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MUMBAI: Price Waterhouse Network of Firms in India (PW India), which is part of the PwC India, on Thursday, said that they would no longer provide non audit services to their audit clients in India which are governed by National Financial Reporting Authority (NFRA).This would essentially mean that none of the network firms under the PwC umbrella would offer any other service like consulting or tax advisory to any company they audit, said people in the know.Most Indian audit firms operate through network firms. This is mainly because auditors as per the current regulations cannot offer non audit work to any of their clients.This comes within days after the Ministry of Corporate Affairs ( MCA ) released a consultancy paper where it sought comments on how to deal with firms that offer non-auditing work to their auditing clients. As per the regulations a firm which is a statutory auditor of any company or bank cannot do any other work and earn from it. All firms, including the Indian ones; however interpret the regulation in a way that the auditor cannot offer certain services to their audit clients.Considering the wide-ranging discussions with stakeholders about the future of audit, PW India firms believe that this voluntary action will further strengthen the audit profession in India and enhance trust in the Indian capital markets, society and Indian economy at large.Commenting on this new development, Subramanian Vivek, Partner - Price Waterhouse said: “Given the important role that auditing plays in the Indian economy, everyone that relies on audit needs to have the same high level of confidence in auditor’s independence, objectivity and effectiveness.PwC would be the second firm after Grant Thornton India that will completely stop providing any service to their auditing clients. This would mean that PwC will have to walk away from accepting consulting or tax work for all the companies and banks they audit.A consulting paper floated by the MCA is currently seeking comments from all the firms on the structural issues in the profession. The consulting paper specifically mentions Big Four firms—Deloitte, PwC, EY and KPMG-- and some of the issues related to the firms.MCA is seeking comments from all the auditors on the paper and looking for solutions on several aspects and problems in the auditing industry.According to the consultation paper there is an economic concentration of the big four firms that could impact the Indian economy.“To overcome this situation, there is a need to build capacity of home-grown Indian firms who may need to be at par with global organizations in terms of audit procedures, audit tools, manpower capacity to audit large organizations etc. For that panel of auditors need to be maintained from where the auditors can be appointed. While preparing such list, the assessment of the financial stability of the firms and anticipation of possible risks to a firm's ability to conduct high quality audits would be required,” the consultation paper reads. Summarise this report in a few sentences.
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most Indian audit firms operate through network firms. auditors as per the current regulations cannot offer non audit work to any of their clients. this comes within days after the ministry of corporate affairs released a consultancy paper. it sought comments on how to deal with firms that offer non-auditing work to their auditing clients. this would mean that PwC would have to walk away from accepting consulting or tax work for all the companies and banks they audit.
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NEW DELHI: The government has begun discussions on alternatives for the calculation of dearness allowance as data collection has halted in the lockdown period. Consumer price index–industrial worker (CPI-IW) and consumer price index-agricultural labour (CPI-AL) are the two indices used for calculating DA and rural employment wages.Since field officers are not able to conduct the survey, the government may go for repetition, substitution or estimation to cover up the missing data when it computes the index for determining the daily allowance for government employees , a senior government official told ET.“A decision to this effect will be taken once the lockdown is over,” the official said, adding: “However, we would definitely lose out on the exact estimation for a month.” The next revision in dearness allowance, which is based on CPI-IW, is due in July. The government had announced a hike of 4% in DA, from 17% to 21%, to be effective from January 1.Economists say data should not be a constraint and revision can be done on an ad-hoc basis.“These are exceptional times. Unavailability of data should not be a constraint for the government and they can do it on an ad-hoc basis,” said DK Joshi, chief economist at ratings firm Crisil The labour bureau under the ministry of labour and employment conducts field surveys to collect prices of commodities, which constitute the consumption basket for industrial and agricultural workers, every month. Based on this, it arrives at a consumer price index-industrial worker for a month which is used to determine the dearness allowance for government employees twice a year.The labour bureau has 78 industrial centres where surveys are conducted to assess the average change in inflation every month. These workers are spread across seven sectors including railways, ports, public transport and mining, among others. Summarise this report in a few sentences.
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government may go for repetition, substitution or estimation to cover up missing data. the next revision in dearness allowance, which is based on CPI-IW, is due in July. the government had announced a hike of 4% in DA, from 17% to 21%. economists say data should not be a constraint and revision can be done on an ad-hoc basis.
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NEW DELHI: Morgan Housel says making money on investments is not a complicated thing, but it isn’t easy either. “Not everyone can or will master the emotional side of investing. To achieve extreme success, one needs a bit of luck,” he told ETNow in an interview.Housel, partner at venture capital firm The Collaborative Fund , says a large sub-set of investors try to endeavour being long-term investors, but struggle with long-term thinking and with fear and greed. “Investing is not a game, it is a long-term endeavour,” he said.“We as investors have become more informed in last 100 years. We have more and better data and faster computers to process that data. But we have not become better at mastering greed and fear at all. We are just as susceptible to the boom-bust greed-fear cycle today as we were 100 years ago,” Housel said.Housel, whose latest bookhit the market on September 8, said access to information is no longer an edge to investors nowadays.He says there are ways through which one can understand himself better. “The emotional part of finance matters,” he said, adding that “nobody needs to be an expert or a Howard Business School guy or Goldman Sachs employee to deal with it.”He said one needs to understand his/her risk tolerance and master the inner side of investing.Housel said it took just 90 days for US stocks to reclaim a record high, even as the US economy headed towards its biggest recession since the 1929 Depression. “It is not unprecedented in history,” he said."The boom-bust cycle at the economic level, in terms of different economies’ propensity to have big surges and crashes, and the market rallies and falls, will never go away. But the argument to make here is the fact that maybe it’s a faster cycle now because of the central banks’ policies. Maybe booms and busts are deeper and more accentuated, but they happen faster. We saw that in 2008 as well. It took very long for the economies or jobs to come back, but the stocks did very well after March 2009. We saw that this year too,” he said.Housel says investment in index funds is a relatively safe and broad bet. “Any kind of extreme success by investors, who are worshipped in the investing fraternity, has always had a degree of luck,” he said.He said Bill Gates went to a high school in the US that was among the only few schools in the country to have computers. “This does not mean Bill Gates is not smart and hard-working, but the fact remains that luck did play its parts. One needs to take broader lessons from those who achieved and not do exactly what they did,” he said. Success in a different environment defines a good investor, Housel said.On US elections, Housel said Donald Trump’s victory would mean an extension of the trade war. “US presidential elections will decide the future of globalisation,”' he said. Summarise this report in a few sentences.
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investing is not a game, it is a long-term endeavour,' says venture capitalist. he says it took just 90 days for US stocks to reclaim a record high. he says one needs to understand his/her risk tolerance and master the inner side of investing. 'investing is not a game, it is a long-term endeavour,' he says.
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Renault has opened more than 194 showrooms and workshops in line with the new safety protocols and the remaining touchpoints will be opened in a phased-wise manner based on permissions from the local authorities. Renault has announced the reopening of select dealerships and service centres, inculcating several safety and hygiene measures across all its touchpoints. The French car manufacturer has opened more than 194 showrooms and workshops in line with the new safety protocols and the remaining touchpoints will be opened in a phased-wise manner based on permissions from the local authorities. Renault says that there are multiple training programmes, protocols and processes in place to monitor the execution of the company’s customer-first efforts as a part of its ‘Welcome Back’ initiative. In order to support its customer in these challenging times, Renault has announced a host of customer-focused offers including a ‘Buy Now Pay Later’ scheme where customers can buy any Renault car in May and start paying their EMI after three months of purchase. The offer can be availed either at the dealership, on the Renault India website or the My Renault App. There has also been a gradual recommencement of business operations across India Alliance entities in accordance with regulations of government and local authorities. Phased-wise operations have commenced at Renault Nissan Automotive India Private Ltd. (RNAIPL), Renault Nissan Technology and Business Centre India Private Ltd. (RNTBCI), Renault Finance and the Renault corporate office in Chennai. Renault has also started dispatches of cars from the plant to North India and Tamil Nadu. Export of critical ‘Make in India’ parts has begun from the facilities in Chennai and Pune to select global markets. To begin with, all dealerships, showrooms and workshops will be fumigated before being opened for customers. Health screenings will be conducted for dealership employees after resuming the job and only post that will employees be allowed to start work along with daily monitoring. Also read: How to book a car during lockdown: Hyundai Creta, Vitara Brezza, Honda Amaze & more available online Discussion tables and display cars will be completely sanitized after every round of customer interaction. Before customers enter the dealership, their temperature will be checked. There will be regular sanitization of the entrance door. Customers will be given masks and hand sanitiser, maintaining the social distancing norms. There will be provisions for collaterals with product details to be shared using digital platforms. Display and test drive cars, whether at the dealership or at customers’ homes will have multiple sanitization points after each customer interaction – steering, AC vent, dashboard, gear knob, door handles, infotainment system, IRVM, ORVM, ORVM knobs, glove box and seat belt buckle, amongst others. Summarise this report in a few sentences.
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Renault has opened more than 194 showrooms and workshops in line with the new safety protocols. remaining touchpoints will be opened in a phased-wise manner based on permissions from the local authorities. there are multiple training programmes, protocols and processes in place to monitor the execution of the company’s customer-first efforts. in order to support its customer in these challenging times, Renault has announced a host of customer-focused offers including a ‘Buy Now Pay Later’ scheme.
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Representative image Global air passenger traffic plunged by 94.3 percent in April this year as compared to the same month a year ago as the coronavirus pandemic virtually shut down air travel across the world, said global airlines body IATA on Wednesday. "This is a rate of decline never seen in the history of IATA's traffic series, which dates back to 1990," said a press release by the organisation that has around 300 airlines as its members. "Passenger demand in April (measured in revenue passenger kilometers or RPKs), plunged 94.3 percent compared to April 2019, as the COVID-19-related travel restrictions virtually shut down domestic and international air travel," stated the International Air Transport Association (IATA). The RPK for a flight is calculated by multiplying the number of passengers in the plane to the total distance travelled by it. “April was a disaster for aviation as air travel almost entirely stopped. But April may also represent the nadir of the crisis. Flight numbers are increasing. Countries are beginning to lift mobility restrictions," said IATA's Director General and CEO Alexandre de Juniac. 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 "And business confidence is showing improvement in key markets such as China, Germany, and the US. These are positive signs as we start to rebuild the industry from a stand-still. The initial green shoots will take time — possibly years — to mature,” he added. India suspended all scheduled passenger flight operations on March 25. On May 25, the country resumed domestic passenger flight services. However, international passenger flights continue to remain suspended in India. Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.
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global air passenger traffic plunged by 94.3 percent in April this year. coronavirus pandemic virtually shut down air travel across the world. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by building herd immunity to put an end to the pandemic.
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The rupee on Friday opened 10 paise higher at 75.46 against the US dollar due to some selling in American currency by banks and exporters.The local currency traded in a narrow range on Thursday despite sharp losses in domestic equities.Volatility for the currency has been confined to a range as market participants remain cautious on the announcement that is expected from the FM in the next few sessions.On the domestic front, no major economic data is expected to be released and that could keep the volatility low for the currency.Yesterday’s announcement of the Finance Minister aimed at migrant workers, street vendors and small farmers.For the day, brokerage firm Motilal Oswal Financial Services expects the rupee (Spot) to quote in the range of 75.05 and 75.80.Market participants will be keeping an eye on the preliminary GDP number from the Eurozone. There are expectations that the economy could contract over 2 per cent. At the same time, the focus will also be on retail sales number from the US; a weaker-than-expected number could keep the dollar weighed down against its major crosses. Summarise this report in a few sentences.
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the local currency traded in a narrow range on Thursday despite sharp losses in domestic equities. no major economic data is expected to be released and that could keep the volatility low for the currency. yesterday's announcement of the finance minister aimed at migrant workers, street vendors and small farmers. a weaker-than-expected number could keep the dollar weighed down against its major crosses.
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Hero MotoCorp, the country’s largest two-wheeler manufacturer, is gearing up to roll out at least two new 125cc scooters in the domestic market over the next two months. The first one will hit showrooms of a chosen cluster next week and the second will perhaps debut in December, a senior company executive told analysts after announcing the second quarter results on October 16. Though company officials did not elaborate on the models, industry sources said the two new launches will be Duet 125 and Maestro 125. Going against the industry norm of choosing a pan-India launch, the Delhi-based company has decided to play it safe with the launches. The first scooter will be launched only in one market to begin with and gradually be expanded to other pockets over the next 2-3 weeks. This move, the company hopes, will give it enough time to ramp-up production at the factory to keep it in line with the initial burst in demand from dealers as is usual with new launches. Previously, Hero failed to ramp-up production of the Maestro scooter in time, despite there being healthy demand for the gearless model. Due to that, it dropped to the third spot in the scooter category, having been overtaken by TVS Motor Company, which was helped by its bestseller Jupiter. “We are going ahead with the launches of the two 125cc. We would be launching them in phased manner over a period of 15-20 days, starting October 22. We don’t want to risk quantities. We would rather go and fill up one market and satisfy that market before moving on to other markets. Production ramp-up takes time and we don’t want our dealers to face demand challenges,” the senior executive said. With the twin launches, Hero will debut in the 125cc scooter segment which has seen a surge of interest from all players. Nearly every company has at least two products in the 125cc scooter category. Honda has two products – Grazia and Activa – with 125cc engines. Earlier this year, TVS launched NTorq 125, which was followed by Suzuki launching the Burgman Street. Piaggio launched Aprilia SR 125 in February. “We would like the first model to settle down in the market before launching the next one. This process should be given time in terms of marketing and communication. That's why the second model can only come a month after the first one is launched,” the executive stated. Summarise this report in a few sentences.
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the first one will hit showrooms of a chosen cluster next week. the second will perhaps debut in December. the company has decided to play it safe with the launches. the first scooter will be launched only in one market to begin with. the company failed to ramp-up production of the maestro scooter in time. due to that, it dropped to the third spot in the scooter category.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Digital Officer Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit I think with every passing week, we are getting closer and closer to a situation where we will see a bigger opening up of the economy. So compared to where things were two weeks ago, there is more opening up of the economy. As you said, the green zone is open, the orange zone with some restriction; in the red zone also there is some opening up, except in certain locations where the problem may be more severe. So I think we just have to be a little patient. The government best understands what needs to be done.We have to keep two things in account. We should not get into a situation where we open up the economy very quickly because that will mean that four weeks or six weeks later we will have to go into another lockdown; it would be a complete disaster. So I think a calibrated opening up of the economy is very important and necessary. I think the government is doing the right thing in doing this. In terms of casualties, in terms of the number of cases coming up, the government would be much better equipped to understand what is going on than what we can see through public domain.For the last six weeks, people have been working from home and very few offices have been kept open. So my sense is that now from Monday onwards, there will be more offices that will get opened up and then hopefully two weeks later when the lockdown will probably get lifted in a much bigger way, we will see more offices getting opened. So I think from a business standpoint, things will slowly come back to normalcy and may take a little while for complete normalcy to come back but I think that is expected under the circumstances. So long as we do not have another relapse of this situation coming up six weeks or eight weeks later, that is something we have to be very positive on. We have gone through these six weeks of difficulty and I think another two weeks can still be managed but after that, we should not have any further relapse of this issue.Look, my sense is if you have as much as six to eight weeks of low activity or almost nil activity then it is going to have some impact in terms of business going forward for some time but India is a resilient economy. Summarise this report in a few sentences.
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a calibrated opening up of the economy is very important and necessary. government should not get into a situation where we open up the economy very quickly. a relapse of this situation six weeks or eight weeks later is something we have to be positive on. a relapse of this situation will have an impact on business going forward. a relapse of this situation will be a disaster if the government does not act quickly.
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The border clash between Indian and Chinese soldiers in Ladakh broke the brittle quiet – and also the sense of security for anxious Chinese nationals in India who fear a backlash with anti-Chinese sentiment spiralling in the country. With the high altitude violent face-off in eastern Ladakh’s Galwan Valley spurring hashtags such as “Boycott China” and “Teach Lesson to China” and leading to street protests, the undercurrents of tension were evident. Wary of being identified, some said they had been reassured by their friends but were still apprehensive for themselves and their families. “They (Chinese families) don’t want to speak to the media. They are not going out and are worried about their security and well being. Their families are also worried back home,” Mohammed Saqib, secretary general of the India China Economic & Cultural Council, told PTI. He added that his Chinese friends in India been calling him since they heard news about Monday night’s clashes in which 20 Indian soldiers were killed — the worst military confrontation in five decades — and expressed concern over growing anti-China sentiments. A Chinese national from Beijing working in Gurgaon for a Chinese mobile firm initially refused to talk, saying he did not want to speak to the media and later shared his thoughts only on condition of anonymity. “There is talk of border standoff and tensions, but we know Indians are very warm people and that is why I have told my family that all is fine here and they should not worry,” he said. Another Chinese national working in Gurgaon said he and his family are feeling the stress amid the spiralling conflict between India and China, but many friends have been reassuring him. “They (Chinese in India) are under a lot of stress naturally. Such a conflict puts a lot of stress as they could bear the brunt and the same applies to Indians in China,” B R Deepak, professor at the Centre for Chinese and South East Asian Studies of the Jawaharlal Nehru University, told PTI. He said it was unfortunate that the border standoff derailed the commemorative programmes aimed at strengthening ties at a time the two countries were gearing to celebrate 70 years of establishment of diplomatic ties. Experts also feel the border clash is likely to have a significant negative impact on the economic and people to people ties. There are scores of Chinese in India working in various Chinese firms and also those who are studying in universities like JNU. About 3,000 Chinese people, doing business or studying in big cities in India, were stranded in India at the start of the COVID-19 crisis, and about half of them returned to China before the lockdown began on March 25. The Chinese Embassy in New Delhi announced on May 25 that they will arrange for flights to take back students, tourists and businesspersons to five Chinese cities, including Shanghai and Guangzhou. “It will impact the psychology of the Chinese here. There are 2,000 Chinese firms in various sectors in India which are going to be impacted,” Deepak said. Future investments from the Chinese side could also be impacted, he said. Moreover, as far as people-to-people contacts are concerned, the number of Chinese students choosing India as a preferred destination is likely to go down, Deepak said. Alka Acharya, another China expert, said there are two kinds of impacts of such an incident — short term and medium term. Usually after the initial nationalistic reaction in the short term things tend to normalise in the medium term, but with such a border clash happening for the first time in decades clearly the resonance would be much more in both India and China, said Acharya, professor at the Centre for East Asian Studies, School of International Studies, in JNU. “Due to the impact of the COVID-19 crisis on the economy, whether India can take a hardline in terms of economics towards China, is a tricky question,” she said. In the immediate context, there may be a dip in economic ties with calls for boycott of Chinese goods and services, Acharya told PTI. The manner in which this crisis is resolved will affect how ties will be affected in the medium term, she said. The headlines have added to the anxiety. A group of ex-armymen gathered near the Chinese embassy to protest the killing of 20 Indian Army personnel in Ladakh’s Galwan Valley. And another group of around 10 protesters belonging to the Swadeshi Jagaran Manch protested near the Teen Murti roundabout in Central Delhi. The anti-China sentiment prevalent among the common public is also finding a reflection in government policy with sources saying the Department of Telecom (DoT) is set to ask state-owned Bharat Sanchar Nigam Ltd (BSNL) not to use Chinese telecom gear in its 4G upgradation. Trade bodies like CAIT are also calling for a boycott of Chinese products. And Chinese handset maker Oppo cancelled the livestream launch of its flagship 5G smartphone in the country amid protests. Monday night’s clashes between the Chinese and Indian troops in Galwan Valley significantly escalated the already volatile border standoff between the two countries. The casualties on the Chinese side are not yet known. However, government sources, citing an American intelligence report, claimed the total number of soldiers killed and seriously wounded could be 35. 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tensions have been raging over the clashes in eastern ladakh. some say they have been reassured by friends but are still apprehensive. china and india are gearing up to celebrate 70 years of diplomatic ties. experts say the standoff is a sign of a growing tension between the two countries. a chinese official said the standoff was 'as a result of a lack of cooperation'
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live bse live nse live Volume Todays L/H More × Biocon and its partner Mylan on Wednesday said their co-developed biosimilar insulin glargine has received marketing approvals in Europe and Australia. Insulin glargine is a biosimilar version of Sanofi's top selling Lantus. Insulin glargine is a long acting insulin that removes patients from administering multiple injections in a day. It's the first biosimilar from Biocon and Mylan’s joint portfolio to be approved in Europe. Earlier the duo got approval for breast cancer drug Trastuzumab in US. "The marketing authorization approval from the European Commission following the positive recommendation by the Committee for Medicinal Products for Human Use (CHMP) of European Medicines Agency. Semglee 100 units/mL 3 mL pre-filled disposable pen for people with diabetes," Biocon Bolton and Mylan said in a joint statement. The EC approval of Biocon-Mylan's insulin glargine applies to all 28 European Union (EU) member states and the European Economic Area (EEA) member states of Norway, Iceland and Liechtenstein. Additionally, the Therapeutic Goods Administration (TGA), Australia has also approved biosimilar insulin glargine Semglee 100 IU/mL 3 mL prefilled pen for the people with diabetes in Australia. Arun Chandavarkar, CEO and Joint Managing Director, Biocon, said, "The approval of Mylan and Biocon’s biosimilar insulin glargine by the European Commission and TGA Australia are important milestones in our collaboration. It furthers our mission to provide a high quality, affordable insulin analog for people with diabetes globally. As a credible, global insulins player, we are committed to address the growing healthcare challenges associated with diabetes and have made significant investments in R&D and manufacturing to build scale and make our affordable insulins portfolio available in many markets.” Summarise this report in a few sentences.
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the 'insulin glargine' is a long acting insulin that removes patients from administering multiple injections in a day. it's the first biosimilar from Biocon and Mylan’s joint portfolio to be approved in Europe. the EC approval applies to all 28 EU member states and the European Economic Area (EEA) member states of Norway, Iceland and Liechtenstein.
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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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Ravindra Rao NYMEX crude trades mixed near $32/bbl after a 1 percent gain yesterday. Crude oil rallied sharply in last few days, however, the rally seems to have stuttered above USD 33/bbl level. Position squaring near contract expiration and mixed factors have also led to some choppiness. API report was mixed to positive. API noted a 4.8 million barrels decline in US crude oil stocks as against forecast of a 1.2 mn bbl rise. Crude oil’s rally has come to a halt as market players await fresh cues which could come from inventory report. We may see choppy trade, however, general bias may be on the upside amid expectations that inventory report may reflect improving situation in the US. COMEX gold trades moderately higher near $1,750/oz after a 0.6 percent gain yesterday. After a sharp retreat from recent highs, gold has bounced back and is consolidating near USD 1750/oz. Gold fell sharply earlier this week as hopes of a vaccine for COVID-19 led to a shift out of safe-haven assets to riskier assets. Gold, however, regained its momentum as enthusiasm about a possible treatment waned and equity market came under pressure. Also supporting gold price is concerns about US economy amid mixed economic data and downbeat growth assessment. The US Congressional Budget Office said it is projecting GDP to fall 38 percent in the second quarter. CBO expects US economy to bounce back sharply in the third quarter after its deep coronavirus-related collapse, but it will not fully recover its lost ground until sometime after next year. US housing data released yesterday was mixed while Fed Chairman Jerome Powell said layoffs by state and local governments will slow the US economic recovery and Boston Fed President Eric Rosengren said the US unemployment rate is likely to stay at double-digit levels by year-end (Reuters). Bleak economic outlook makes a case for the Fed and government to continue with stimulus measures. ETF investors however moved to sidelines as price struggled to hold the momentum above $1,750/oz. Gold holdings with iShares ETF were unchanged at 1113.784 tonne. Gold may witness choppy trade as market players assess the virus-related situation as well US-China relation, however, the general bias may be on the upside unless market nervousness persists. COMEX Silver has risen over 1 percent to trade above $18.1/oz after a 2.5 percent gain yesterday. After a sharp correction earlier this week, silver price bounced back yesterday as gold price regained upward momentum. The continuing rise in gold price has shifted buying interest to cheaper alternative silver which has a strong positive correlation with the metal. This is evident from a sharp fall in gold-silver ratio as well which has slipped below the 100 level. ETF investors, however, moved to sidelines awaiting more clarity about sustainability of silver’s rise. Global growth worries have also kept concerns high about industrial demand while the supply situation is improving with Mexico and other producing states working on reopening their economies. The general strength in gold indicates that overall momentum is positive for silver however stall in ETF buying raises some red flags hence fresh buying should be done only at corrective dips. Base metals on LME trade sideways to lower in early trades today after most ended on a higher note yesterday. Prices have turned choppy amid waning euphoria over progress on vaccine front as is evident from mixed trend in global equity indices. On central bank front, US Fed Chair Jerome Powell yesterday reiterated that the central bank is ready to use all the weapons in its arsenal to help the US economy endure the coronavirus pandemic; as reported by Bloomberg. Also lending support is the recent weakness in the US Dollar Index. Copper prices may come under pressure amid recent build-up in stocks at LME warehouses along with an expectation of improving supply from Peru. The downside may, however, be capped amid signs of improvement in demand from China evident from a jump in copper import premium in the nation. In other metals, aluminium prices too may come under pressure amid rising stocks at LME and signs of ample supplies in the physical market, however, declining stocks at SHFE may cap the downside. Further Lead prices may come under pressure amid weak demand outlook and rise in stocks at LME warehouses while Nickel prices too may come under pressure amid jump in stocks at LME along with easing worries over supply Philippines; however, lower stocks at SHFE may cap the downside. Lastly, Zinc prices may be pressurized by weak demand outlook. However, a jump in output from China, falling stocks at exchange warehouses along with signs of tightness in the physical market may cap the downside. The author is VP- Head Commodity Research at Kotak Securities Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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crude oil rallied sharply in last few days, however, the rally seems to have stuttered above USD 33/bbl level. API report was mixed to positive. gold has bounced back after a sharp retreat from recent highs. gold fell sharply earlier this week as hopes of a vaccine for COVID-19 led to a shift out of safe-haven assets to riskier assets.
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Share market highlights: The Sensex and Nifty plunged on Monday, as Asian market sell-off, Budget announcements spooked the street. The Sensex ended 793 points down at 38,720.57, while the Nifty closed near the 11,550-mark. Bajaj Finance shares plunged more than 8.8% to hit the day’s low at Rs 3,392.04. Shares of India’s largest car-maker Maruti Suzuki plunged more than 5.6% to Rs 6,007.70, after the firm cut production for the 5th consecutive month. Yes Bank shares were among the biggest gainers, jumping 5% to Rs 92.80 in the afternoon trade. ONGC share price closed 5.4% lower at Rs 152.50, emerging among the biggest losers in the Sensex. “Equity markets were expecting some kind of fiscal stimulus from the budget but there has been big disappointment. Housing is the only segment to get some kind of stimulus,” Rusmik Oza, Head of Research, Kotak Securities said adding that the Nifty may go down to test its 200 DMA placed at 11,105 levels. The overhang of the Budget is likely to continue in the week in stock markets as the offshoots of certain implementations will be visible in the capital markets, SAMCO Securities said in a note. Asian shares slipped on Monday as investors wagered on a less aggressive policy easing in the United States, while the Turkish lira held near two-week lows after the country’s president dismissed its central bank governor over the weekend. Global equities have generally been bolstered by expectations that central banks will keep interest rates at or near record lows to boost economic growth. Those expectations were tempered by a US labor report that showed nonfarm payrolls jumped 224,000 in June, beating forecasts for 160,000, in a sign the world’s largest economy still had fire. Asian shares tracked Wall Street, which fell from record highs on Friday, Reuters reported. We bring to you LIVE updates. Summarise this report in a few sentences.
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Sensex ended 793 points down at 38,720.57, while the Nifty closed near the 11,550-mark. Bajaj Finance shares plunged more than 8.8% to hit the day’s low at Rs 3,392.04. shares of india’s largest car-maker maruti Suzuki plunged more than 5.6% to Rs 6,007.70. yes Bank shares were among the biggest gainers, jumping 5% to Rs 92.80.
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When Russians vote this month on whether to allow President Vladimir Putin to potentially stay in power until 2036, they will decide on a bundle of measures from economic sweeteners to political reforms for traditionalists. They include inflation-adjusted pensions, a fairer minimum wage, enshrining a reference to God in the constitution, and defining heterosexual marriage as the only true form of wedlock. Authorities have highlighted those changes in their campaign rather than the reform that would let Putin run again for president twice after his current term expires in 2024. Voters will only answer one question: if they approve or reject the entire bundle of constitutional changes. Critics see this as a crude but effective Kremlin ploy to win support for a move that could keep Putin in power for longer than Soviet dictator Josef Stalin by lumping it in with reforms that have mass appeal or mobilise certain groups. Polls by the independent Levada Centre opinion pollster show Russians are divided over letting Putin extend his rule. But they also show overwhelming support for the economic benefits. "They included what people actually wanted," said Denis Volkov, a sociologist at Levada, who said some voters recognised the tradeoff. "You give us on the economic side and we'll support your political amendments." Many Russians remain embittered over a 2018 pension age hike and frustrated by years of falling incomes and living standards that have slipped again due to the coronavirus lockdown. Overall, 44% of Russians support the amendments against 32% against, according to Levada's latest polling data, with those who oppose much less likely to vote. Voting will run from June 25 to July 1. Kremlin spokesman Dmitry Peskov said earlier this month there were many reforms on offer and it was not possible to single out one. Most Russians and the country's main political forces back the changes, he said. "It's a smokescreen," countered Dmitry Gudkov, an opposition politician. "They're trying to conceal Putin's real intention of getting a mandate to rule forever." Summarise this report in a few sentences.
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voters will decide on a bundle of constitutional changes this month. they include inflation-adjusted pensions, a fairer minimum wage and heterosexual marriage. critics see this as a crude but effective Kremlin ploy to win support for a move that could keep Putin in power. many Russians remain embittered over a 2018 pension age hike.
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In the wake of Covid-19, economies worldwide have been disrupted including real estate. Builders are faced with a number of challenges including shortage of labour and increasing construction costs says- President, CREDAI Bengaluru. He spoke toof ET about the challenges ahead and the measures required to revive the sector. Excerpts...The COVID-19 pandemic and subsequent lockdowns have put our lives and livelihoods on hold. Currently, there have been no new launches since the outbreak of Covid-19 in India. The inter-relation between supply chains, migration of labourers, cost overruns, and liquidity constraints have created significant challenges for the sector. Most of us have paused our launches for a quarter or so. As far as sales are concerned, CREDAI members have witnessed a decent demand from serious homebuyers in the last 3 months.In my opinion, Mr. Goyal’s statement seemed targeted more at the Mumbai market, which has always been one of the most expensive markets in India. The South Indian markets have historically been substantially user-driven markets, and not speculative in nature. This has ensured a balance of supply and demand. Moreover, the increase in prices has been consistent with no sudden spikes. Therefore, such measures would not work for us here.Our biggest challenge currently is the rising cost of construction materials – both cement and steel prices have gone up significantly. Cement cartels have hiked prices by a whopping 50-60%, making it extremely challenging for us to hold on to the current prices, let alone drop them. On top of that, since 60-70% of our workers have gone back home, work is stalled and resuming very slowly, thus delaying deadlines and further increasing our overall costs. RERA has given us a 6-month extension on deadlines but that alone is not going to be enough.There has been a decent demand for residential real estate through the Covid-19 outbreak and the ensuing lockdown . These circumstances just filtered the serious homebuyers further. They have also taken advantage of home loan interest rates currently being at an all-time low to make the investment. We are also in talks with the Government to reduce the GST. Housing interest being reduced is the main catalyst to revive our industry. No matter the short-term economic strife, over long enough periods of time, real estate investments are bound to appreciate due to the simple fact that land is limited. Summarise this report in a few sentences.
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in wake of Covid-19, economies worldwide have been disrupted including real estate. there have been no new launches since outbreak of covid-19 in india. there has been decent demand from serious homebuyers in last 3 months. 'we are also in talks with the government to reduce the GST' says president, CREDAI Bengaluru. 'we are also in talks with the government to reduce the GST'
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The Rs 702 crore IPO by Happiest Minds was subscribed 151 times on Day 3 of the bidding processThe issue received bids for 3,51,18,27,450 shares, which was 150.98 times the issue size of 2,32,59,550 shares. The issue was subscribed over 8 times on Day 2 and 2.87 times on Day 1. The quota for non-institutional investors (NIIs) was subscribed over 351 times. High net-worth individuals ( HNI ) who apply for over Rs 2 lakhs in an IPO fall under this category.The quota for retail individual investors (RIIs) was subscribed 71 times and for QIB more than 77 times.The digital company, whose issue is being sold in Rs 165-166 price band, raised Rs 316 crore on Friday from 25 anchor investors including Government of Singapore , Goldman Sachs, Kuwait Investment Authority, Nomura Funds Ireland, Jupiter India and Pacific Horizon Investment . At the upper price band, the issue is seeking a valuation of 26.76 times FY20 earnings per share. Motilal Oswal Securities said that the company's valuations are comparable to larger mid-sized IT companies. It likes the company given its strong presence in digital services, business model with end-to-end capabilities and fast-improving financial performance."Investors can 'Subscribe' to the IPO. Further considering market conditions and bright prospects for IT companies post-Covid-era, one may also get listing gains," the brokerage said.Angel Broking said given the high exposure to digital services and strong promoter background, the company will continue to grow at a faster pace as compared with similar-sized companies and, therefore, should command a premium valuation to the peer group. Choice Broking said that the issue seems to be fully priced compared with its domestic peers. But it noted that the company cannot be fully comparable with the domestic IT peers."There are international peers, who derive almost all of their revenue from digital services, trading at a P/E multiple ranging from 67-139 times. Assuming the valuations of these companies in the US markets to be frothy, the valuation demanded by Happiest Minds seems to be attractive," it said. Summarise this report in a few sentences.
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the issue was subscribed 151 times on Day 3 of the bidding process. the quota for non-institutional investors (NIIs) was subscribed over 351 times. the issue is seeking a valuation of 26.76 times FY20 earnings per share. the company raised Rs 316 crore from 25 anchor investors on friday. the issue is being sold in Rs 165-166 price band.
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The death toll due to the coronavirus pandemic in the US crossed the 50,000 mark on Friday, according to Johns Hopkins University. In the last 24 hours until Friday morning, as many as 3,176 people died from the coronavirus in the US, the university said. It is one of the highest recorded numbers of death anywhere in the world since the pandemic began in China’s Wuhan city last year. Globally, the COVID-19 cases exceeded 2.7 million, with more than 192,000 dead, the university said. The US accounted for nearly a third of the total number of cases, exceeding 869,000, and over a quarter of the fatalities with 50,031, a sombre landmark for the country. America has been the worst affected country by the deadly coronavirus. In the US, more than 95 per cent of the country’s 330 million people are under stay-at-home order as a result of the social mitigation measures, including social distancing, being enforced till May 1. US President Donald Trump on Thursday indicated that the stay-at-home order might be extended beyond May 1, but vehemently advocated the need to gradually open up the economy. Summarise this report in a few sentences.
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in the last 24 hours, as many as 3,176 people died from the coronavirus in the US. it is one of the highest recorded numbers of death anywhere in the world since the pandemic began in china’s Wuhan city last year. globally, the COVID-19 cases exceeded 2.7 million, with more than 192,000 dead. the us accounted for nearly a third of the total number of cases, exceeding 869,000.
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Moody’s Investors Service on Tuesday slashed India’s growth forecast to 0.2 per cent for the 2020 calendar year from the earlier projection of 2.5 per cent released in March. Stating that the economic costs of shutdown of the global economy are accumulating rapidly, Moody’s in its Global Macro Outlook 2020-21 (April 2020 Update) projected that all G-20 advanced economies would contract by 5.8 per cent in 2020. In November last year, before the emergence of the coronavirus, the rating agency was expecting the global economy to grow by 2.6 per cent this year. Among the emerging economies in G-20, Moody’s projected India to grow at 0.2 per cent in 2020 and 6.2 per cent in 2021. This compares to 5.3 per cent growth clocked in 2019. Coronavirus India Latest Updates “India extended a nationwide lockdown to 40 days from 21 days, but relaxed restrictions in rural areas to facilitate agricultural harvesting in the second half of April. The country has determined that many of these areas are free of the virus. India also plans a phased opening of different regions while continuing to carry out identification and contract tracing, Moody’s said. Late last month, the government had announced a Rs 1.7 lakh crore stimulus package comprising free foodgrains and cooking gas to poor and cash dole to poor women and elderly. A second package, aimed at industries, is said to be in works and is likely to be announced shortly. China is projected to grow by 1 per cent in 2020 and 7.1 per cent in 2021, as against 6.1 per cent in 2019. Moody’s in the report titled ‘Global recession is deepening rapidly as restrictions exact high economic cost’, said there are significant downside risks to its growth forecasts in the event that coronavirus pandemic is not contained and lockdowns have to be reinstated. India, China and Indonesia are the only 3 G-20 countries which are projected to grow in 2020, while the others will see a contraction, according to the report. The US economy is projected to contract by 5.7 per cent, the UK by 7 per cent, Italy by 8.2 per cent, Japan by 6.5 per cent and France by 6.3 per cent. Moody’s said the economic costs of the coronavirus crisis amid the near shutdown of the global economy are accumulating rapidly. Even with a gradual recovery, 2021 real GDP in most advanced economies is expected to be below pre-coronavirus levels. The rating agency further said that it expects Brent spot price to average USD 35 per barrel and WTI spot to average USD 30 a barrel for this year. Oil prices will likely move up in 2021 as demand recovers along with economic growth. For 2021, we forecast Brent to average USD 45 per barrel and WTI to average USD 40 per barrel, it said. Summarise this report in a few sentences.
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Moody's Investors Service slashed India's growth forecast to 0.2 per cent. this compares to 5.3 per cent growth clocked in 2019. all advanced economies in the G-20 would contract by 5.8 per cent in 2020. in November last year, before the emergence of the coronavirus, the rating agency was expecting the global economy to grow by 2.6% this year.
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Equity indices gained 6.5% each on Friday, with Sensex crossing above 30,000 level and Nifty back above for 8,700 mark, as market investors banked on hopes of an economic stimulus to support the economy hit by coronavirus. Recovering from 4 sessions of straight fall, BSE and NSE indices closed 5.8% higher today. The 30-share index ended at 29,915, rising 1,629 points and the 50-share barometer closed 483 points higher at 8,745. In a recovery led by global markets, Sensex climbed 2,129 points higher to the intraday high of 30,136. Similarly, the NSE 50-share Nifty gained 620 points to 8,778, its day's high. Yesterday, indices extending decline for the fourth straight session and hit fresh 52-week lows before closing 2% lower in the red. Sensex closed 581 points lower at 28,288 and Nifty fell 205 points to end at 8,263. In this week itself, Sensex and Nifty have declined 12% each. On last Friday, Sensex ended at 34,103 and Nifty at 10,023 level. Since the beginning of the year, Sensex and Nifty have fallen 27.7% and 28.5%, respectively. India reported its first confirmed case on January 30. On that day, BSE 30-share S&P Sensex ended 284 points lower at 40,913 and NSE 50-share index Nifty50 closed 93 points lower at 12,035. Since then, Sensex has dropped 31.72% or 12,980 points to hit the 52-week low of 27,932.67 on Thursday. Similarly, Nifty has fallen 4,202 points or 34% to the year low of 7,832.55, hit yesterday. Here are top 10 things to know about the stock market today: - All 19 BSE sectoral indices were trading in the green. On a similar note, all the other indices traded in the green, with almost 10% rise in IT, followed by 7% gain in FMCG, 6% in metal, over 4% gain in pharma and 2% rise in other sectors. - Of 24 out of 30 Sensex stocks and 43 out of 50 stocks on Nifty turned green. Advance decline ratio on BSE and NSE stood at 1.44 and 1.77, respectively. On, BSE, 1,449 stocks gained compared to 1,007 declining and 150 stagnant stocks. Similarly, 1,045 stocks were advancing as against 589 stocks that fell and 94 unchanged on NSE. - Besides equity markets, bulls entered commodity as well as currency markets today. MCX Gold Futures rose 1,044 points or 2.62 % higher to 40,875. Brent crude also climbed 57 points, or 2%, to $29.04 per barrel. On a similar note, Rupee, the local unit traded 34 paise higher at 74.78 per dollar. - Market participants turned optimistic after PM Narendra Modi announced related measures pertaining to combat the virus outbreak yesterday at 8 pm. PM Modi asked the entire nation to observe 'Janta curfew' on Sunday and urged the citizens to stay indoors and work from home as much as possible while underscoring the dangers of coronavirus. The Prime Minister also announced a financial task force to combat the Covid-19 pandemic's economic fallout. - Traders' sentiments also turned positive after Maharashtra Health Minister's comment on banks & stock markets remaining open. Stock exchanges, clearing corporations, depositories, stockbrokers and Sebi registered participants operating through these institutions will be exempted from the lockdown, tweeted Chief Minister of Maharashtra, Uddhav Balasaheb Thackeray. - Further sentiments strengthened over reports that government was considering a relief package for affected businesses and industries as a relief from the economic downfall from the virus pandemic. According to sources, Finance Minister Nirmala Sitharaman will hold a meeting with MSME Minister Nitin Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation Minister Hardeep Singh Puri and Tourism Minister Prahlad Singh Patel to assess the situation to work out a package. - Domestic indices became bullish after European indices opened strongly higher on Friday. London's FTSE 100 rose 4.8% and, French stock market index CAC 40 gained 5.8%. Germany's DAX rose 6.9%. - Elsewhere in Asia, except for Nikkei, all other indices turned green, with Kospi rising 7% and Taiwan index up 6%. Hang Seng and SGX Nifty gained 4.5% each and Strait Times and Shanghai Composite gained 2%. On Wall Street, Dow Jones ended 0.95% higher on Thursday, while S&P 500 gained 0.47% and the Nasdaq Composite added 2.3%. Overseas, indices turned green after free fall for days, as investors cheered actions from various governments to combat the virus outbreak. - The number of infected cases in India has increased to 206. Overall, 22 new cases were reported across the country today. Fatalities from coronavirus in India has risen to 4. -Covid-19 infection cases have risen fast outside India as well, hurting major economies and disrupting supply chains. Worldwide, there are currently 246,581 confirmed cases and 10,050 deaths from the coronavirus outbreak. Of these, 88,486 have recovered globally. Summarise this report in a few sentences.
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Sensex and Nifty both gained 6.5% each on friday. Sensex crossed above 30,000 level and Nifty back above for 8,700. Sensex extended decline for fourth straight session and hit fresh 52-week lows. Sensex has dropped 31.72% or 12,980 points since beginning of the year. meanwhile, Nifty has fallen 4,202 points or 34% to year low of 7,832.55.
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The S&P BSE Sensex climbed Mount 32K and the Nifty50 closed just a shade below 9,400 on May 13, riding high on the Rs 20-lakh crore stimulus package announced by Prime Minister Narendra Modi on the evening before. The bulls, however, failed to keep the momentum going. The Nifty50, which started with a gap on the upside, failed to hold the gain towards the close of the trade and ended near its intraday low, which suggests selling pressure at higher levels. The final tally on D-Street: the Sensex rose 637 points to close at 32,008 while the Nifty50 ended 187 points higher at 9,383. "After the stimulus package was announced yesterday, which accounts for around 10 percent of the GDP, markets shot up by around 3 percent before paring some gains by the end of trade. The details are awaited regarding the math and allocation of the announced package and how much will be the fresh stimulus," said Vinod Nair, Head of Research, Geojit Financial Services. "If the details match the headline announcements, then this would significantly help allay fears surrounding the economy and businesses and its recovery path," he said. Globally, markets were weak, fearing resurgence in virus infections and conflicting opinions on opening up of economies, while number of new infections continued to be a worry for India as well, he said Sectorally, the action was seen in capital goods, banks, realty, public sector, finance, and power stocks while profit-taking was visible in healthcare, FMCG, and telecom names. On the broader market front, the S&P BSE Midcap index rose 1.5 percent while the S&P BSE Smallcap index was up 2 percent. Top Nifty gainers included ICICI Bank, M&M, Adani Ports, UltraTech Cements, L&T, Axis Bank and ZEE Entertainment. Top Nifty losers included HUL, Sun Pharma, Bharti Airtel and Britannia Industries. Stocks & Sectors Sectorally, the S&P BSE Capital Goods index rose 5.08 percent, followed by the S&P BSE Bankex that was up 3.8 percent and the S&P BSE Realty index rose 3.5 percent. Profit-taking was seen in the S&P BSE Healthcare Index, followed by the S&P BSE FMCG and the S&P BSE Telecom index. A volume spike of more than 100 percent was seen in stocks like Adani Power, Tata Chemicals, Ambuja Cements, ACC, REC, Godrej Properties and BHEL. Long Buildup was seen in stocks like Godrej Properties, Voltas, SBI Life, Escorts, NCC, Shriram Transport, and ZEE Entertainment. More than 40 stocks hit 52-week high. These include Ruchi Soya, Bharti Airtel, IOL Chemicals and Titan Biotech. Stocks in news Nestle India declined 5 percent despite reporting better than expected earnings. Kotak Mahindra Bank was up 3 percent after reporting operationally strong earnings. Maruti Suzuki slipped from highs after lower-than-expected Q4 earnings. Jubilant Life advanced 5 percent reaching after an agreement with Gilead for a COVID-19 drug. Premier Explosives share price was locked in 5 percent upper circuit after the company received a licence to manufacture RDX/RDX compounded products. Technical View Consistent selling pressure saw the Nifty50 form a Bearish Belt Hold formation. If the index Nifty fails to get past 9,585 in the next one or two trading sessions, it will initially slide all the way to the recent lows of 9,043. A close below 9,240 can be considered as some sort of confirmation for weakness. “We have had a gap-up opening today but it will not be meaningful unless we trade and keep above 9,600. Until then, the bias continues on the sell- side. A good risk/reward trade is still on the anvil,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments. “Traders might like to attempt a short here with 8,750-8,800 targets and a 9,600 stoploss where they will also reverse their trades on the long side,” he said. Summarise this report in a few sentences.
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the Sensex climbs to 32,008 while the Nifty50 closes just a shade below 9,400. the Sensex is up 637 points to close at 32,008 while the Nifty50 ends 187 points higher at 9,383. the broader market front sees the action in capital goods, banks, realty, and finance.
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Initial Market Reaction: IPOs Turn Superhits, Led by Big Tata Release 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. IndiGo Checks in with Ease of Flying Business 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. Summarise this report in a few sentences.
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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. IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024. the airline may court more business flyers and rival Air India on international routes.
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Even if investors bought at the peak of the greatest bull run witnessed by India from 2003 to 2008, they multiplied wealth over the long term provided they bought quality stocks at appropriate values, Rajesh Iyer, CEO, DHFL Pramerica Mutual Fund, said in an interview with Moneycontrol. Taking that as reference he says there are quite a few stocks even today, even after Sensex touched record high, that can deliver stellar returns in the long term. Edited excerpts: We hit a fresh record high this week on Sensex. Do you think it is the right time to buy after a steep correction in the last few months? Yes, there are quite a few stocks available even today that have the potential to deliver stellar returns in the long run. If we look at historical data, we find that even if investors bought at the peak of the greatest bull run witnessed by the country from 2003 to 2008, they multiplied wealth over the long term provided they bought quality stocks at appropriate values. For e.g. stocks like Nestle, Asian Paints have multiplied between 6 and 10 times from their value in January 2008. We do believe that significant wealth creation is possible through careful stock picking at current levels of the market. What should be the criteria of selecting quality stocks at current levels? Companies that are generally classified as quality stocks have a proven business track record with strong growth prospects and are run by competent management without taking high leverage on the balance sheet. What is important to remember is that buying quality stocks is not enough, it has to be bought at reasonable valuations to create wealth. What is your call on the rupee? The current trends on global macros do indicate that there will be a pressure on the rupee along with other EM currencies in times to come. Though the quantum and pace of the movement will entirely depend on the factors like FPI view on EM assets, oil prices, the impact of a trade war and RBIs stance on the currency. FIIs turned net sellers in the last three months. What is causing the nervousness among foreign investors? There is a growing anxiety amongst international investors, induced by high oil prices, trade war and strengthening of the dollar. Under such an environment FIIs exit EMs and money move to safe heavens like dollar assets. So FII exits from India is a part of an overall trend and not specific to India. Flows should reverse as oil and currencies stabilise. Sensex & Nifty have recouped losses seen in 2018 and are trading near record highs. But, the pain in the broader market continues. How long will the pain last? The smallcap and midcaps stocks have substantially run up over the last couple of years. The valuations in the segment were far ahead of the earnings growth. With the onset of volatility, stock valuations have corrected. But, it would not be appropriate to say that the broader market is in a bear run. Current volatility has been induced by pressure on the macros while the micros are improving. There are signs of revival in various parts of the economy which should augur well for earnings growth of well-run companies and hence the broader markets. What would you advise investors who are holding smallcap and midcap stocks in their portfolio — buy on dips, hold or sellout on rallies? A generic advice will not be in the interest of the investors. Whether the investor should buy, sell or hold entirely depends on the quality of the companies that constitute the portfolio. If the investor believes that the underlying business is a quality business that will grow strongly and is available at reasonable valuations then it makes sense to buy on dips. On the other hand if there are issues of corporate governance, deteriorating fundamentals etc. the selling on rallies would be a preferred choice. So it all depends on what you hold in the portfolio. What will drive Indian markets in the next six months of 2018? It will be a tug of war between worsening macros and improving micros. The course of the market will be determined by a combination of external factors like oil prices, the intensity of trade war, rate hikes in developed economies and internal factors like fiscal situation, earnings growth, investor expectations around the outcome of general elections in 2019. Will RBI raise interest rates again in 2018? We believe that there will be at least one rate hike in CY 2018. Further hikes by RBI will be data-driven and linked to oil prices, fiscal deficit situation, trends in current account and inflation along with global factors. Your comments on the recent MSP rate hike. Do you think it will impact the country's fiscal math? This is the first double-digit hike in MSP by the government after single-digit hikes for last few years. Our calculation suggests that the fiscal impact is unlikely to be significant though it will depend on procurement policies. Any particular sector which is likely to benefit the most from the MSP? If higher MSPs does translate into higher income for the rural economy the sector like Microfinance, Farm equipment, Agrochem, Logistics and companies in consumption, manufacturing small ticket items will be the bigger beneficiaries. How is June quarter earnings likely to pan out for India Inc. Do you think the NPA stress in the space has bottomed out? There are signs of robust growth momentum picking up in various sectors. Keeping this in mind the Nifty companies should deliver double-digit growth in earnings for Q1. Fresh slippages in NPAs are slowing down, however, due to technical reasons provisioning may still remain high. Summarise this report in a few sentences.
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a few stocks are still available today that have the potential to deliver stellar returns. rupee will be under pressure as a result of high oil prices, trade war and strengthening of the dollar. a growing anxiety amongst international investors induced by high oil prices, trade war and strengthening of the dollar. a broader range of stocks are available to investors, including agribusiness, oil and energy.
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Sovereign wealth funds are piling into India, buying stakes in everything from airports to renewable energy, attracted by political stability, a growing middle class and reforms making it more enticing for foreigners to invest. Wealth and state pension funds are expanding their horizons to private markets, to complement an existing focus on stocks and bonds. “India is popular with sovereign wealth funds,” said Tihir Sarkar, London-based partner at Cleary Gottlieb, which counts several prominent sovereign funds as clients. “Almost every jurisdiction in the western world is raising the bar for entry for foreign investors but in India it’s the other way round. There’s also the attraction of the demographics and a lot of assets that sovereign funds like, such as infrastructure, where there’s a huge appetite for foreign funding.” Indian Prime Minister Narendra Modi’s election win last month consolidated his Hindu nationalist party’s power base and is expected to stimulate further foreign investment. Foreign institutional investor flows into Indian equities are $11 billion year-to-date, surpassing the total annual tally in each of the four previous years and setting 2019 on course for the highest annual inflows since 2012. India’s benchmark BSE index has soared nearly 10% year-to-date. “The rapid rise of an educated middle class offers enormous opportunities for the deployment of long-term capital, the kind that sovereign wealth funds are ideally suited to provide,” said Ravi Menon, chief executive officer of HSBC Asset Management India. Read | Indiabulls Housing shares rally 8 per cent on NCD buyback worth Rs 2,285 crore The new China The attention sovereign funds are giving India is like that they have paid to China, now clouded by a trade war with the United States, said a banker specialising in institutional investors. In the public markets, funds were focused on public equity and fixed income, he said. In the private market, momentum is also building. Private equity deal activity in India surged to $19 billion in 2018, the highest level in at least a decade, according to PitchBook data. Sovereign wealth funds and pension funds participated in about two-thirds of that amount. Among recent deals, Singapore’s GIC sovereign wealth fund and the Abu Dhabi Investment Authority (ADIA) this month agreed to make a further investment of $495 million in renewable energy firm Greenko Energy Holdings, which has wind, solar and hydro projects. India is widening its use of solar and wind energy to help reduce its reliance on fossil fuels. In April, ADIA and India’s National Investment & Infrastructure Fund (NIIF) agreed to buy a 49% stake in the airport unit of Indian conglomerate GVK Power & Infrastructure . Another wealth fund is in talks on an infrastructure investment, while Canadian pension funds are seeking similar deals, said a source familiar with the matter. Canada Pension Plan Investment Board and GIC earlier this year participated in a $145.8 million buyout of Oakridge International School, an operator of schools in India. ADIA, the world’s third-biggest sovereign wealth fund, which has been investing in Indian equities and fixed income for years, has broadened its focus to include asset classes such as infrastructure, real estate and private equities, said people familiar with ADIA’s thinking. Its increased interest in India is driven by the country’s strong growth potential, positive demographics and continued economic development, the people said. More than half of India’s 1.3 billion population is aged under 25. The push comes as India and the United Arab Emirates seek to strengthen economic and trade ties. Reform push Regulatory reforms are also bolstering sentiment and drawing in wealth funds. Indian-based fund managers were from this year licensed to manage foreigners’ portfolio holdings in the country, where previously such assets had to be managed outside India. Prashant Khemka, founder of White Oak Capital Management which advises London-listed Ashoka India Equity Investment Trust , said that change had helped kick-start the onshore fund management industry for foreign-sourced funds. “This could be looked back on as an inflection point in the growth of the Indian fund management business,” said Khemka, one of four fund managers to gain such an approval so far. Institutional names, including sovereign wealth funds and pension funds, account for around two-thirds of his clients. Bankruptcy resolution rules introduced in 2016 helped pave the way for ADIA’s $500 million investment earlier this year in a distressed debt fund. The investment was seen as an effort to launch a secondary market in India’s mountain of distressed debt and help ease the burden on local banks. But some say more reforms are needed. A source close to several wealth and pension funds said many would like to see the government further overhaul tax rules, building upon a new goods and services tax that is credited with helping cut red tape, and undertake land and labour reforms. Summarise this report in a few sentences.
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foreign institutional investor flows into india equities are $11 billion year-to-date. this is the highest annual inflows since 2012. private equity deal activity in india surged to $19 billion in 2018. a total of 78 sovereign wealth funds have been incorporated into india. the u.s. government is stepping up its investment in india.
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eye-on-india BIG STORY | Decoding RBI’s coronavirus rescue Bazooka 2.0 in 4 minutes In this episode of Big Story, Moneycontrol's Sakshi Batra details the key announcements from RBI's latest presser Summarise this report in a few sentences.
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big story's Sakshi Batra details the key announcements from RBI's latest presser. the latest presser was released on tuesday. big story airs on tuesday at 9pm et.. et. et. et. et. et. et. et. et. et. et. et.
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GUWAHATI: Assam Chief Minister Sarbananada Sonowal has said that Micro, Small and Medium Enterprises (MSME) have a crucial role to play in making India a 5 trillion-dollar economy by 2024.Inaugurating a two day North East MSME summit, Sonowal said that considering MSME sector, being the prime drivers of growth with equity and their contribution to output and employment in all economies, developed as well as transition, they can play key role in making India’s economy one of the biggest in the world.He also said that the MSME sector is a critical component of India’s growth story, making significant contributions to GDP, employment and exports.The CM also said that the total contribution of MSMEs to the GDP is around 38 per cent. With around 95 per cent of all industrial units forming a part of this sector, they form a cornerstone for economic prosperity in our society.Sonowal also requested the ministry to generate awareness about the facilities created by MSME sector to help the sector empower the human resources of the country.Referring to Prime Minister Narendra Modi ’s initiative of giving special emphasis for the development of North East, Sonowal said that because of PM’s overarching importance, programmes like Start Up India. Stand Up India, Skill India are contributing development to North East.Union Minister of State for MSMEs Pratap Chandra Sarangi said that though there are diversities, the country is driven by a common goal of development and maintained that the MSME sector can propel that common goal to facilitate all pervasive development.He also said that the entrepreneurs associated with food processing, handloom, tea, bamboo, fishery, organic farming hold immense potentiality as value addition to the products from these sectors can create good avenues of industrialisation.Maintaining that after agriculture , MSME is the second important sector where maximum number of people are involved, as the minister said that with proper planning and innovation, this sector can do wonder to the utilisation of human resources leading to growth of the country. Summarise this report in a few sentences.
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CM said that the MSME sector can play key role in making india's economy one of the biggest in the world. he also said that the total contribution of MSMEs to the GDP is around 38 per cent. referring to PM's initiative of giving special emphasis for the development of North East, he said that programmes like Start Up India and Stand Up India are contributing development to the region.
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In what can be seen as a shift to safer havens, retail investors have been driving their investments towards bigger and better-placed companies that are more capable of tiding over the pandemic. Equity analysts had warned in March that investors need to invest in companies that have stronger balance sheets, enabling them to withstand the headwinds that the pandemic brought along. According to the shareholding pattern available on the stock exchanges, companies like Hindustan Unilever (HUL), State Bank of India (SBI), Tita, and ICICI Bank have seen a decent surge in retail investors. India’s largest public-sector lender State Bank of India, had 24,11,386 retail shareholders with share capital upto Rs 2 lakh. This translated to a 5.72% shareholding of the total share capital of SBI at the end of the March quarter. Retail investors increased to 28,27,766 at the end of the previous quarter, holding 7% of the total shares of the bank. ICICI Bank also enjoyed a surge in retail participation with the number of shareholders going from 10,49,715 at the end of March to 12,35,450 at the end of June. In percentage terms, the increase was from 6.26% to 6.6% in one quarter. FMCG major, Hindustan Unilever Limited (HUL), which saw its shares spike 26% between March and April when the rest of the equity markets were muted, was also seen being favoured by retail investors. In June the number of retail shareholders in HUL was 6,62,087, increasing from 4,42,099 shareholders at the end of March quarter of the previous fiscal. Retail investors in total share capital increased from 10.8% to 11.16%. Brokerage firms and market analysts were seen advising investors to invest in bigger companies with proven track record and strong balance sheets, in the month of March as stock markets were beginning to witness weakness. Clearly, investors followed the advice with a number of large-cap firms witnessing a decent jump in retail investor shareholding. Ace investors Rakesh Jhunjhunwala’s favourite stock Titan Company was also on the stocks to benefit from this migration of retail investors to better-placed companies. Retail shareholders in Titan Company were at 3,05,835 at the end of March, this was 9.38% of the total shareholding of the Tata Group company. By the end of the first quarter of this fiscal retail participation increased to 3,54,915 shareholders. Indian Oil was also one of the biggest beneficiaries of this surge in retail shareholding, as retail investors increased from 5,75,005 to 7,19,801 between March and June this year. Summarise this report in a few sentences.
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investors are moving their investments towards bigger and better-placed companies. companies like Hindustan Unilever (HUL), State Bank of India (SBI), Tita, and ICICI Bank have seen a decent surge in retail investors. a number of large-cap firms have seen a decent jump in retail investor shareholding. a number of'safe havens' like a tv show have also seen a decent surge in retail investors.
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Hi there! You are listening to ETMarkets Evening PodcastThis is Abhinav Kaul and I will take you through the motions of today’s session on Dalal Street and bring you cues and trading tips from market veterans for the upcoming trading sessions.Continuing its swashbuckling performance, the domestic equity market hit another milestone on Monday, lifting the benchmark indices to fresh lifetime highs.The Nifty50 breached the 10,700 level for the first time while the 30-share pack Sensex of BSE gained 251 points to settle at 34,844 with HDFC being the top gainer and ONGC the worst laggard.Firm global cues and optimism over third quarter earnings prompted investors to stay put in domestic stocks . Here’s a look at the top stocks/sectors that stole the show on Dalal Street.Coming to stocksShares of La Opala RG zoomed over 14 per cent on NSE after reports surfaced the company's board was likely to consider bonus issue on February 5. The stock settled at Rs 710 apiece.Shares of ICICI Bank surged over 4 per cent during the day after Morgan Stanley raised target price of the stock to Rs 480 from Rs 365 and rated it ‘overweight’.The stock ended at Rs 329 apiece, up 3.73 per cent on BSE.We have Mayuresh Joshi from Angel Broking to share his views on equity markets.Byte 1: Mayuresh JoshiShares of Capital First witnessed the biggest spike in open interest at 64.76 per cent, followed by HDFC and PC Jeweller.Nifty50 on Monday made a Shooting Star-like pattern on the daily chart, which if followed up with a selling could suggest the near-term top for the index.We have with us Chandan Taparia of Motilal Oswal Financial Services to give us some insights on Nifty behavior on the charts as well as F&O segment.Byte 2: Chandan TapariaThat’s all for now folks. Do check out ETMarkets.com for detailed market analysis and come back for our regular morning podcast on Tuesday. Have a wonderful evening ahead. Summarise this report in a few sentences.
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domestic equity market hit another milestone on Monday, lifting the benchmark indices to fresh lifetime highs. the nifty50 breached the 10,700 level for the first time while the 30-share pack Sensex of BSE gained 251 points to settle at 34,844. shares of ICICI Bank surged over 4% during the day after Morgan Stanley raised target price of the stock to Rs 480 from Rs 365.
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With coronavirus causing immense uncertainty on future market movements, SBI Mutual prefers to invest in companies that are ready to reimagine their business processes, said Navneet Munot, Executive Director & Chief Investment Officer, SBI Mutual Fund. In an interview with Moneycontrol, Munot said: “On equities, we are anxiously excited as we scout for winners amidst this chaos. Winners will be the firms that stand ready to rethink and reimagine their business processes.” He was quick to add that agility and nimbleness will matter more than size. He feels innovation and R&D will create lasting competitive advantage and not the scale of physical assets. Munot said planning will help, but more important will be creating strong feedback loops to prepare for unknown-unknowns. Risk management will also evolve to account for black swans and also newer risk areas such as cybersecurity. He also said scouting for talent will be important, as will be re-skilling and holistic well-being of employees amidst the new work regime. Treating all stakeholders fairly amidst the crisis will be vital in building trust, that in turn will help create long-term value, Munot said. Corporate profits as a proportion of GDP have been dwindling for almost a decade now. Large profit pools are necessary to fund investments leading to employment and income generation. At a time when innovation and technology are key differentiators, these profit pools are critical to funding R&D. Munot believes the aspiration to play a prominent role in the global supply chain requires pro-business policies that incentivise creating organizations of size and scale that can compete in the global marketplace. With a deadly mix of issues ranging from a pandemic, a country-wide migrant crisis, locust attacks, cyclones, earthquakes, border tensions with neighbours, a ratings' downgrade, all coming together, India’s resolve is being tested, he said. "Adding to the macro issues, disruption is becoming a norm be it around consumer behaviour, technology, policy, geopolitics, supply chains, and so on. The response can be either to hope for normalcy to return or to seek opportunity in this apparent chaos. Firms that take the latter approach are likely to survive and thrive, " he said. As we navigate this period of heightened uncertainty, market gyrations will likely continue. "Investors who identify these winners and have the patience to stay invested should end up reaping rewards in the medium term,” he said. He noted domestic equity markets had been an underperformer within the emerging market complex in this crisis. “Even though an environment of dollar strength and commodity weakness is usually associated with its relative outperformance given low dollar debt, high forex reserves and net imports of commodities but still the rising number of COVID cases, concerns on the financial sector and lesser fiscal support all contributed to this weak performance,” he said. The country is already in a prolonged slowdown as underscored by the recent GDP print. The technical aspect of high weightage of financials in the index also weighed on relative performance. However, recent signs of the economy opening up have led to a sharp rally for Indian equities helping reverse some of the underperformance, Munot believes. Government Stimulus The government announced a slew of stimulus and reform measures in a bid to seize the crisis as an opportunity and fight for a position of strength in the changed world order, he said. “Overall, it prioritised structural supply-side reform over near-term demand boost. Reforms in the farm sector were encouraging and should help address the two key challenges of price discovery and value addition. Also encouraging was the intent for reforms around factors of production- land, labour, capital, and enterprise. However much more needs to be done on this front, especially on the last one – enterprise,” Munot said. He believes, judicial, administrative, and regulatory reforms are needed to align the machinery for India’s growth aspiration; accountability and efficiency must go hand in hand without compromising one for the other. “We must leverage data and technology to accelerate our transformation. The thrust on uplifting the masses must continue as strong social capital is vital to fulfil our aspirations as a nation. The current migrant crisis needs to be carefully handled. Rehabilitating them is important, and so is keeping the rural economy insulated from Covid, as it has remained amongst the only bright spots so far,” Munot said. Another thrust of the stimulus announcement was to revive the credit engine through credit guarantee support to MSMEs and to some extent NBFCs. Munot feels this should help better transmission and allow money multiplier to kick in. Similarly, the focus on NREGA is welcome given its high multiplier impact. “We believe this is one of the most productive ways of boosting aggregate demand and should be significantly scaled up. In the same vein, allowing additional borrowing by states with conditionality attached on reforms is in the spirit of cooperative federalism and makes immense sense given the higher multiplier of state spends,” Munot said. Debt The Reserve Bank of India will have to undertake calibrated monetisation of additional borrowings. On its part, it has been aggressive on rates, liquidity, and transmission. Yet, the current yield curve is one of the steepest in India’s history, Munot said. Given the sharp jump in the quantum of bond supply (both G-sec and State Development Loans), the market would be keenly watching the actions of central bank in creating additional demand avenues including open market operations. “Additionally, further relaxations may be needed for greater flexibility to lenders on one-time restructuring. Hasten to add, while this is the crying need of the hour, we must keep an eye on hard-earned gains on the credit culture across all segments. It is our collective responsibility,” Munot said, Speaking about the fund house’s strategy on the fixed income side, Munot said: “We have been maintaining a relatively high duration in fixed income funds. While structural view remains unchanged, we will take advantage of tactical opportunities as we expect the bond market to be in a consolidation mode for the time being. Credit spreads are elevated, but they also reflect the economic uncertainty and constraints in the financial system and therefore we stay selective.” Summarise this report in a few sentences.
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Navneet munot, executive director & chief investment officer, SBI Mutual Fund, said winners will be firms ready to rethink and reimagine their business processes. he feels innovation and R&D will create lasting competitive advantage. he added that more important will be creating strong feedback loops to prepare for unknown-unknowns.
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The Department of Economic Affairs had earlier raised red signals over the likely collapse of IL&FS in a confidential note on September 30, 2018 and expressed concerns over its impact on the Indian economy, according to a latest affidavit filed by the corporate affairs ministry.The Ministry of Corporate Affairs in the affidavit said the DEA had opined that if IL&FS group collapses, the Indian economy may have to face repercussions as redemption pressure would continue, debt market sell-off expected, may create liquidity crunch and NBFC licenses could be cancelled."DEA had raised red signals of the likely collapse of IL&FS and had expressed its deep concern of such a collapse on the Indian economy," said MCA in the affidavit filed before the National Company Law Appellate Tribunal.Immediately after that, the MCA had moved the National Company Law Tribunal to take over the management of IL&FS, which had a debt exposure of over Rs 91,000 crore.According to DEA, "AMCs having exposure of Rs 2,800 crores to IL&FS bonds would get redemption pressure from Corporate Clients".It further added that it was impossible for such mutual fund schemes to get the redemption amounts in a short period of time."Further, illiquid Corporate Debt Market and DHFL saga may force AMCs to sell government securities. Hence, the government securities would face a huge selling pressure so either Bond Yield will shoot up to 8.30-8.50 per cent levels or the RBI has to do OMO (open market operations)."If RBI opts for OMO, then the government's spending capacity will reduce by an equal amount," it had said.DEA said that NBFC licenses could be cancelled also."In the wake of the IL&FS crisis, as many as 1,500 smaller NBFCs may have their license cancelled because they do not have adequate capital," it had said.Moreover, there also could be liquidity crunch and recent events hitting market sentiments will lead to cost of fund for NBFCs increasing, impacting profitability.The RBI's liquidity inducing measures and announcements have helped government bond yields to drop to 8.05-8.08 levels, but corporate bond yields have risen further by about 40-50 bps post IL&FS crisis."Primary market in Corporate bonds has completely dried up as no one is willing to bar currently in expectation of further redemption from MF's," it added.Though IL&FS group is not inconsequential, but exposure of the banks to the NBFC sector is about 16 per cent."Therefore, there is a substantial public interest in ensuring financial solvency and good governance and management of this group," it added.According to the affidavit, IL&FS has an aggregate debt of Rs 94,215 crore as of January 2020, in which Rs 10,173 crore (around 10.79 per cent) is collectively from public fund creditors as pension funds, provident funds, employee welfare funds, gratuity funds and army group insurance funds etc.Rs 44,075 crore debt, which is 47 per cent, is collectively from the commercial banks, the affidavit said.Moreover, the aggregate debt of its four key holding companies -- Infrastructure Leasing & Financial Services (IL&FS), IL&FS Financial Services, IL&FS Transportation Networks Ltd (ITNL) and IL&FS Energy Development Company Ltd (IEDCL) - is almost 51 per cent, which is Rs 48,000 crore.IL&FS group comprised of 302 entities, of which 169 entities are incorporated in India and 133 entities abroad.The new board has classified the 169 companies into different categories and has asked to release 55 companies from its protection shield of order dated October 15, 2018. In the affidavit, it has also asked the NCLAT to release nine other companies from the scope and operation of the October 2018 order so that they can discharge their debt obligations.While for rest 105 IL&FS group companies, it has sought additional 270 days to complete their resolution process.Passing an interim order on October 15, 2018, the NCLAT had stayed all proceedings against IL&FS group companies, whose total debt is Rs 94,215 crore.The government is conducting resolution process of IL&FS based on the principles enunciated in the Insolvency and Bankruptcy Code. It has appointed retired Supreme Court judge Justice D K Jain to supervise the entire process. Summarise this report in a few sentences.
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DEA raised red signals over the likely collapse of IL&FS group. affidavit: redemption pressure would continue, debt market sell-off expected. DEA said that NBFC licenses could be cancelled. if RBI opts for OMO, government spending capacity will be reduced. a spokesman for DEA said the affidavit was filed on thursday.
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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: expectations regarding our revenue, including visibility and predictability; 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 effect of our failure to comply with our obligations under our Credit Agreement; 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; 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 company's revenue, business strategies, competitive advantages, customer composition, prospects, capital resources, sales performance, marketing activities, expenses, operational requirements, management judgments and estimates, pricing practices, international operations, compliance with changing regulations, tax legislation, internal controls, claims or lawsuits, foreign currency fluctuations, 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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The Reserve Bank of India's Monetary Policy Committee (MPC), in its third bi-monthly statement, hiked the key repo rate by 25 basis points (bps) to 6.50 per cent. RBI's second-consecutive increase in repo rate comes as a bad news for those who have taken loans from banks. This is likely to lead to an increase in the interest bank customers pay on loans, be it home loan, car loan or personal loan. Here's how your EMIs are likely to be affected: Assume you have taken a Rs 20 lakh home loan, which currently carries an interest rate of 8.4 per cent for 20 years tenure. That means that your EMI at present is Rs 17,230. But if your bank hikes its interest rate by 25 bps to pass on the burden of the repo rate hike, at 8.65 per cent interest rate your EMI will go up by Rs 317 to Rs 17547. For entire tenure the impact would be bigger as the borrower would need to pay Rs 76,012 more as interest of the loan. The current rate hike comes on the back of rising crude oil prices, hike in the MSP for paddy by a record Rs 200 per quintal, rupee depriciation against the US dollar, impact of HRA revision of inflation and recent farm loan waivers. Repo rate, short for Repurchase Rate, is basically the rate at which the RBI lends money to commercial banks against the pledge of government securities, whenever the banks are in need of funds to meet their day-to-day obligations. Generally, these loans are for short duration up to 2 weeks. When the RBI increases the repo rate, banks usually pass on the burden to the customers. This is the second hike in eight weeks. Before that, the repo rate was last raised in January 2014, before the Modi-led BJP government came to power. The decision of RBI's monetary policy committee, which was not a unanimous one, is consistent with the neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, the central bank said. Summarise this report in a few sentences.
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RBI hikes repo rate by 25 basis points to 6.50 per cent. this is the second hike in eight weeks. repo rate is the rate at which banks lend money to commercial banks. the move is likely to increase interest rates for customers. if RBI hikes the rate, the EMIs will go up by Rs 317 to Rs 17547.
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live bse live nse live Volume Todays L/H More × Reliance Industries Ltd (RIL) on Friday said KKR has become the fifth company to invest in Jio Platforms. KKR bought a 2.32 percent stake for Rs 11,367 crore. This is the fifth global company to invest in Jio in the past five weeks. So far, Jio Platforms has attracted a total investment of Rs 78,562 crore. Other investors in Jio Platforms are: Facebook, Silver Lake, Vista and General Atlantic. The stake-buy in Jio is biggest for KKR in Asia so far. Henry Kravis, Co-Founder and Co-CEO of KKR, said, “Few companies have the potential to transform a country’s digital ecosystem in the way that Jio Platforms is doing in India, and potentially worldwide. Jio Platforms is a true homegrown next-generation technology leader in India that is unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution. We are investing behind Jio Platforms’ impressive momentum, world-class innovation and strong leadership team, and we view this landmark investment as a strong indicator of KKR’s commitment to supporting leading technology companies in India and Asia Pacific.” Reliance Jio- Facebook deal The first major infusion among the five equity deals was from Facebook, which bought a 9.9 percent stake in Reliance Jio for $5.7 billion (Rs 43,574 crore), The deal valued Jio at Rs 4.62 lakh crore ($65.95 billion). Commenting on the deal, the Facebook said, "This investment underscores our commitment to India and our excitement for the dramatic transformation that Jio has spurred in the country. In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio.” The deal aims to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses across India. Reliance Jio- Silver Lake deal American private equity giant Silver Lake Partners bought 1 percent stake in Jio Platforms for Rs 5,655.75 crore ($750 million) in a deal that took Jio's enterprise value to Rs 5.15 lakh crore — a 12.5 premium to the value indicated by Facebook. Commenting on the transaction with Silver Lake, Mukesh Ambani, Chairman and Managing Director - Reliance Industries Ltd, said, “I am delighted to welcome Silver Lake as a valued partner in continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally. Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation.” Reliance Jio- Vista Equity deal Vista Equity Partners, a US-based private equity firm that runs the world’s largest exclusively tech-focused fund, picked up a 2.32 percent stake in Jio Platforms for Rs 11,367 crore, making it the third high-profile investment in the Reliance Industries Ltd (RIL) unit in as many weeks and underlining its status as a next-generation software and platform company. After signing the deal with Reliance Jio, Robert F Smith, founder, chairman and CEO of Vista, said, “We believe in the potential of the Digital Society that Jio is building for India. Mukesh’s vision as a global pioneer, alongside Jio’s world-class leadership team, have built a platform to scale and advance the data revolution it started. We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India, providing modern consumer, small business and enterprise software to fuel the future of one of the world’s fastest-growing digital economies.” Reliance Jio- General Atlantic deal Reliance Industries, on May 17, announced that growth equity firm General Atlantic Partners will invest Rs 6,598.38 crore in Jio Platforms. General Atlantic bought a 1.34 percent stake in Jio Platforms, giving Jio an enterprise value of Rs 5.16 lakh crore. At the time of signing, Bill Ford, Chief Executive Officer of General Atlantic, said, “As long-term backers of global technology leaders and visionary entrepreneurs, we could not be more excited about investing in Jio. We share Mukesh’s conviction that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country. General Atlantic has a long track record working alongside founders to scale disruptive businesses, as Jio is doing at the forefront of the digital revolution in India.” Read all KKR-Jio deal stories here Disclaimer: Reliance Industries (RIL) is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd Summarise this report in a few sentences.
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KKR bought a 2.32 percent stake for Rs 11,367 crore. this is the fifth global company to invest in Jio in the past five weeks. other investors in Jio Platforms are: Facebook, Silver Lake, Vista and General Atlantic. the stake-buy in Jio is biggest for KKR in Asia so far. KKR is investing behind Jio Platforms’ impressive momentum, world-class innovation and strong leadership team.
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New Delhi: The ban on Chinese apps will make it difficult for Indian exporters to strike contract deals with China as they use these apps for business communication, especially since the Chinese government forbids alternatives such as WhatsApp, Google and Facebook, said industry executives.Traders use WeChat , Mi Video and QQ Mail, which figure in India’s negative list, to do business with China. Translated texts, pictures and videos shared through these apps helped traders from both the countries share documents, send pictures of consignments and overcome language barriers.India’s cotton and cotton yarn exporters are worried because China absorbs a quarter of the shipments of these products from the country. Bangladesh is the biggest consumer for Indian cotton, followed by China, Vietnam and Indonesia. Some traders fear that China may increase import duties on Indian products.“The sudden ban on the mobile apps is going to impact the cotton and cotton yarn export business in the short term. WeChat and QQ have become the lifeline for both Indian and Chinese businessmen to connect,” said Vivek Kaushal, senior general manager (marketing and purchase), DCM Nouvelle Limited. “No one has the time to write a mail in English, so the entire business transaction from taking orders, transferring letters of credit to even addressing complaints was on the mobile app.”He said the app also translated English text messages in Chinese and vice versa.Importers of agricultural commodities from China are also worried. Traders said they would have to look for alternatives for communication with Chinese parties.“Through the video calls I could see the various stages of the crops that I was going to procure. The interactions with farmers and traders brought clarity on the crop position and pricing. We will now have to look at another app,” said rajma importer Pradeep Kumar Runwal of Bherulal Radheshyam Bhandari.Almost 50% of the rajma consumed in India comes from China.Confederation of Indian Textile Industry chairman, T Rajkumar said there will be a small disruption due to the ban on the mobile apps but the situation will improve. “The business will look at other ways to communicate like e-mails and this will be a temporary disruption in business. Moreover, exports of cotton and yarn to China have gradually been slowing down and it’s time we look at new markets in Korea and Taiwan,” he said.China has increased its purchase of cotton from the United States after the phase one trade deal it signed earlier this year.Fears of higher import duty in China have added to the uncertainty.“We don’t expect any business transaction for the next 15 days due to the uncertainty. People are concerned about China increasing the import duty,” said Mahesh Sharda, president of Indian Cotton Association.Buyers are looking for discounts, and prices have fallen 2% in the past one week for export quality yarn, said Sharda. Prices can come down 3-5% if the stand-off continues, he said.According to industry estimates, India exported 257 million kg of cotton yarn to China in 2019-20, which was 27% of the total exports of the commodity. In the October 2019-September 2020 season, 3.5 million bales of cotton, or 21% of the total, have been exported to China. Each bale equals 170 kg. Summarise this report in a few sentences.
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ban on Chinese apps will make it difficult for Indian exporters to strike contract deals with China. traders use wechat, mi video and QQ Mail to do business with china. some traders fear that China may increase import duties on Indian products. ban on mobile apps will affect cotton and cotton yarn export business. rajma importers from china are also worried.
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Indian equities ended the day in the green on Tuesday after declining for three straight sessions. The markets were up on firm global cues surrounding the initial success of Covid-19 vaccine trial in the US. However, the rally got sold into and the markets ended the day only marginally higher. The benchmark Sensex was up by 167.19 points or 0.59% to close at 30,196.17. The broader Nifty50 was up by 55.85 points or 0.63% to close at 8,879.1. Foreign portfolio investors (FPIs) sold equities worth $175.42 million on Tuesday. G Chokkalingam, chief investment officer, Equinomics Research and Advisory, said, “The reason that the rallies are getting sold into is because the market fundamentals have not changed. The virus cases are still rising and the country is still under lockdown. Even the 30% retracement from March 23 lows was not based on the fundamentals of the market.” Siddhartha Khemka, head – retail research, Motilal Oswal Financial Services, said, “While the global cues have been positive, the Indian market has been weighed down by weak local sentiments. Further, the earnings season and the management commentaries so far has not been encouraging.” According to the provisional data on the exchanges, FPIs bought equities worth $175.42 million on Tuesday whereas, domestic institutional investors bought equities worth $219.2 million. So far, India has been seeing foreign inflows for the month of May which is in contrast to March and April where the FPIs had pulled out $8.3 billion and $30.5 million, respectively. Shares of Bharti Airtel rallied by 10.8% and touched their 52-week highs intra-day. This was a reaction to the company’s results where it had delivered a strong core performance. Banking and financial stocks were yet again responsible for weighing the Nifty down during the day’s trading session. Nifty bank saw a decline of 0.49% and its biggest losers were Bank of Baroda, Bandhan Bank, Federal Bank, Punjab National Bank as well as IndusInd Bank. The biggest gainers on the Nifty were Bharti Airtel, Adani Ports and SEZ, ONGC, Ultratech Cement Company, and Grasim Industries, while UPL, Vedanta, Reliance Industries, IndusInd Bank and Larsen and Toubro were among the biggest losers. Summarise this report in a few sentences.
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the benchmark Sensex was up by 167.19 points or 0.59% to close at 30,196.17. the broader Nifty50 was up by 55.85 points or 0.63% to close at 8,879.1. foreign portfolio investors (FPIs) sold equities worth $175.42 million. shares of Bharti Airtel rallied by 10.8% and touched their 52-week highs.
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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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Mutual funds industry has added 32 lakh new investors over the last one year mainly due to a spirited promotion campaign by the industry, a senior Amfi official said today. The industry had launched the first leg of its very ambitious investor awareness campaign, 'mutual fund sahi hai' (mutual funds are right) for investors in March 2017. The Association of Mutual Funds in India (Amfi) now plans to soon launch the next leg of the media campaign that will communicate the benefits of being invested for longer term, especially when markets are volatile. The first leg of the campaign got a very positive response as mutual fund companies saw an overall addition of 32 lakh new investors over the last one year, Amfi said in statement. "Concerted efforts taken by the mutual fund industry through the 'mutual funds sahi hai' campaign, under the guidance of Sebi, supported by favourable market conditions and support from the distribution community, led to overwhelming success in the inaugural year of the mutual funds sahi hai campaign. "Given the rising household incomes and higher appetite towards financial savings coupled with long-term India growth story, we are sure that mutual funds would become the investment option of choice of every household in the years to come," Amfi Chairman A Balasubramanian said. He further said that the industry would continue to advocate investors to have patience and stay invested, add debt and hybrid funds to their portfolio and allocate more through Systematic Investment Plans (SIPs), especially in periods of market volatility and aim to benefit over a longer term. Apart from addition in mutual funds investors, the industry witnessed growth of 25 percent or Rs 4.25 lakh crore in its assets under management (AUM) till February this year, in comparison from March, 2017. Moreover, the asset base of retail portion alone surged by 38 percent to Rs 3.25 lakh crore. In addition, the total number of folios and SIP accounts saw a growth of 26 percent or 1.05 crore and 52 percent or 70 lakh respectively during the same period. Monthly SIP contribution for the industry touched Rs 6,425 crore from 2.05 crore. "We have seen tremendous growth within the mutual fund industry in the recent years. Going ahead, we want to build on the base and ensure that the momentum and the faith of the investors continue for investing in mutual funds over longer term," Amfi CEO NS Venkatesh said. Along with the media campaign, the industry body said that focus will now be on-ground outreach programs. Amfi recently tied-up with a leading media house to launch Jan Nivesh -- an initiative that will educate, inspire and encourage Indians to change their financial habits to create wealth smartly by investing regularly in mutual funds and thus, make every citizen of India an equal participant in the country's economic growth story. Along with millions of TV viewers, the Jan Nivesh initiative will also reach out to over 50,000 people on-ground through over 200 events in over 100 cities and towns. "Amfi will also very soon launch the next leg of the media campaign. In the upcoming campaign, which continues under the mutual funds sahi hai banner, Amfi's objective is to communicate to the investor on the nuances of mutual fund investing, while extolling the benefits of being invested for longer term, especially when markets are volatile," the industry noted. As part of the campaign, Amfi has a microsite, www.mutualfundssahi.com, available in English and Hindi, where investors can find detailed information about mutual funds and also locate their nearest mutual fund office and mutual fund distributors. The website will soon be made available in other regional languages. Summarise this report in a few sentences.
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mutual funds industry has added 32 lakh new investors over the last one year. the industry launched the first leg of its investor awareness campaign in march 2017. the association of mutual funds in india (amfi) now plans to launch the next leg of the media campaign. the industry witnessed growth of 25 percent or Rs 4.25 lakh crore in its assets under management (AUM) till February this year.
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This is a challenging time to retire as interest rates are going downwards and search for attractive yields has become tougher. If you are in the evening of your life, you need an investment avenue that provides you regular income along with capital protection. One such option is Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension scheme. The deadline for subscribing to it has just been extended till March 2023. We tell you key features of the scheme and whether you should invest in it: Interest rate and tenure PMVVY pension scheme, offered by Life Insurance Corporation, comes with a lock-in period of 10 years. It gives you an assured annual return of 7.66 per cent per annum. The annual return is discounted if you go for higher frequency of payouts like half-yearly, quarterly or monthly. The previous PMVVY scheme offered 8 per cent interest rate, which expired for subscription on March 31, 2020. Minimum and maximum investment and pension amount You need to invest a minimum of Rs 1,56,658 to avail Rs 12,000 pension per annum at 7.66 per cent effective interest rate. If you want the pension in monthly mode, the minimum investment amount needed will be Rs 1,62,162 for monthly pension of Rs 1,000. On the other hand, the maximum investment amount, that is, Rs 15 lakh makes you eligible for Rs 9,250 monthly pension at 7.40 per cent rate. If you invest Rs 14,49,086, you can get a pension of Rs 1,11,000 per annum. The following two tables will explain it better: Maturity and death benefit If you survive the policy period of 10 years, the purchase price along with final pension instalment will be paid to you. If something happens to you during the policy term, the purchase price will be refunded to the beneficiary. Also read: Why stock, bond markets shrugged off Moody's downgrade Premature withdrawal The scheme allows premature exit during the policy term under exceptional circumstances. For example, if you require money for the treatment of any critical/terminal illness of self or spouse. The surrender value payable in such cases will be 98 per cent of the investment amount. Take loan against it Loan is available under the policy after completion of three policy years. Maximum loan granted will be 75 per cent of the purchase price. Pension amount is taxable The pension amount that you receive will be added in your yearly income and will be taxed at your applicable slab rate. Note that the investment amount doesn't fetch tax deductions unlike Senior Citizen Savings Scheme (SCSS) that offers you tax deduction under section 80-C of the Income Tax Act. Should you invest? After retirement, capital protection has to be the most important element in your investment approach. That said, PMVVY is a good investment option for stress free regular income. But before you go for it, you must know other alternatives. Also read: BT Insights: Are Special FDs good for senior citizens? SCSS that comes with five-year lock-in is the closest comparable investment option against PMVVY. It is currently giving an annual interest of 7.4 per cent on quarterly payout option, this turns out to be effectively an annual return of 7.6 per cent. While income received is taxable on both, investment amount in SCSS qualifies for tax deduction under section 80-C of I-T Act. Besides, if you park money in PMVVY at the current interest rate of 7.66 per cent per annum, this is what you will keep receiving for the full tenure of 10 years. Even if rates are revised upwards in the future, the revised rates will be available to only new investors, not existing ones. However, with SCSS you will have time to review your rates after five years when it matures. "PMVVY and SCSS both are good choices in the current scenario when chances of interest rates going higher are slim, but SCSS can be withdrawn easily and also qualifies for tax deductions, whereas liquidity in PMVVY is limited," says Mrin Agarwal, founder, Finsafe India Private. Not everyone will like to lock-in their funds for a long period like 10 years and may prefer an alternative even at a lesser rate. For them another safer option for monthly income is Post Office Monthly Income Scheme (POMIS). This has an annual interest rate of 6.6 per cent on monthly payout which is effectively an annual interest rate of 6.8 per cent - lower than that for PMVVY. However, POMIS has a tenure of five years. So, if you do not want to commit funds for 10 years this could be an option. But you can only invest Rs 4.5 lakh for a single account and Rs 9 lakh for a joint account. If you wish to generate higher return on fixed income part of your portfolio and have the desired risk appetite, some advisors suggest bank FDs over PMVVY, but diversified among public, private and small finance banks. "Some of the smaller private sector and small finance banks are offering higher interest rates than PMVVY for much shorter tenures and with higher liquidity. Hence, senior citizens looking for higher returns can open fixed deposits with these banks and opt for their monthly or quarterly interest payout option for generating regular income. The lower maturity period of these fixed deposits will give more flexibility to the depositors to benefit from a rising interest rate regime, if any, in the future," says Naveen Kukreja, CEO & Co-founder, Paisabazaar. If you go for bank FDs, the major part of your investment should ideally be with strong banks be it public or private. If you decide to invest in small finance banks, invest only an amount with which you are comfortable taking some risk for high return. Also note that you should not expose more than Rs 5 lakh in one bank including principal and interest income lest a bank default happens, as we saw in the case of PMC Bank, and you lose your money. Although the government has hiked deposit insurance from Rs 1 lakh to Rs 5 lakh, it takes years for depositors to get back their money. Eight months on since RBI put operational restrictions on PMC Bank in September 2019, depositors still have no clue how long the litigation will go on. So, while bank FDs are more liquid and will give you a chance to make the most of upward reversal in the interest rate, PMVVY scores better on the protection front. As we are living through unusual times amid a pandemic-driven slowdown, you never know, the interest rates may fall further from hereon. Hence, your investment choice should depend on your risk appetite. If you are a risk averse investor looking for a long-term regular income plan, PMVVY should be your first choice. Next comes SCSS and POMIS, followed by bank FDs. However, if you can take some risk, invest only a portion of your savings in PMVVY and rest can be diversified among SCSS, POMIS or FDs across banks. PMVVY may not be the best investment option for senior citizens, it is at least a good option in the current scenario. Also read: Debt-free life, insurance and more: Five money habits that may change post-coronavirus Summarise this report in a few sentences.
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interest rates are going down and search for attractive yields has become tougher. one such option is the Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension scheme. the scheme offers an assured annual return of 7.66 per cent per annum. the previous PMVVY scheme offered 8% interest rate, which expired on march 31, 2020.
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By Asha Balakrishnan Valentine’s Day 2020: Stop and smell the roses – I literally follow this age old good advice when I travel to Hosur via Bangalore or Salem. Every time I travel this route, I stopped by the many rose farms and poly houses, to soak in the beauty of every whorl and colour of the beautiful roses. The gardeners and farmers are very warm and welcoming. Each time I stop by, we share conversations, they invite us home for lunch or offer a glass of buttermilk. They are also very generous to give me bonus in the form of a rose plant, tomatoes, chayote, Brinjals or whatever they grow. Hosur is a little historical, industrial and agricultural town in the state of Tamil Nadu. A very humble town which is not proud of its various honours, perhaps the reason it is not so popular. All around the town if you observe, you will find historical and archaeological evidence that pre-dates this town to 2000 years. During Sangam-age it was called ‘Muraasu nadu’ and ruled by King Adiyamaan, the King who gave gooseberry to Tamil poetess Avaiyaar to prolong her life. The Cholas, Rajputs, Nayaks, Hoysalas, British East India during Lord Cornwallis time, Tipu Sultan and many more have ruled this place. This town is home to many small scale and large scale industries producing automobile bodies, automotive spares, high precision aero parts, watches, bio-tech, agriculture, tissue culture, pharmaceuticals and many more. A place which cannot be classified as a ‘laid back’ town or a ‘hyper-active’ town, It takes a middle path. From what I have observed generally, people here have the approach of ‘Work while you work, play while you play’. Maybe because the majority of them have jobs with 9-5 schedules in Industries unlike many MNCs which work across different time zones. One of its prime revenue generators is through its horticulture and floriculture exports. Hosur soil is said to be very fertile and ideal to grow European vegetables like broccoli, carrots, beets, bell peppers, asparagus etc. This is possible not only because of the fertile soil but also because this place is elevated 3000ft above sea level and thus enjoys a compatible and salubrious climate, all round the year. The weather is the reason why the Britishers called this place as “India’s Little England” during their rule. Tons of vegetables are exported to other parts of the country and this town also houses prime floriculture companies. Many agri-export companies based here have their project sites around the main town like Denkanikottai, Bagalur, Thally etc. They breed, cultivate and export flowers like carnations, lilies, gerbera and the world famous valentine red rose called ‘Taj Mahal’. This variety created by a rose breeder in Holland is patented and cultivated in Hosur. It is a deep red budded rose with long stalk and big leaves. Another rose by name ‘Kohinoor’ which is a baby orange-pink rose is also cultivated here. The main markets for these flowers are Europe, Australia, The Middle East and Japan. The valentine rose was patented in 2009 and the exports have been doubled, tripled and some years they dip too. Talking to a rose grower, in Bagalur (near Hosur), who was growing the Damask rose popularly called ‘Paneer rose’, said he also grows cassandra, chrysanthemum, marigold, tuberose for domestic and international markets. The flowers he grows are auctioned in the famous Hosur flower markets to retailers where they reach homes for daily pooja or special occasions like weddings. But with the passage of time, flowers have gone beyond decorating gods, sacred spaces and many other places. They now decorate office establishments, living rooms, as gifts etc. He said growing flowers now is a highly competitive industry. With the introduction of new techniques, cultivators now grow and develop new flowers which leads to change in the trend of consumers. The new generation employ modern technology, maximise the production and offer better quality of flowers and thereby, a better price. He said the developed cut flowers like the valentine roses are grown in poly houses under controlled conditions. The buds are covered with netted bud caps so their shape remains in bud form. Their petals are also thick so that they can withstand long distance travels. The flowers grown here travel in refrigerated vans to Bangalore and then airlifted to various countries like Amsterdam, Germany, Abu Dhabi, Singapore, Australia etc. Recently, an Intellectual property attorney has also applied for GI tag for the “Hosur roses”. As I type this looking at the rose plant in my balcony garden; the subtle fragrance, its rich colour and artistry of whorls reminds of Emperor Jahangir’s quote “No other scent of equal excellence…It lifts the spirit and refreshes the soul”. So the next time you happen to pass this route, do stop by to smell the roses – a soothing balm for city souls. If lucky, you could also relish the refreshing buttermilk, enjoy a lively conversation and also carry home a lovely rose plant to adorn your garden along with some fragrant memories. (Asha Balakrishnan is a storyteller by passion, with varied interests such as blogging, organic gardening, reading, art and craft, yoga and traveling. Views expressed are personal.) Summarise this report in a few sentences.
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Hosur is a small historical, industrial and agricultural town in the state of Tamil Nadu. it is home to many small scale and large scale industries producing automobile bodies, automotive spares, high precision aero parts, watches, bio-tech, agriculture, tissue culture, pharmaceuticals and many more. the soil is said to be very fertile and ideal to grow European vegetables like broccoli, carrots, beets, beets, bell peppers, asparagus etc.
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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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There's much to cheer about the 7.7 per cent GDP growth rate in Q4 of 2017-18. The economy is surely and steadily accelerating - from 5.6 per cent in Q1 to 6.3 in Q2 to 7 per cent and now 7.7 per cent. It finally lays to rest the repetitive argument: "If GDP was calculated by the previous methodology..." because this growth and acceleration is good even by the old methodology. Yet, there's still a lot that's not right with the economy. First, despite this smart recovery in Q4, the GDP for the entire fiscal was barely 6.7 per cent - 0.4 per cent lower than the previous financial year. The Economic Survey had projected a GDP growth rate of 6.75 per cent. The final GDP growth numbers for fiscal 2017-18 were higher than the government's own first and second advance estimates of 6.5 per cent and 6.6 per cent but they mirror the estimates of the World Bank and the IMF. Also, since the Gross Value Added (GVA) for fiscal 17-18 grew just 6.5 per cent - a pace even lower than the GDP growth - this indicates that much of the growth in the GDP has been achieved through higher taxation and not necessarily substantially higher economic activity. For the un-enunciated, GDP equals GVA + taxes - subsidies. Gross Value Added is the total value of goods and services produced in the economy. Clearly economic activity, expansion and growth still lag the GDP growth. Technically it's possible to continue growing GDP by just raising taxes, even though consumption may not be growing or economy may not be expanding. Though that's not the case here as the GVA also grew 6.5 per cent but surely taxes made a greater contribution to the GDP last fiscal. Next, despite this scorching rate of growth, several sectors experienced deceleration. Agri growth was 3 per cent lower than the previous year; mining growth 10 per cent lower; and manufacturing 2.2 per cent lower. Utilities also grew at a rate 2 per cent lower. In manufacturing specifically, there's some pick-up in private corporate sector growth (which accounts for 70 per cent of manufacturing). However, the sector was dragged down by proprietorships/partnerships and Khadi & Village industries, which grew barely 4.5 per cent in 2017-18. One of the biggest indicators of a growing economy and higher industrial activity is the utilities consumption. However, electricity, water, gas other utilities was just 7.2 per cent against previous fiscal's 9.2 per cent. Electricity itself grew just 5.4 per cent. Lower growth is a combination of lower consumption due to more efficient use of energy as well as lower than expected industrial activity. The sectors that experienced higher economic activity in 17-18 against the previous year are: Trade, hotels, transport, communication and broadcasting services, which grew at a rate 0.8 per cent higher; Financial, real estate and professional services also perked up and grew 6.6 per cent against 6 per cent last fiscal. As for the current fiscal, global rating agency Fitch says India will grow at 7.3 per cent in 2018-19 and 7.5 per cent in 2019-20. The economy will struggle with the triple whammy of higher crude oil prices, higher interest rates, and still rising non-performing assets in the banking system. Overcoming these would be vital to the economic progress of India and Indians. So cheers can wait just a big longer. Summarise this report in a few sentences.
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despite a smart recovery in Q4, the GDP for the entire fiscal was barely 6.7 per cent. the economic survey had projected a GDP growth rate of 6.75 per cent. despite this scorching rate of growth, several sectors experienced deceleration. despite this, there's still a lot that's not right with the economy.
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live bse live nse live Volume Todays L/H More × The market may have factored in an adverse outcome due to coronavirus but a massive bounce is unlikely unless we reclaim the entry above 9,500 and sustain those levels, Umesh Mehta, Head of Research, Samco Securities, said in an interview with Moneycontrol’s Kshitij Anand. Q) A volatile week for Indian markets. A cut of more than 12% on both Sensex and Nifty50 will not go down with investors and traders. Mimicking the global trend do you think, Nifty could have made a bottom around 7832 levels? A) Post the ferocious grip of bears, Indian markets now seem to be stabilizing. Certain pockets of sectors are also showing signs of capitulation. Given that India VIX is stable and sentiments are steady, it seems that the markets have priced in the pandemic’s fears. A small bounce from the current levels seems likely in line with the US. However, if the situation escalates then there can be further decline which can be witnessed only as time goes by. But, till then it seems that markets have factored in all the adversities. Q) What is the way ahead for Indian markets? Any important levels to track for the coming week which will also be the expiry week for Indian markets? A) Indian markets are expected to witness a bounce back given all the negativity is already priced in. Since the fall was too rapid from highs of 12,200 levels, an immediate upward movement to those levels is impossible for now. However, the 9000 levels on the Nifty50, does seem to be a strong resistance level for the bourses in the coming week. But, a massive bounce is unlikely unless we reclaim the entry above 9,500 and sustain those levels. Q) Many stocks have declared a dividend in March. Is it because of the FY ending? A) Union Budget 2020 presented the removal of dividend distribution tax (DDT) which would be applicable from the financial year 2020-2021. The applicability of DDT made dividends tax-free in the hands of recipient and removal of the same have made dividend a part of income. Hence, several companies are taking the opportunity to distribute dividends which would be tax-free to recipients paying DDT on dividends. Q) Looking at the recent fall some reports have surfaced that promoters have started buying the shares. Can this environment can turn out to be a good buyback opportunity? A) It is said that probably the best possible use of cash by businesses is when stocks can be bought below its intrinsic value – this applies to buybacks as well. However, the applicability of recent buyback tax makes the promoters wary of going ahead with buybacks. It is best suited for the promoters to increase their holdings where possible. And, if the promoters are of the view that the business is currently trading way below their intrinsic value, they may give a heads up for a buyback. Q) Rupee breached Rs 75/USD last week. What led to the fall and what is the way ahead for the currency and the stocks which are likely to benefit the most from the sudden depreciation? A) The main reason for the depreciation in the rupee v/s the dollar this week can be attributed to the FPIs selling spree in India. The global basket selling trend strengthened the dollar further. However, going ahead markets are expected to stabilise with no significant depreciation in the Indian rupee since selling pressure is expected to ease. IT and pharma names such as TCS, Infosys, Sun Pharma are likely to benefit. Q) More than 50% of the Nifty50 stocks have touched their 52-week/multi-year lows. Is there any historic reference that suggests that the worst is over, and should investors base their decision to buy stocks based on stocks that are hitting their record lows? A) This week the US markets witnessed buying in marquee names such as Apple, Alphabet which indicates that stocks have factored in most of the negativity. In the past too, it has been observed that large-caps experience massive selling when it’s the last leg of the fall. Considering the same, it can be said that we are in that very same stage before we can see bounces in our bourses. Therefore, investors can slowly start accumulating strong businesses that have the potential to tide through tough times. Buying only based on a correction would be an inappropriate strategy since a stock at its 52-week low could be a weak business and will eventually turn out to be a value destructor in the long run just like a DHFL or an RCOM. Hence, investors should be in search of good businesses rather than 52-week low stocks. Q) Any top five stocks which you think are looking attractive based on either fundamentals or technicals post recent meltdown? A) Here is a list of top five stocks which investors could look at for a long term basis: ITC: ITC has very strong cash reserves to sustain the short-term uncertainty and a possible slowdown. The valuations have also become cheap, and the company has also decided to increase its dividend payouts for the medium-term which makes it attractive. The company’s stock price is showing good momentum in recent times against its peers. Hero MotoCorp: Hero MotoCorp is a strong bet on India’s rural growth recovery. A strong Rabi season and higher crop prices are expected to boost the rural economy, thus benefitting Hero the most. It is the world’s largest two-wheeler maker and has been trading at an all-time low P/E multiple of 10x. PVR: Having corrected by over 40 percent recently from the high due to the shutdown of multiplexes all over the country allows long-term investors to enter this stock at a cheap price. The company has healthy financials and liquidity which provide comfort. A significant part of the company’s operating cost is variable which will reduce costs during the period of closure. The company’s profits will be affected in the short-term but we expect a bounce-back as soon as the multiplex is up and running. Bajaj Finance: It is one of the very few large-caps that manage to post solid growth numbers above 30% every quarter. Company fundamentals remain intact. The company has managed to post good numbers even in the difficult quarter gone by. Recent correction is an opportunity to enter. Abbott India: This Company stood strong despite the crash in the markets which brings out the quality in its business. It has resilient financials with positive free cash flow, net debt-free structure and lastly a structured portfolio with niche businesses. The company has also subtly improved its working capital management which makes it a good pick. 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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a massive bounce is unlikely unless we reclaim the entry above 9,500 and sustain those levels, said umesh mehta, head of research at Samco Securities. a cut of more than 12% on both Sensex and Nifty50 will not go down with investors and traders. a small bounce from the current levels seems likely in line with the US.
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Prime Minister Narendra Modi wants to lift India’s economic growth rate to double digits after it recovered to a sevenquarter high of 7.7% in the March quarter, with the onus on states to do their bit to contribute to the effort while cautioning the country that the task will be challenging.The Centre will continue to focus on farm income and mining, Modi told the fourth meeting of the Niti Aayog ’s governing council on Sunday and reiterated the work done by his government across social sectors in the past four years.The Centre is looking to the states to take a lead on improving exports and set ambitious growth targets at their level. The prime minister has sought suggestions from the states for incentivising fund allocation under the finance commission. Besides, he urged states to consider the Centre’s proposal for holding simultaneous elections in the country while adopting a uniform voter list for the nation to begin with. He also said they should take initiatives aimed at improving the ‘ease of living’ for people.TARGETING DOUBLE-DIGIT GROWTHModi said the Indian economy grew at a healthy 7.7% in the fourth quarter of FY18. “The challenge now is to take this growth rate to double digits, for which many more important steps have to be taken,” he said. Boosting growth is critical to the government’s aim of generating jobs, raising incomes and eradicating poverty The Niti Aayog governing council is the highest policy-making body of the government think tank and is chaired by the prime minister. It consists of union ministers and chief ministers of all states besides top officials of the Aayog. The six-hour meeting on Sunday was attended by chief ministers of all states except Delhi, Goa, Jammu & Kashmir, Odisha, Manipur, Mizoram, Sikkim and Tripura.Addressing the special status demand of certain states, Niti Aayog vice-chairman Rajiv Kumar said the focus of the governing council meeting was statutory provisions granted to bifurcated states and the Centre has assured them these will be fulfilled. States such as Bihar and Andhra Pradesh have been demanding special status from the Centre. Recognising that corporate investment in agriculture is low in India, the prime minister said states should formulate policies that promote such investment in areas such as warehousing, transportation, value addition and food processing.He called for a high-level committee comprising the chief ministers of Madhya Pradesh, Bihar, Sikkim, Gujarat, Uttar Pradesh, West Bengal and Andhra Pradesh to come up with a coordinated policy approach to greater synergy between agriculture and the Mahatma Gandhi National Rural Employment Guarantee Scheme, including pre-sowing and post-harvest phases. The committee will be chaired by Madhya Pradesh chief minister Shivraj Singh Chouhan.Outlining the significance of mining in economic growth as well as employment generation, Modi said the blocks that have been successfully auctioned should start production at the earliest. However, the council did not introduce the much-anticipated development agenda for New India 2022 at the governing council meeting, saying it would have been inappropriate to do so without consulting the states.“The draft development agenda was not tabled today as we should subject this to states for getting their detailed inputs,” Niti Aayog vice-chairman Kumar said. “It will be sent to states for their detailed comments in a day or two and we hope to finalise it in one-and-a-half months. Summarise this report in a few sentences.
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the prime minister said the Indian economy grew at a healthy 7.7% in the fourth quarter of FY18. he urged states to consider the Centre's proposal for holding simultaneous elections in the country while adopting a uniform voter list. the centre is looking to the states to take a lead on improving exports and set ambitious growth targets at their level.
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Sanjiv Bajaj There’s a zen story that came my way the other day. Two men visited a Zen master. The first man asked: “I’m thinking of moving to this town. What’s it like?” The Zen master, in turn, asked a question, “How was your old town?” The man answered, “It was terrible. Everyone was mean. I hated it.” The Zen master replied: “This town is much the same. Don’t move here.” The second man too asked the Zen master the same question: “I’m thinking of moving to this town. How is it?” The Zen master asked the second man: “What was your old town like?” “It was wonderful”, the man replied, “everyone was friendly. I am just looking for a change.” The master replies: “This town is very much the same. I think you will like it here.” Long story short – in the end, it is our beliefs that find us. For me 2020 will be archived as the year of questioning. The pandemic has made us question beliefs that had begun to sound like a platitude. One such being equality – the foundational tenet of democratic India. Equality has many faces; I believe economic equality to be paramount because it sets the ground for empowerment. The pandemic and its consequences have made us question how strongly we have acted on our belief in equality. Equality is not about everyone having the same house, it is about everyone having the same opportunity to build one. Two years short of our 75th Independence Day, we are still battling poverty. Its stubborn existence only proves that welfare and philanthropy will not solve the issue. We need to walk the talk and create an inclusive economic environment that gives everyone equitable access to finance, skills, technology, and resources so that they have a free hand to chart the economic activity of their choice. I believe that three things can contribute to this environment. The first is to play MSMEs as our trump card. This sector employs about 11 crore workers, both skilled and unskilled, contributes around 29% of India’s GDP, is responsible for almost 48% of India’s exports and has the potential to transform the rural economy. We should begin by responding differently to the prefixes micro, small and medium. Semantics don’t do justice to the potential of these enterprises to be a global force. As the West looks for alternatives to China, a globally competitive MSME sector can make India the next manufacturing hub for the world and address its livelihood and growth conundrum. However, some definitive changes will have to be made. The government has already taken constructive steps in this direction; there is no longer any distinction between MSMEs in the manufacturing and services sector. Micro, Small and Medium businesses are now defined on the basis of investment as well as turnover criteria. These measures will encourage successful MSMEs to do well without the fear of losing benefits if they outgrow their size. Disallowing outside bids for tenders up to Rs 200 crores is also a welcome move. This is a good push strategy; it will make MSMES a critical part of the India Inc.’s supply chain and key to their global competitiveness. Consequently, big players will see merit in building the capacity of MSMEs that form their ancillary ecosystem. An immediate step the Industry can take in this direction is to chart a sector-wise, MSME development strategy for the government’s consideration. This will lead to more informed policy measures and accelerate the development process. We must also view MSMEs, especially micro enterprises, through the lens of rural development. Historically, our rural societies have been defined by potters, agriculturists, weavers, shopkeepers, craftsmen and other artisans and tradesmen. However, studies show that only a very small percentage of such entrepreneurs are job-creators. Their enterprises are usually a one-person show; sometimes family members pitch in with labour or skill. Such enterprises, along with new ones, should be infused with technology, innovation, financing mechanisms, skill up gradation and marketing support so that they can move out of self-sustenance mode. Technology can play a pivotal role in expanding the market beyond the immediate geography of the producer; we need to fan the vocal for local narrative to push up demand for local produce. The second key to an inclusive economic environment is the ease of credit access for micro-entrepreneurs. The government’s Self Help Group (SHG) Bank Linkage Programme through the National Rural Livelihood Mission (NRLM) has helped rural micro-entrepreneurs. Recent figures show that one crore SHGs now have bank accounts. More than 50 lakh groups have built up loan outstanding of over Rs 87,098 crore and 88% of the disbursement has been to the rural women groups. While this is encouraging, it is clearly not enough. We need to bring more people into the net; professional Non-Banking Financial Company (NBFCs) can play a big role in this area. NBFCs have a good understanding of the micro-markets and can collaborate with different stakeholders to customize products for the lower end of the spectrum. Since customer insight is key to creating innovative products, firms should look at recruiting employees who understand the cultural and economic nuances of their target communities and can help in the design of better products. Finally, we need to increase financial and digital literacy in this country. The ability of people to recognize and capitalize on economic and financial opportunities is the key to a vibrant economic ecosystem. This requires financial canny; unfortunately, a large part of Indians do not have the ability to make smart choices about their wealth. It’s time we made financial literacy, a part of school and college curriculum. This will also fan the entrepreneurial spirit in the Indian youth. Digital literacy must be elevated to the level of a national movement so that more and more people, especially from the informal sector, are able to leverage technology for better economic opportunities. Technology can be a game-changer, only if the population has the ability to absorb it. The sooner we bring everyone aboard digital India, the stronger will be our fintech industry. The world over, thanks to fintech, innovative tools and products are helping more people change their lives by accessing financial services and products at reasonable costs. I would like to end this article with a quote attributed to the late Prime Minister Jawaharlal Nehru – Life is like a game of cards. The hand you are dealt is determinism; the way you play it is free will. Seven decades later, that belief is up for question. Life is indeed a game of cards, but it is time to deal every Indian, a fair hand. Sanjiv Bajaj is Vice President, CII, and MD & CEO at Bajaj Finserv. Views expressed are the author’s personal. Summarise this report in a few sentences.
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sanjiv bajaj: the pandemic has made us question beliefs that had begun to sound like a platitude. he says we need to create an inclusive economic environment that gives everyone equitable access to finance. sanjiv says we need to play micro, small and medium as our trump card. he says we need to play the role of a'smartphone' in the development of the country.
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SINGAPORE/NEW YORK: Asian stock markets ground higher on Friday, and are set to end a choppy week more or less where they began it as surging coronavirus infections cast a shadow over encouraging economic data and checked hopes for a swift global recovery. MSCI 's broadest index of Asia-Pacific shares outside Japan rose 0.3%, for a weekly gain of around 0.5%. Japan's Nikkei rose 1% to sit flat for the week.Bulls seem to have the upper hand in currency markets, with the US dollar down 0.3% for the week, and riskier currencies such as the Australian dollar marginally ahead. Majors were steady in morning trade on Friday."The market probably ran ahead of itself anticipating a smooth recovery, which has set us up for the rougher period we're now going through," said Shane Oliver, chief economist at AMP Capital in Sydney."We're stuck in a bit of a range. There's a degree of optimism that any second wave will be offset by stimulus ... but if we have to go back to a renewed lockdown then it's a different story, and markets face a lot more downside risk."The moves followed a bumpy session on Wall Street, which finished in positive territory after a late surge led by banking stocks. Financials caught a boost from a relaxation in some capital requirements that ought to free up cash for lending.Still, volumes were light and plenty of headwinds remain.The governor of Texas paused the state's reopening on Thursday as COVID-19 infections and hospitalizations surged and the country set a new record for a one-day increase in cases.Localised restrictions to slow the virus have now been re-imposed in parts of Lisbon in Portugal, western Germany, Australia's Victoria state and Beijing. The US Senate has also passed legislation that would impose mandatory sanctions on people or companies that back efforts by China to restrict Hong Kong's autonomy, yet another potential Sino-US flashpoint.To become law it must also pass the House and be signed by President Donald Trump.Hong Kong's Hang Seng index fell 0.4% in early trade on Friday, after being closed for a holiday on Thursday. Markets in China and Taiwan remain closed. The US Treasury market was quiet, with the yield on benchmark 10-year Treasuries steady at 0.6790%. Gold held steady at $1,761.39 an ounce.The tug of war between bulls and bears this week has sent the S&P 500 ahead by as far 1.8% and down by as much as 2.4% on the week, with Thursday's gains leaving it flat. US stock futures were flat on Friday.Foreign exchange markets have likewise stalled, as the virus' progress dents confidence in bets on further gains in hard-running riskier currencies."Having risen for three straight months, some payback may be due for stocks and currencies in July," strategists at Singapore's DBS Bank said in a note on Friday."We would avoid currencies – Indonesian rupiah, Australian dollar and New Zealand dollar – that appreciated most in June and Q2."Moves in majors were small on Friday, with the Aussie steady at $0.6883, up 0.8% for the week, and the kiwi flat at $0.6431 and steady for the week. The Aussie has rallied 25% from March lows and the kiwi 18%.After a mixed bag of US data overnight, with a smaller-than-expected drop in jobless claims but robust rise in goods orders, markets are looking for reassurance from European confidence surveys and US spending data due later on Friday.Oil prices, a barometer of energy consumption and so the global growth outlook, edged ahead to hold steady for the week.US crude futures were last up 1.2% or 46 cents to $39.18 per barrel and Brent futures rose 1.3% to $41.58 per barrel. Summarise this report in a few sentences.
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the broadest index of Asia-Pacific shares outside Japan rose 0.3%. the u.s. dollar was down 0.3% for the week. the move follows a late surge led by banking stocks. the governor of Texas paused the state's reopening on Thursday. the country set a new record for a one-day increase in cases.
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The second edition of the Indian Mobile Congress (IMC) is expected to be a star studded event with participation expected from top government ministers, regulators, standards bodies and companies across the globe, for which the government has assured all possible assistance. To make the event a success, Prime Minister Narendra Modi is expected to open the inaugural session on October 25. A top government official said that during the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit on August 30-31 in Kathmandu, Prime Minister Modi invited member countries to participate in IMC. “He has expressed interest in attending the event,” he added. Department of Communications (DoT) is actively working with COAI on the event and has helped the industry body get participation conformation from various regulatory bodies and international organisations. It is being touted as India’s own mobile congress, on the lines of the annual Mobile World Congress in Barcelona, and the government wants to make it an international event, he added. When contacted, COAI director general Rajan S Mathews said, “The Prime Minister is actively considering our invitation for inaugurating the event. Through IMC, the government wants to help the industry showcase India’s potential in creating a digital eco-system, which reaches the last person at the grassroots. “Events like these not only showcase our talents, but also provide a glimpse to investors about the country’s potential.” Another source said MIC will see participation from regulatory heads like US Federal Communications Commission (FCC) chairman Ajit Pai and Body of European Regulators for Electronic Communication (BEREC) chairman Johannes Gungl. International Telecommunications Union (ITU) secretary general Houlin Zhao and EU European Commission vice president Andrus Ansip too will participate in the event. IMC is also expected to see participation from ministers responsible for IT, telecom and digital economy from countries such as Singapore, Indonesia, Vietnam, Thailand and Lao People’s Democratic Republic. Top Indian ministers, officials and industry titans like commerce minister Suresh Prabhu, road transport and highways minister Nitin Gadkari, telecom minister Manoj Sinha, IT minister Ravi Shankar Prasad, petroleum and skills development minister Dharmendra Pradhan, urban development minister H S Puri, Trai chairman R S Sharma, telecom secretary Aruna Sundararajan, RIL chairman Mukesh Ambani, Aditya Birla Group chairman Kumar Mangalam Birla and Bharti Airtel chairman Sunil Bharti Mittal will be participating at the IMC. COAI’s Mathews said IMC 2018, which will be a three-day event, will open with the theme ‘New Digital Horizons: Connect, Create, Innovate’. As South Asia’s largest digital forum, the major objectives of IMC include promoting skilling, local manufacturing & entrepreneurship, attracting investments and driving policy as well as regulatory dialogue. Summarise this report in a few sentences.
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the second edition of the Indian Mobile Congress (IMC) is expected to be a star studded event with participation expected from top government ministers, regulators, standards bodies and companies across the globe. the government has assured all possible assistance for the event. top ministers, officials and industry titans are expected to participate in the event. the government is also expected to see participation from ministers responsible for IT, telecom and digital economy from countries such as Singapore, Indonesia, Vietnam, Thailand and Lao people’s democratic republic.
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China remains cautiously optimistic about its economic growth prospects despite the global pandemic, claiming that the world’s second-largest economy is steadily recovering from a virus-induced slump. However, several roadblocks lay ahead in Beijing’s quest to reach high income levels. President Xi Jinping said recently that China’s economy remains resilient and that Beijing has adequate policy tools at its disposal, despite rising external risks. “The basic characteristics of China’s economy with sufficient potential, great resilience, strong vitality, large space for maneuver and many policy instruments have not changed,” state-run Xinhua news agency quoted Xi as saying.“We must seek our development in a more unstable and uncertain world,” he said, urging calm amid rising difficulties and challenges. “The great rejuvenation of the Chinese nation can never be achieved easily with the beating of gongs and drums,” he said. The Asian Development Bank said recently that China—where Wuhan, was where the global coronavirus pandemic began—was one of the few economies in the region fighting the downturn. It forecast China would grow by 1.8 per cent this year and 7.7 per cent in 2021, with “successful public health measures providing a platform for growth”. At a deeper, structural level, however, China’s economy is facing an uphill struggle.China recorded its lowest GDP growth in almost half a century in 2019, at 6.1 percent, and 2020 has only been worse. As the country’s economic might began to wilt, Beijing in the first quarter of this year openly acknowledged an economic downturn for the first time since 1976, with the National Bureau of Statistics announcing on April 17 that the economy contracted by 6.8 percent compared to the same period a year earlier. Surprisingly, during the annual National People’s Congress of the Chinese Communist Party (CCP) on May 22, no GDP growth target was announced for the first time in 30 years. Officials cited “great uncertainty” caused by the coronavirus pandemic, an acknowledgement of the steep challenges the country faces amid a struggling economy and increasing international hostility.China’s GDP saw double-digit growth every year from 2003 until it peaked at 14.2 percent in 2007, but has been in a long decline since then. By 2018 it had dropped to 6.6 percent, followed by 6.1 percent in 2019. However, the COVID-19 pandemic is not to blame for this meltdown; it merely aggravated the difficult situation China’s economy was already in, but which the CCP has sought to camouflage with its propaganda. Experts note an even more serious development. Large banks such as the China Construction Bank and the Bank of China recently posted their biggest profit declines in a decade. While official figures put the drop in GDP at 6.8 per cent, the actual figures are likely to be higher, despite—or because of—the government’s US$559-billion (about 736.3 trillion kyats) revival package.The reasons for the decline lie in the fundamental problems with the Chinese economy, which have accumulated over the years: excessive investment, low labor productivity, modest consumer spending and demographic changes. In the 1990s and 2000s, China created wealth in a way that was appropriate to that time. Factories grew, producing competitive products for the whole world; miles of bridges and roads were built connecting cities and towns. These in turn created jobs and income-generating opportunities for the population, while expanding the productive potential of the economy. But such methods do not always increase a country’s growth potential: bridges and roads are literally being built “to nowhere”, just like “ghost towns”.In addition to excessive infrastructure costs, China is also increasing consumer and industrial spending by expanding its credit availability system. The country has accumulated a huge amount of debt, not just internally but externally as well. In 2019, China’s total corporate, household and government debt rose to $40 trillion. This is about 300 percent of its GDP and about 15 percent of all world debt. Heavy Chinese government borrowing led S&P to revise its estimated debt-to-GDP ratio to 273 per cent. Corporate debt, in particular, is massive, causing a closed loop of bad loans and bank stress. Data suggests that delays are likely in some Belt and Road Initiative (BRI) projects due to the pandemic, including in Pakistan, along with the cancellation of mega projects such as a $10-billion refinery by Saudi Arabia, while major powers have declared their intention to “decouple” from China.As the economy begins to decline, many industries and enterprises in China have shut down, leading to massive layoffs, slowing wage growth and boosting unemployment. While the rate of unemployment was 5.3 percent at the beginning of 2019, the pro-government newspaper Global Times published a forecast as the year came to an end that the situation in 2020 would only get worse, with unemployment rising further and wages falling. The latest reports now point to 80 million workers being jobless post-pandemic; another 8.7 million joined the ranks of job seekers this year.Over the past two years, the size of the Chinese consumer goods market has declined as the purchasing power of the population has fallen. Demand is declining for cars and real estate, and in other sectors accustomed to double-digit annual growth. The situation is aggravated by the huge income disparity between the wealthy coastal regions and the hinterland. On May 28, Chinese Premier Li Keqiang admitted that there are over 600 million people in China whose monthly income barely reaches 1,000 yuan (about 194,000 kyats), which is not enough to rent a room in a Chinese city. If one of the top leaders of a communist state—one that is always seeking to hide its shortcomings—makes such a statement, then it can be safely assumed that this is just the tip of the iceberg.China’s demographics are not conducive to economic growth. China is aging—its working-age population has been shrinking since about 2012. As the inevitable result of the 1979 One-Child Policy, according to experts, retirees will make up over 40 percent of China’s population by 2050. This will test the CCP’s ability to provide a decent life, stability and employment for its young people. These elements formed the basis of Xi’s “Chinese Dream”, under which China set itself the goal of eliminating poverty throughout the country by 2020 while improving the quality and standard of living for all its people.However, the first nine months of 2020 demonstrate that this goal is far from being achieved, given the economic meltdown. Maintaining the pace of growth is going to be difficult in a pandemic-hit world. China is experiencing a major food crisis after heavy flooding hit farmlands, pushing the second-largest wheat producer in the world to import heavily. Domestic soya prices have doubled 30 per cent despite the release of inventories. China cannot feed itself, and imports of US corn are at their highest since 2014. Summarise this report in a few sentences.
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Xi says china's economy is resilient and has adequate policy tools. but china's economy is facing an uphill struggle. china recorded its lowest GDP growth in almost half a century in 2019. the country's economy contracted by 6.8 percent compared to the same period a year earlier. but no GDP growth target was announced for the first time in 30 years.
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I had invested in some equity mutual funds in 2015-16. I have held them for more than a year. From the new financial year (2018-19), I am told that if I sell the units, I will have to pay capital gains tax. Could you please tell me what the new tax rules are? —Senthil As you have held the units of the equity-oriented mutual funds for more than 12 months, they shall classify as long-term capital assets. Consequently, the gains will be classified as long-term capital gains (LTCG). Under the amended capital gains tax provisions, LTCG from the sale of units of equity mutual funds would no longer be exempt from tax. Instead, tax will be payable on any such LTCG (to the extent it exceeds Rs1 lakh), beginning 1 April 2018. Further, indexation benefits that were applicable earlier to consider the impact of inflation on the cost of acquisition would also not be available. Tax is payable at 10% (excluding applicable surcharge and cess) on LTCG. When computing this, the highest listed price (the net asset value or NAV in this case) of the units as on 31 January 2018 (i.e., which is the fair market value or FMV) can be considered as the cost of acquisition if it is higher than the actual cost of acquisition. However, such FMV cannot exceed the gross sale consideration received upon sale. I have two houses and wish to sell both. The two older properties are fully paid up, and I am the sole owner. I want to use the proceeds to buy a bigger house in my name. If the gains from the older properties are used to buy only one house, will I still get tax benefit on reinvested capital gains? —Shelly Bhaskar You will have to pay tax on capital gains arising from the sale of the two houses you own currently. The gains are computed as the difference between the net sale proceeds and the cost of acquisition and improvement. If the house was held for at least 24 months before the sale, you can claim indexation of the costs of acquisition or improvement. The gains will then be taxable as long-term capital gains (LTCG). If not, the gains will be taxable (without indexation benefit) as short-term capital gains (STCG). Where the resultant gain can be termed LTCG, you can avail an exemption from capital gain tax by reinvesting capital gains of one or both the current houses in a new residential property in India, within 1 year prior or 2 years after the sale date of the current houses (if the property is acquired) or within 3 years (if the house is constructed), subject to other conditions laid down in section 54 of the Income-tax Act, 1961. There are judicial precedents where the claim for tax exemption has been permitted where the gains arising from more than one house property has been reinvested in buying a single new property. I have just started working and want to save about Rs500-1,000 every month in a fixed deposit. Will the amount on maturity be taxed? —Kshitij The interest you earn from a fixed deposit is taxable in your hands without any deduction (we have presumed that you are not a senior citizen). You can either offer this to tax in the year of accrual (each year when interest keeps accruing) or in the year of receipt (i.e. maturity) depending on the method of accounting you adopt. You can claim a tax deduction from taxable income under section 80C in the year of investment, if you invest in a fixed term deposit of 5 years in scheduled banks. What tax benefits are available for medical expenses of senior citizens? Are prescribed medicines included? —Aluka Purohit The health insurance premium paid to cover medical expenses of a senior citizen or parent who is a senior citizen (aged between 60 and 79 years) can be claimed, capped to Rs30,000 per financial year, under section 80D of the Income-tax Act, 1961. Actual medical expenses incurred (capped to Rs30,000 per financial year) can be claimed only in respect of a very senior citizen parent (80 years and above) and only if there is no health insurance cover obtained for the person. Both these limits have been increased to Rs50,000 per financial year from FY 2018-19. In addition, a tax deduction of up to Rs60,000 can be claimed for treatment of specified ailments (for example, neurological or hematological disorders and cancer) of a senior citizen or dependant parent who is a senior citizen. In case of a very senior citizen, this deduction can be availed to a maximum amount of Rs80,000. Any expense recovered from an insurer is not eligible for deduction. Both these limits have been increased to Rs1,00,000 per financial year from FY19. I have borrowed Rs3 lakh for trading in the share market. Will this be treated as income and will I have to file tax return for it? —Alok Kumar Singh A loan received which is repayable to the lender would not constitute as income in the hands of the borrower even if the lender is the father of the borrower. You will need to report any profit you earn from the share trading as business income/capital gains depending on various factors such as amount and volume of trades. You will also need to file a tax return if your gross taxable income (from this and all other sources) for the fiscal year exceeds the taxable threshold (which is Rs2,50,000 for FY 2017-18) or if you qualify as a resident and ordinary resident and have any foreign assets. Parizad Sirwalla is partner and head, global mobility services, tax, KPMG in India. Queries and views at [email protected] 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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if you sell the units, you will have to pay capital gains tax. tax will be payable on any such LTCG (to the extent it exceeds Rs1 lakh) if you sell the units, you can claim an exemption from capital gain tax. if you sell the units, you will have to pay capital gains tax. if you sell the units, you will have to pay capital gains tax.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Kozhikode IIMK Chief Product Officer Programme Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit IIM Lucknow IIML Chief Executive Officer Programme Visit Talking to ET Now Pronab Sen , Former Chief Statistician, says if RBI gives in to government demand for extra dividend from its reserves, then its reserves will not grow this year or will grow slower than they had planned. If the government feels that the Reserve Bank assets are less important than the volume of government debt instruments in the market , then that is alright.Edited excerpts:Frankly the extra dividend that the Reserve Bank will give, if it does so, would be out of the reserves of Reserve Bank. What it means in effect is that you are converting a stock asset into expenditure. It is fundamentally not very different from selling an asset. Now that is a call that the government takes. If it feels that the Reserve Bank assets are less important than the volume of government debt instruments in the market, then that is alright.No, it would not be from the foreign exchange reserves . It will be from the other reserves that the RBI holds, the rupee reserves which they need to hold for managing monetary policy . And yes, it is a call that RBI has to take. What do they consider to be the minimum level of reserves that they need to have a credible monetary policy.Every year, the RBI adds to its reserves because it has to keep pace with the size of the economy. What will simply happen is that its reserves will not grow this year or will grow slower than they had planned. I think it is by and large a bad idea because you are then setting a precedent for the government to dip into RBI reserves forever going forward. Summarise this report in a few sentences.
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RBI reserves will not grow this year or grow slower than planned. extra dividend would be out of reserves of Reserve Bank. if RBI feels that the Reserve Bank assets are less important than the volume of government debt instruments in the market, then that is alright. RBI reserves will be from other reserves, the rupee reserves which they need to hold for managing monetary policy.
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Shares of Housing Development Finance Corporation (HDFC) surged 3.4% to the day's high at Rs 1,568 on Tuesday after the company's earnings in March quarter beat street expectations. The stock had closed at Rs 1,516.55 on BSE yesterday. However, the shares thereafter plunged and were trading at Rs 1,497.50, down 19.05 points, or 1.26% on BSE at the time of reporting. "HDFC Limited opened with an uptick today despite subdued numbers, in line with other banking and financials major. However, gains fizzled out soon and it's currently trading below the last trading session's low. We might see some respite ahead due to oversold positions and immediate support at 1470 but the upside would also remain capped. Avoid aggressive longs," Ajit Mishra, VP Research, Religare Broking, told BusinessToday.In. "HDFC Limited results failed to cheer markets as provisions increased with respect to covid moratarium, stock trading near 52 week lows, any decline near 1430 levels will be a good opportunity to add," Vikas Jain, Senior Research Analyst, Reliance Securities, told BusinessToday.In. HDFC on Monday reported a 30% rise in its consolidated net profit at Rs 22,826 crore for the financial year ended March 31, 2020. The housing finance company posted consolidated net profit of Rs 17,581 crore in the previous year, HDFC said in an exchange filing. The mortgage lender reported a 22% fall in net profit at Rs 2,233 crore in the fourth quarter, compared to Rs 2,862 crore in the year-ago period. After the results were announced, the analysts at Motilal Oswal said that HDFC's core operating profits had beaten their estimates by 6%. Similarly, Nomura had estimated the net profit at Rs 1,931.8 crore, down 32.5 per cent YoY. The Net Interest Income (excluding income on assigned loans) for the year ended March 31, 2020 stood at Rs 12,904 crore compared to Rs 11,457 crore in the previous year, representing a growth of 13%. "We believe that when businesses and operations start to normalize post lockdown eases, HDFC would be a major beneficiary in the NBFC sector. As stated by the CEO himself, that the company is obsessed with growth and growth would come back once the normalcy returns to 80-90% with a decline in NPLs. It is also expected that Q1FY21 would see a slowdown - courtesy lockdown; Q2FY21 is expected to be much better than the previous quarter and by Q4FY21 things should be on the growth path. Hence, investors should hold on to this stock for the long term," Nirali Shah, Senior Research Analyst, Samco Securities, told BusinessToday.In. HDFC has a market capitalisation of Rs 2,59,547.33 crore. "HDFC bank is fundamentally strong stock and trading at an attractive valuation of 2.8 times P/ABV as compared to pre-Covid period of 4.5 times. Hence any positive development related to economy and banking industry can trigger sharp buying in the stock," Sundar Sanmukhani, Head of Fundamental Research Desk, Choice Broking, told BusinessToday.In. Meanwhile, benchmark equity indices - Sensex and Nifty - traded higher on Monday, backed by strong global cues, amid heavy buying in metal and banking scrips. Sensex was trading up 221 points at 30,894, while Nifty was 67 points higher at 9,106. HDFC FY20 results: Profit rises 30% to Rs 22,826 crore, revenue up 10% ITC share price rises over 4% on Sunrise Foods' acquisition Rupee vs Dollar: Rupee rises 30 paise to 75.65 amid weak US dollar, positive equity market Stocks in news: Torrent Pharma, Max Financial, IDFC First Bank, JSPL, JSW Steel, Avenue Supermarts and more Share Market LIVE: Sensex rises 350 points, Nifty at 9,125; JSW Steel, ITC, HDFC Bank top performers Summarise this report in a few sentences.
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shares of housing development finance corporation (HDFC) surge 3.4% to day's high at Rs 1,568. shares plunged to Rs 1,497.50, down 19.05 points, or 1.26% on the BSE at the time of reporting. HDFC reported a 30% rise in its consolidated net profit at Rs 22,826 crore for the financial year ended March 31, 2020.
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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK In the banking industry, a major risk exposure is changing interest rates. The primary objective of monitoring our interest rate sensitivity, or risk, is to provide management the tools necessary to manage the balance sheet to minimize adverse changes in net interest income as a result of changes in the direction and level of interest rates. Federal Reserve Board monetary control efforts, the effects of deregulation, economic uncertainty and legislative changes have been significant factors affecting the task of managing interest rate sensitivity positions in recent years. In an attempt to manage our exposure to changes in interest rates, management closely monitors our exposure to interest rate risk through our ALCO. Our ALCO meets regularly and reviews our interest rate risk position and makes recommendations to our board for adjusting this position. In addition, our board reviews our asset/liability position on a monthly basis. We primarily use two methods for measuring and analyzing interest rate risk: net income simulation analysis and MVPE modeling. We utilize the net income simulation model as the primary quantitative tool in measuring the amount of interest rate risk associated with changing market rates. This model quantifies the effects of various interest rate scenarios on projected net interest income and net income over the next 12 months. The model is used to measure the impact on net interest income relative to a base case scenario of rates immediately increasing 100 and 200 basis points or decreasing 100 and 200 basis points over the next 12 months. These simulations incorporate assumptions regarding balance sheet growth and mix, pricing and the repricing and maturity characteristics of the existing and projected balance sheet. The impact of interest rate-related risks such as prepayment, basis and option risk are also considered. Due to the low level of interest rates, many of the current interest rates cannot decline 100 or 200 basis points. The model has floors for each of those interest rates, and none are assumed to go negative. The following table reflects the noted increases and decreases in interest rates under the model simulations and the anticipated impact on net interest income relative to the base case over the next twelve months for the periods presented. As part of the overall assumptions, certain assets and liabilities are given reasonable floors. This type of simulation analysis requires numerous assumptions including but not limited to changes in balance sheet mix, prepayment rates on mortgage-related assets and fixed rate loans, cash flows and repricing of all financial instruments, changes in volumes and pricing, future shapes of the yield curve, relationship of market interest rates to each other (basis risk), credit spread and deposit sensitivity. Assumptions are based on management’s best estimates but may not accurately reflect actual results under certain changes in interest rates. The ALCO monitors various liquidity ratios to ensure a satisfactory liquidity position for us. Management continually evaluates the condition of the economy, the pattern of market interest rates and other economic data to determine the types of investments that should be made and at what maturities. Using this analysis, management from time to time assumes calculated interest sensitivity gap positions to maximize net interest income based upon anticipated movements in the general level of interest rates. Regulatory authorities also monitor our gap position along with other liquidity ratios. In addition, as described above, we utilize a simulation model to determine the impact of net interest income under several different interest rate scenarios. By utilizing this technology, we can determine changes that need to be made to the asset and liability mixes to mitigate the change in net interest income under these various interest rate scenarios. ITEM 8. Summarise this report in a few sentences.
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK is a disclosure about the banking industry's risk exposure to changing interest rates. The primary objective of monitoring this risk is to provide management with the tools necessary to manage the balance sheet and minimize adverse changes in net interest income. To manage this risk, the ALCO meets regularly and reviews the interest rate risk position, and two methods are used to measure and analyze interest rate risk: net income simulation analysis and MVPE modeling. The net income simulation model quantifies the effects of various interest rate scenarios on projected net interest income and net income over the next 12 months. The ALCO also monitors various liquidity ratios to ensure a satisfactory liquidity position.
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Mumbai: The rupee pared early gains to settle on a flat note at 75.59 (provisional) against the US dollar on Wednesday ahead of the US Federal Reserve's monetary policy decision, even as domestic equities were trading on a positive note. Forex traders said rupee traded in a range bound manner in the absence of any major trigger and market participants are eagerly awaiting Fed 's stance and their outlook on the US economy for further cues.The rupee opened at 75.49 against the US dollar, but pared the gains to settle at 75.59 against the US dollar, up 2 paise over its previous close.It had settled at 75.61 against the greenback on Tuesday.During the four-hour trading session, the domestic unit saw an intra-day high of 75.42 and a low of 75.60."The USD/INR spot has continued to remain range bound as there was no major catalyst to react to. Now the market's focus is on tonight Federal Open Market Committee stance and its outlook on the US economy," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.Gupta further added that "we don't expect a rate cut by Fed but it may provide a grim outlook and introduce more unconventional measures like yield curve control to keep the rates under control. In USD/INR spot 75 has been acting as a crucial support, a break of which is unlikely".Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.25 per cent to 96.08.The 30-share BSE benchmark Sensex was trading 243.76 points higher at 34,200.45 and broader NSE Nifty rose 62.40 points to 10,109.05.Foreign institutional investors were net buyers in the capital market as they bought shares worth Rs 490.81 crore on Tuesday, according provisional exchange data.Brent crude futures, the global oil benchmark, fell 1.65 per cent to USD 40.50 per barrel. Summarise this report in a few sentences.
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rupee closed at 75.49 against the US dollar, but pared the gains to settle at 75.59 against the US dollar. the rupee traded in a range bound manner in the absence of any major catalyst to react to. the dollar index fell 0.25 per cent to 96.08. the 30-share Sensex was trading 243.76 points higher at 34,200.45.
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Transcript Hi there! Welcome to ETMarkets Morning, the show about money, business and markets. I am Saloni Goel, and here is what we have to start your day. >> RBI asks banks to extend moratorium to NBFCs >> Select consumer-facing firms dole out pay hikes >>Credit risk funds bleed 25% of assets since Franklin fiasco AND >> Bajaj Auto rolls back April pay cuts And there is more. But first, a quick glance at the trade setup... >> Nifty futures on the Singapore Exchange traded 84 points higher at 7 am (IST) in signs that Dalal Street may continue its winning spree REMEMBER >> On Thursday, Nifty topped the 9,850 level and formed a strong bullish candle on the daily, weekly and well as monthly charts and breached key resistance points at 9,400 and 9,835, instilling confidence among traders. >> Options data indicated Nifty’s immediate trading range between 9,400 and 9,700 levels. India VIX eased 4.30% to 33.84 levels, providing more stability to the bulls. A rising Put-Call Ratio and falling volatility suggest a shift in the trading zone to higher levels. Elsewhere >> Elsewhere in Asia, stocks opened lower, indicating the risk-off move that’s hit markets at the start of this month may have further to run. Indices fell in Sydney and Seoul. Trading volumes may be light due to holidays in China and Japan. >> Wall Street stocks tumbled on Friday following disappointing earnings and worries over increased US-China tensions. Stock-index futures slid on Monday, extending Friday’s sell-off. S&P500 contracts were down 1.7% in Tokyo; Nasdaq100 futures fell 1.7% and Dow futures 1.4%. IN OIL MARKET >> Oil prices fell in early trade on Monday, paring last week’s gains, on worries the global oil glut. WTI crude futures fell as much as $1.46 a barrel to $18.27, while Brent futures slipped 90 cents, or 3.4%, to $25.54 IN THE CURRENCY MART >> The rupee surged 57 paise to 75.09 against the US dollar on Thursday, amid higher domestic equity markets and a weak American currency in the overseas market. The currency market as closed on Friday for an official holiday. >> The safe-haven US dollar rallied to one-week highs against the risk-sensitive Australian and New Zealand dollars. The Japanese yen was steady while the euro was a touch weaker. The pound also slipped. All in all, while Dalal Street looks headed for a positive start, but the undercurrent looks weak. Watch out for March quarter earnings from NIIT Tech, Persistent Systems and Varun Beverages among others. LET ME NOW GIVE YOU A HEADS-UP on some of the top news we are tracking at this hour. · Fear is growing on Dalal Street that investors may Sell in May and Go Away. Domestic equity investors have not exactly followed the popular Wall Street adage in last 15 years, but this time they might be inclined to consider it. After the 30% rebound in Sensex and Nifty from the lows in a month, market participants are worried that the market has bounced too fast amid a deterioration in the economic and earnings outlook. · Retail rush to equity continues. NSE internet trading volumes jumped 53% in April and the number of new demat accounts surged amid the lockdown. About 1.2 million new investors opened demat accounts with CDSL alone in March and April. NSDL has not disclosed its data since the end of February. · Another good news. Large consumer-facing companies including HUL, Nestle, Hindustan Coca-Cola Beverages, Samsung, Whirlpool and LG have given high single-digit increments and bonuses to staff for last 12 months in March-April amid job and pay cuts across many companies due to the Covid-19 pandemic and the nationwide lockdown. · RBI says moratorium applies to NBFCs too. Bankers are going back to their boards after the central bank conveyed to them that even the shadow lenders are covered under ‘borrowers’ to be eligible for moratorium. RBI has, however, told them that they could use their discretion on the eligibility of firms based on credit and liquidity profile. · Credit risk funds are bleeding through their nose. In one week since Franklin Templeton mutual fund’s shock decision to close down six of its debt funds on April 23, these high-risk schemes together saw a Rs 12,569 crore, or nearly 26%, slide in total assets under management to Rs 36,008 crore from Rs 48,576 crore. · India’s factories are heading for a slow start as the government partially eases lockdown from May 4. Carmakers are set to begin production this month with one-fourth output. Leading smartphone, electronics, apparel and shoe makers plan to restart at 15-20% capacity as they expect a big dent in consumer demand thanks to salary cuts and job losses amid the lockdown. LASTLY, AN UPDATE ON ALL THE STOCKS BUZZING THIS MORNING Bajaj Auto on Sunday said in an internal letter to its employees that it will not implement its proposed decision to observe a pay-cut across the organisation for April Several brokerages have cut target prices by 2-8% on HUL after the company reported a 3.4% drop in consolidated profit for March quarter compared with the year-ago levels Four state-owned oil companies — IndianOil, BPCL, HPCL and ONGC — together raised Rs 12,500 crore in the biggest single-day fund-raising since the lockdown began. RIL's rights issue offer price may have disappointed some sections of the market, but the issue is likely to sail through without any problems, analysts and brokers said. AND Tech Mahindra CEO says the IT services provider expects to benefit from various industries such as healthcare going digital in a post-pandemic world. That’s it for now. For all the market news through the day, do track ETMarkets.com. Have a great day ahead! 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nifty futures on the Singapore Exchange traded 84 points higher at 7 am (IST) on tuesday. india VIX eased 4.30% to 33.84 levels, providing more stability to the bulls. in the oil market, oil prices fell on worries the global oil glut. rupee surged 57 paise to 75.09 against the US dollar on tuesday.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Executive Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Our portfolio grew by almost 17.5% and Avadh by 16.5%. It is almost similar. Both the portfolio grew at nearly the same rate.There was a lot of pressure on palm oil, from the last one and a half months. It has increased by almost 35%. The Rs 62/kg oil is currently trading at around Rs 85. There would be some pressure on palm oil for this quarter but going forward, things should improve. Next year, there should definitely be a slowdown in palm oil prices. The current palm oil prices are high because of the international pressure on palm and the coronavirus effect.There was some availability issue last quarter which had basically slowed down growth a little bit. Otherwise, we could have done even better than 17%. But the palm oil prices affected our margin quite a bit.We have around 14 manufacturing facilities right now, out of which 9 are third party operations. We do not intend to increase third party operations right now. Around 20% production comes that way and the pace is expected to increase. It will improve further because we want to be closer to the market which can reduce our transportation and logistics cost.Very little capex. We have already done the capex. The capacities will probably be on by next month’s time. We will have 50% increased capacity available in Avadh for next year.No, I do not see any significant increase in that. Overall, the markets are not that good. The rural market is not behaving the way it should have done as we expect some good activities in the rural market from next year. So, things should improve but we are still focusing on lower margins, lower MRP products.The margins in sweet snacks are much better than the savoury snacks. Currently, we are rating around Rs 5 crore a month and we hope to increase it by 40% in this category for the next year.I am very not hopeful on the health side. People talk a lot about that but they do not eat healthy in India.A healthy double digit growth. Summarise this report in a few sentences.
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our portfolio grew by almost 17.5% and Avadh by 16.5%. there was a lot of pressure on palm oil, from the last one and a half months. it has increased by almost 35%. the current palm oil prices are high because of the international pressure on palm and the coronavirus effect. we have around 14 manufacturing facilities right now, out of which 9 are third party operations.
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ArcelorMittal, the world's largest steelmaker, reported third-quarter core profit above expectations on Thursday as the easing of COVID-19 lockdowns led to improved demand in all regions. The company, which makes around 5% of the world's steel, said core profit (EBITDA) fell 15% from a year earlier to $901 million, compared with an average expectation of $838 million in a company-compiled poll. CEO Lakshmi Mittal said in a statement that steel markets had recovered from a very challenging second quarter, with particular improvement in profits in Brazil and its unit grouping South Africa, Kazakhstan and Ukraine. The company said its mining business also fared better, with higher iron ore prices and increased production. It now expects iron ore shipments sold at market prices to be about the same as in 2019. It had previously forecast a 5% decline. ArcelorMittal said it had begun to restart some of its idled capacity, although demand remained below normal, with a second COVID-19 wave adding to uncertainty. The company added that the experience of the past six to seven months had it operating with a leaner cost structure and it aimed to detail more permanent cost savings when it reports full year results in February. It has already decided to close for good its blast furnace in Krakow, Poland. ArcelorMittal also hit its $7 billion net debt target at the end of the quarter, the lowest level since ArcelorMittal's creation in 2006 and a point at which the company can start returning cash to shareholders. The company is poised to sell its U.S. assets in a cash and shares deal with Cleveland-Cliffs Inc for $1.4 billion in a deal that has allowed it to launch a $500 million share buyback. Also read: Wonderla theme park in Bengaluru to finally reopen after March lockdown Summarise this report in a few sentences.
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the company says core profit fell 15% from a year earlier to $901 million. it says its mining business fared better with higher iron ore prices and increased production. the company also hit its $7 billion net debt target at the end of the quarter. the company is poised to sell its U.S. assets in a cash and shares deal with Cleveland-Cliffs.
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Buy: 21 Hold: 15 Sell: 14 With a 2% y-o-y fall in consolidated revenue growth, Marico reported a lacklustre third quarter of 2019-20. The consolidated revenue fall would have been higher had the 5% y-o-y fall in domestic revenues not been partially compensated by 8% revenue growth in the international markets. The reasonable 10% y-o-y growth in consolidated net profit was due to higher financial income (up by 31% y-o-y) and lower corporate tax rate (22.9% this year vs 26.4% last year).Marico is expected to face growth challenges in the coming quarters also, mostly due to weak rural demand and the resultant consumer down-trading. Downtrading refers to the consumer behaviour of shifting from premium brands to cheaper brands during harsh times. For example, Marico is doing badly on its value added hair oil segments now. While the parachute volume came down only by 2% y-o-y, value added hair oil volume fell by 7%. This is an industry wide problem and Dabur , its main competitor in the value added segment, is also facing growth challenges.However, analysts are getting bullish on this counter now because the stock market has already reacted negatively to the growth challenges faced by Marico during the last six months. Its share price fell by 24% in the last six months compared to 4% gain in the ET FMCG Index. Due to this significant underperformance and the resultant fall in valuation, both in absolute terms and compared to other players in the industry, its growth challenges are fully priced in now.Marico is also proactively reacting to market situations. For example, Marico is slowly passing on the benefit of copra price fall to the consumers and thereby, reducing its price premium compared to unorganised players. Though this may result in margin moderation, this should help Marico shore up its coconut oil volumes. After a big fall, copra prices have started stabilising now and this should moderate the competition from unorganised players. Saffola’s sales volume benefitted due to sudden spurt in edible oil prices and resultant price increase by competitors. To protect its margin, Marico is also expected to pass on the cost inflation in the coming months.Marico’s international business, which contributes 22% to revenues, did well in the third quarter because of its good performance in Bangladesh. International business is also expected to do well in the coming quarters, due to strong macro environment in key markets like Vietnam and Bangladesh.We pick up the stock that has shown maximum increase in “consensus analyst rating” during the last one month. Consensus rating is arrived at by averaging all analyst recommendations after attributing weights to each of them (ie 5 for strong buy, 4 for buy, 3 for hold, 2 for sell and 1 for strong sell) and any improvement in consensus analyst rating indicates that the analysts are getting more bullish on the stock. To make sure that we pick only companies with decent analyst coverage, this search will be restricted to stocks with at least 10 analysts covering it. Summarise this report in a few sentences.
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marico reported a lacklustre third quarter of 2019-20. consolidated revenue fell 2% y-o-y but value added hair oil volume fell 7%. analysts are getting bullish on the counter now. the stock market has already reacted negatively to the growth challenges faced by Marico during the last six months. despite this, the company is expected to pass on the benefit of copra price fall to consumers.
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OPEC logo seen at it's headquarters in Vienna, Austria (REUTERS/Leonhard Foeger) OPEC and its Russia-led allies agreed on December 7 to slash oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude. The producer club will curb output by 0.8 million barrels per day from January while non-OPEC allies contribute an additional 0.4 million bpd of cuts, Iraqi Oil Minister Thamer Ghadhban said after OPEC concluded two days of talks in Vienna. Oil prices jumped about 5 percent to more than $63 a barrel by 1500 GMT as the combined cut of 1.2 million bpd was larger than the minimum 1 million bpd that the market had expected. Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, has faced demands from Trump to help the global economy by refraining from cutting supplies. An output reduction also would provide support to Iran by increasing the price of oil amid attempts by Washington to squeeze the economy of OPEC's third-largest producer. "We will never address geopolitical issues at OPEC," United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui told a news conference. Russian Energy Minister Alexander Novak praised the ability of his Saudi counterpart Khalid al-Falih "to find a solution in the most difficult situation", indicating Russia was on board. The OPEC deal had hung in the balance for two days - first on fears that Russia would cut too little, and later on concerns that Iran, whose crude exports have been depleted by US sanctions, would receive no exemption and block the agreement. But after hours of talks, Iran gave OPEC the green light and Russia indicated it was ready to cut more. A meeting of OPEC and non-OPEC producers quickly approved the deal, according to two OPEC sources. The cut will last for six months from January, Ghadhban said, and take October as the baseline. OPEC and Russian output was lower in October than in November. However, OPEC might not disclose individual output quotas, sources said. "The OPEC+ cut is fuzzy on details and will likely result in less reduction than the headline figure of 1.2 million bpd," said Bob McNally, president of US-based Rapidan Energy Group. "President Trump will not be happy to see today's headlines, but how strongly he reacts depends mainly on whether crude prices rise strongly as a result in coming days and weeks." Washington added fuel to the fire when US special representative for Iran Brian Hook met Falih in Vienna this week, in an unprecedented development ahead of an OPEC meeting. Saudi Arabia first denied the Hook-Falih discussion took place but later confirmed it. "US political pressure is clearly a dominant factor at this OPEC meeting, limiting the scope of Saudi actions to rebalance the market," said Gary Ross, chief executive of Black Gold Investors and a veteran OPEC watcher. The price of crude has fallen almost a third since October as Saudi Arabia, Russia and the United Arab Emirates raised output to offset lower exports from Iran. [O/R] The price decline prompted OPEC and Russia to start discussing an output cut, but Russia long resisted any deep reduction. Novak met Russian President Vladimir Putin in St Petersburg on December 6 and returned to the Austrian capital on December 7. A Russian Energy Ministry source said Moscow was ready to contribute a cut of around 200,000 bpd - more than the initially suggested figure of 150,000 bpd. An OPEC source later said Russia had agreed to cut by 230,000 bpd. Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry. On December 7, US government figures showed the country had become a net exporter of crude oil and refined products for the first time on record, underscoring how the surge in production has altered the supply equation in world markets. Summarise this report in a few sentences.
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OPEC and its Russia-led allies agree to slash oil production by more than market had expected. producer club will curb output by 0.8 million barrels per day from January. cuts would provide support to Iran by increasing the price of oil. OPEC and non-OPEC producers quickly approved the deal, sources say. a meeting of OPEC and non-OPEC producers quickly approved the deal.
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India’s preparedness for the roll-out of 5G technology dominated the theme of India Mobile Congress on Tuesday, with Prime Minister Narendra Modi setting the ball rolling by saying that timely roll-out should be ensured “to leapfrog into the future and empower millions of Indians”. On their part, the top two telecom stalwarts, Mukesh Ambani and Sunil Bharti Mittal, put forward the architecture of the technology and how their respective companies — Reliance Jio and Bharti Airtel — are prepared to take it to the masses. Ambani hinted that his company would roll out the 5G services in the second half of 2021 but added that policy steps are needed to ensure that the services are affordable and available everywhere. Speaking on the occasion, Mittal said 5G would start to become the norm in the mobile broadband space in the next two-three years and the country was poised to derive full benefit of global investments on 5G standards and ecosystems as equipment prices come down and devices become available. For the record, while talks around 5G technologies have started both in the government and among industry players, there’s no plan to hold auctions for the spectrum required for these services, at least in the first half of 2021. Also the ecosystem for this technology is still at a nascent stage and lot more needs to be put in place before it takes off. It seems keeping such aspects in mind, Ambani called for developing hardware manufacturing in the country, stating the nation cannot rely on imports in such a critical area. “I assure you that Jio will pioneer the 5G Revolution in India in the second half of 2021,” he said adding that Jio’s 5G will be powered by the indigenously developed network, hardware and technology components. Ambani also called for policy steps to ensure that a large number of users of 2G phone are also able to upgrade to smartphones to make the most of technology. “As many as 300 million mobile subscribers in India are still trapped in the 2G era. Urgent policy steps are needed to ensure that these underprivileged people have an affordable smartphone so that they too can benefit from direct benefit transfer into their bank accounts, and actively participate in the digital economy,” he said. On his part, Mittal termed space as the “next frontier of communications”, and said India’s proactive lead in the space industry and Indian Space Research Organisation (ISRO) and department of space’s call to private sector, would ensure that advantages move in the country’s favour in space communication industry, as well. Mittal said the onset of pandemic has accelerated digital adoption of various products and services. The force multiplier of pandemic has pushed digitalisation of the country, he added. According to him, the next-generation 5G would start to become the norm in the mobile broadband space in next two-three years. “As world settles down on 5G space, pricing of the equipment comes down and importantly the devices start getting available in plentiful, I think India in two-three years’ time will be ready to receive the benefit of the investments that the globe would have made on 5G standard and 5G ecosystems,” Mittal said. In his address, communications minister Ravi Shankar Prasad asked manufacturers to tap and explore the enabling atmosphere available in India. He said the production linked incentive scheme in mobile manufacturing has not just attracted global investment but also led to creation of millions of jobs directly or indirectly. He urged manufacturers to come to India to manufacture and export. Summarise this report in a few sentences.
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prime minister says timely roll-out should be ensured "to leapfrog into the future and empower millions of Indians" top two telecom stalwarts, Mukesh Ambani and Sunil Bharti Mittal, put forward the architecture of the technology. they said policy steps are needed to ensure that the services are affordable and available everywhere. he said 5G would start to become the norm in the mobile broadband space in the next two-three years.
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ITEM 1A. RISK FACTORS We are a smaller reporting company and are not required to provide information required by this item. However, the Company notes that we are unable to predict the extent to which the global COVID-19 pandemic may adversely impact our business operations, financial performance and results of operations. The COVID-19 pandemic has spread across the globe and is significantly impacting worldwide economic activity and increasing economic uncertainty. Many of our customers are currently or may become impacted by recommendations and/or mandates from federal, state, and local authorities to stay home ("shelter in place" or "safer at home"). These events have caused a significant increase in unemployment, are expected to result in decreased consumer spending and could cause economic deterioration. In addition, the COVID-19 pandemic and corresponding shelter in place orders have adversely affected our business in a number of ways, including a decreased demand for our products. This crisis has left some of our customers unable to make payments and has resulted in increased delinquencies and may cause other unpredictable and adverse events. If the pandemic continues, or if shelter in place orders are lifted and then another outbreak occurs, there may be continued or heightened impact on demand for our coffee and on our customers’ ability to make payments. The majority of our retail customer’s businesses remain open subject to local social distancing orders. If one or more of our customer’s businesses becomes unavailable, our ability to attract new customers, conduct business and collect payments from customers may be adversely affected, which could result in increased delinquencies and losses. In addition, changes in consumer behavior and health concerns may continue to impact demand for our coffees. We are taking precautions to protect the safety and well-being of our employees and customers. However, no assurance can be given that the steps being taken will be deemed to be adequate or appropriate, nor can we predict the level of disruption which will occur to our employee’s ability to provide customer support and service. Some of our employees are subject to shelter-in-place requirements which have resulted in certain team members working remotely. Our roastery in Fort Bragg California remains fully operational subject to social distancing orders. While we have been successful thus far in complying with these orders and keeping the roastery operational, our ability to continue to roast coffee and service our customers is highly dependent on the ability of our team to continue to work, either in the corporate headquarters or remotely. If a significant percentage of our workforce is unable to work effectively as a result of the COVID-19 pandemic, including because of illness, quarantines, ineffective remote work arrangements or technology, utility or other failures or limitations, our operations may be adversely impacted. In addition, the increase in remote working may also result in consumer or employee privacy, as well as increase our exposure to potential IT security and fraud concerns. Additionally, if any of our critical vendors are adversely impacted by COVID-19 and unable to deliver services to us, our operations may be adversely impacted. The duration and scope of the pandemic, and our ability to make necessary adjustments from it, is highly uncertain. We continue to monitor the effect that the COVID-19 pandemic may have, and while it is not possible at this time to estimate the impact that COVID-19 could have on our business, the continued spread of COVID-19, and the measures taken by the governments of countries affected, may have an adverse effect on our business and financial condition. ITEM 1B. Summarise this report in a few sentences.
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RISK FACTORS
The Company notes that the global COVID-19 pandemic has had a significant impact on worldwide economic activity and has caused a decrease in consumer spending. This has resulted in decreased demand for the Company's products, increased delinquencies, and potential disruption to the Company's ability to provide customer support and service. The Company is taking precautions to protect the safety and well-being of its employees and customers, but there is no assurance that these steps will be deemed adequate or appropriate. The Company is also subject to potential IT security and fraud concerns due to an increase in remote working, and disruption to its operations if any of its critical vendors are adversely impacted by COVID-19. The duration and scope of the pandemic
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The arrest of Meng Wanzhou, a top executive at China's Huawei Technologies Co Ltd and daughter of the founder and CEO, jolted the global business community on Thursday and raised fears that a truce in the U.S.-China trade war could come to a swift end.Meng's arrest came at the behest of U.S. authorities and is connected to an investigation into alleged violations of U.S. trade sanctions, a person familiar with the matter told Reuters. China's foreign ministry said neither the United States nor Canada have explained reasons for the arrest.Huawei is the world's largest supplier of telecommunications network equipment and second-biggest maker of smartphones, with revenue of about $92 billion last year. Unlike other big Chinese technology firms, it does much of its business overseas and is a market leader in many countries across Europe, Asia and Africa.The company was founded in 1987 by former military officer Ren Zhengfei. It remains privately held and describes itself as employee-owned, though its ownership structure is unknown. It is based in the southern Chinese tech hub of Shenzhen and employs about 180,000 people.Huawei was a pioneering supplier of telecom gear at a time when China was spending heavily to upgrade its networks, importing much of its equipment. Huawei began competing internationally in the 1990s and was known for drastically undercutting rivals on price.Competitors branded Huawei a cut-rate vendor of copycat equipment, and companies including Cisco Systems and Motorola filed lawsuits over alleged trade secret theft.But Huawei spent heavily on research and development and is now regarded as a global leader in key telecom network technologies and high-end smartphones. In contrast, its major Western rivals, Nokia and Ericsson, have struggled financially in recent years.Huawei today continues to expand into new areas including chip development, artificial intelligence and cloud computing.U.S. intelligence agencies allege that Huawei is linked to China's government and that its equipment could contain "backdoors" for use by government spies. No evidence has been produced publicly and the firm has repeatedly denied the claims.But suspicions persist. Concern now centres on the deployment of fifth-generation (5G) mobile networks, where Huawei is at the cutting edge. A new law in China requiring any domestic firm to assist the government when asked has also stoked concern.The U.S. government has taken a series of steps to block the firm from U.S. markets, including banning government purchases of Huawei gear and denying government help to any carrier that uses Huawei equipment. Top carriers Verizon Communications and AT&T pulled out of deals to distribute Huawei smartphones earlier this year.Most countries, even close U.S. allies such as Canada, Britain and Germany, have not made any moves against Huawei, arguing they have sufficient procedures to test equipment for security. But Australia and New Zealand recently banned Huawei from building 5G networks, and there are indications that other countries including Germany are revisiting the issue.U.S. authorities have not disclosed circumstances surrounding Meng's arrest, but a person familiar with the matter told Reuters the arrest relates to violations of U.S. trade sanctions. Reuters published an investigation almost six years ago about her and Huawei's ties to a company call Skycom that tried to sell Hewlett-Packard computer equipment to an Iranian mobile-phone operator, in contravention of those sanctions. (https://reut.rs/2SzlxPV)Huawei's smaller rival ZTE Corp pleaded guilty last year to conspiring to evade embargoes by selling U.S. equipment to Iran. Earlier this year, the U.S. Commerce Department said ZTE violated the settlement and barred it from buying any U.S. components - a move that all but halted many ZTE operations.A new settlement was reached and the ban lifted at the behest of U.S. President Donald Trump , a perceived concession to Chinese President Xi Jinping that surprised and angered others in the U.S. government.The sanctions investigations long preceded the trade war. But the timing of the arrest tangles the issues as it came just as Presidents Trump and Xi reached a temporary trade war truce. Financial markets turned negative on news of the arrest on fears it could scupper the truce. However, there is no evidence of it being a deliberate provocation by the U.S. rather than just an awkward coincidence.A ban on U.S. component purchases, such as the one temporarily imposed on ZTE, would be devastating, but there is no immediate reason to suggest that will happen. If the case prompts major European countries in particular to turn against the firm, that would have a long-term impact on its growth and influence.Still, Huawei's status as a kingpin of China's high-tech industry, at a time when the country is racing to catch up with the U.S. in difficult areas such as chip development, means it will almost certainly remain a powerful force for years to come. Summarise this report in a few sentences.
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meng wanzhou is daughter of the founder and CEO of china's Huawei. the arrest is connected to an investigation into alleged violations of trade sanctions. the arrest raises fears that a truce in the trade war could come to a swift end. a new law in china requires 5G mobile networks to be installed. a new law in china requires 5G networks to be installed.
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Representative Image (Reuters) Veenu Singh Set against the current reality of cratered oil demand and over-supply, Indian strategic petroleum reserves venture and unused storage capacity will help build up inventories for consumption-led growth in post-COVID-19 times. The recent collapse of the global oil market, the steepest in recent history, has engulfed the oil and gas industry in a double whammy. The major oil-producing nations are locked in battle for market share that has led to a price war in the midst of the novel coronavirus outbreak. The consequent fall in global oil demand is predicted to be bigger than any since oil became a global commodity. This, at a time when the global economy will likely face the worst recession since World War II. Oil markets went into tailspin in early March as OPEC and Russia disagreed on production cuts. The result has been that more oil has flooded into an already over-supplied market, resulting from a drop in demand. The negative demand shock almost emerged overnight in the early first-half of Q1 2020, driven by the freezing of the Chinese economy. This was the sharpest decline in quarterly demand since the global financial crisis. The second quarter of 2020 is likely to witness a further unprecedented decline in global oil demand growth, aided by mass lockdown and halt of transportation and economic activity. As COVID-19 continues to weigh in on global oil demand, price of WTI crude for May futures fell to an unprecedented low of minus $37.63 a barrel suggesting that sellers were paying buyers to take oil deliveries in a bid to avoid storage cost. Most short-term analysis for world oil demand predict that it will pick up gradually and return to pre-COVID growth levels only by early next year. 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 severe decline in oil demand has led to an enormous supply surplus, for the first half of 2020, which is pegged at 1.8 billion barrels — the highest ever in history. The key question for the market is regarding the storage of this production surplus. To add insult to injury, unused global crude oil storage capacity is estimated to be 1.6 billion barrels, which is less than the production surplus. Therefore, it is likely that production will decrease in the coming quarters or perhaps be forced shut. It is safe to infer that as long as oil demand is falling, availability of storage will be premium. It will be storage infrastructure rather than break-even prices that will determine geographies where production could be shut. A shut-in in oil production is already happening in the North Sea along with contraction in East Asia and no new investments in the United States. Storage is pivotal but often ignored segment of oil market analysis. The current slump in global crude price is an opportunity for India’s ambitious Indian Strategic Petroleum Reserves (ISPR) programme. India, a net importer and third-largest buyer of crude oil, may leverage the depressed prices to fill in its strategic crude oil reserves. India has an existing storage capacity of 5.3 million tonnes at Visakhapatnam, Mangaluru and Padur, which is operational and can support 9.5 days of net imports of crude oil. In addition, the government has approved the construction of 6.5 million tonnes of strategic crude oil reserves at Chandikhol and Padur, equivalent to 12 days of net crude imports. This project under ISPR Phase II has, however, undergone long delays. The International Energy Agency (IEA) members are required to maintain emergency oil reserves equivalent to at least 90 days of net imports. The ISPR facilities, once operational, along with inventories with Indian refiners will support oil reserves equivalent to 87 days of net imports. Considering that Indian basket stood at $19.79/barrel on April 1, down 70 percent from its high at the beginning of January, this may be the opportune time to buy from the spot market and fill up the strategic rock caverns. This is also an apt time to explore further investments in storage capabilities including the tanker industry. Lower crude prices are a boon to Indian State-owned refiners, such as the HPCL and the BPCL, as lower procurement costs boost their refining margins. Also, cost that refineries incur due to the fuel consumed to run their operations and the cost of fuel lost in the system while processing crude oil into petroleum products is set to go down. Considering India’s import dependency for crude oil has consistently risen over the past five years to 86 percent in 2019-20, cheap crude in times of pandemic may prove to be a blessing in disguise. India needs to leverage this by filling up unused oil storages and building up inventory. High growth in India’s crude oil consumption has enhanced its influence on the global energy trade. This is further set to enable the government to engage in oil diplomacy, get favourable deals for supplies of crude oil and for acquisitions. Veenu Singh is Young Professional, NITI Aayog. Views are personal. Summarise this report in a few sentences.
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the recent collapse of the global oil market has engulfed the oil and gas industry in a double whammy. fall in global oil demand is predicted to be bigger than any since oil became a global commodity. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection.
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Pakistan plans to raise as much as $1 billion from its diaspora in its latest effort to boost foreign-exchange reserves that have dropped close to the lowest in three years. The government plans to launch an overseas certificate in U.S. dollars and rupees by June to raise between $500 million and $1 billion a year, Zafar Masud, director general of National Savings at the finance ministry, said by phone on Monday. Pakistan seeks bids for financial managers by April 30 for the transaction, he said. “We were among the only few countries which didn’t have this product for expats,” said Masud. The sale will offer returns “better than what they’re getting in their home markets.” Pakistan’s economy is facing headwinds before elections in July with foreign exchange reserves dropping at the fastest pace in Asia in the past year. The government also announced an amnesty offer this month that allows overseas Pakistanis to repatriate funds after paying a 2 percent cash tax. Islamabad decided not to issue international bonds after global rates spiked. Summarise this report in a few sentences.
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the sale will offer returns "better than what they're getting in their home markets" the sale will launch an overseas certificate in U.s. dollars and rupees by June. the government also announced an amnesty offer this month. Islamabad decided not to issue international bonds after global rates spiked. a spokesman for the government said the sale will be made by april 30.
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The Federal Reserve, which has pumped trillions in emergency funding into U.S. financial markets to stem the damage from the coronavirus pandemic, is expected on Wednesday to reiterate its promise to do whatever it takes to support the world's largest economy. The US central bank may also signal how long, and by what benchmark, it plans to leave interest rates near zero after the recovery begins from what many economists forecast will be the sharpest downturn in recorded U.S. history this quarter. What no one is expecting from policymakers at this meeting is a detailed forecast for the economy, given the uncertainty around the impact of the virus before a treatment or a vaccine can be found. "We are not expecting any discussion of the outlook, as it remains unknowable," said Michael Feroli, an economist at JPMorgan. An increasing number of U.S. states are reopening their economies or at least setting out plans for easing stay-at-home restrictions, leading to fears there could be a resurgence of infections over the coming months and a headache for the Fed as it seeks to estimate the swiftness of the economic recovery. 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 Fed's rate-setting committee, which is meeting by videoconference, is scheduled to issue its policy statement at 2 p.m. EDT (1800 GMT). Fed Chair Jerome Powell is due to hold a separate videoconference with journalists half an hour later. The statement is likely to reflect a sharp downgrade in the Fed's assessment of the job market, household spending, energy markets and the outlook for inflation since its last meeting in March, before most U.S. states had done much to curtail economic activity and put the brakes on the exploding outbreak. It may also offer clues as to how long the central bank expects to keep supporting the economy. "We expect the committee to lay down specific inflation and unemployment thresholds that would need to be met before the committee would consider raising the target range for the federal funds rate," economists at Barclays wrote in a note to clients. The Fed did exactly that for about a year starting in December 2012, in the aftermath of the last recession, an approach that research has since suggested helped keep financial conditions loose and hastened a faster recovery. Last month, the Fed said only that it will keep rates near zero "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals." It slashed rates to near-zero in March and rolled out a mix of new and refurbished crisis programs aimed at shoring up credit markets and backstopping companies and local governments reeling from forced shutdowns and sharp drops in revenue. FURTHER OPTIONS, TECHNICAL CHANGES While not expected to launch any new programs, Powell will likely be asked about options for further action, given his comments last month that the Fed "is not going to run out of ammunition." Those possibilities include further bond-buying coupled with targeting specific longer-term borrowing costs like 10-year bond yields. Several Fed officials have also signaled an openness to helping other segments of the economy, including non-profit organizations and mortgage servicers, that have been largely left out of current programs. Earlier this week, the Fed broadened its previously announced support for local governments. The depth of the economic slowdown is starting to become clear, with more than 26 million people filing new claims for unemployment benefits since March 21. But the Fed and other analysts are still trying to get a handle on the likely shape of the recovery. Most U.S. states still have stay-at-home measures, though a handful are beginning to reopen even as cases of COVID-19, the respiratory illness that has killed more than 57,000 people in the United States, continue to grow. Many health experts have also begun to predict a seasonal resurgence of COVID-19 in the fall, whatever containment measures are put in place, raising the possibility that stay-at-home restrictions may need to be reintroduced, and with them, a new downturn in economic growth. In its policy statement, the Fed may also roll out a technical change to how it sets rates, increasing slightly the interest it pays on the excess reserves that banks hold at the central bank. Some analysts speculated it will do so at this week's meeting in order to keep the effective federal funds rate - the Fed's benchmark overnight lending rate - within target, but others think an adjustment now would be premature. Raising the rate paid on reserves can encourage banks to demand higher rates when they lend money in the federal funds market. Also read: Banks borrow only Rs 2,000 crore from RBI's Rs 50,000 crore liquidity facility for MFs on Day 1: Report Summarise this report in a few sentences.
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the federal reserve is expected to reiterate its promise to do whatever it takes to support the economy. the central bank may also signal how long, and by what benchmark, it plans to leave interest rates near zero. an increasing number of states are reopening their economies or at least setting out plans for easing stay-at-home restrictions. a vaccine works by mimicking a natural infection, helping quickly build herd immunity.
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NEW DELHI: The government is planning to list Bharat-22 ETF on an overseas stock exchange to unlock its value and raise foreign capital. The government has already raised Rs 22,900 crore through two tranches of Bharat-22 Exchange Traded Fund (ETF) in the domestic markets."There have been some initial discussions on whether Bharat-22 ETF can tap the overseas markets," an official told .After the government decides on an overseas listing, the investment bankers would assess investor demand and a final call would then be taken on which stock exchange the ETF is to be listed, the official said.Launched in 2017-18 fiscal, the Bharat 22 ETF, consist of 16 central public sector enterprises (CPSEs), three PSU banks and three private sector companies - ITC, L&T and Axis Bank - where Specified Undertaking of Unit Trust of India (SUUTI) holds stake."Bharat-22 ETF basket is diversified and there should be investor demand in overseas market," the official added.The state-owned companies or PSUs that are part of the new Bharat ETF-22 include ONGC, IOC, SBI, BPCL, Coal India and Nalco.The other central public sector enterprises on the list are Bharat Electronics, Engineers India, NBCC, NTPC, NHPC, SJVNL, GAIL, PGCIL and NLC India. Only three public sector banks -- SBI, Indian Bank and Bank of Baroda -- figure in the Bharat-22 index.The official said the ETF route is a safer mode of disinvestment as it shields investors against stock market volatility.Currently, Indian companies can list abroad through American Depository Receipts or Global Depository Receipts.Through the first tranche of Bharat-22 ETF the government had raised Rs 14,500 crore in November 2017. While, through the second tranche in June 2018, it mopped up Rs 8,400 crore.In the current fiscal, the government has set a target of Rs 80,000 crore to be raised through PSU disinvestment, as against Rs 1.03 lakh crore raised in 2017-18 fiscal. Summarise this report in a few sentences.
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government has already raised Rs 22,900 crore through two tranches of Bharat-22 ETF. investment bankers will assess investor demand and decide which stock exchange to list. state-owned companies or PSUs that are part of the new Bharat ETF-22 include ONGC, IOC, SBI, BPCL, Coal India and Nalco.
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The World Bank has approved its first funds to help some of the globe's poorer countries combat the coronavirus outbreak. It approved total aid of USD 1.9 billion for 25 countries on Thursday. The largest amount of assistance was USD 1 billion for India followed by USD 200 million for Pakistan, USD 129 million for Sri Lanka, USD 100 million for Afghanistan and USD 83 million for Ethiopia. World Bank President David Malpass predicted the bank could provide up to USD 160 billion in assistance over the next 15 months. World Bank officials said the emergency resources would include money to purchase critical medical supplies such as masks and ventilators, with the World Bank lending its procurement expertise to help obtain these supplies on global markets. The approval of the first round of support for 25 countries will be followed quickly with aid to another 40 countries, officials said. In addition to the support effort, Malpass said he and Kristalina Georgieva, managing director of the International Monetary Fund, are lobbying the Group of 20 major industrial countries to support instituting a 14-month pause in requiring the poorest countries to make debt repayments. Malpass said that would free up about USD 14 billion over the next year that the countries would be able to use to fight the coronavirus. He said the proposal was discussed at last week's conference call with President Donald Trump and other G-20 leaders. Malpass said he hoped it would receive approval when the World Bank's policy panel, the Development Committee, holds a virtual meeting on April 17. Also read: World Bank grants $1 billion to help India fight coronavirus Also read: Coronavirus in India Live Updates: PM Modi to address the nation at 9 am on COVID-19 crisis Summarise this report in a few sentences.
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the world bank has approved its first aid to help poorer countries combat the coronavirus outbreak. the largest amount of aid was USD 1 billion for India, followed by USD 200 million for Pakistan. the bank predicted the bank could provide up to USD 160 billion in assistance over the next 15 months. the approval of the first round of support for 25 countries will be followed quickly with aid to another 40 countries.
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Hospitality firm Lemon Tree Hotels is looking to have around 12,000 rooms in its inventory by the end of 2021 as part of its capacity addition plans, mainly in India , a top company official said. The mid-market hotels company has 53 hotels in 32 cites across its three brands -- Lemon Tree Premier, Lemon Tree Hotels and Red Fox Hotels, as on January 31 this year."We are pretty sure that by 2021-end, we will have 12,000 rooms mainly in India. We currently have around 5,500 rooms and we are building another around 3,500 rooms which are mostly our own," Lemon Tree Hotels Chairman and Managing Director Patanjali Keswani told .Besides India, the other markets that the company is looking at include Thimphu ( Bhutan ), Dubai and Kathmandu ( Nepal ).The company is opportunistically looking at acquiring more inventory, say another 3,000 rooms, mostly under the management and leased model during this period, he added."The 12,000 rooms would be about 20 per cent of India's mid-market hotels. When we achieve this at that point, we will have some degree of market power," Keswani said.Tailwinds in India are also strong for the company as demand is picking up and supply is drying up, he added."So, we will have advantage of three things -- market power, tailwinds and brand visibility that will come into pricing," Keswani said.Given the increasing occupancy levels across the country and favourable demand-supply mismatch in the mid-priced hotel sector, the company expects better price hikes going forward, he added.On funding, Keswani said: "We are currently funded for 9,000 rooms. For the additional 3,000 rooms depending on the capital requirement, we will find ways to raise capital in the least risky fashion. We will be prudential."Lemon Tree Hotels opened its first hotel with 49 rooms in May 2004 and operates in the mid-priced hotel sector, consisting of the upper mid-scale, mid-scale and economy hotel segments. Summarise this report in a few sentences.
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lemon tree hotels is looking to have around 12,000 rooms in its inventory by 2021. the mid-market hotels company has 53 hotels in 32 cites across its three brands. the company is opportunistically looking at acquiring more inventory, say another 3,000 rooms. the company expects better price hikes going forward. a favourable demand-supply mismatch in the mid-priced hotel sector will help the company.
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Ramco Systems share price hit upper circuit of 20% in trade today after Mumbai-based investor and trader Vijay Kedia bought 1.1 percent equity stake in the software and services company. Kedia purchased 3,39,843 equity shares of the company at Rs 87.82 per share, according to bulk deals data available on the National Stock Exchange. Share price of Ramco Systems opened with a gain of 13.6% at Rs 104.40 against previous close of Rs 91.90 on BSE. The stock hit upper circuit of 19.97% at Rs 110.25. Ramco Systems stock has gained 43.93% in two days. Theere were only buyers , no sellers for the stock in early trade. Share Market LIVE: Sensex drops 130 points, Nifty at 10,050; Sun Pharma, GAIL, Tata Motors top losers The microcap share trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. The stock has lost 35% since the beginning of this year and fallen 52.05% during last one year. In one month, Ramco Systems stock has gained 47%. Meanwhile, equity market indices Sensex and Nifty opened marginally lower on Thursday, and later fell almost 1% each by the afternoon session, tracking weak global cues. Markets overseas were trading lower today, after the US Federal Reserve after its two-day meet flagged the need to keep the key interest rate near zero through at least 2022. Fed officials also estimated the US economy to shrink by 6.5% in 2020 and the unemployment rate to be at 9.3% at year's end. Stocks in news: Bharti Airtel, Vodafone Idea, Mahanagar Gas, Dr Reddy, HSIL, Voltas, Jindal Stainless and more By Aseem Thapliyal Summarise this report in a few sentences.
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a trader bought 1.1 percent equity stake in the software and services company. the stock has gained 43.93% in two days. equity market indices Sensex and Nifty opened marginally lower on Thursday. the us federal reserve flagged the need to keep the key interest rate near zero through at least 2022. the economy is expected to shrink by 6.5% in 2020 and the unemployment rate to be at 9.3% at year's end.
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Investors should rebalance their asset allocation. Wherever the equity component has gone down due to the fall in the market, investors should increase their equity exposure while maintaining a balanced allocation, and there can be a slight tilt to largecaps at this time, Sameer Kaul, MD & CEO, Trustplutus, said in an interview with Moneycontrol’s Kshitij Anand. edited excerpts: Q) What is your take on the market action amid heavy selling by FIIs? What is causing the panic on D-Street? A) Broadly speaking selling had come from three sources - FIIs, margin unwinding by brokers and heavy short selling by hedge funds and traders. We are seeing that the selling pressure by FIIs is abating and margin unwinding by brokers has also reduced substantially. 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 Therefore, we do not expect such sharp movements on a regular basis going forward. However, the market structure is weak, with share prices falling on modest volumes. Buying activity by the DII and HNI segment which was till now absorbing FII sale volumes has also moderated. Q) After registering a series on series fall of more than 25 percent in March, what do you expect from April series? Any stocks which investors should watch/avoid? Also, have we made a bottom around 7,511? A) Well, past trends indicate that markets usually retrace some of their losses in the immediate next month following an abnormal fall (like in October/ November 2008). That does give us hope for a positive April series. However the lockdown will continue till April 15, and the situation is far from normal. At this point, investors should stick to largecap stocks which are most liquid, since there is a real risk that many mid and smallcap companies could become illiquid in the coming months. Liquidity at the bottom of the markets is always at a premium. Currently, the bottom is placed at around 7,500 on the Nifty. At 7,500 selling abated and there was some buying witnessed across the board. However, markets have the tendency to retest the previous lows which investors should be careful about. Q) What is your take on the government and RBI package? A) The packages announced by the RBI and the government are welcome and much appreciated by the markets. The government has taken steps to protect those at risk and most impacted. The RBI has done more than what was expected. The government measures may have to be supplemented if the lockdown does not end by the deadline announced or if contagion spreads. The RBI may also have to take further action specifically on the liquidity front. Given that growth rates and inflation are likely to collapse, further interest rate cuts are also possible. The most important policy actions have to happen after the lockdown ends led by massive government spending and a higher fiscal deficit. Q) What is the checklist which investors should follow in a bearish scenario? A) The saying goes “Prepare and not Predict”. One of the best ways to behave rationally in a challenging time is to pre-commit to your strategy. We as human beings are bad emotional time travellers, hence, it is always better to have a process-driven decision-making approach that includes a well-articulated Investment Policy Statement. Once an investor adopts this process his or her approach should be the same in a bullish scenario or a bearish scenario. Hence, while the checklist should be a logical output of an individual’s Investment Policy Statement, here are some general pointers to a checklist : a) Investors should be conscious of facts that one should avoid. b) Investors should not respond to prices & news flow and take a short term decision. c) Investors should accept the fact that a lot of things we do not know and one should not invest in something that one does not understand. d) Investors should not change their Investment framework mid-way. Relevant Question to Ask: a) Does your current portfolio represent changed facts and reality and is there a course correction required? b) Apart from asset allocation, the selection of investment should be scrutinized to reflect a new paradigm. c) Do you understand both qualitative and quantitative risks on the investment opportunity? d) Does the investment opportunity provide liquidity at a short notice? e) What is your time preference for the said investment? Always remember two things: “This too shall pass “ and “Best of the opportunities come in times of crisis, so stay vigilant” Q) Should investors rejig their asset allocation in these troubled times? If yes, what do you recommend? A) The essence of asset allocation is re-balancing. We would suggest the following thing(s) a) Plan rebalancing of your asset allocation on March 31. b) Don’t rush – Take another 6 months to get to the ideal asset allocation. A lot of opportunities may emerge by then. c) Plug the obvious gaps - We have found that most of the portfolios do not have the desired allocation to gold and international equities. d) Retain liquidity in the portfolio. 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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investors should increase their equity exposure while maintaining a balanced allocation. a vaccine works by mimicking a natural infection. a vaccine not only protects people from any future COVID-19 infection. a vaccine works by mimicking a natural infection. a vaccine is a vaccine that is based on a whole virus. a vaccine is a'smart' product that can be used to treat a variety of diseases.
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Source: Reuters If 2020 was the year the Federal Reserve overhauled its game plan for supporting the U.S. economy, 2021 will be the year its new approach gets tested should a coronavirus vaccine deliver the lift that many analysts expect. In its final policy meeting of the year this week, the U.S. central bank is expected to keep its key overnight interest rate pinned near zero and to signal it will stay there for years to come; many analysts also expect new guidance on how long the Fed will keep up its massive bond-buying program. The super-easy monetary policy is part of a long-term strategy the Fed adopted in August to help it navigate a world of persistently low interest rates that limits the central bank’s options for fighting downturns and makes it difficult to hit its 2% inflation goal. The idea is to counteract any unhealthy downward drag on prices by letting the economy run hotter than in the past. The Fed now plans to keep rates near zero until the economy reaches full employment and inflation hits 2% and is on track to exceed it. Re-upping that bold promise this week won’t seem out of place amid the alarming U.S. rise in COVID-19 cases and deaths that threatens to stall a still-partial recovery. The labor market has regenerated only about half of the 22 million jobs lost since the pandemic began. But next year, when a full rollout of new coronavirus vaccines is expected to make it gradually safer to dine out, travel, and resume other activities put on hold during the crisis, the Fed’s new framework will be tested. Economic growth is expected to pick up, and job gains with it, both views that are likely to be reflected in fresh economic projections released after the Fed wraps up its two-day meeting on Wednesday. But the central bank’s so-called “dot plot” of interest rate expectations, included in those projections, will likely show most policymakers still see rates at zero through 2023. That’s consistent with the new framework if the economy hasn’t achieved sustained 2% inflation by then. But Aneta Markowska, chief financial economist at Jefferies, said it “would be nice (for the Fed) to demonstrate what happens to the reaction function after inflation reaches 2%.” Playing the long game The first opportunity could come in the spring. A sharp increase in demand as COVID-19 inoculations allow more of the economy to reopen could push inflation above the Fed’s 2% target, at least for a time, says Andrew Hunter, senior U.S. economist at Capital Economics. At that point, “the Fed may have to take slightly clearer steps to emphasize that they are not going to raise rates,” Hunter said. Or, as Chicago Fed President Charles Evans has explained it, the Fed will need to show it is “in it to win it.” Exactly what that means will depend on the circumstances. If markets push up long-run interest rates a bit to reflect expectations for future faster growth, the Fed likely wouldn’t change course. The problem, said AllianceBernstein senior economist Eric Winograd, is that “the market may be tempted to look at a cyclical upswing ... and conclude that the Fed will respond as it always has, by starting to tighten.” If traders begin pricing in earlier rate hikes, the Fed would need to react, either by correcting the market’s misperception verbally or, if needed, by tweaking its bond-buying program to push down further on longer-term borrowing costs through purchases of longer-term securities. If the Fed issues new guidance on its asset purchase program this week, it may need to leave the door open to doing exactly that, in part as insurance against any market overreaction to an improving economic outlook next year. “The Fed is playing the long game,” Winograd said. Summarise this report in a few sentences.
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the central bank is expected to keep its key overnight interest rate pinned near zero and to signal it will stay there for years to come. many analysts also expect new guidance on how long the Fed will keep up its massive bond-buying program. the idea is to counteract any unhealthy downward drag on prices by letting the economy run hotter than in the past. the labor market has regenerated only about half of the 22 million jobs lost since the pandemic began.
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New Delhi | Bengaluru | Kolkata | Chandigarh | Pune: Lockdown — and labour is locked out. Businesses across sectors — ecommerce to retail, and mining to manufacturing — are facing serious or even crippling labour shortage, putting yet another question mark on how India’s supply chain will hold up.Workers returning home or not showing up for work because of transport scarcity and police violence, have led to 80-90% labour shortage for many ecommerce firms. Retailers have been hit hard too. In some big mandis, worker shortage is around 70%, and in some mines, 20% and climbing. Manufacturing units are facing the issue of contract labour keen to get back to their villages.During an interaction with the government, industry members were told that workers who have returned home shouldn’t be called back, to reduce the probability of disease transmission, but that consumers shouldn’t suffer because of backend labour shortage.Desperate employers are now offering bigger incentives — in cash or kind (pick-up and drop, supply of essentials). ET reporters spoke to businesses to get a sense of this fast-developing economic constraint.One senior executive of a big player said police hindrance to worker movements is the biggest challenge, a problem that won’t be solved by higher incentives.Hari Menon, CEO of BigBasket, said the movement of goods has eased, but labour movement is still a big issue. He said apart from reach-outs to those absent, he’s also looking to tap workers from non-essential ecommerce firms who have lost jobs.Food-delivery apps such as Swiggy and Zomato have to worry not just about their workforce but also that of their restaurant partners.Vivek Sunder, COO of Swiggy, said staff is facing both transport issues and bureaucratic hassle.Incentives on offer for getting staff back include medical and life insurance, pay and benefits in case of quarantine or treatment, said Rajneesh Kumar, chief corporate affairs officer at the Flipkart Group.Leading retailers, in an attempt to maintain a minimum workforce, are offering hardship allowances, arranging transportation and offering meals at work.German wholesaler Metro Cash & Carry India is offering staff up to Rs 500 per day in addition to existing salary. DMart (Rs 400 extra per day) and More Retail (almost double pay) are also offering additional payouts. Retailers said staff is still apprehensive about coming to work because of police violence and the fear of getting infected. Big Bazaar is taking care of transportation.Retailers said there’s a regional difference in local administration response. In markets such as Maharashtra, Delhi-NCR, Hyderabad and Bengaluru, officials have been helpful; less so in Uttar Pradesh, Punjab and Andhra Pradesh.Manufacturing units such as SunAlpha Energy, which specialises in rooftop solar gear, is taking care of workers’ food, and shelter and communications needs of out-of-state staff. Loom Solar is facing a serious labour shortage because workers are putting the ‘safety’ of their native villages over employment. In some manufacturing units, like those in textiles, advance payments have been made.Faced with a huge labour shortage, Azadpur Mandi Agricultural Produce Marketing Committee (APMC) in Delhi has started providing food for workers. But many of them want reassurances by way of masks, gloves and sanitisers, as well as curfew passes.Indian Oil Corp has a similar problem of apprehensive workmen. And the government decision that all PSU working staff will be paid 90 days salary irrespective of attendance has incentivised absenteeism.Coal India subsidiary Eastern Coalfields has seen a sharp dip in contract workers, many of whom travel from the interiors of Bengal. Makeshift transport arrangements often don’t work and no easy availability of meals at work is another problem.Employers across sectors also note that these are early days of the lockdown and that there’s a distinct possibility the labour shortage may get worse.(Aditi Shrivastava, Alnoor Peermohamed, Writankar Mukherjee, Rasul Bailey, Shashwat Mohanty, Madhvi Sally, Debjoy Sengupta and Prashant Krar reported for this story) Summarise this report in a few sentences.
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ecommerce firms, retail and mining industries facing labour shortage. ecommerce firms are facing 80-90% labour shortage. retailers are offering hardship allowances, arranging transportation and offering meals at work. ecommerce firms are also facing labour shortage. a government-backed labour market is causing a huge economic crisis. a government-backed labour market is also causing a labour shortage.
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Representative image Bengaluru-based fintech startup Zeta has expanded its operations to the South East Asian markets. With Sodexo as its first client, Zeta will start operations in Philippines and Vietnam. As a software service provider, Zeta will power Sodexo's employee benefits and rewards programme. In India, Zeta has a minority stake in the joint entity with meal and employee benefits major Sodexo BRS India. It offers multi-benefit solutions to corporates. With 15,000 clients and 2 million users on its platform, Zeta has already expanded its scope of work to banking domain as well. It powers traditional banks as well as fintech players to launch digital retail and corporate banking products. "After building our benefits solution in India, we realised there is huge potential for our platform in markets outside India as well. We already have a strong relationship with Sodexo, (now) Vietnam and The Philippines are the first Sodexo markets to go live on the Zeta platform," said Bhavin Turakhia, co-founder, Zeta. Summarise this report in a few sentences.
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fintech startup Zeta has expanded its operations to the south east Asian markets. with Sodexo as its first client, Zeta will start operations in the Philippines and Vietnam. as a software service provider, Zeta will power Sodexo's employee benefits and rewards programme. with 15,000 clients and 2 million users on its platform, Zeta has already expanded its scope of work to banking domain.
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Savings by the Indian working professionals have shrunk this year against the combined onslaught of recession, pandemic, and lockdown. The higher consumer inflation coupled with job losses, paycuts and furloughs mean people have less money to spend despite putting a break on discretionary expenses, reveals a BankBazaar survey. As per the second edition of the BankBazaar Savings Quotient, the average wallet share of savings has dropped to 32% compared to last year’s 38%. Early Jobbers continue to be the biggest savers, setting aside almost 35% of their salary, while the Moneymooners and Wealth Warriors saw their wallet share of savings fall to 30.5% and 30%, respectively. Unsurprisingly, the drop is highest among the core earners: the Moneymooner aged between 28-34 years and Wealth Warriors aged 35-45 years, who faced the brunt of the slowdown. Moneymooner saw the wallet share of savings fall by 7.5% to 30.5% from 38%. The Wealth Warriors followed closely, as their savings fell from 37% of their income last year to 30% this year – a steep fall of 7%. The Early Jobbers (aged 22-27 years) were comparatively better off, with an average wallet share of 34.7%: a drop of 5.3%. The silver lining, however, is that people are reacting to uncertainties with a greater degree of financial planning. Reasons To Save Market fluctuations and job uncertainties are making people focus on long-term goals for self and family, putting aside discretionary goals like luxury and travel. Expectedly, emergency savings have become the biggest reason for saving for 70% people vs 32% last time. While increasing the standard of living is important, long-term savings for retirement and securing inheritance have gained higher importance. Average Retirement Age & Corpus The average retirement age across age cohorts continues to remain 56.4 years. However, the average retirement age for the older Wealth Warriors saw a slight increase from 57.4 years last year to 58 years. Also, the percentage of people with a target retirement corpus of Rs 2 crore or more has gone up to 25%, indicating better long-term financial planning. Investment Planning People are increasingly taking control of their own finances. 76% of men managed their finances themselves compared to 66% women. Almost 38% of women trusted elders in the house for their financial planning while 32% of men preferred to consult family friends and advisors, the study reveals. Commenting on the study, Adhil Shetty, Co-founder and CEO, BankBazaar, says, “Data shows people are reacting to the uncertainties of the last few months with a greater degree of planning in financial matters than before. When you look at the savings data, predictably, emergency savings have become the biggest reason for saving for 70% people vs 32% last time. At the same time, as falling returns make an impact, there is increased focus on long-term planning for retirement (46%) and securing children’s inheritance (47%) compared to earlier. We are seeing close to 25% people are planning for a corpus of Rs 2 cr, compared to 20% last year. This is a heartening trend, as it points to long-term, goal-based planning that is more rewarding in the long run.” The study emphasises that this generation believes in using all available financial products to fulfil their aspirations smartly. More than 89% of those surveyed had some form of credit, be it credit cards or secured or unsecured loans. At the same time, they are also very careful about how they deal with credit. Data shows that 78% people spend less than 30% of income as EMIs despite having multiple lines of credits open. The second edition of the ‘BankBazaar Savings Quotient’ is a follow-up to the 2020 BankBazaar Aspiration Index (BAI) released this July. The Savings Quotient findings reflect the pandemic’s impact on people’s wallets. The 2020 BAI attempted to understand Indian working professionals from the perspective of their aspirations. The Savings Quotient presents a reality check on their perceived capability to achieve their aspirations by rendering a coherent picture of their financial habits. Summarise this report in a few sentences.
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the average wallet share of savings has dropped to 32% compared to last year’s 38%. early jobbers continue to be the biggest savers, setting aside almost 35% of their salary. the Moneymooners and Wealth Warriors saw their wallet share of savings fall to 30.5% and 30%, respectively. the drop is highest among the core earners, the Moneymooner aged between 28-34 years and Wealth Warriors aged 35-45 years.
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3:30 pm Market at Close: After trading rangebound for a larger part of the day, market has ended the day on a flat note. The Sensex was up 15.75 points at 36155.73, while the Nifty was up 2.30 points at 11086.00. The market breadth favoured the declines as 1005 shares advanced, against a decline of 1895 shares, while 240 shares were unchanged. State Bank of India, Adani Ports, and GAIL were the top gainers on both indices, while Bharti Airtel and Tata Motors fell the most. 3:20 pm Order win: Essar Oilfields Services India Ltd said it has won a Rs 32 crore contract from state- owned Oil and Natural Gas Corp (ONGC) to drill 30 wells at a coal-bed methane (CBM) block in Bokaro, Jharkhand. Under the one-year contract, Essar Oilfields "will be deploying the MR#11 land rig for the job, which is expected to commence in the next few weeks," the company said in a statement. Essar Oilfields Services India Ltd (EOSIL), which is close to posting a revenue of Rs 300 crore in the current fiscal, has three of its land rigs currently in operation. 3:00 pm Results: Liquor firm Radico Khaitan today reported a 77.71 percent jump in its net profit at Rs 35.01 crore for the quarter ended December 2017, on account of higher income. The company had posted a net profit of Rs 19.70 crore during the same period of the previous fiscal, Radico Khaitan said in a regulatory filing. Total income during the quarter under review stood at Rs 1,747.98 crore. It was Rs 1,243.53 crore in the year-ago period. 2:45 pm Management Outlook: MAS Financial have posted a strong growth in Q3 earnings and the asset quality has also improved. In an interview to CNBC-TV18, Mukesh Gandhi, Co-Founder and CFO of the company discussed the numbers. Our asset under management (AUM) has grown 33 percent that is nine months compared to the previous year, said Gandhi. He further said that within segments, small and medium enterprises (SME) has grown by 60 percent. 2:30 pm MF News: HDFC Mutual Fund will revise the dividend record date under the monthly option of HDFC Arbitrage Fund - Wholesale Plan with effect from February 1, the fund house said in a newspaper notice. Subsequently, the monthly dividend record date for the open-ended equity scheme will be second last Thursday of every month, as against the current record date of Monday that precedes the last Thursday of every month. 2:15 pm Management Speak: Jonathan Hunt, CEO of Syngene International in an interview to CNBC-TV18 shared the details of their third quarter performance and the outlook going forward. Biocon's contract research arm Syngene International today posted 10.81 per cent increase in its net profit at Rs 82 crore for the third quarter ended December 2017. Revenue of the company increased to Rs 399 crore for the third quarter as compared with Rs 347 crore in the same period of the previous fiscal. He said they were happy with the overall revenue performance, which has seen acceleration through the year. 1:55 pm Order win: Ashok Leyland has received an order for over Rs 350 crore from VRL Logistics. At 14:18 hrs Ashok Leyland was quoting at Rs 124.05, down Rs 0.05, or 0.04 percent. The share touched its 52-week high Rs 133.00 and 52-week low Rs 81.00 on 26 October, 2017 and 19 April, 2017, respectively. Currently, it is trading 6.73 percent below its 52-week high and 53.15 percent above its 52-week low. 1:35 pm Results: Kitchen appliances firm TTK Prestige reported a 36 percent increase in its consolidated net profit at Rs 47.15 crore for the quarter ended December 2017. The company had posted a net profit of Rs 34.65 crore during the same period of the previous fiscal, TTK Prestige said in a regulatory filing. Total income during the quarter under review stood at Rs 502.55 crore. It was Rs 469.28 crore in the year-ago period. 1:15 pm Stock view: Edelweiss Financial Services on Tuesday reported 52.33 percent jump in consolidated net profit at Rs 236.39 crore for the third quarter ended December 2017. The net profit of the company stood at Rs 155.18 crore in the corresponding quarter a year ago. "Its total revenue increased by 29.07 percent to Rs 2,081.33 crore in the said quarter from Rs 1,612.47 crore in the December quarter of 2016-17," it said in a BSE filing. The company also declared an interim dividend of Re 1.05 per equity share of face value of Re 1 each for financial year 2017-18. February 5, 2018, shall be the Record Date for the purpose of ascertaining the members entitled to receive the Interim Dividend. 1:00 pm Results: State-owned Vijaya Bank reported 65.45 percent decline in net profit at Rs 79.56 crore for the third quarter ended on December 31, 2017, due to rise in provisions. The bank had posted a net profit of Rs 230.28 crore in the October-December quarter of the 2016-17 fiscal. The bank's total income also declined 7.09 percent to Rs 3,450.81 crore in the quarter under review from Rs 3,714.37 crore in the same period a year ago, Vijaya Bank said in a BSE filing. 12:45 pm Results: Telecom major Idea Cellular widened its net loss for the December quarter to Rs 1,284 crore from Rs 1,106 crore posted during the same period last year. A poll of analysts by CNBC-TV18 were pegging this to be Rs 1,292 crore. The company’s consolidated revenue has come in at Rs 6,510 crore against Rs 7,465 crore. The poll hinted the figure to be Rs 6,738 crore. At the operating level, the earnings before interest, taxes, depreciation and amortisation (EBITDA) was reported at Rs 1,223 crore against Rs 1,501 crore in the previous quarter. The operating margin is at 18.8 percent against 20 percent during the same quarter last year. 12:22 pm Market Check: The Sensex is up 1.58 points at 36141.56, and the Nifty down 7.30 points at 11076.40. The market breadth is negative as 859 shares advanced, against a decline of 1785 shares, while 232 shares are unchanged. 12:10 am Management Speak: Nucleus Software reported a strong set of Q3 numbers. In an interview to CNBC-TV18, Vishnu R Dusad, MD & CEO of the company spoke about the results and gave his outlook for the future. Dusad said that we will be able to maintain margins at Q3 levels. On the business front, he said that most of the customers we have added are for cloud computing. Talking about cash, he said the current cash balance of Rs 430 crore will be utilised for acquisitions. 11:45 am Order win: Dilip Buildcon is in focus on the back of a National Highways Authority of India (NHAI) order win in Odisha worth Rs 1,522 crore, which is 74 kilometers in length with a construction period of about 30 months. In an interview with CNBC-TV18, Rohan Suryavanshi, Head-Strategy and Planning of the company discussed this and more. The letter of award (LoA) for NHAI’s Odisha project should come in the next seven days, he said. The company has entered its 17th state with this project. 11:20 am Busy route: Mumbai to Delhi air route is the third busiest one in the world with 47,462 departures in 2017, according to UK-based aviation data monitor OAG. That means, every 11 minutes, a flight takes-off along this route. Bengaluru to Delhi air route also features in the list of the busiest air routes in the world at 12th position with 29,427 flights being operated last year. The busiest route in the world is Jeju to Seoul Gimpo in South Korea with 64,991 departures in 2017. Jeju is the largest island off the Korean peninsula and it is sometimes labelled "the Hawaii of South Korea" thanks to dramatic volcanic landscapes, hiking trails and stunning beaches. The number of departures indicates that despite Jeju being UNESCO World Natural Heritage Site, most of the tourists are domestic. 11:05 am Market Check: Sharp swings are seen in the trade today. The market has now risen again after trading lower in the past hour or so. The Sensex is up 71.88 points at 36211.86, while the Nifty is up 19.30 points at 11103.00. The market breadth was negative as 838 shares advanced, against a decline of 1660 shares, while 212 shares are unchanged. 10:45 am Results update: Indiabulls Real Estate on Tuesday reported a 45.82 percent rise in its consolidated net profit at Rs 85.35 crore for the third quarter ended December 31. The company had posted a PAT (profit after tax) of Rs 58.53 crore for the same period of previous fiscal. Total revenue from sales rose to Rs 2,164.44 crore for the third quarter as against Rs 492.90 crore in the same period last fiscal, Indiabulls Real Estate said in a regulatory filing. 10:30 am IndiGo rises higher: A year after dropping off from the list of top 10 Asia Pacific airlines on the basis of on-time performance (OTP), IndiGo has regained its place in the hallowed group. IndiGo - India’s largest airline by market share - has been ranked ninth in the Punctuality League study published by OAG, an air travel intelligence company based in the UK. “Japanese airlines continue to perform well with three carriers in this category and India’s largest carrier, IndiGo, returns to the Top 10 Asia Pacific airlines with an OTP of 81.22%,” the report said. The first three in the list are Hong Kong Airlines, Qantas Airways and Japan Airlines. In 2015, IndiGo was ranked sixth with an OTP of 84.57 per cent. Jet Airways too featured that year, and was ranked 9th. 10:11 am Market Check: At 10:11 hrs IST, the Sensex is up 38.61 points or 0.11% at 36178.59, and the Nifty up 5.00 points or 0.05% at 11088.70. About 704 shares have advanced, 1584 shares declined, and 192 shares are unchanged. 9:55 am Buzzing Stock: Share price of JMC Projects (India) rose 7.6 percent in the early trade on Wednesday on the back of orders worth of Rs 751 crore. The order includes, two commercial projects and a residential project in South India totalling Rs 448 crore. Also, two residential projects and one industrial project in Northern and Eastern India totalling Rs 303 crore. S. K. Tripathi, CEO & Dy. Managing Director of JMC Projects said, "We continue to build on our solid base in South India with success in the EPC contracts for these projects." 9:32 am Gains extended: The bulls have tried to carry forward the momentum from last session. After seeing a flat opening, the market has extended its gains, led by a surge in PSU banks. The Nifty is trading around 11,100-odd levels, while the Sensex is up around 100 points. HDFC, ONGC and GAIL gained the most, while Bharti Airtel, ICICI Bank, and Hindalco lost the most. 9:15 am Market Opens: The benchmark indices opened lower amid mixed global cues with Sensex holding above 36, 000 mark. The Sensex was down 16.71 points at 36123.27, and the Nifty down 16.90 points at 11066.80. About 437 shares have advanced, 668 shares declined, and 163 shares are unchanged. ITC, HDFC, Wipro, Maruti Suzuki, ONGC, GAIL, Indiabulls Hsg and Dr Reddy’s Labs are the top gainers on the indices, while top loser includes Bharti Airtel, ICICI Bank, Tata Motors, Reliance Industries, Tata Steel, Vedanta, Hindalco and Eicher Motors. Asian markets traded mixed early on Wednesday after Wall Street closed mostly higher as investors stateside focused on earnings releases. US stocks advanced on Tuesday, as strong results from Netflix helped lift the S&P and Nasdaq Composite. Asian markets were trading mixed. The Nikkei 225 slipped 0.42 percent after the index hit a fresh 26-year high on Tuesday while the benchmark Kospi index rose 0.37 percent. The Indian rupee opened higher by 4 paise at 63.73 per dollar on Wednesday against previous close 63.77. Pramit Brahmbhatt of Veracity said, "There would be rangebound trade in the rupee in absence of any cues." "We expect the spot USD-INR pair to trade in a range of 63.80-64," he added. Summarise this report in a few sentences.
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Sensex up 15.75 points at 36155.73, while the Nifty was up 2.30 points at 11086.00. the market breadth favoured the declines as 1005 shares advanced, against a decline of 1895 shares, while 240 shares were unchanged. state bank of india, Adani Ports, and GAIL were the top gainers on both indices, while Bharti Airtel and Tata Motors fell the most.
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Hong Kong/Singapore/Bali: Global finance chiefs used the closing sessions of talks in the tropical resort of Bali to hammer home the message that simmering trade tensions are already denting global growth and need to be resolved. Bank of Japan Governor Haruhiko Kuroda said it’s essential to have dialogue on trade; Brazil’s central bank President Ilan Goldfajn flagged the tensions as one of the biggest threats to emerging economies; Bank for International Settlements General Manager Agustin Carstens said there’s a risk the global economy goes backwards due to rising protectionism. While People’s Bank of China Governor Yi Gang called for a constructive solution to the dispute — he added that China is preparing for the worst. ‘You see a lot of people in China now preparing for this trade tension to be a prolonged situation,’ Yi said during a panel discussion hosted by the Group of Thirty, a consultative group on international economics. ‘The downside risks from trade tensions are significant.’ Don’t blink The Chinese official received support from the floor when Mexico’s former president Ernesto Zedillo took an opportunity during a question-and-answer session to counsel Yi to follow the example set by Mexico and Canada during their Nafta negotiations with the US. “Mexico and Canada made clear that they’d rather not have Nafta than having the deal that the US wanted. In the end, Mexico and Canada got their way in every single issue that had been drawn as a red line,’’ Zedillo said. “So I hope China doesn’t blink." IMF Managing Director Christine Lagarde doubled down on the messaging. ‘Our message was very clear: de-escalate the tensions,’ she told Bloomberg Television in an interview. The Sunday blitz came as the IMF and World Bank’s annual meetings wound up. Warnings over the tensions were put in the starkest terms on Friday by Indonesia President Jokowi Widodo, who channeled the hit TV Series 'Game of Thrones’ to say ‘winter is coming’ for the world economy if there’s no breakthrough. The IMF’s main policy-advisory panel warned Saturday that the global recovery is increasingly uneven and risks are being skewed to the downside. While the world expansion remains strong, the outlook is being clouded by “heightened trade tensions and ongoing geopolitical concerns, with tighter financial conditions particularly affecting many emerging market and developing countries," said the International Monetary and Financial Committee, a 24-member panel that advises the fund on policy issues. Policy makers also warned on the impact of rising interest rates and market volatility. Officials from emerging economies said the Federal Reserve’s ongoing push to raise interest rates was causing pain. Indonesia’s central bank governor Perry Warjiyo, faced with a tumbling currency amid the rout in emerging markets, has called for global monetary policy to be better synchronized and a multilateral response to protectionist headwinds. Officials in Colombia and Mexico also warned of strains during the week’s meetings. Still, Brazil’s Goldfajn said emerging markets “should not complain about normalization" because the gradual moves will help prevent the need for sudden changes later on. As officials left Bali, there was little prospect of any resolution to the US-China trade dispute in sight. “We are moving from synchronized growth to economic divergence," said Bank of France Governor Francois Villeroy de Galhau. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Topics Summarise this report in a few sentences.
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the closing sessions of the talks in the tropical resort of Bali hammer home the message that simmering trade tensions are denting global growth. bank of japan governor Haruhiko Kuroda said it's essential to have dialogue on trade. brazil's central bank president Ilan goldfajn flagged the tensions as one of the biggest threats to emerging economies.
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Bulls after taking a breather for a week came back in action again. Equity benchmarks climbed over a percent in the week ended August 7 despite increasing coronavirus infections and weak economic activity, as supported by positive global cues and additional measures for stressed sectors by RBI. All sectors, barring IT, participated in weekly gains while the major action was seen in broader markets as the Nifty Midcap index gained 4 percent and Smallcap rallied 5 percent. The market valuations look stretched and any increase in US-China tensions or India-China border issue may hit bulls, but given the expected growth after couple of quarters, the current rally seems justified, and also having the humongous liquidity availability globally, the momentum may remain backed by bulls along with continuation in earnings-led stock specific action, experts feel. "We're mirroring global markets and indications are favourable so far. While all the sectors are contributing to the move, the underperformance of the banking sector is still hurting the overall performance and any positive surprise from that front could help the index to surpass the recent high," Ajit Mishra, VP - Research at Religare Broking told Moneycontrol. Jimeet Modi of Samco Group advised investors to remain cautiously bullish around these times especially when massive amounts are being raised from secondary markets, while Siddhartha Khemka of Motilal Oswal advised traders to stay cautious and keep booking profit at regular intervals. Here are 10 key factors that will keep traders busy next week: Quarterly Earnings Season Continues As a normal schedule we will enter into the last week of June quarter earnings season, though companies are allowed to release June quarter numbers till September-end due to lockdown in containment zones. In the coming week, around 700 companies will disclose their June quarter results including majority of mid and smallcaps. Bank of Baroda, Titan Company, BPCL, Hindalco Industries, NTPC, Aurobindo Pharma, Eicher Motors, GAIL India, Power Grid Corporation, Grasim Industries, Hero Motocorp, Bosch, Aban Offshore, Akzo Nobel India, Astrazeneca Pharma, Equitas Holdings, Ipca Labs, KEC International, Ujjivan Financial Services, Ashoka Buildcon, Bajaj Electricals, Central Bank of India, Metropolis Healthcare, Motherson Sumi Systems, RCF, RITES, Symphony, Ashok Leyland, Bharat Forge, Cummins India, Kalpataru Power Transmission, Natco Pharma, Tata Power, Thermax, City Union Bank, Engineers India, Godrej Industries, Power Finance Corporation, Prestige Estates Projects, Shankara Building Products, Shriram Transport Finance, Trent, Berger Paints, Fortis Healthcare, Glenmark Pharma, Indian Bank, Sun TV Network and Voltas are amongst 700 companies will declare earnings next week. Coronavirus Risk Remains As India started unlocking economy in June, the COVID-19 infections have been increasing rapidly. The total count doubled to over 20 lakh in just three weeks and on August 7, we crossed 60,000 mark in a day for the first time, taking the total to 20.9 lakh confirmed infections with 42,500 deaths as per Johns Hopkins University. Experts feel it was on expected lines given the gradual increase in activities after a lockdown, but the increase in recovery rate to 68.42 (against little over 64 percent last week) is quite soothing. Globally the infections count stood at 1.93 crore with 7.19 lakh deaths so far and United States remained at top with 49.5 lakh cases and 1.6 lakh deaths. Doctors feel the infections will keep increasing till we get the vaccine and some of vaccines are in Phase 3 trials, but till then, social distancing and use of mask on face with keeping cleanliness is the only solution. Hearing on AGR Dues The hearing in Supreme Court on the adjusted gross revenue (AGR) dues will be held on August 10, and hence Bharti Airtel and Vodafone Idea, which already made provisions with respect to same, will be in focus. In the last hearing on July 20, the Supreme Court, after hearing all parties, observed that the amounts of AGR dues given by Department of Telecommunications (DoT) is to be treated as final and there can be no scope of re-assessment or recalculation, said Bharti Airtel which so far made a provision of Rs 47,576.6 crore for the same in quarterly earnings which as a result company has been posted quarterly losses. Vodafone Idea also made provision of Rs 65,440 crore so far with respect to AGR dues, saying its ability to continue as going concern is essentially dependent on a positive outcome with regard to the timeframe for the payment of AGR dues to be made in instalments and successful negotiations with lenders. Second Round of Stimulus Package After a first round of around $3 trillion stimulus package passed in May this year, now there has been negotiations between Democrats and Republicans for second round of package. The last talks held between them on Friday failed due to fundamental disagreements and followed by that US President Donald Trump threatened executive action if the stimulus package is not passed, but he remains hopeful for a deal. Reports indicated that the package could get finalise in the coming week. "World’s largest economy, the US is expected to finalize a second round of stimulus package in the coming week for the American people to fight economic fallout from the COVID-19 pandemic. This move is expected to lift overall sentiment of the US market and in turn markets across the globe. Accordingly, domestic markets are likely to mimic on stimulus clues and sentiments are likely to be positive," Jimeet Modi, Founder & CEO Samco Group told Moneycontrol. FII & DII Flow FIIs were net buyers in cash segment for the last week, acquiring Rs 9,496.80 crore worth of equities and as a result they continued buying for fourth consecutive month after consistent selling in previous four months. The last week's buying included Bandhan Bank deals. On the contrary, DIIs have net sold more than Rs 2,133 crore in the week gone by, in addition to over Rs 10,000 crore of selling in July, which could be due to profit booking and some redemption pressure as the market rallied 50 percent from its March 23's low point. Experts feel the FII flow may continue given the ample of liquidity available globally, but there could some more outflow from DIIs on account of profit taking. Macro Data CPI inflation data for the month of July and industrial output for June will be released on August 12 and 11 respectively, while on August 14 - WPI inflation & balance of trade for July, deposit & credit growth for week ended July 31, and foreign exchange reserves for week ended August 7 will be announced. June CPI inflation increased to 6.09 percent, from 5.84 percent in March while the industrial output contracted by 34.7 percent in May. India's forex reserves increased significantly by $11.9 billion to over $534 billion in the week ended July 31, against $522 billion in previous week. Technical View The Nifty50 clocked 1.3 percent gains for the week and formed bullish candle on weekly charts as bulls regained control after a passing in previous week. The index rebounded after hitting a low of 10,880 levels during the last week, which could act as a crucial support in coming days, whereas 11,350 could be crucial level on the upside for bulls to show strength for higher targets, experts feel "Looking at weekly closing in the Nifty index, the overall set up looks positive and a decisive move beyond 11,350 levels will provide further momentum towards 11,400-11,500 levels in the coming weeks," Nilesh Jain, Derivative and Technical Analyst at Anand Rathi told Moneycontrol. The broader markets outperformed the benchmark index in the previous week and looking at the structure, the defensive trader needs to adopt a stock-specific approach, he feels. F&O Cues The options data and falling volatility both indicated positive bias for the market in coming week. On the derivative front, huge amount of Put writing was seen at 11,000 and 11,100 strikes whereas the maximum open interest was placed at 11,000 strike, which held the open interest of 29 lakh contracts and also could to act as an immediate support in the coming week. A fresh Call writing was seen at 11,500 strike which also held the maximum open interest followed by 11,300 strike. The overall option data indicates that bulls are having the upper hand and Nifty may oscillate in a broader range of 11,000 - 11,500, experts feel. The volatility index India VIX declined by 7.5 percent for the week to end at 22.38, which is giving comforts to the bulls. Corporate Action Here are key corporate actions taking place in the coming week: Meanwhile, Satin Creditcare Network will launch its Rs 120-crore rights issue on August 12 and the same will close on August 26. The issue price has been fixed at Rs 60 per share. Global Cues Here are key global data points to watch out for next week: Summarise this report in a few sentences.
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equity benchmarks rose over a percent in the week ended august 7. all sectors, barring IT, participated in weekly gains. the major action was seen in broader markets as the Nifty Midcap index gained 4 percent. the rally is backed by continued earnings-led stock specific action. despite the deteriorating economic environment, the rally is justified.
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After a halt, the upcoming annual festive season is likely to inject the much-needed cheer back into the economy, especially on the back of e-commerce sales. The e-commerce companies in India organise several sale events during the festive season. In anticipation of the surge in orders, logistics companies such as Ecom Express, Blue Dart and Shadowfax have started ramping up their infrastructure and hiring manpower. The flagship sales by Amazon and Flipkart — The Great Indian Festival and Big Billion Days — are the highlights of the season and mark the onset of shopping festivities. The first event of last year’s festive sales, according to RedSeer Consulting, had raked in $2.7 billion in GMV (gross merchandise value). According to the consultancy firm, this year’s first festive sales (dates of which are currently being finalised) are likely to grow 50% year-on-year and reach $4 billion in GMV. The logistic firm, Ecom Express, has plans to create more than 30,000 seasonal jobs, while last-mile delivery player — Shadowfax — has already onboarded 35,000 people and plans to add another 35,000. E-tailers, too, are gearing up for the sale season. Flipkart, for instance, has hired 70,000 people for its supply chain operations. According to Manish Saigal, MD, Alvarez and Marsal India, e-commerce shipments have witnessed a revival since July and stand at 42 lakh shipments a day. “We expect a jump of 35% during the festive season and the shipments may go up to 55-60 lakh a day,” Saigal said. Industry watchers expect that a significant share of orders this year might come from smaller towns. Similarly, RedSeer estimates that over 50% shoppers this season will be from tier II and beyond markets. “We plan to add 500 cities and be in 1,000 cities by the end of this year; most of this would be tier II, III and IV cities,” says Praharsh Chandra, co-founder and COO, Shadowfax. Amazon, too, plans to set up 10 more fulfilment centres in India ahead of the festive season, two of which have opened in Ludhiana and Patna. Similarly, about 75% of the Ecom Express’ seasonal positions have been created in towns beyond metros. “While we have been ramping up our infrastructure in smaller towns, we have to apply data science to offer a good delivery experience,” says Siddharth Agarwal, vice-president, and head of strategy and planning, Ecom Express. The industry is also bracing up for a surge in demand for different product categories. “We are seeing increased demand for consumer durables and electronics that enable work-from-home, such as headphones, printers, smartphones and others,” said Ketan Kulkarni, CMO and head of business development, Blue Dart. Flipkart and Amazon together control about 55% of shipments (in volumes) in the e-commerce market. While their respective captive logistics arms Ekart and ATS manage 70% of these shipments, 30% of it is outsourced. Overall, independent logistics players have a 65% share in this market. Due to the increased demand during the festive season, both the leading marketplaces outsource a large share of their shipments. Though these companies are anticipating a massive surge in order volumes, servicing them would not be easy due to the localised lockdowns across the country. “There has been a significant increase in operating cost of logistics players due to supply-side issues such as shortage of drivers,” said PS Easwaran, partner and leader, supply chain, Deloitte India. Besides this, experts say higher cash on delivery (COD) orders from smaller towns might present another challenge for these companies. “Reaching these far-off areas is not easy and since customers here still like to use COD options, it adds to the problem as returns are higher on COD orders,” Saigal said. Read Also: How shopping malls are strategizing to reach customers ahead of the festive season Follow us on Twitter, Instagram, LinkedIn, Facebook Summarise this report in a few sentences.
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e-commerce companies in india organise several sale events during the festive season. logistics companies such as Ecom Express, Blue Dart and Shadowfax have started ramping up their infrastructure and hiring manpower. the flagship sales by Amazon and Flipkart — the Great Indian Festival and Big Billion Days — are the highlights of the season. the first event of last year's festive sales, according to redseer consulting, had raked in $2.7 billion in GMV.
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The Trump administration's latest ban on immigrant visas may have alarmed many, but Indian IT companies have been preparing for such an eventuality for some time now.More than these companies, what would really get impacted from this ban is the American economy's recovery from the pandemic, according to Shivendra Singh, VP & Head, Global Trade Developments, Nasscom Trump’s proclamation bans popular work visas – H-1B, H-2B, J and L visas – till December 31, 2020."The order won't apply to those currently in the US, but we have to see how things pan out in the future. The important point to note is the proclamation exempts certain categories, especially the workforce critical and essential in helping American people and the US economy to recover amid the coronavirus pandemic", said Singh.While OECD has warned that US joblessness could reach the highest levels since the Great Depression, Trump administration has reiterated that this move will help keep a check on unemployment rates.Singh, however, takes Trump administration's rationale with a pinch of salt."Unemployment numbers in IT, where more than 70% of H-1B visas are issued, has declined from 3% in January 2020 to 2.5% in May 2020, whereas the numbers for other services have increased from 4% in January to 13.5% in May 2020. So, if the rationale was unemployment, then it isn't right to restrict segments with low unemployment", he said.There is a severe skill shortage in the United States. Visas such as the H-1B help bridge that gap. With the ban in place, at least temporarily, companies depending on skilled foreign nationals will have to think up other ways to keep those operations going.Busting a popular misconception - that of H-1B being the cheaper alternative to local hires - Singh said the advance skill set these workers possess is what makes the demand so high."If these visa holders are restricted for over a period of time then obviously, that pool of manpower becomes available for the global market and can add value to whichever place they join", he added.On making up for the loss in the American market, Singh said that even though others could not wholly replace the US, Canada was emerging as a strong alternative.The US government decision to freeze immigration and suspend work visas leaves many stuck. However, it remains to be seen if this is actually an election-year move by Trump or a long-term policy the US is looking at. Summarise this report in a few sentences.
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the Trump administration's proclamation bans popular work visas – H-1B, H-2B, J and L visas – till December 31, 2020. the order won't apply to those currently in the us, but we have to see how things pan out in the future. OECD has warned that US joblessness could reach the highest levels since the Great Depression.
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KEY HIGHLIGHTS Assam, West Bengal and Andhra Pradesh GST collections plummet by 80-90% in April Small businesses deferred tax filing due to uncertainty and to conserve cash Centre's net April tax collections after refunds could be Rs 45,000-55,000 crore Trade and businesses generated just 67.47 lakh e-way bills on April 1-27 against 4.06 crore in March Early bird numbers suggest coronavirus-afflicted lockdown has slashed April GST revenue of states such as Andhra Pradesh, West Bengal and Assam by as much as 80-90 per cent. Nationwide GST collection numbers slated to be declared on May 1 are likely to mirror the impact on states' finances by and large. Nationwide trend in generation of e-way bills also points to a sharp drop in GST collection. Trade and businesses generated 67.47 lakh e-way bills between April 1 to 27, barely 17 per cent of the 4.06 crore e-way bills generated in March, 2020, according to Goods and Services Tax Network (GSTN) portal. Most economic analysts presumed 30 per cent of the economy was still functioning. But with Centre, states and local administration completely out of sync with each other, the gash in the economy is clearly far deeper than imagined. "We have seen 80 per cent drop in our revenue in the month of April," Assam Finance Minister Himanta Biswa Sarma told BusinessToday.In. ALSO READ: Reporting of GAAR, GST details in tax audit report deferred till March 2021 Tax experts say hilly states, in particular, would be worst affected as they earn a vast majority of their revenue from tourism and hospitality. States' own taxes levied on items such as diesel, petrol and liquor constitute 30-50 per cent of the total revenue. State sales tax/VAT, now replaced by the GST, constitutes almost half of the total own tax revenue of states. As sale of liquor is not allowed during lockdown and cargo movement by road is very limited, states are expected to be hit hard on these revenues as well. While minimal business activity is the key reason for low collection, many small businesses are learnt to have deferred tax filing in view of looming uncertainty and the need to conserve cash. It may be noted that government has extended the deadline for filing GST returns due in March, April and May for small businesses with annual sales of less than Rs 5 crore to June 2020. Assam Finance Minister Sarma, however, termed April collection trend as aberration as people stayed inside their homes in the wake of coronavirus outbreak. Further, he said that finances of various states would come under stress but degree of severity would vary depending on expenditure towards containing the spread of the deadly virus and expenses incurred on supporting migrant workers. ALSO READ: Coronavirus impact: No alcohol sale hits state revenues; Rs 2 lakh crore target looks iffy Assam had mopped up Rs 932 crore in the month of March 2020 as against Rs 956 crore in the same month last year, registering a decline of 3 per cent. However, April collection is closer to Rs 200 crore instead. West Bengal and Andhra Pradesh have also seen GST collection crash 80-90 per cent in April. A source in West Bengal tax department said that the state may not be able to reach even Rs 300-350 crore mark compared to its March 2020 collection of Rs 3,582 crore. A senior GST officer in Andhra Pradesh government said that the state's collection had dropped 90 per cent in April as service sector was totally closed. Andhra Pradesh had collected Rs 2,548 crore in GST during March 2020. "Deferment of filing of tax returns by MSMEs, reduced level of economic activity, and fall in imports could lead to an overall fall in tax collections by 35-40 per cent. It would not be unreasonable to assume that Centre's net tax collections after sanctioning of tax refunds for April could be in the range of Rs 45,000 crore to Rs 55,000 crore," says Rajat Mohan, senior partner at AMRG Associates. ALSO READ: Coronavirus: Ashok Leyland seeks rebate in GST, road tax to revive CV industry "Nearly 70 per cent of indirect tax revenues are contributed by big conglomerates that are supported by state of the art tax technologies permitting them to file tax returns even in the circumstances of lockdown. These businesses are under a strict mandate from senior leadership to compulsorily observe tax compliances even in the circumstances of extreme emergencies," he adds. Fall in e-way bills also indicated a significant reduction in economic activity. An e-way bill is an electronically generated document for moving goods worth Rs 50,000 or more from one place to another, either inter-state or intra-state. The generation of e-way bill helps tax authorities keep track of goods and thus contain evasion. Economic activity has come to a halt following the imposition of 21-day lockdown on March 25 and its subsequent extension till May 3. Services sector, which accounts for 60 per cent of the GDP has almost stopped, resulting in sharp fall in tax collection. Manufacturing sector which contributes nearly 23 per cent of the GDP has also come to a grinding halt barring essential items such as processed food and pharmaceuticals. ALSO READ: Coronavirus: CII calls for smoother tax regime, ease of doing biz, labour market reforms to revive economy Summarise this report in a few sentences.
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assam, west Bengal and andhra Pradesh's net tax collections plummet by 80-90% in April. lockdown has slashed April GST revenue of states by as much as 80-90 per cent. e-way bills generated between April 1 to 27 barely 17 per cent of 4.06 crore e-way bills. experts say hilly states, in particular, would be worst affected.
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Former finance minister and senior Congress leader P Chidambaram has said the agricultural reforms bills, passed in the Lok Sabha this week, undermine the three pillars of the country's food security system - MSP (minimum support price), public procurement and PDS (public distribution system). Chidambaram, who was the Chairman of Congress party's manifesto committee for the 2019 Lok Sabha polls, said the BJP, which is a party dominated by traders and merchants, exploited the economy afflicted by shortages of goods and services. Also read: What are farm bills, who are opposing and why - an explainer He said that situation changed with the Green Revolution ushered by the Congress that resulted in surpluses produce of wheat and rice. On the strength of farmers, the Congress built a food security system, paving way for the National Food Security Act, 2013, he added. Accusing the BJP of distorting its 2019 Lok Sabha polls manifesto, Chidambaram said the Congress promised to promote farm producer firms to provide access to inputs, technology and markets, and establish modern farmers markets in large villages and small towns. But the BJP, he said, has surrendered to corporates. Highlighting flaws in the farm bills, Chidambaram said they do not contain a clause that the final price a farmer will get from the private purchaser should not be less than the MSP. The bills undermine the only regulated market available to the farmers without creating thousands of alternative markets, he said. The Congress leader said the bills assume perversely that farmer and private purchaser have equal bargaining power. "They do not. The small farmer will be at the mercy of the private purchaser," he said. Also read: Agriculture-related bills 'anti-farmer', AAP to vote against them in Parliament, says Kejriwal Chidambaram said the machinery under the bills is so bureaucratic and convoluted that in case of a dispute, no farmer will have strength or resources to fight the purchaser. "The small and medium farmers will be ruined," he said. Chidambaram said the Congress and other opposition parties must join hands to oppose the bills and ensure they do not become law in the present form. "Every party has to take a stand -- is it with the farmers or is it with the BJP threatening the livelihood of farmers?" he asked. Three farm bills, passed in Lok Sabha amid opposition protests this week, have also become bone of contention between BJP and its ally SAD, prompting Union minister Harsimrat Kaur Badal's resignation from Cabinet. Kaur, the Union Minister of Food Processing Industries, was the only SAD representative in Modi government. These bills -- the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill; the Farmers Produce Trade and Commerce (Promotion and Facilitation) Bill; and the Essential Commodities (Amendment) Bill -- have been touted as "anti-farmer" bills by opposition parties. Also read: Farm bills 2020: 'Misinformation being spread that farmers won't get right prices,' says PM Modi Summarise this report in a few sentences.
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former finance minister says the BJP exploited the economy afflicted by shortages of goods and services. he accuses the BJP of distorting its 2019 Lok Sabha polls manifesto. the bills undermine the only regulated market available to the farmers, he says. he says the bills assume perversely that farmer and private purchaser have equal bargaining power.
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Market likes growth and midcap/smallcap stocks are not giving that, as of now, but having said that, please remember that in many cases 3-5 year returns in midcap/ small-cap stocks are made in a couple of months, Satish Kumar, Head of Equities, Equirus Securities, said in an interview with Moneycontrol’s Kshitij Anand. Edited excerpt: Q) What is driving the market currently given the domestic and global cues? A) The rally is not driven by the broader market which is still languishing. It’s the select few stocks that are driving the market rally. It is not economic recovery which is fueling the markets rather the risk aversion and investing in names that are showing any semblance of growth. It’s hard for me to believe that China has not learned lessons from SARS, so while investors are edgy and so are central banks. So, any alleviation in the situation will take the market even higher driven by the fresh flow of liquidity by central banks Q) Do you think the Budget 2020 had enough firepower to push the economy back towards 6% in FY21? A) Budget 2020 has been given undue importance. In the last 6 years, the budget has always been a disappointment to the investor community. Indian aggregate demand is exclusive of budget and is driven by demographics. India will achieve 6 percent growth irrespective of budget. Q) Coronavirus concerns are mounting and if the situation escalates further do you think it will have a long-lasting impact on the Indian economy and impact earnings of India Inc.? A) As explained earlier Coronavirus is not even near to SARS, which closed entire SE Asia. I don’t see it having any significant negative impact on the Indian economy. Q) Mutual fund investors are showing their confidence. Even small & midcap schemes have attracted a large sum of money. Do you think the lull in small & midcaps is over? A) The mid-cap and small-cap valuations are attractive but having said that it may take multiple months before they start performing. The market likes growth and midcap/small-cap stocks are not giving that, as of now. Having said that, please remember that in many cases 3-5 year returns in midcap/ small-cap stocks are made in a couple of months. So, investors should stay invested. These investments need “temperament” more than anything else. Q) What is your take on December quarter earnings? Are there any green shoots? A) None as of now. The usual companies did well, and others languished. Recovery in PMI etc normally takes a quarter or two in showing in earnings. So, no surprises for us in that regard. Q) What is your take on LIC going public? Challenges and opportunities? A) While it presents a good opportunity for the government to fulfill the divestment targets, it is not an easy thing to do. Labour unions have always opposed it and it will once again start agitation against it. Q) Valentine’s Day just went by – when did your love with capital markets begin? A) Love for capital markets is because of its fickle nature, you can never understand it, and it keeps you surprised. It’s not for someone who needs predictability. That’s what intrigued me some 18 years back when I was in the final year at IIM Calcutta. 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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if the budget 2020 has enough firepower to push the economy back towards 6% in FY21, do you think it will have a long-lasting impact on the Indian economy? if the situation escalates further, do you think it will have a long-lasting impact on the Indian economy and impact earnings of India Inc.? if the budget 2020 has enough firepower to push the economy back towards 6% in FY21, do you think the lull in small & midcaps is over?
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LIVE updates of the Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) decisions The Reserve Bank of India (RBI) has announced measures to address concerns over the financial system. This should ease the liquidity freeze in the bond markets and bring down the yields. This should also reverse the mark-to-market losses seen by investors in the recent past. Liquidity enhancement measures by RBI for money markets Murthy Nagarajan, Head – Fixed Income, Tata Asset Management was of the view that the “RBI has gone for a 75 basis points of repo rate cut and 90 basis point cut in reverse repo. Along with CRR cut of 1 percent which should release 1.37, long term repo of Rs 1 lakh crore and MSF facility of 1 percent releasing 1.37 lakh, the total additional liquidity injection is Rs 3.74 lakh. This is RBI’s response to the adverse macro economic situation due to the novel coronavirus". Navneet Munot, ED & CIO, SBI Mutual Fund, holds the view that the "measures targeted at giving relief to almost all borrowers to tide over these difficult times, relaxation on asset quality classification, capital adequacy, marginal standing facility and infusing massive liquidity to de-freeze the corporate bond and CP market will go a long way in easing financial stress". Impact of RBI's relaxation measures The Reserve Bank announced liquidity enhancement measures for banks to tide over lockdown pains. This liquidity is to be deployed in corporate bonds, commercial papers and non-convertible debentures. The RBI also relaxed valuation norms for these new investments, stating that “investments made by the banks under this facility will be classified as held-to-maturity (HTM)". This will be instead of the regular mark-to-market norms for three months. This will save banks from hair cut pains on their liquidity investments, market experts feel. Cue for mutual funds The mutual fund (MF) industry was sagged with bad loans since IL&FS crisis — that created a dent in NAV of its debt funds. Perturbed, the Securities and Exchange Board of India (Sebi) responded in 2019 by moving whole scale to mark-to-market valuations for all securities — short and long durations. During the coronavirus meltdown, bond yields of best triple AAA rated securities has worsened by up to 200 basis points. The RBI's measure of Held to Maturity (HTM) eases banks from down-marking as per MTM norms. MFs may take a cue from these RBI measures and approach Sebi for a temporary relaxation from mark-to-market valuation for short term debt instruments and instead value on amortisation basis i.e. based on remaining part of purchase value. Whether MFs and SEBI get into action mode on lines RBI during COVID-19 times, will get seen in the coming weeks, an investment expert said. Summarise this report in a few sentences.
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RBI has announced measures to address concerns over the financial system. this should ease the liquidity freeze in the bond markets and bring down yields. this should also reverse the mark-to-market losses seen by investors in the recent past. RBI also relaxed valuation norms for new investments. this will be instead of the regular mark-to-market norms for three months.
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The annual World Economic Forum (WEF) meet of the rich and the powerful began on Monday with a special message from Pope Francis being read out at the opening ceremony. WEF Founder and Executive Chairman Klaus Schwab declared the summit open amid the ski-resort receiving record snowfall. Schwab welcomed members from business, politics, academia and media as well as the first timers with a round of applause. He also said all are here despite such weather as "we are all part of a community". Prime Minister Narendra Modi landed in Zurich on Monday to attend the 48th annual meet of the World Economic Forum (WEF). He will deliver a speech at the opening plenary session in the World Economic Forum on Tuesday. It is expected that PM Modi will take the stage to reiterate India's role in the world economy. In a world order where the biggest economies dictate the rules and regulations, PM Modi will look to cementing India's position as one of the most dynamic and powerful economies. Today, 3:45 PM onwards the Opening Plenary of the @wef commences. PM @narendramodi will address the plenary. You can watch the address live here. https://t.co/vbG9VG4Eqq #IndiaMeansBusiness - PMO India (@PMOIndia) January 23, 2018 LIVE UPDATES 11:55 AM: India is evolving, every single day you are seeing the excitement about India grow all across the world. The WEF represents business from all parts of the world who are looking at the big Indian opportunity, the big Indian market: Railway Minister Piyush Goyal 08:00 AM: Prime Minister Narendra Modi interacted with top CEOs. He spoke about India's economic development and the investment opportunities in India. In Davos, PM @narendramodi interacted with top CEOs. He spoke about India's economic development and the investment opportunities in the nation. #IndiaMeansBusiness pic.twitter.com/LmRR28k9xL - PMO India (@PMOIndia) January 23, 2018 Bollywood director Karan Johar says he would speak on 'Weaponisation of Culture' at Davos on Tuesday. 12.20am: The WEF meet of the rich and the powerful begins with a special message from Pope Francis being read out at the opening ceremony. 9.10pm: A WEF report says India will be the world's fastest-growing economy in 2018, with a projected growth rate of 7.4%. China will be in second place with an expected 6.6% expansion, slightly higher than previously thought. 6.10pm: Prime Minister Narendra Modi's Office tweets picture of him being welcomed at Zurich, Switzerland. PM @narendramodi reached Switzerland, where he will take part in the @wef. pic.twitter.com/ASA0qamQfS - PMO India (@PMOIndia) January 22, 2018 6pm: PM Modi is hosting a dinner for CEOs of global companies, including India, tonight. 5.50pm: Prime Minister Narendra Modi is on way to Davos. 5.40pm: Prime Minister Narendra Modi landed in Zurich on Monday to attend the 48th annual meet of the World Economic Forum. The existing and emerging challenges to the contemporary international system and global governance architecture deserve serious attention of leaders, governments, policy makers, corporates and civil societies around the world. @wef #IndiaMeansBusiness - Narendra Modi (@narendramodi) January 21, 2018 USA President Donald Trump, who was also slated to be part of the meeting, might not be able to make it, in the wake of the government shutdown in the country. Speculations were running rife on whether PM Modi would meet President Trump. However, newly appointed foreign secretary Vijay Gokhale mentioned that the two world leaders will not be there on the same day. PM Modi tweeted, "The existing and emerging challenges to the contemporary international system and global governance architecture deserve serious attention of leaders, governments, policy makers, corporates and civil societies around the world." "In recent years, India's engagement with the outside world has become truly and effectively multi-dimensional covering the political, economic, people to people, security and other spheres," he added. "At Davos, I look forward to sharing my vision for India's future engagement with the international community," PM Modi said. PM Modi is the first prime minister in 20 years since Deve Gowda to attend the annual meeting. With agency inputs Summarise this report in a few sentences.
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the annual meet of the rich and the powerful began on Monday. the summit was opened amid record snowfall in the ski resort. a special message from Pope francis was read out at the opening ceremony. the opening plenary of the world economic forum begins at 3:45pm. prime minister Narendra modi will deliver a speech at the opening plenary on Tuesday.
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Two days after experts at Business Today's MindRush 2018 event agreed that the Centre government should provide more funds for creating jobs in rural India than urban India, a survey conducted by financial counselling service company Ernst and Young also concluded that there is a "broad agreement that the Budget priorities would favour agriculture and other job-creating sectors such as manufacturing and construction". Majority of the respondents (52 per cent) - who were asked if a significant increase in allocation in the Union Budget to MNREGA would support rural incomes - agreed that India's rural economy had weakened considerably and the FY 19 Union Budget - to be announced on February 1 - would provide substantial support to the rural economy via increased allocation under the Mahatma Gandhi National Rural Employment Guarantee Act, 2005(MNERGA). As many as 33 per cent of the respondents said it would be moderate, while 15 per cent of the respondents said only normal growth would be provided for. The consultancy company, through the survey, has also concluded that this year's Union Budget may also be complemented by policy support to investors. During the MindRush 2018 event in Mumbai on Friday, Amul RS Sodhi had said: "Sixty-eight per cent people are living in villages. We need to provide better skills to rural India. Moreover, when it comes to agriculture, we have to also think about things such as horticulture where productivity is higher. Animal husbandry is another area to look at. The government should provide more budget for creating jobs in rural India than urban India." In a survey released by international rights group Oxfam, it has been stated that the richest 1 per cent in India cornered 73 per cent of the wealth generated in the country last year, and that in India, it would take 941 years for a minimum wage worker in rural India to earn what the top paid executive at a leading Indian garment firm earns in a year, reported PTI. At a time when income inequality is so high in India, it becomes even more pertinent for the centre government to push for policies that target a majority of population, which lives in rural areas, say experts. Summarise this report in a few sentences.
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survey by financial counselling service firm Ernst and Young concludes that there is a 'broad agreement' that the Budget priorities would favour agriculture. as many as 33% of respondents said it would be moderate, while 15% said only normal growth would be provided for. the richest 1 per cent in india cornered 73 per cent of the wealth generated in the country last year.
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India’s forex reserves have now crossed the $ 500 billion mark, according to the data released by the Reserve Bank of India (RBI). The reserves rose to $ 501.7 billion, marking an increase of $ 8.22 billion in a week. Reserves had surged $3.43 billion to a fresh all-time high of $493.48 billion in the week-ended May 29. What is its significance? Adequate forex reserves are key for a healthy economy. It gives the much needed cushion to the economy in the event of an economic crisis to support the imports. India, at one point, had weak forex cover. In 1991, the country had to pledge gold to raise money. At the current level, India has enough reserves to cover imports for over a year. What are the components of forex reserves? Forex reserves consist of foreign currency assets, gold reserves, special drawing rights and reserves in IMF. Of these, foreign currency assets are the biggest component followed by gold. What is the use of forex reserves for RBI? RBI, from time to time, intervenes in forex markets to balance the volatility in currency markets. It either buys dollars to release rupee into the market or sell dollars to support rupee. Also, as mentioned earlier, forex reserves are handy if the economy plunges into a crisis. What is supporting the forex reserves despite the economic slump? According to rating agency CARE, forex reserves continue to register higher levels every week reflecting the strong external situation of the economy due to lower trade deficit and higher capital inflows on account of foreign investment. ECB registrations too have been higher during this period due to the favourable interest rate differential as well as stable rupee. Strong inward investments in the form of portfolio investments and rise in foreign currency assets have supported forex reserves. Is there any other way India can use forex reserves? There have been theories that India should use its forex reserves for infrastructure financing. Some experts have opined that the country doesn’t need to keep high level of forex reserves idle but can use part of it for other development activities, mainly to give a push to infrastructure. But not all experts agree on this point. Summarise this report in a few sentences.
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india's forex reserves have now crossed the $ 500 billion mark, according to the data released by the Reserve Bank of India (RBI) the reserves rose to $ 501.7 billion, marking an increase of $ 8.22 billion in a week. india, at one point, had weak forex cover. in 1991, the country had to pledge gold to raise money. at the current level, India has enough reserves to cover imports for over a year.
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When India announced a nationwide lockdown in March, Aman Gupta , co-founder, boAt Lifestyle , was worried about how his start-up would adapt to the new normal. Now, he says, the transition has been smooth.“Productivity has nothing to do with where you work from. I was expecting the overall efficiency to take a hit, but it actually improved,” he says, attributing it to a “young and energetic team”. “They welcomed the idea of WFH and were quick to adapt. Regular Zoom calls ensured chemistry and team spirit. And since all operations are on the cloud now, we didn’t face any major challenge.”The only change, it appears, is in the way Gupta himself functions. “Before the lockdown, as a founder, I was always on the run, travelling, or out on meetings. The pandemic has changed my way of functioning. It’s saved me travel time, money and resources,” he adds.A cricket fanatic, Gupta compares this period to a “strategic time-out”, saying, “We are rethinking and redesigning our business models, hiring good talent to strengthen our functioning, and we’re growing further.”The lockdown has also proven to be a blessing-indisguise for the Delhi-based entrepreneur, who has managed to achieve better work-life balance. “I work from 10 am to 6 pm; I have meals with my family, and even watch TV and play board games with them; I play badminton with my daughter; I exercise. The pandemic has given us an opportunity to go back to the drawing board and strengthen our roots,” Gupta adds.To maintain his fitness, besides playing badminton, Gupta also walks up to his terrace for a quick workout or does some stretching exercises that calm his body and mind. “Exercise induces positivity and increases productivity. This lockdown has given me time to spend with myself and my family. I am also catching up on a few interesting web series,” Gupta says. Summarise this report in a few sentences.
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boAt Lifestyle co-founder, Aman Gupta, was worried about how his start-up would adapt to the new normal. he says the pandemic has changed his way of functioning. he has managed to achieve better work-life balance. he also plays badminton and exercises to maintain his fitness. he says he is catching up on a few interesting web series.
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Sensex, Nifty snap 5-session rally Sensex sheds 0.94% or 346 to close at 36,329 Nifty drops 0.87% or 94 points to close at 10,706 22 of 30 Sensex stocks shed value Top Sensex losers: Bajaj Fin down 4.45%, Asian Paints 3.37%, Bajaj Finserv 2.94% Top Sensex gainer: IndusInd Bank up 5.06%, SBI 1.80%, HUL 1.45% Market breadth turns negative: advance-decline ratio 1:1.2 Broader market drops less; BSE midcap down 0.39%, smallcap 0.43% BSE Realty index top loser, down 2.05%; Prestige Estate down 5.1%, DLF 4.34% BSE IT index down 1.94%; Aptech down 7.16%, HCL Info 4.92% Titan drops 2.43% as analysts uncertain on outlook for rest of the year YES Bank rises 1.36% after approval for fundraising via FPO Q1 earnings jitters Weak global equities Rapid rise in coronavirus cases The rapidly rising new coronavirus cases are a major cause of concern. The direction of global markets will be closely watched as the domestic market tends to follow suit. Progress on a domestic as well as overseas vaccine for Covid-19 treatment will be closely watched. The June quarter corporate earnings, which start coming in later this week, will provide a better picture of the damage caused by the pandemic-induced lockdown. The data of Index of Industrial Production (IIP), which is scheduled to be released on July 10 will be in focus. Mumbai: Domestic benchmark indices snapped their five-day winning run to end the highly volatile session on a weak note, weighed down by weakness in world markets and continuous surge in new coronavirus, ahead of June quarter earnings season that will kick off tomorrow. Reliance Industries and IT majors - Infosys and TCS - were the top Sensex drags.“Markets were volatile as virus infections continued to mount and uncertainty increased regarding economic recovery. Volatility is expected to continue and investors need to maintain a stock-specific view on the market,” said Vinod Nair, head of research at Geojit Financial Services.BSE’s 30-share Sensex dropped 346 points to close at 36,329 while peer 50-share Nifty slipped 94 points to end at 10,706.“Immediate support for Nifty is coming near 10,630-10,560 zone and resistance is formed near 10,770-10,830 zone; it is still recommended to book profit on every rise,” said Rohit Singre, senior technical analyst at LKP Securities.As many as 22 Sensex stocks closed lower with the most-valued company RIL as the worst drag, down 1.46 per cent. Traders continued to book profits after the recent rally in the stock. The stock has more than doubled from its March lows and logged a new high earlier this week.Software major Infosys and TCS dropped 2.49 per cent and 2.30 per cent, respectively ahead of the latter’s June quarter earnings announcement on Thursday, on concerns that it is going to be a washout quarter for the industry in light of the Covid-19 pandemic and the subsequent lockdown.The market breadth tilted towards the bears with losers outpacing gainers in the ratio of 1.2:1 on the BSE.The selloff was not so intense in the broader market. BSE midcap and smallcap indices dropped 0.39 per cent and 0.43 per cent, respectively. BSE 500 index shed 0.76 per cent. BSE Realty index was the top sectoral loser as it dropped 2.05 per cent while BSE IT and BSE Teck shed 1.94 per cent each.Only two sectoral indices – BSE Metal and BSE Healthcare - closed higher, rising 1.70 per cent and 0.51 per cent, respectively.Private lender IndusInd Bank bucked the trend and jumped 5.06 per cent after media reports suggested that US-based hedge fund Route One Investment Company has initiated talks to increase its stake in the bank.Watch and jewellery company Titan slipped 2.43 per cent as analysts said the outlook for the rest of the year stays uncertain even as the company said it has reopened 83 per cent of its stores as at June 30.Private lender YES Bank advanced 1.36 per cent after its capital raising committee (CRC) of the Board of Directors approved raising funds by way of a further public offering ( FPO ).So far this month, foreign institutional investors have flip-flopped between being net buyers and net sellers of Indian shares. On an aggregate basis, they have net sold $120 million or Rs 920 crore of Indian equities so far in July.Software major Infosys and TCS dropped 2.49 per cent and 2.30 per cent respectively, ahead of the latter’s June quarter earnings announcement on Thursday. Indian IT firms will face the full impact of business disruption in the US and Europe due to the Covid 19-induced lockdown in the quarter to June, as analysts expect companies to report 5-10 per cent drop in revenue due to clients cancelling or putting off discretionary spending on technology in the three-month period.Global stocks faltered on Wednesday, losing momentum after a five-day rally, as an increase in new coronavirus cases in some parts of the world undermined prospects for a quick economic recovery. Oil prices fell on oversupply fears, Reuters reported. MSCI ’s All-Country World Index, which tracks shares across 49 countries, was flat after a five-day rally. The pan-European STOXX 600 fell 0.4 per cent, while MSCI’s broadest index of Asia-Pacific shares outside Japan inched up but was still lower than a 4-1/2-month high reached just on Tuesday.For the sixth day in a row, India detected more than 20,000 new Covid-19 cases. India’s total coronavirus cases have increased to 7,42,417, after 22,752 new cases were detected in the last one day. The total number of deaths that have been reported so far has increased to 20,642. Summarise this report in a few sentences.
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Sensex sheds 0.94% or 346 to close at 36,329. Sensex drops 0.87% or 94 points to close at 10,706. Sensex loses 0.39%, smallcap 0.43%, indusInd bank up 5.06%. yes bank rises 1.36% after approval for fundraising via FPO.
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HDFC Bank Ltd has seen a surge in the number of applicants for its newly-launched Digmat-cum-Trading facility. The bank claims to have secured more than 15,000 customers in the first month of launch, mostly because people are practicing caution to prevent the spread of Covid-19. The DigiDemat and Trading facility are being offered to select, existing customers of the bank, who are in partnership with HDFC Securities. The Digital Demat and Trading Account facility are available for Indian residents with single owner accounts with HDFC Bank. S Sampathkumar, Group Head, Liabilities Products, HDFC Bank, said, “This is a complete seamless Digidemat and Trading account for existing customers of HDFC Bank. This will provide an easy and quick way to participate in capital markets by providing a complete online account opening process. It is simple, paperless, quick, and convenient.” Here is how you can open the HDFC Securities DigiDemat & Trading account: The selected account holders can register through the link shared with them and login to their account. The selected existing HDFC Bank customers can open a Demat account with HDFC Bank and Trading account with HDFC Securities using their Net-banking credentials. Next, the account holders have to complete their basic KYC and setting preferences. After that, the account holders will be asked for in-person video verification along with their Aadhaar-enabled e-signature. The opening of the Demat account takes about 5 minutes, whereas the opening of the trading account takes about 15 minutes. After account approval, the applicant would be able to start investing. Account-holders do not need any physical documents for the opening of the account. Key Features of the Digital Demat account Summarise this report in a few sentences.
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the bank claims to have secured more than 15,000 customers in the first month of launch. the DigiDemat and Trading facility are available for existing customers. the opening of the Demat account takes about 5 minutes, whereas the opening of the trading account takes about 15 minutes. the bank is a partner of the swiss bank, which has a 'digital demat' facility.
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LONDON: British PM Boris Johnson was in intensive care on Tuesday after receiving oxygen support when his coronavirus symptoms worsened, leaving his foreign minister to lead the government's response to the accelerating outbreak.Boris Johnson's personal battle with the virus has shaken the British government just as the United Kingdom enters what scientists say is likely to be one of the most deadly weeks of the pandemic, which has killed 70,000 people worldwide.Johnson, 55, was admitted to St Thomas' Hospital across the River Thames from the House of Commons late on Sunday after suffering persistent coronavirus symptoms, including a high temperature and a cough, for more than 10 days.His condition rapidly deteriorated over the next 24 hours, and he was moved to an intensive care unit , where the most serious cases are treated. Although he had received oxygen, his office said on Monday he was still conscious and was moved to intensive care in case he needed to be put on a ventilator."He's not on a ventilator no," Cabinet Office Minister Michael Gove told LBC radio on Tuesday. "The prime minister has received some oxygen support and he is kept under, of course, close supervision.""The prime minister is in intensive care, being looked after by his medical team, receiving the very, very best care from the team at St Thomas'," Gove said.Johnson is the most prominent global political leader to be hospitalised for the new coronavirus.While Britain has no formal succession plan should a prime minister become incapacitated, Johnson had asked Foreign Secretary Dominic Raab to deputise for him "where necessary," Downing Street said..Earlier on Monday, Johnson had said he was in good spirits and Raab had told a news conference that the prime minister was still running the government, although Raab also said he had not spoken to him directly since Saturday.Raab takes the helm at a pivotal time. The official death toll in the United Kingdom currently stands at 5,373, and last week the health minister said the deadliest peak for deaths was projected to be Easter Sunday, April 12.The United Kingdom is in a state of virtual lockdown, a situation due to be reviewed early next week, and some ministers have suggested it might need to be extended because some people were flouting the strict rules.The pound edged lower against the dollar and the euro in Asia on Tuesday, trading at $1.2234 following a 0.3% decline on Monday.BUSINESS WILL CONTINUEJohnson's move to intensive care added to the sense of upheaval that the coronavirus crisis has wrought after its spread caused widespread panic, sowed chaos through financial markets and prompted the virtual shutdown of the global economy."The government's business will continue," a sombre Raab, 46, told reporters."The focus of the government will continue to be on making sure that the prime minister's direction, all the plans for making sure that we can defeat coronavirus and can pull the country through this challenge, will be taken forward."There have also been calls for ministers to detail what the exit plans were from the shutdown, which has hammered the world's fifth-biggest economy after the government ordered restaurants, bars, and nearly all shops to close and told people to stay at home to curb the spread of the virus. Johnson tested positive for the virus on March 26. After 10 days of isolation in an apartment at Downing Street, he was admitted to hospital. He was last seen in a video message posted on Twitter on Friday when he looked weary.Downing Street said repeatedly on Monday that Johnson remained in charge and was reading documents, but the move to intensive care revealed the gravity of his condition."There is no doubt this turn of events means Boris Johnson is extremely sick," said Derek Hill, a professor of medical imaging at University College London (UCL).U.S. President Donald Trump said all Americans were praying for his recovery."He's been really something very special - strong, resolute, doesn't quit, doesn't give up," Trump told a news briefing, adding he had asked two pharmaceutical firms developing potential COVID-19 therapies to get in touch with the British government to offer their services.Japanese Prime Minister Shinzo Abe called Johnson a "dear friend" and said he was praying for his swift recovery.Johnson, who is not a smoker, said recently that he wanted to lose weight. He plays tennis and while mayor of London used to cycle around the capital.Johnson's pregnant 32-year-old fiancée, Carrie Symonds, also had symptoms but said on Saturday she was feeling better.The face of the 2016 Brexit campaign, Johnson won a resounding election victory in December before leading the United Kingdom out of the European Union on Jan. 31. Summarise this report in a few sentences.
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foreign minister's personal battle with virus shakes the government. he is the most prominent global political leader to be hospitalised for the virus. he is in intensive care after receiving oxygen support on monday. the death toll in the uk currently stands at 5,373. 70,000 people have died in the pandemic, which is expected to last until april.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Executive Officer Programme Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit As a sector and as stocks, I would still continue to consider them as defensive and low beta bets.Now we have very efficient markets , so any development positive or negative tends to get adjusted in a single day, especially, in the stocks where there are no upper circuit or lower circuit or the circuit limits are quite broad. So, the whole impact, which ideally in a limited price movement scenario could have come over a number of days, comes in one day.Coming to the view on the sector, stocks and what to do, well what will happen now is that with every rise in the market where momentum participation will continue, high betas will participate. With every rise, it is the low beta stock which will make a comeback. Let us remember that the sector has largely remained a non-participant in this whole rally of last three months. Pharma has participated with some corrections in between but not as much. So, with every rise in the market, the risk-reward ratio continues to move more in favour of risk and less in favour of reward. And that is where along with the momentum which will continue, the low beta or the defensives will start coming back. That is also getting supported by the results. We have had two FMCG results coming in over the last two-three days: Bajaj Consumer and Britannia; both have shown better than expected top-line growth, volume growth, which has converted into good bottom-line growth also. But this is not a time to look at the bottom line growth as long as companies report top-line growth. Compared with a lot of sectors, which will report a 50-60% de-growth like automobiles and consumer durables, pharma and FMCG will report much better numbers. And therefore, we will continue to see participation coming in on and off.Pharma as a sector will put out much better results which is a known fact but still optically when you see the numbers, the market does tend to take notice of it. Pharma which will not see as much of a de-growth as automobile or consumer durables. In fact, it will vary from company to company. If at all there will be a de-growth, it will be to the extent of around 10% in some companies and in some cases, it could be a positive growth as well.As markets keep going up, the low beta sectors which have not participated will participate. Leaving aside last four months movement in the pharma sector, the sector is coming out of a long underperformance of four years and let us keep that in mind. This has made valuations attractive optically; it does look that some of the stocks are already trading at price to earnings ratio of 20 and upwards but going forward as their top lines keep growing more than expectation, the bottom lines keep growing more than expectations, the earnings will grow and valuation will start looking attractive.Of course, in a growing sector, the valuations tend to get rerated also. So these are some of the various reasons why pharma sector will continue to outperform. In terms of specific opportunity, Divi’s Lab although very expensive on the valuation still looks like a good investment either now or in any correction. In the last few days, it has already moved up about 5% or so. Alkem Laboratories is largely a domestic player but it still looks like a good investment opportunity. Summarise this report in a few sentences.
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aaron carroll: pharma and FMCG will report much better numbers. he says pharma will put out much better results but will not see as much de-growth. carroll: pharma will be a sector which will report much better results. carroll: pharma will be a sector which will see a lot of de-growth.
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RBI Governor Shaktikanta Das (PTI) Reserve Bank of India (RBI) Governor Shaktikanta Das, in a press conference on April 17 announced a number of additional measures to help the economy fight the challenges brought on by the COVID-19 pandemic. This was the Governor's second press conference after he earlier unleashed a number of reinforcements for the economy on March 27 where he announced a 75 basis point cut in repo rate. Here is what the experts think about the same. Housing Development Finance Corporation (HDFC) CEO Keki Mistry said that the measures announced by the RBI would ease the liquidity situation “quite a bit”. Mahindra & Mahindra Financial Services appreciated the additional liquidity support. “Some of our requirements have been met,” it said. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show Rashesh Shah, the chairman and CEO of the Edelweiss Group, said, “LTRO is going to help the bond markets and, thus, NBFCs. Even corporates are in the market to borrow money.” “It is in RBI's hands to make sure that the financial sector remains viable. We will need more measures going forward. Cash inflows are 5 percent of normal but outflows are 40-50 percent of normal,” he added. Nilesh Shah, Managing Director - Kotak Mahindra Asset Management, said, “Cut in reverse repo should push banks to lend. There should be a limit on reverse repo if banks do not start lending.” Nirmal Jain of IIFL Group has said that it will need more clarity on the threshold for what classifies as a small or medium-sized NBFC. “Need to ensure credit off take picks up fast after the lockdown. We expect that things will get back to normal sooner than most expect. Would look at OMCs, gas utilities, PSU banks,” he added. Sundaram Finance has said that it will wait for circular. “Seems like there is relief at the headline level,” it said. “It seems like there is relief on the older accounts as well.” Former chief statistician Pronab Sen said the RBI governor is walking a tightrope. “The government has done what was within its capacity,” he said. Raj Kiran Rai, MD & CEO - Union Bank, found the announcements By the RBI 'very positive'. “Can always go back to RBI if required. That’s the message today,” he said. “We believe more measures will come in that will help credit growth.” He said the loan growth would definitely pick up. Sunil Mehta, CEO - Indian Banks Association (IBA), said, “Once accounts do not slip into NPA, bankers will be willing to lend to them.” “Seems like our wishes would have been granted today if we asked for something bigger from God,” he told CNBC-TV18. “For now, it is sufficient. I’m not sure if it’s substantial,” former Deputy Governor RBI HR Khan said. “Need clarity on banks’ lending to NBFCs and MFIs' eligibility for moratorium.” On March 27, the Governor had also announced a three-month moratorium on term loans of which installments were due between March 1 and May 31. Piyush Goyal, Minister of Railways and Commerce & Industry, has said that steps by RBI to support the economy will provide liquidity for growth and help India emerge as a world leader in a post-COVID-19 world. RBI Governor’s announcement to do “whatever it takes” is a massive confidence booster for the economy. RBI is continuously monitoring the economy to support growth. IMF has also projected India as one of the fastest growing countries in the current financial year. — Piyush Goyal (@PiyushGoyal) April 17, 2020 LIVE coverage of RBI governor's press conference Summarise this report in a few sentences.
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RBI governor announces measures to help economy fight challenges brought on by COVID-19 pandemic. this was the governor's second press conference after he earlier announced a 75 basis point cut in repo rate. experts say the measures will ease the liquidity situation "quite a bit" a vaccine works by mimicking a natural infection. a vaccine also helps quickly build herd immunity to put an end to the pandemic.
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Colombo: Sri Lanka is set to enter into an agreement with the Reserve Bank of India for a currency swap worth USD 400 million to boost the foreign reserves and ensure the financial stability of the country which is badly hit by the COVID-19 pandemic, a top minister has said.The Cabinet has approved a proposal made by Prime Minister Mahinda Rajapaksa as the Finance Minister to enter into an agreement with the RBI for the financing facility to meet short-term international liquidity requirements, Co-Cabinet spokesman Information and Communication Minister Bandula Gunawardena said.Sri Lanka will enter into the agreement with the RBI for a Bilateral Currency Swap Arrangement worth USD 400 million, Gunawardena said, adding the facility from the RBI is aimed at boosting the island nation's foreign reserves.The swap arrangement is a decision two countries reach while doing trade related payment.Sri Lanka has placed critical economic measures to save the resources hit badly by the COVID-19 pandemic which has infected 373 persons in the country and the death toll reached 7.Addressing the Cabinet media briefing yesterday, Gunawardena said the Cabinet meeting chaired by President Gotabaya Rajapaksa paid special attention to the control of the coronavirus pandemic, its success and the distribution of goods and relief to the people.The minister pointed out that the whole world is now experiencing the economic collapse since World War II resulted from the COVID-19 outbreak and a single country alone cannot find a solution to the crisis.So the Cabinet of Ministers has approved this proposal in order to ensure the financial stability of the country, Gunawardena said.The country has ordered imports restrictions to prevent non-essential imports. This is in view of the local rupee falling to its historical low against the US dollar. The rupee now hovers over 195 to the dollar gaining somewhat from being down to 200 mark.The government has also announced talks with Asian Development Bank and China's Asian Infrastructure Investment Bank . A USD 300 million budgetary support is anticipated from the ADB, officials said.The announcement for getting the USD 400 million financial facility from India came as the rating agency, Fitch on Wednesday warned Sri Lanka to reform its soft-peg and block the ability of its domestic operations department to inject large volumes of cash below the ceiling policy rate to stop monetary instability.Last month, during a video conference of Prime Minister Narendra Modi along with leaders and representatives from SAARC nations, Sri Lankan President Gotabaya Rajapaksa said, "Our economy has taken a severe blow due to the coronavirus, particularly in tourism... Our exports are also adversely affected."Tourism is the third-largest earner of foreign exchange in Sri Lanka. The decline in tourist arrivals has hit the island nation's tourism industry in a big way.Largely owing to the COVID-19 pandemic, the World Bank recently forecast Sri Lankan economy to contract by 3 per cent this year as against a 2.4 per cent estimated growth last year, whilst the IMF predicted the global economy to contract by 3 per cent as well. Summarise this report in a few sentences.
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cabinet approves proposal by finance minister to enter into agreement with RBI. swap worth USD 400 million is aimed at boosting the island nation's foreign reserves. the country has placed critical economic measures to save the resources hit badly by the pandemic. the country has ordered imports restrictions to prevent non-essential imports. a USD 300 million budgetary support is anticipated from the ADB.
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Chinese app TikTok is preparing to take the legal route against the Trump administration’s executive order prohibiting transactions with the popular short video app and its Chinese parent ByteDance. US President Donald Trump signed an executive order on August 6 making it illegal for American companies to do any business with TikTok and gave its parent company, ByteDance, 45 days to sell its business. On August 14, Trump signed another executive order giving ByteDance 90 days to divest its US assets and data the company had gathered in the country. TikTok’s legal challenge pertains to the first executive order, according to Reuters. TikTok plans to argue that the executive order’s reliance on the International Emergency Economic Powers Act deprives it of due process. TikTok will also contest its classification by the White House as a national security threat, the sources added. It was not immediately clear which court TikTok plans to use to file its lawsuit. The company had previously said it was exploring its legal options, and its employees were also preparing their own lawsuit. Also read | Explained: What would a US ban on Chinese-owned app TikTok mean? TikTok’s legal challenge would not shield ByteDance from having to divest the app. This is because it does not pertain to the August 14 executive order on the sale of TikTok, which is not subject to judicial review. However, the move shows that ByteDance is seeking to deploy all the legal ammunition at its disposal as it tries to prevent the TikTok deal negotiations from turning into a fire sale. Several US companies like Microsoft, Oracle and Twitter have shown interest in buying TikTok’s business in the US and other international markets like the UK, India, Australia, etc. (with inputs from Reuters) Summarise this report in a few sentences.
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the short video app is preparing to take the legal route against the Trump administration’s executive order prohibiting transactions with the popular short video app. the move shows that byteDance is seeking to deploy all the legal ammunition at its disposal as it tries to prevent the TikTok deal negotiations from turning into a fire sale. a similar executive order gave ByteDance 90 days to divest its US assets and data the company had gathered in the country.
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Security Servicing Date Obligation Amount due (in million rupees) 9% June 2019 June 10 Interest and principal 190.75 9% June 2026 June 10 Interest 15.75 10.7% June 2024 June 10 Interest 21.4 10.7% June 2021 June 10 Interest 16.05 10.7% June 2024 June 12 Interest 58.85 8.93% Aug. 2026 June 17 Interest 3.31 8.83% Aug. 2019 June 17 Interest 1.2 8.88% Aug. 2021 June 17 Interest 7.96 9.1% June 2021 June 17 Interest 51.96 9.1% April 2020 June 17 Interest 45.5 9.1% June 2026 June 17 Interest 51.96 8.74% Aug. 2026 June 17 Interest 0.35 8.74% Aug. 2021 June 17 Interest 0.24 8.74% Aug. 2019 June 17 Interest 0.49 9.0996% June 2019 June 18 Interest and principal 622.96 10.7% June 2021 June 18 Interest 9.63 8% June 2020 June 23 Interest 120 1.7% June 2024 June 24 Interest 26.75 Investors in rupee corporate bonds are waiting to see whether a major Indian shadow lender will repay 1.25 billion rupees ($18 million) of bond payments due this month, and help avoid a further worsening in sentiment in the nation’s credit markets.Dewan Housing Finance Corp. is already behind schedule in meeting debt obligations as it missed paying 9.6 billion rupees of interest that was due on Tuesday on bonds, a company official said, adding that the debt would be serviced in the next seven days. The home financier is expected to get money from Blackstone Group LP on Monday from a previously agreed group unit sale.That will help the lender repay obligations during the so-called cure period of seven days, and also other maturities that will be up for redemption.Timely repayment by Dewan Housing will help allay wariness in the nation’s credit markets, where infrastructure financier IL&FS Group’s default last year has prompted investors to stay away from debt of shadow lenders. The funding crunch in the shadow banking sector could weigh further on Indian economic growth, which has already slowed to a five-year low, as borrowers find it harder to raise cash.Credit market stakeholders will be watching out for following payments for Dewan Housing. Summarise this report in a few sentences.
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debt serviced in seven days. debt will be serviced in the so-called cure period of seven days. dewan housing missed paying 9.6 billion rupees of interest that was due on Tuesday on bonds. borrowers find it harder to raise cash. funding crunch in shadow banking sector could weigh further on india's economic growth. borrowers find it harder to raise cash.
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Investors pulled out over Rs 7,200 crore from equity-oriented mutual funds during the July-September quarter this year as expensive valuation diverted them towards profit-booking. In comparison, such schemes had witnessed a hefty inflow of Rs 23,874 crore in the same quarter last fiscal, data from the Association of Mutual Funds in India showed. Although, the asset base of equity mutual funds (MFs) slightly increased to Rs 7.64 lakh crore by the end of September 2020 from Rs 7.24 lakh crore as of September 2019. As per the data, outflows from equity and equity-linked schemes were at Rs 7,214 crore in the three months ended September, while such schemes saw inflows to the tune of Rs 11,710 crore in the June quarter and Rs 30,703 crore in the March quarter. Of Rs 7,214 crore outflows, the schemes witnessed a pull out of Rs 2,480 crore in July, which was the first withdrawal in four years, Rs 4,000 crore in August and Rs 734 crore in September. "Investors continue to book profits in equities and hence there is an outflows in last quarter," said Harshad Chetanwala of MyWealthGrowth.com. "If we look from folio perspective, during July-September 2019, there was a net addition of 12.27 lakh folios whereas this year during the same quarter it is just 1.53 lakh. This is because new investors addition in equity funds have dropped and existing investors continue to redeem their investments in the previous quarter," he added. He further said sharp recovery in stock markets the in last six months is another crucial factor in overall outflows. Echoing similar views, Pranjal Kamra, CEO of Finology, said the market benchmark has seen an upward trend making the overall valuation expensive, which might be diverting the investors towards profit-booking. He said macroeconomic environment at the moment is uncertain with US elections round the corner and the economy is still in a recovery phase with respect to the COVID-19 crisis. This also contributed to outflow in equity mutual funds. In terms of segment-wise, multi cap was the worst hit with an outflow of Rs 3,334 crore, followed by large-cap (Rs 2,495 crore), value fund (Rs 1,817 crore) and mid-cap (Rs 1,250 crore). On the other hand, focused fund, equity-linked saving schemes (ELSS) and sectoral category saw inflows of Rs 1,363 crore, Rs 269 crore and Rs 205 crore respectively. According to Kamra, a regulatory change has forced amendment in the multi-cap mandate due to which the entire category is experiencing redemption pressure. Nilesh Shetty, Associate Fund Manager, Quantum AMC, said investors have chosen to invest directly into equities instead of investing via mutual funds, which may have caused outflows from MF schemes. Inflow through Systematic Investment Plans (SIP) dropped to Rs 23,411 crore in the period under review compared to Rs 24,818 crore in the July-September quarter of the preceding fiscal 2019-20. Going ahead, Kamra said the economic outlook remains uncertain and "the inflow into equity funds will take time to rebound (reaching the previous year levels is far-fetched)". However, the ELSS category may see a good inflow in the coming quarter(s) as people will likely resort to tax-saving measures during the end of financial year, he added. Shetty believes there is a long-term story of investments in equity mutual funds to increase given the low existing allocation. But in the near term, there could be withdrawals if risk aversion remains high. Also read: Rs 734 crore withdrawn from Equity MFs in September: What does it say about investment trends? Summarise this report in a few sentences.
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investors pulled out over Rs 7,200 crore from equity-oriented mutual funds in the July-September quarter. compared to a hefty inflow of Rs 23,874 crore in the same quarter last fiscal. multi cap was the worst hit with an outflow of Rs 3,334 crore. a spokesman for the afp said the fund's valuation is expensive.
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A customer got lucky in Latvia when a Royal Enfield dealership delivered an Interceptor 650 to him in quite a fancy way. Read to find out how! Getting a motorcycle delivered in a unique fashion must be a dream for many of you out there! Now, Royal Enfield showrooms in Latvia are coming in the headlines these days for all the right reasons. A few days back, we told you how a Latvian RE dealership commissioned as many as 10 units of a custom-built Scrambler 650. Very recently, a Royal Enfield concept store in Latvia delivered an Interceptor 650 to a customer in a quite different way. The bike was packaged in a huge scale model box. The box was created just for the said unit of the Interceptor 650 and was then loaded onto a trailer. And what’s more! The said box was towed by a luxury Jaguar F-Pace. Needless to say, the customer to whom the bike was delivered is certainly a lucky one. The said way of delivering bikes to customers looks like a part of a promotional campaign by the dealership or the company itself. The Interceptor 650 is currently on sale in Latvia at a price of 6,850 Euros that translates to Rs 5.62 lakh looking at the current exchange rates. In India, the bike will cost you a starting of Rs 2.64 lakh (ex-showroom). The bike is currently the most affordable twin-cylinder bike that you can buy in India. In other news, Royal Enfield recently recalled over 15,000 units of the Interceptor, Continental GT 650 and the Himalayan in some of the global markets due to a corrosion-related issue. The company said in a press statement that it has managed to discover a brake caliper corrosion-related issue in some motorcycles in specific countries. After investigation, it came to light that the corrosion is brought by sustained, long-term exposure to riding on roads that are treated with certain salts, or a combination of salts in order to prevent the formation of ice during the winter season. Images – Royal Enfield Latvia Stay tuned with Express Drives for more updates. For the latest auto news and reviews, subscribe to Express Drives official YouTube channel. Summarise this report in a few sentences.
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a customer got lucky when a Royal Enfield dealership delivered an Interceptor 650 to him in Latvia. the bike was packaged in a huge scale model box and then loaded onto a trailer. the box was towed by a luxury Jaguar F-Pace. the company recently recalled over 15,000 units of the Interceptor, Continental GT 650 and the Himalayan in some of the global markets due to a corrosion-related issue.
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China is ready to pursue peaceful coexistence with all countries on the basis of mutual respect, equality and mutual benefit, President Xi Jinping said on Saturday, and suggested narrowing differences through dialogue and resolving disputes through negotiation.Addressing the virtual G20 Summit hosted by Saudi Arabia's King Salman, Xi said China will always be a builder of global peace, a contributor to global development and a defender of international order."On the basis of mutual respect, equality and mutual benefit, China stands ready to pursue peaceful coexistence and common development with all countries."We may bridge differences through dialogue, resolve disputes through negotiation, and make a joint effort for world peace and development," Xi said in remarks in the backdrop of the over six-month-long military standoff between India and China in eastern Ladakh.Saudi Arabia, which assumed the G20 presidency this year, is the host of the virtual summit that is bringing together leaders from the world's richest and most developed economies, such as the US, China, India, Turkey, France, the UK and Brazil, among others.Prime Minister Narendra Modi is among those participating in the closed-door virtual sessions that are taking place Saturday and Sunday.Calling on international community to jointly fight the COVID-19, President Xi said the G20 members should help build a global firewall against the disease."We must first put the disease under control at home and, on that basis, strengthen exchanges and cooperation to help countries in need," he said.Over 57,775,000 people have been hit by the deadly virus while more than 1,376,000 people have died since the pandemic emerged in the central Chinese city of Wuhan last year.Xi noted that several G20 members have made progress in vaccine R&D and production."We should speed up action and support the World Health Organisation in mobilising and consolidating resources and distributing vaccines fairly and efficiently. China actively supports and participates in international cooperation on COVID-19 vaccines," he said.He said China has joined the COVAX facility and stand ready to step up cooperation with other countries on the R&D, production and distribution of vaccines."We will honour our commitment of giving assistance and support to other developing countries, and work to make vaccines a global public good accessible and affordable to people around the world," he said.He said the G20 grouping should ensure the smooth functioning of the global economy."While containing the virus, we need to restore the secure and smooth operation of global industrial and supply chains. We need to reduce tariffs and barriers, and explore the liberalisation of trade of key medical supplies."Xi said China has fully implemented G20s Debt Service Suspension Initiative (DSSI) and put off debt repayment totalling over USD 1.3 billion."We should keep our support for developing countries and help them overcome the hardships caused by the pandemic", he said addressing the G20 Riyadh Summit via video link.China supports the decision on DSSI extension and will continue to work with other parties for its full implementation, he said."Meanwhile, China will increase the level of debt suspension and relief for countries facing particular difficulties and encourage its financial institutions to provide new financing support on a voluntary basis and according to market principles," he said."We need to reduce tariffs and barriers, and explore the liberalisation of trade of key medical supplies. We need to further harmonise policies and standards and establish "fast tracks" to facilitate the orderly flow of personnel," he said.China has proposed a global mechanism on the mutual recognition of health certificates based on nucleic acid test results in the form of internationally accepted QR codes, he said."We hope more countries will join this mechanism. We also support the G20 in carrying out institutionalised cooperation and building global cooperation networks to facilitate the flow of personnel and goods," Xi said. Summarise this report in a few sentences.
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Xi says china will always be a builder of global peace. he suggests narrowing differences through dialogue and resolving disputes through negotiation. he calls on the international community to help build a global firewall against the disease. 57,775,000 people have been hit by the deadly virus. he says several G20 members have made progress in vaccine R&D and production.
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May 16, 2018 / 04:21 PM IST JSW Steelreported nearly 3-fold increase in its Q4 net profit at Rs 2879 crore, YoY. The company had reported net profit at Rs 1008 crore in the quarter ended March 2017. Revenue of the company jumped 16 percent to Rs 20817 crore against Rs 17917 crore. A Reuters poll of 10 analysts estimated the company to report a consolidated net profit of Rs 1,893 crore and revenue to increase to Rs 19,556 crore. The operating profit or EBITDA of the company rose 67.2 percent at Rs 5,290 crore and margin was up 640 bps at 25.4 percent. JSW Steel share price ended at Rs 336.65, up Rs 2.90, or 0.87 percent on the BSE. Summarise this report in a few sentences.
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the company had reported net profit at Rs 1008 crore in the quarter ended March 2017. revenue of the company jumped 16 percent to Rs 20817 crore against Rs 17917 crore. a Reuters poll of 10 analysts estimated the company to report a consolidated net profit of Rs 1,893 crore. the operating profit or EBITDA of the company rose 67.2 percent at Rs 5,290 crore.
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Ashish Kyal, CMT We have been bold and strong over many weeks that major top is formed in Indian indices and it is comparable to the 2008 collapse. But, it seems we were conservative and the fall is actually comparable to 1987. When we pointed out - get ready for 2008 crash not many paid heed and now it looks to be bigger than that and actually comparable to 1987! Only a few who acted on the advice have been cashing the crash and the rest are occupied identifying the news or events resulting in the drastic downfall. Related stories Ashish Kyal, CMT Founder|Waves Strategy Advisors - wavesstrategy.com Trade Spotlight | How you should deal in HPCL, Suzlon Energy, Hero MotoCorp today? Trade Spotlight | Your strategy for Jindal Stainless, PB Fintech, KEI Industries today Trade Spotlight | Your game plan for Union Bank, Hindustan Copper, MCX today We are facing unprecedented challenges to humanity and existence the way we know it. Given the current pandemic of coronavirus, human survival instincts are challenged. We have been able to flourish on this planet only because of the strong zeal to grow amidst the situations. Case in point is we do acknowledge the gravity of the situation but these are not the times to blame nature or anything else for the financial meltdown but to see what best can be made out of it. We have a history that shows that the best of the ideas and financial institutions came up during the Great depression of 1929! So, during these periods we need to take charge of our trading or investment decisions and see what is working in the current bear market. Now look at the below charts, Do you see any similarity in the fall? Weekly chart: Let me reveal the secret! The first chart is of Dow Jones Industrial Average (DJIA) from the year 1987 crash and the second chart is of Nifty Index year 2020 so far, Astonished Yet! This is the power of looking at patterns across the market and time frames. This clearly shows that the pattern and the intensity of fall seen on Nifty is nothing but a repetition of 1987. Also, it shows that it is Greed, Fear and Hope that results in movement of the stock market and the events only result in short-term volatility or acts as a trigger. Coronavirus is widely referred to as the only reason for the financial and economic collapse. But, the markets were already exhibiting series of negative divergences and loss of momentum. The major global epidemic outbreak has been during the extended period of a bear market as pointed out by Robert Prechter, Executive Director, Socionomic Institute. The stock market acts as a barometer of social mood and the depressed stock market represents a negative social mood. It is during this period that the society is more susceptible to the epidemic outbreaks. India has just started to catch the Corona fever and the markets have topped out much earlier in January 2020. In fact, the day honorable Prime Minister – Modi announced the 21-day lockdown on 24th March evening, the very next day on 25th March Nifty closed up 497 points – 6.37 percent higher locked biggest gain in 11 years! Followed by another 4.10 percent gain on 26th March 2020. This has resulted in an up move of more than 1100 points on the index from the lows of 7511 made on 24 March 2020 starting the day complete India lockdown was announced. The above indicates that freely traded markets move ahead of events or news and any trading decision based on news outflow is like driving a car looking at the rearview mirror. Events can result in a short-term random movement which can last for a few minutes or hours or days but the original trend eventually resumes! Summarise this report in a few sentences.
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the fall is a repeat of 1987 crash and is not a repeat of the 2008 crash. only a few who acted on the advice have been cashing the crash. a'strategy expert' has been able to identify the news or events resulting in the drastic downfall. he says the market is a'repeatedly moving target' and that the crash is not a catalyst.
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When Apple launched the fourth generation of Apple Watch last year, it showed the world the capabilities of a smartwatch can be extended to chart the electrocardiogram of the user’s heart. By far it was the most productive feature to be loaded on a smartwatch. Until now. At the CES 2019, Withings launched an analogue watch called Move ECG that comes integrated with an ECG feature and costs significantly less than the Apple Watch Series 4. Besides, the company also announced the launch of two more wearables – Move and BPM Core. The Withings Move ECG, however, is still to get approval from US FDA for the functioning of the ECG, which means that the wearable will not make it to the market until the approval is given. But Withings is optimistically telling the customers that the Move ECG will start shipping in Q2. The Withings Move ECG costs $130, which is approximately Rs 9,200. The Withings Move (without ECG) costs $70 (approximately Rs 5,000) and is claimed to begin shipping in 4-5 weeks. The BPM Core is priced at $250 (roughly Rs 17,500) and will roll out in the markets in Q2, said Withings at CES. Unlike the conventional smartwatches, the Withings Move ECG is an analogue watch that can be paired with an Android or iOS device. It is touted to deliver 12 months of battery life. The ECG feature on the wearable is facilitated by three electrodes – two under the bottom surface and one in the bezel. The user will need to touch both the sides of the bezel to begin the reading – the watch will vibrate when the reading is recorded. The ECG data will be available to see in a companion app called Health Mate on the phone. Apart from recording the heartbeat patterns, the Move ECG can track steps, activities, and sleep of the user. All of these activities are available on the Withings Move except for the ECG feature. The Move is touted to give a battery life of 18 months. It is available to pre-order now via the company website. The Withings BPM Core is an overall wearable that offers the tool to measure the blood pressure in addition to recording ECG of the user. It’s essentially a cuff that is attached to a cylindrical monitor for blood pressure, heartbeat patterns. It also doubles up as a digital stethoscope to record the heart beats and inform of any cardiovascular data. The wearable can be chared via a MicroUSB port. Summarise this report in a few sentences.
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withings launched an analogue watch called Move ECG that comes integrated with an ECG feature and costs significantly less than the Apple Watch Series 4. the move is still to get approval from the us FDA for the functioning of the ECG. the wearable is said to begin shipping in 4-5 weeks. the withings BPM core is priced at $250 (roughly Rs 17,500) and will roll out in the markets in Q2.
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BENGALURU: The government has to ensure the livelihood of the people and immediately reach out to daily wage-earners who have been severely affected by the lockdown imposed to combat coronavirus , eminent space scientist G Madhavan Nair said on Wednesday."One thing which the government has to take up on a war-footing is ensuring the livelihood for the people...bulk of the people, may be 30 per cent of the people...they may be living on what they earn daily," the former Indian Space Research Organisation ( ISRO ) chairman told PTI.Their earning avenues have been blocked following the lockdown, he said."You have to provide them, either by material, or cash... the compensation, and reach them immediately. There is no point in delaying and giving them. There is no point in giving through intermediaries also. Directly reach the beneficiaries. How fast we can do this and how efficiently we do this, that is going to be a real issue," Nair added.He said the government has taken a very proactive step by announcing lockdowns and other measures to contain the spread of the coronavirus."Certainly it's going to break the chain. It's very much needed in a country like ours," Nair said."We have to tighten our belts to face economic consequences," the space scientist said, adding that the economy would recover once the situation returned to normalcy and there was no need to worry too much."I am more concerned about the people in the daily wages category," he added. Summarise this report in a few sentences.
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eminent space scientist says government must ensure livelihood of people. he says there is no point in delaying and giving them. he says government has taken a very proactive step to contain the spread of coronavirus. he says the economy will recover once the situation returns to normalcy. he says there is no need to worry too much.
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That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights. ADVERTISEMENT Deputy Chief Minister Manish Sisodia today alleged that the BJP was pressuring the IAS officers to "stall" the payment of bills to lawyers who have appeared for the Delhi government in the Supreme Court. Sisodia also alleged that the bureaucrats have refused to pay the fees of the Delhi government's lawyers. "Now, BJP gets officers to stall payment of bills to lawyers who appeared for Del govt in SC. IAS officers refuse to pay bills of lawyers (sic)," he tweeted. (PTI) Legal woes for industrialist Naveen Jindal compounded in a coal block allocation case as a special court here framed additional charges of abetment of bribery in the CBI case against him today and the Enforcement Directorate (ED) also swung into action by filing a charge sheet for money laundering. While the ED filed the charge sheet against Jindal and 14 others for alleged money laundering, special judge Bharat Parashar said the charge will formally be framed for abetment of bribery against the Congress leader on August 16. (PTI) ADVERTISEMENT Balochistan Awami Party (BAP) leader Siraj Raisani died in a blast that hit his election rally in Balochistan's Mastung. 33 civilians were reportedly killed. (ANI) Congress playing a dangerous game. It's playing up the card of religion. It's frightening that it may lead to division&communal disharmony which prevailed during 1947 partition. Congress party shall be solely responsible if any disharmony plays out b/w now&'19 polls: N Sitharaman pic.twitter.com/K1RKasrquN — ANI (@ANI) July 13, 2018 The 2+2 dialogue with US is to happen in the first week of September, reports ANIquotingDefenceMinisterNirmalaSitharaman. The agenda will be to develop andstrengthen strategic defence cooperation and to follow-on with what had transpired during the meeting with Secretary Defence Mattis. Nawaz Sharif and Maryam have gone to a hotel near the airport in Abu Dhabi. Have not been arrested. They are holding consultations with some unidentified people as well as some PMLN workers. Expected to board a flight to Pakistan with a NAB team onboard: PMLN Sources pic.twitter.com/tZtBwAt8Ht — ANI (@ANI) July 13, 2018 Supreme Court to continue hearing the Ayodhya Babri Masjid land dispute matter on July 20. ADVERTISEMENT People can carry their own food items in multiplexes effective August 1, reports CNN News18 quoting a Maharashtra minister. The government will take action against multiplexes if they do not allow people to carry their own food, the minister saidwhile speakingin the state Legislative Council. Summarise this report in a few sentences.
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Deputy chief minister says BJP is pressuring IAS officers to "stall" payment of bills. he also alleges that the bureaucrats have refused to pay fees of the Delhi government's lawyers. a special court here frames additional charges of abetment of bribery against industrialist Naveen Jindal. the u.s. and europe are preparing for a 2+2 dialogue with the united states.
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