the outflow of capital due flight to safety, and smoothen liquidity management as RBI’s short-term liquidity windows expire. The author is Visiting fellow, IGIDR, & former head of RBI’s Monetary Policy Department Views are personal Summarise this report in a few sentences.
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the government announced a comprehensive atmanirbhar Bharat package of Rs 20 trillion in five tranches during may 13-17. the package carries the blueprint of the government's vision for a new india in the medium term. many experts wonder as to how the government would finance the Rs 20 trillion package proposed in phases. the bulk of the relief is being met by cash outgo from this year's budget, which is around 1.2% of GDP.
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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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Reliance Industries name sells in the stock market. Historically, whenever Reliance wanted to raise money, investors did not disappoint the conglomerate. In return, investors have been handsomely rewarded with dividends and capital appreciation over the years. This time India's most valuable company with market capitalisation of Rs 9.20 lakh crore is entering the market with a huge Rs 53,125 crore rights issue. But these are not normal times. The broader index, the BSE Sensex, has fallen from 40,000 to 30,000 level in last two months. The right issue is for existing investors and not for general public. Theoretically, this makes it easier for any well run company to sell the issue. But Reliance Industries, with interest in oil, retail and telecom, is not a company which will take things lightly. They have lined up over a dozen investment bankers and banks to manage the rights issue. The big names are JM Financial, Kotak Mahindra Capital, Axis Capital, BNP Paribas, Citigroup Global Markets, DSP Merrill Lynch, Goldman Sachs (India) , HSBC Securities, ICICI Securities, IDFC Securities, JP Morgan Chase, Morgan Stanley , HDFC Bank and the SBI. JM Financial has done critical tasks including capital structuring, following Sebi guidelines for letter of offer, filing with stock exchanges and Sebi, selecting bankers to the issues. There is a specific responsibility assigned to each investment banker. ICICI Securities has the responsibility of formulating the retail strategy. This includes all the work related with retail investors such as coordination of queries. ICICI Direct, which is a broking arm of ICICI Securities, was a pioneer in tapping investors for online trading with its three-in-one digital offering of broking, demat services and banking. Similarly, the work on the domestic institutional marketing strategy has fallen on the shoulders of Kotak Mahindra Capital, which is a well known name with a goodwill amongst HNI (High New Worth Individuals) and institutional investors. Almost every mutual fund in the country has a shareholding in RIL. Insurance giant LIC has 6.01 per cent stake in the company. Kotak has also done the entire work on rights entitlement intimation to shareholders. Goldman Sachs (India) Securities Ltd has formulated the international marketing strategy. There are over 1,300 foreign portfolio investors holding 24 per cent stake in the company. The Govt of Singapore has more than 1 per cent stake. IDFC Securities got the role of drafting and approval of all the publicity material including corporate advertisement, brochure , corporate films, etc. In addition, along with SBI, the country's largest private sector bank , HDFC Bank is banker to the issue. The private sector bank has been a challenger to top market cap companies like RIL and TCS in terms of market capitalisation. Covid-19 outbreak and the lockdown have created an environment of uncertainty with stock markets wobbling around the world. Governments are pumping in trillions of dollars to save the economy from falling into recession. In India, the government has unveiled a stimulus package of Rs 20 lakh crore, which is a mix of liquidity from RBI and loans from banks, NBFCs and other financial institution to help the economy. The issue issue opens on a May 20 this week. "You need a clear market strategy as stock markets are wobbling globally and there is lot of uncertainty in the minds of investors," says one of the investment banker. RIL's rights issue is part of a bigger plan to be zero debt company by the end of March 2021. The rights issue, which comes after a gap of nearly three decades, offers one new share for every 15 shares held in the company. The price fixed is Rs 1,257 per share. The current market price of RIL is trading at Rs 1,451 per share. Also read: After General Atlantic deal, US firms to own 13.82% stake in Jio Platforms Also read: Reliance Industries share price gains 2% as General Atlantic to invest Rs 6,598 crore Jio Platforms Summarise this report in a few sentences.
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the right issue is for existing investors and not for the general public. the big names are JM Financial, Kotak Mahindra Capital, Axis Capital, BNP Paribas, Citigroup Global Markets, DSP Merrill Lynch. the rights issue is a big step forward for the company with interest in oil, retail and telecom. the company has a market capitalisation of Rs 9.20 lakh crore.
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information contained in this prospectus. Overview SigmaRenoPro, Inc. has not operated pursuant to its business plan. We plan to raise capital to begin offering our services and make sales. Our auditors have raised substantial doubt as to our ability to continue as a going concern. We need a minimum of approximately $100,000 during the next 12 months to begin implementation of our business plan. We are a development stage company with no revenues or operating history. Our address is Aloni Noa’kh St. 1 Kiryat Motzkin 26402 Israel. The telephone number is +972 03-6860331. Since our inception, we have devoted our activities to the following: (1) Purchasing a debt portfolio; (2) Obtaining bids from professional collectors to collect the portfolio; (3) Developing contacts from whom to purchase portfolios; (4) Contracting for operational support; and (5) Securing enough capital to carry out these activities. Plan of Operations As discussed above we have not yet operated pursuant to our business plan. We have generated no revenue in June 2019 and 2018. Comparison of the Years Ended June 30, 2019 and 2018 Lack of Revenues We have limited operational history. During the year ended June 30, 2019 and 2018 we have not generated any revenue. We anticipate that we will incur substantial losses for the foreseeable future and our ability to generate any revenues in the next 12 months continues to be uncertain. Operating Expenses The Company’s operating expenses for the year ended June 30, 2019 and 2018 were $34,333 and $24,136 respectively. Operating expenses for the year ended June 30, 2019 consisted of professional fees of $33,338 and general and administrative expense $995. Operating expenses for the year ended June 30, 2018 consisted of professional fees of $21,954 and general and administrative expense $2,182. Net Loss During the year ended June 30, 2019 and 2018 the Company recognized net losses of $34, 333 and $24,136. Liquidity and Capital Resources Our capital resources have been acquired through the sale of shares of our common stock and loans from shareholders and third parties. At June 30, 2019 and 2018, we had total assets of $19,661 and $53,994 respectively. At June 30, 2019 and 2018, our total liabilities were $5,000 and $5,000 respectively consisting primarily of accounts payable and shareholder loans. Cash flows from operating activities Net cash used in operating activities was ($34,333) for the year ended June 30, 2019 and ($26,685) for the year ended June 30, 2018. Cash flows from financing activities Net cash provided by financing activities was $NIL for the year ended June 30, 2019 and $60,000 for the year ended June 30, 2018. Cash Requirements We intend to propagative funding for our activities, if any, through a combination of the private placement of the company’s equity securities and the public sales of equity securities. We have no agreement, commitment or understanding to secure any funding from any source. Off-Balance Sheet Arrangements We do not have any off balance sheet arrangements. SigmaRenoPro, Inc. has never been in bankruptcy or receivership. Office SigmaRenoPro, Inc.’s executive office is located at Aloni Noa’kh St. 1Kiryat Motzkin 26402 Israel. The telephone number is +972 03-6860331. SigmaRenoPro, Inc. is not operating its business plan until such time as capital is raised for operations. To date its operation has involved only selling stock to meet expenses. Item 7A. Summarise this report in a few sentences.
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Management's Discussion and Analysis of Financial Condition and Results of Operations of SigmaRenoPro, Inc. is a discussion of the company's financial condition and results of operations. SigmaRenoPro, Inc. has not yet operated pursuant to its business plan and has generated no revenue in the years ended June 30, 2019 and 2018. Operating expenses for the year ended June 30, 2019 and 2018 were $34,333 and $24,136 respectively. During the year ended June 30, 2019 and 2018 the Company recognized net losses of $34, 333 and $24,136. SigmaRenoPro, Inc. has limited capital resources and has not secured any funding from any source. Its executive office is located in Kiryat Motzkin, Israel.
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