Split (1)

train · 44.7k rows

Subsets and Splits

No community queries yet

The top public SQL queries from the community will appear here once available.

role stringclasses 1 value	content stringlengths 0 49.4k	original_summary stringlengths 0 1.4k
user	The Reserve Bank of India’s Monetary Policy Committee (MPC) hiked key policy repo rate by 25 basis points (bps) to 6.25 percent on June 6, the first hike in four-and-half years. Here is what bankers have to say: Rajnish Kumar, Chairman of State Bank of India (SBI) RBI policy response of raising rates by 25 bps is dictated by robust consumption and improving capacity utilization. Cost push inflation is a clear risk going forward. Chanda Kochhar, MD and CEO, ICICI Bank The hike in the policy rate today reaffirms RBI’s credibility as a vigilant Central Bank especially against the backdrop of heightened global uncertainties. Such timely action will ensure that inflation expectations remain anchored thereby aiding financial stability. The increase in the carve-out from SLR (statutory liquidity ratio) for LCR (liquidity coverage ratio) maintenance is a very important step that addresses the asymmetries in system liquidity and will temper the increase in short term rates. Measures to facilitate greater transparency and depth in financial markets, such as increasing limits in ‘when-issued’ markets and short sale in government securities as well as moving to market valuations for state government securities are welcome steps. Moreover, convergence in definition of the priority sector limit for housing loans with that of the government’s affordable housing scheme will ensure that this segment receives a fillip. Zarin Daruwala, CEO, India, Standard Chartered Bank RBI delivered a balanced monetary policy highlighting strong domestic and global growth while acknowledging rising inflationary pressures. It retained the robust GDP forecast of 7.40 percent for 2018-19 and also hiked the repo rate to counter rising CPI. It is noteworthy that RBI has maintained its neutral stance so as to further support growth. Sustained improvement in capacity utilisation augurs well for investment demand, credit off-take and overall economic sentiment. The two per cent increase in the SLR/LCR overlap will give a boost to Banks’ liquidity for supporting credit growth.” Rana Kapoor, MD & CEO, Yes Bank RBI’s unanimously delivered 25bps hike has been balanced with a neutral stance, reinforcing MPC’s alacrity to retain inflation within its 4.0 percent target amidst hitherto buildup in price pressures led by crude prices. The rate action comes at a time when economic recovery now appears to be on a firmer footing. This stance allows RBI the choice to act in accordance with evolving macro and financial conditions, in both global and domestic economy in the coming months. Amidst many moving parts, this will entail a careful balancing of global headwinds from elevated crude prices, geopolitical tensions, and domestic policies of MSPs, state pay commissions on growth-inflation dynamics. Melwyn Rego, CEO, Syndicate Bank The decision of RBI to allow banks to spread the MTM losses on investments for the quarter ending June 30, 2018, equally over a period of four quarters and increase in Liquidity Coverage Ratio ( LCR ) carve-out from SLR, will give some relief to the banks on capital and liquidity front. Another news for banks to cheer is, filip given to affordable housing, by increasing limits for priority sector lending. Summarise this report in a few sentences.	RBI's policy response of raising rates by 25 bps dictated by robust consumption. increase in carve-out from statutory liquidity ratio for LCR maintenance is a very important step. measures to facilitate greater transparency and depth in financial markets, such as increasing limits in ‘when-issued’ markets and short sale in government securities are welcome steps. RBI retained robust domestic and global growth while acknowledging rising inflationary pressures.
user	Representative Image India may have started lifting the lockdown in a staggered manner to reopen the economy but the country is facing a labour shortage as hundreds of thousands of migrant workers have left the cities for their hometowns. Among sectors, construction and real estate face a 52 percent worker shortage, followed by manufacturing (44 percent) and pharmaceuticals (42 percent), The Economic Times reported. Among regions, heavily migrant dependent south India is struggling, it added. The country saw an exodus of migrant workers when it went into a lockdown to stonewall the coronavirus. Desperate, many of them even walked hundreds of miles to get home before special trains were arranged to take these workers, who are the backbone of the Indian economy, home. The total shortage of workers across sectors in the coming months is likely to be 40-50 percent and many companies are exploring incentives to bring them back as the lockdown eases, a survey conducted by TeamLease Services for the newspaper 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 Companies are also recruiting staff from nearby villages and other states, offering wage hikes and bonuses, food and transportation. Isolation facilities for out-of-state workers, who need to comply with the 15-day mandatory quarantine requirement, are also being arranged, the report said. Follow our LIVE Updates on the coronavirus pandemic here Biplab Baksi, Executive Director, Human Resources, Dabur India, told the newspaper that the company was hiring locals from neighbouring villages and towns for its manufacturing units in Himachal Pradesh and Uttarakhand. It has permission to bring in workers from other states such as Jharkhand in case of a staff shortage, he said. The company had arranged transportation for migrants from Jharkhand and ensured that health and safety protocols were followed, Baksi added. “The demand-supply gap is high … We see a temporary wage hike for the blue-collar workers in the form of extra hourly or daily wage, bonus, and other perks as companies will make an attempt to retain the migrants,” Amit Vadera, assistant vice president at TeamLease Services, told ET. For example, power EPC firm KEC International is hiring and training unskilled workers and is considering incentives like retention pay for those who commit to stay for a period. Sectors that are hiring include pharmaceuticals, healthcare, ecommerce, manufacturing, FMCG, logistics and engineering. There are openings for lab technicians, dispatchers, packers, delivery staff, drivers, store executives, sweepers, masons, tile fixers, electricians, maintenance engineers and security guards. Some are optimistic that the migrant drought will not last long and many are already moving back. “India has a lot of young aspirational workforce … who will want to come and work in urban centres … if payment is done smoothly and income flow regularises, more people will return,” Santrupt Misra, CEO – Carbon black business, Aditya Birla Group, told ET. Niranjan Hiranandani, managing director of the Hiranandani Group, said it was “important” for companies to allay migrant’s fears about the virus and job loss. Follow our full COVID-19 coverage here Summarise this report in a few sentences.	construction, real estate, manufacturing, pharmaceuticals and others face labour shortage. the country went into a lockdown to stonewall the coronavirus. many of the workers walked hundreds of miles to get home before special trains were arranged. a vaccine works by mimicking a natural infection. it also helps quickly build herd immunity to put an end to the pandemic.
user	Nitin AgrawalMoneycontrol Research Auto players witnessed a huge spike in their sales volume in the month of February, partly due to the lingering effect of the lower base of the previous year due to demonetisation. Segment-wise performance continues to be robust for commercial vehicle (CV) and tractors on the back of good monsoon, improved rural sentiments and increased production of BS IV compliant vehicles. Additionally, there is a revival in three-wheeler sales following government’s decision to end permit raj and pick up in exports on the back of improving global climate. With the impetus on rural economy in an election year and continued focus on infrastructure in select pockets, CV and tractor segments should have a strong run going forward. The stronger numbers from two-wheeler is an early trend and could get some additional support if the revival of rural economy gathers momentum in the coming months. Commercial Vehicle (CV) – Strong showThe commercial sector has bounced back strongly after the initial disruption in the market, surrounding demonetization and the BS4 transition that largely affected the transport industry last year. Notably, LCV segment has also started showing a strong uptrend in monthly numbers primarily because of increased thrust on agriculture-based, FMCG and E-commerce sectors and increasing demand coming for container and refrigerated trucks. Tata Motors registered a significant growth on the back of increasing demand from construction, growing logistics, e-commerce and FMCG applications. The M&HCV truck segment continued to be robust on the back of key factors such as stringent restrictions on overloading, replacement buying, and various infrastructure projects continued to drive demand for higher tonnage trucks and tippers. M&M posted a healthy growth thanks to good monsoon and rural penetration of the company. The management expects the growth momentum to continue on the back of some recent refresh launches as well as the better performance of its product portfolio. Eicher Volvo also witnessed a significant growth of 25.3 percent (Y-o-Y) in the month. Ashok Leyland also continues to post strong growth. Cars Segment – leader continued its mojoThe leader, Maruti, continued to top the chart in PV (Passenger Vehicle) segment with 17 percent growth, mainly driven by 17.3 percent growth in passenger car segment. For Tata Motors, passenger car segment witnessed a growth of 16.8percent (Y-o-Y). Newer models like Nexon, Tigor and Hexa aided Tata Motors. Nascent signs of revival were visible in the numbers of M&M as well and it posted a growth of 8.1 percent (Y-o-Y). Two-wheeler (2W) segment: TVS is gaining momentumIn two-wheeler space, Eicher witnessed a strong sales of bikes below 350cc with a growth of 22.9 percent (Y-o-Y) whereas bikes above 350cc segment witnessed a significant increase of 55 percent (Y-o-Y). TVS posted a strong growth in 2W segment primarily because of 92 percent growth in bikes and 35.6 percent growth in scooters. Bajaj’s domestic business also witnessed strong growth in February 2018. Bajaj Auto also witnessed a significant growth in volume numbers driven by the launch of the Discover twins and Avenger refresher. Additionally, Cruise 220 is also being well accepted in the market and aiding to the sales numbers. Hero posted a significant growth of 20 percent in the month. Three-wheeler (3W): Bajaj leadsThe overall three-wheeler market is showing a significant improvement as is evident from the sales number for the February month. This is primarily due to the end of “Raj Permit” in Maharashtra and new permits in Delhi. Bajaj Auto, the leader in the space, could capture the growth coming in this segment and posted a whopping 129.1 percent (Y-o-Y) growth in the domestic 3W segment. TVS also posted a strong growth of 86.3 percent (Y-o-Y) in 3W volumes. Tractors: gaining on the back of good monsoonThe revival of the rural economy is impacting the numbers of the tractor segment as is evident in the stellar show of both M&M and Escorts. M&M continue to post significant growth (36.5 percent y-o-y) and Escorts posted a healthy growth of 53.4 percent. The recent initiatives from the government to bring back strength into rural India should continue to support demand for farm equipment like tractors. Exports: Revival is onAuto Companies had been struggling in the export markets for long. However, the overall revival in global economy is finally getting reflected in the numbers of some of the leading automobile exporters. Companies like Bajaj Auto, Tata Motors and TVS appear to be gaining some foothold in the overseas market. For more research articles, visit our Moneycontrol Research Page. Summarise this report in a few sentences.	tractors and commercial vehicle (CV) sales have risen sharply in the month of february. the growth is due to the lingering effect of demonetisation. the commercial sector has bounced back strongly after the initial disruption in the market. the growth is also due to the increase in demand for agriculture-based, FMCG and e-commerce sectors.
user	By Vikram S Mehta In the midst of a global pandemic of epic dimensions, one is hesitant to write about the narrow subject of petroleum. It seems so trivial. But then, if there is one certainty, it is that human ingenuity and technology will push us, sooner (hopefully) than later, into a post-Covid world. And at that time, India will, once again, confront the challenge of oil and gas supply security. We should ask, therefore: What will be the landscape of the petroleum sector, post-Covid? And what should India do now to prepare for an uncertain and contingent energy future? The Centre has indeed ‘fallen apart’ in the international petroleum market. The concept of MAD (Mutual Assured Destruction) deterred the nuclear powers during the Cold War. It has had no such effect on the oil powers. For, at a time when Covid had pushed the global economy into recession, the proxies of the Saudi Crown Prince, Mohammed Bin Salman (MBS) and the Russian President, Vladimir Putin, took a set of decisions last month that knocked the economic props from under the oil market. The Saudis decided to flood the market to hold onto market share, and the Russians accepted the consequent decline in prices to push the US Shale industry to the wall. Both may achieve their objectives, but they have sounded the death knell of the OPEC (Organisation of the Petroleum Exporting Countries), and possibly that of the oil industry, too. In the late 1990s, the Economist magazine did a story on oil prices. The cover page had a picture of an oil barrel with an arrow painted in red slicing downwards across the barrel with ‘$5?’ written in bold on the side. I am reminded of this article because it is reflective of current conditions. Today, the price of oil, at just above $30/bbl (at the time of writing), is at a decade low and volatile downwards. The average price in 2019 was $64/bbl. The reason is two-fold. One, the Saudis have ramped up production from 9.8 mbd (pre the March meeting) to in excess of 12 mbd today. And two, there has been an unprecedented Covid-induced crash in demand. This is because of the lockdown of the two main drivers of oil consumption—transportation and industry. It is estimated that oil consumption in the current quarter will fall by approximately 25 mbd. This is almost as much as the OPEC’s production. The Saudis and Russians may still come to an understanding that rallies the price, but it would not surprise me if the Economist magazine wrote another cover story with a similar picture, except with ‘$20?’ instead of ‘$5?’ written next to the arrow. Three verities now hang over the petroleum market. One, every major oil-exporting country will face a budgetary crisis. Qatar has the most robust balance sheet of all OPEC members. But it still needs an oil price of around $40/bbl to balance its books. Algeria has the weakest. It needs in excess of $100/bbl. Saudi Arabia is at the Algerian end of the spectrum, requiring a price of around $80/bbl. This does not mean that these countries are about to go financially belly up. Most of them, and in particular the Gulf producers, have abundant sovereign reserves. But what it does mean is that they will be hard-pressed to sustain their social and economic commitments. They will have to cut back on subsidies, raise taxes, and the citizens will be required to tighten their belts. This will not be well-received and India should build into its oil supply plans the likelihood of civil strife in these countries. Two, the international oil industry will be reconfigured. Already, at current prices, a large number of companies are finding it difficult to cover their cash costs and have been forced to cut production and shutter operations. At even lower prices, they will be bankrupted. Whatever the final outcome, one fact is clear. Those that survive the carnage will have substantially slimmed balance sheets and reduced valuations. Exxon’s market capitalisation has, for instance, halved over the past month. Against this backdrop, we should drop the expectation of international interest in BPCL. Or for that matter Middle East investment into India. The $40-billion Ratnagiri refinery project by Saudi Aramco and the UAE will certainly not see the light of day. We should also expect a drop in the intensity of domestic exploration. Three, the world, post-Covid, will be different from the world, pre-Covid. Behaviours will shift and these will deepen uncertainties. ‘Social distancing’ may change the dynamics of ‘shared mobility’. Teleporting may reduce business travel. Heightened awareness of the porosity of national boundaries may accelerate the push towards decarbonisation? These uncertainties will push the petroleum market deeper into a no-man’s land. India cannot escape its own domestic verity. Whatever be the shape of the post-Covid international petroleum market, India will be dependent on it to secure its domestic energy requirement. The question should, therefore, be asked: What should the decision-makers do today to respond to such a contingent and uncertain future? I have the following four suggestions. First, it should fill the oil caverns with strategic reserves. Prices may fall further, but rather than bottom fish, it should leverage the availability of capacity to secure discounted supplies. The world has run out of storage capacity and producers may pay premium dollar to find space for their unsold cargoes. Second, it should increase its imports of gas (LNG) from Australia, Africa and the US. This will reduce the political risks of dependency on oil supplies from the Middle East. Gas is also now economically competitive. The landed price of LNG is low enough to kick-start some of the stranded gas-based power plants. Third, it should unthread the ‘patchwork quilt of authority’ exercised by bureaucrats, regulators and politicians, which today stifles management and operational efficiency of petroleum companies. And finally, it should create the institutional basis for an integrated energy policy. If there is one message we must internalise from Covid, it is the importance of collaboration and coordination. The author is chairman & senior fellow, Brookings India. Views expressed are personal. Summarise this report in a few sentences.	a global pandemic of epic dimensions is sweeping the world. but what should India do now to prepare for an uncertain and contingent energy future?. the Centre has indeed ‘fallen apart’ in the international petroleum market. the price of oil, at just above $30/bbl (at the time of writing), is at a decade low. the average price in 2019 was $64/bbl.
user	Despite, Friday's losses, market benchmarks ended the week with gains even as volatility remained high as the increasing COVID cases worldwide kept markets on edge. For the week gone by, Nifty50 closed 1.52 percent higher compared to 1.59 percent rally seen in the S&P BSE Sensex. The top voices of Dalal Street share their views on the market and also discuss their preferred sectors along with tips on how to trade in such a market. Take a look: Shankar Sharma, Co-Founder and Vice-Chairman, First Global We follow a tactical asset allocation approach in which we are not exposed to a single market or a single currency or a single asset, and we diversify to the best opportunities available at that point in time. That is our central mantra. This year is the best year in ten years for anybody to understand the value of risk management. We usually forget about these things but when markets are good we tend to say, this is all very, very vague stuff, why to bother about risk management, markets only go up all the time. 2020 -- is a great year. It’s like a laboratory or more like a classroom where you’ve learned the lesson of risk management and that is the reason why in our global products we have delivered 21 percent CAGR in dollar terms over the last five years. Nilesh Shah, MD and CEO of Envision Capital (to CNBC-TV18) The recovery in the market has been largely fuelled by massive liquidity. As long as we have the support of global markets, as long as the liquidity is there, you are clearly going to see the markets prepare for a recovery in the second half. The market is poised for a strong recovery in the second half of FY21 given the kind of strong outlook on the rural economy, we have had a favorable start to the monsoon, food prices are still lower, interest rates are still benign and tax rates have come off. After a bit of a correction, sometime during this quarter, the markets may again begin to advance and recover in the second half. It is not that the challenges are behind us. You are going to see speed breakers along the way as the market's advance. COVID-19 will keep posing a lot of challenges to business continuity. Therefore, from a purely fundamental and growth perspective, I don’t think one should have very high expectations for the September quarter as well. Arvind Sanger, Founder & Managing Partner, Geosphere Capital Management (to CNBC-TV18) Liquidity is riding over all other concerns at the moment. The rally is based on the expectation that we will soon have a vaccine or a COVID cure. We are optimistic about certain sectors, but not as bullish as this rally suggests. We may see pockets of pent-up demand going ahead. We are not looking at buying laggards like financials as of now. The companies providing tractors, two-wheelers, financing to rural India can outperform. We are bullish on the IT sector, given huge outsourcing opportunities. There may be lesser money available for consumption after COVID. Harsha Upadhyaya, CIO-Equity, President, Kotak Mahindra Asset Management Company (to CNBC-TV18) We believe positive sentiment is returning to the Indian market. Retail participation has gone back to pre-COVID levels, but institutional participation has not. We have domestic cyclical in our portfolio and expect large-cap IT stocks to be resilient and outperform peers. We believe domestic demand will rebound strongly which will be good for metal stocks. We have exposure in metals via ferrous stocks. We have taken some exposure to the broader market via sectors like agrochemicals. We continue to have a positive view on defence stocks. We are focussing more on the quality stocks from financial space with no liquidity issues. We continue to see higher usage for telecom data. Telecom will remain resilient in COVID times. Amit Shah - Head of India Equity Research - BNP Paribas India had a decent rally in June when it caught up with some of the under-performance. However, we continue to see cases increase, and economic indicators do not show any material improvement in the near term thereby capping the upside in the equity market. Having said that, we do not expect a material downside and definitely believe the worse is behind us in terms of equity market performance. At the start of the pandemic, we had estimated and we still believe that the earnings decline for FY21 will be in the range of 15-25 percent. More than the earnings, the market will look for cues in the commentary from companies and earnings outlook for FY22. We believe March-21 fair value to be in the range of 9,600–11,100, depending on how far the lockdowns get extended. As highlighted earlier, this does indicate that the worse is behind us. Mayuresh Joshi, Head- Equity Research, William O'Neil India The economic and financial deleveraging expected to be caused by the pandemic has been largely gestated by the markets and the same has been reflected by the downgrades in global GDP and individual economies as well. However, GDP is expected to bounce back significantly in the next financial year and as markets are a discounting mechanism for events that are expected to unfold over the next four-six quarters, the fall took the expected economic issues in its stride. The worries about the pandemic and cases rising across the globe, the trials of the vaccines and the various stages that they are in and other macro developments shall lead to huge bouts of volatility and the markets need to adjust for the same in the next few weeks and months. So, liquidity shall act as a support for the markets but they shall also be reacting to all these developments that take place on a macro and micro basis. Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.	market benchmarks ended the week with gains despite, Friday's losses. the recovery in the market has been largely fuelled by massive liquidity. the market is poised for a strong recovery in the second half of FY21. the market is poised for a strong recovery in the second half of FY21. despite the volatility, the market is still a volatile market.
user	How should I clean and store my face mask Cloth face masks worn during the coronavirus pandemic should be washed regularly, according to the U.S. Centers for Disease Control and Prevention.Public health experts recommend wearing a mask made from cotton fabric, such as T-shirts, or scarves and bandannas, when you are outside and unable to maintain social distancing from others.The covering should be washed daily after use, says Penni Watts, an assistant professor at the University of Alabama at Birmingham's School of Nursing.It is best to clean your mask in a washing machine or with soap and hot water. The mask should be dried completely. Dry it in a hot dryer, if possible.Watts advises storing the clean, dry mask in a new paper bag to keep it safe from germs.The CDC has urged people to use washable cloth coverings to ensure there are enough surgical and N95 masks for medical workers. Summarise this report in a few sentences.	the coronavirus pandemic should be cleaned regularly, the cdc says. the covering should be washed daily after use, says Penni Watts. the mask should be dried completely, she says. the mask should be stored in a new paper bag to keep it safe from germs. a paper bag is recommended to keep the mask safe from germs.
user	Recent central bank bond-buying to calm market turmoil has breached the wall dividing top-grade debt from so-called junk-rated issues, raising the likelihood of the investment industry and even regulators eventually dismantling the barrier. Central banks had until recently baulked at buying sub-investment grade debt -- which is rated BB+ or lower -- in their emergency programmes or accepting it as collateral, given the higher risk of default. But with the coronavirus crisis roiling economies as well as markets, companies at the lower end of the investment-grade scale are at risk of losing those prized ratings and becoming so-called "fallen-angels". To prevent markets from seizing up if a slew of such ratings downgrades hits simultaneously, pushing billions of dollars of corporate debt to sub-investment grade, the Federal Reserve said last month it would take the revolutionary step of buying junk bonds, so long as they had been deemed investment grade on March 22. That offered a lifeline to companies such as Ford, shielding it a from loss of funding after S&P cut it from BBB- to BB+ in late March. As Moody's already assigned it a junk rating, $35 billion of the carmaker's debt became ineligible for investment grade indexes, which are tracked by passive funds. 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 also said it would buy exchange-traded funds that hold high-yield debt, while the European Central Bank may also eventually adopt outright purchases of high-yield bonds. In March it included BB-/B1 rated Greek bonds in emergency asset-buying schemes and started accepting fallen angel debt as collateral last month. A RECORD MONTH The interventions unclogged frozen junk markets, with U.S. companies issuing more than $30 billion of new high-yield debt in April in one of the 10 busiest months on record. But longer-term ramifications are potentially bigger for a global investment industry where much capital allocation is still shaped by credit ratings. Although some investment-grade fund managers have ventured into junk bonds since the 2008-9 financial crisis, the latest move may well turbo-charge the departure from ratings-defined investment processes, especially the cliff-edge division between high-yield and high-grade debt. "What active managers have been doing since the financial crisis is increasing the flexibility of their mandates," said James Vokins, head of investment-grade UK credit at Aviva Investors. "(Central bank moves) should accelerate the momentum among active managers to go to clients and trustees for some kind of waiver on high-yield holdings so they are not forced to sell at the worst possible time." Reflecting the interest in investing across the ratings spectrum, fund rating firm Morningstar says it now tracks 206 European credit funds that can hold investment-grade (IG) as well as high-yield (HY), versus 180 five years ago. Vokins said several of Aviva's IG-only funds had the ability to hold some BB-rated credits. "These are restrictions we asked to be slightly softened, to allow us hold the bonds a bit longer," he said. Legal & General Investment Management was among those going into the latest crisis with a number of funds able to hold 5%-20% in high-yield debt. "We have seen an increasing desire for funds over the year to increase their flexibility to invest off-benchmark," said portfolio manager Justin Onuekwusi. RATINGS MATTER Nonetheless, ratings assessments still carry huge clout. Indexes reserved for top-grade bonds and the passive funds that track them have little leeway and investors such as insurers face strict regulatory constraints on holding lower-rated securities. Agencies say they merely score borrowers' creditworthiness based on objective criteria, with boundaries between the BBB and BB baskets usually reinforced by markets. Fitch for example notes how investors rushed to sell BBB- debt during the current crisis as market stress built, even before a downgrade. They also say their ratings aim to guide investors on default probabilities -- for instance, the five-year default probability for credits on the lowest investment grade rung, BBB- is 2.8%, but 3.7% for BB+, the top junk category, according to S&P Global. Among other hurdles, flexible strategy funds usually need to hire high-yield specialists for the additional legal and covenant analysis junk bond investing requires, Morningstar analyst Mara Dobrescu said. And "while central bank actions have improved liquidity in high-yield, over the long-term it's unlikely they will become as liquid as investment grade," Dobrescu added. That means investors, especially in closely regulated sectors, are unlikely to discount credit scores altogether. Yet central bank support could be a powerful impetus for more flexibility, especially as yields, or returns, on high-grade debt tumble further and junk markets swell -- S&P Global predicts around $640 billion of European and U.S. bonds will turn fallen angel this year. "You are going to get some people that are forced to sell these bonds. But when you have another buyer and a buyer of last resort, it does make it easier (to hold fallen angels)," said Iain Stealey, international CIO, fixed income at JPMorgan Asset Management. "You are going to see more of a broad remit that will start looking at high-yield. Once we can see light at the end of the tunnel it will happen." Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.	central banks have bought junk bonds to calm market turmoil. the move is a lifeline to companies such as carmaker. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection.
user	Robin Banerjee The world has never ever seen something like this. Never before had one single negative incidence affected 200 countries and over seven billion people at the same time. And the worst - almost every affected country is experiencing loss of lives. WhatsApp messages are full of COVID-19 information – some useful, many repeats, quite a few myths and several fakes. That is what is confusing everybody. In this baffling picture, the key question keeps cropping up: what happens to our businesses? Near term probabilityThe business community at this juncture is facing a huge dichotomy. We are being told that everyone should be homebound. And yet each one of us is expecting the supply-chain to function. How will the truck driver go out, if he needs to stay at home? Moving forward, even if the driver wants to drive, who will repair his vehicle tyres or give him food on the highway? The whole nation is in that dilemma. 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 short term implication for next few weeks, unfortunately could be a serious breakdown in the supplies of our basic necessities – food and medicines. Most businesses are shut with most workers not reporting for work, even if they belong to the ‘necessity’ segment. And of course, raw materials are not moving in with end-product dispatches stuck. Service sectors like insurance and banking will crawl through with the work-from-home model working fairly well. Next two weeks (till mid-April) are critical from our health point of view. We need to keep ourselves isolated and yet help to make the basic wheels of commerce somehow roll on. Immediate advice for all those who are managing production of necessities – guide workers to practice extreme hygiene with work places spaced out, as much as the facilities provide. Open air has no danger, and hence keeping fresh light and air moving in and out, will be the best option inside manufacturing locations. Conserve funds. Defer payouts, though it is a cruel suggestion. The best friend for uncertain days is the balance in your wallet. Medium term possibility Businesses should plan such that they can ride through with April and May being ‘wash-out’ months. The deferral of loan liabilities by three months is good news, but employee salary disbursements are a must. With most businesses in a possible cash crunch, some could negotiate to defer a portion of their wages (please don’t cut them). Expect further disruption in the supply chain. Though the government is doing a good job trying to move essential things, to keep 1.3 billion stomachs filled up twice a day for the next few weeks, will be a humongous challenge. Given the unpredictable scenario, each one of us need to keep doing physical exercises within our homes to bump up our immunity systems (keep your heart pumping more air), motivate as many as we can to keep their spirits up, and prevent every possible move of poor hygienic behaviour around us. Long term prognosisThe definition of long term varies - in the long term we are all dead. But for the purpose of COVID-19, my long term is six months. We need to plan for a deep recession till September. Global travel is unlikely to resume before January next year – very few will risk a contagion. I expect that the wheels of commerce would start moving only from April next year. The battle for survival will be long and may get quite arduous. Cash is going to be king. Conserve every bit of it. Outflows should take place only (as much as can be feasible) from inflows. Vendors get paid only when customers pay (chicken and egg situation though that will be). Try not to borrow on your undrawn limits, if available. Or negotiate fresh head rooms in your drawing power, if possible and before it is too late. Renegotiate terms with your suppliers. Cost cutting and its effectiveness will be the key to survive. Expect many businesses to go belly up, and some could be your customers. Last words Clearly the world is flat – we are all interconnected. The business role that was apportioned to China - who has let mankind down - and the trust that the world had in it will undergo a huge change. The world will seek India as a safe backup – fresh commercial opportunities galore. The way we will behave and do business, will go through a metamorphosis. The brave and patient will flourish. Stock markets will again boom with the few good company stocks being chased by many. Good governance will gain a new definition in our daily business life. And the new sun of hope will rise brighter. Tough times don't last – tough people do. Robin Banerjee is Managing Director at Caprihans India, one of the oldest and largest Polyvinyl Chloride (PVC) film manufacturers in India. Earlier, in his career spanning over 35 years, he was Group CFO at Suzlon Group and Executive Director at Essar Steel and Thomas Cook among other senior positions. Summarise this report in a few sentences.	a single negative incidence of COVID-19 has affected 200 countries and over seven billion people. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection.
user	Mukesh Ambani's digital unit Jio Platforms, which is on an investment-seeking spree, may soon land a big cheque from global tech giant Microsoft Corp. Reliance and Microsoft's management are currently in talks and there are speculations that Satya Nadella-led global tech firm could grab 2.5 per cent in Jio Platforms, Mint reported citing sources. In just a month, RIL's Jio Platforms has bagged investment worth over $10 billion (Rs 78,562 crore) from the likes of Facebook, KKR & Co, Silver Lake, Vista Equity Partners and General Atlantic. Talks with Microsoft are on initial stages and details on the final deal will get clearer in coming days. The development comes in the backdrop of Nadella revealing Microsoft's big plans for India in February. The Microsft CEO had said the company was planning to open data centres across India to cash in on Azure's cloud services. Jio Platforms was created as a subsidiary of RIL in October last year to bring together all digital and mobility businesses under one roof. Facebook was the first one to buy 9.99 per cent stake in Jio Platforms for Rs 43,574 crore on April 22, making it the largest minority shareholder. On May 22, Reliance Industries said KKR would invest Rs 11,367 crore into Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. The investment is KKR's largest in Asia and will translate into a 2.32 per cent equity stake. Also read: Silver Lake to invest Rs 5,655 cr in Jio Platforms at higher valuation than Facebook deal On May 17, General Atlantic also announced investment worth Rs 6,598.38 crore into JPL for 1.34 per cent stake. This was also the largest investment by New York-based General Atlantic in Asia. The new entity JPL has become the parent of Reliance Jio Infocomm and applications like MyJio, JioTV, JioCinema, JioNews and JioSaavn, besides content-generation ventures. Also read: Mukesh Ambani's Jio Platforms bags Rs 11,367 cr investment from Vista after FB, Silver Lake For making JPL debt-free, the parent company has infused Rs 1.08 lakh crore into it. They want to build JPL like Alibaba and Google, which claim high valuations in stock markets. RIL has been using the cash flow from its flagship petroleum refining business to build the telecom and retail subsidiaries all these years. The Indian conglomerate has spent about Rs 4 lakh crore to build Reliance Jio. Also Read: General Atlantic to invest Rs 6,598 crore in Mukesh Ambani's Jio Platforms Also read: BT BUZZ: Don't be naive! Reliance Jio-Facebook deal is a partnership of unequals Edited by Manoj Sharma Summarise this report in a few sentences.	a month ago, ril's digital unit Jio Platforms bagged investment worth over $10 billion. the firm has also bagged investment from the likes of KKR & co, Silver Lake, Vista Equity Partners and general Atlantic. the development comes in the backdrop of Satya Nadella revealing Microsoft's big plans for india in February.
user	live bse live nse live Volume Todays L/H More × Dolat Capital's research report on JK Cement JK Cement in its FY20 annual report, highlights about growing together and staying ahead of the curve. JK Cement has posted a strong all round performance in a challenging year and a challenging external environment that was dampened by the Covid-19 pandemic. The company was able to demonstrate such growth driven by resource efficiency, expanding capacities, growing prominence across urban and rural markets. The company continuously improves resource efficiency in clinker and cement production process by optimizing energy usage, utilizing generated waste and targeting higher alternate fuel and raw material usage. Also, they are trying to limit the usage of natural resources in grey cement manufacturing and increase the share of additives like fly ash and slag. On the demand front, outlook remains buoyant and any weakness is likely to be transient. Outlook Cement demand is likely to return to its normal growth trajectory, especially aided by the rural market where pandemic seems to have had a limited impact. For all recommendations report, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies 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. Read More Summarise this report in a few sentences.	the company has posted a strong all round performance in a challenging year. the company is trying to limit the usage of natural resources in grey cement manufacturing. the outlook remains buoyant and any weakness is likely to be transient. the company is able to demonstrate such growth driven by resource efficiency. the report concludes that the company is a "growth company"
user	Gold price in domestic commodity markets on Wednesday dropped 1.5% to trade below 40,000, tracking bearishness on equity markets. Gold April futures on MCX opened lower by 50 points at Rs 40,239 per 10 gm as against its previous close of Rs 40,279. Later, the yellow metal touched the day's low by falling 926 points or 1.51% to Rs 39,318 per 10 gm. In Delhi, price of retail gold declined to Rs 40,920 per 10 gm of 24 karat gold from Rs 42,200 per 10 gm, registered yesterday. In line with equity markets, commodity markets are also trading volatile as virus outbreak panic has hit demand across assets. This was in contrast to spot gold that rose internationally on hopes of measures by US Federal Reserve amid coronavirus outbreak. Spot gold moved up after US Fed's measures to boost liquidity in the markets helped to assuage concerns among investors. The price of precious metal rose 1.12% internationally to 1,542 per ounce, after declining for two straight sessions. Covid-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. There are currently 197,496 confirmed cases and 7,940 deaths from the coronavirus outbreak as of March 18, 2020. Of these, 81,911 have recovered globally. The number of infected cases in India has increased to 142. Death toll from coronavirus in India rose to 4 by Wednesday. Rupee vs Dollar: Rupee gains 32 paise to 73.92 amid weak dollar Stocks in news: Dr Reddy's, Delta Corp, Muthoot Finance and more Share Market LIVE: Sensex closes 1,709 points lower, Nifty at 8,541; banks lead losses Summarise this report in a few sentences.	gold price in domestic commodity markets on Wednesday dropped 1.5% to trade below 40,000. gold price in MCX opened lower by 50 points at Rs 40,239 per 10 gm. gold spot rose 1.12% internationally to 1,542 per ounce. virus outbreak panic has hit demand across assets. gold price rose 1.12% internationally to 1,542 per ounce.
user	New Delhi: The Sensex settled marginally higher today to extend its record run to third day. The Sensex ended 33 points higher at record closing high of 36,858. The Nifty ended flat 11,132, down 2 points. Earlier in the session, the Sensex climbed to a new intra-day high of 36,947. Global stock markets were mixed Wednesday after Wall Street gained on strong corporate earnings amid US-Chinese trade tensions. The rupee traded higher against the US dollar at 68.73/dollar. Metal stocks were in the limelight today. Tata Steel and Vedanta rose over 1%. Among financials, SBI rose 1.8% while HDFC Bank and IndusInd Bank also advanced. Adani Ports and Special Economic Zone Ltd advanced 1.5% after conglomerate Adani Group said on Tuesday its coal mining volumes are expected to touch 80 million tonnes by the end of March 2021. Adani Enterprises Ltd was up 4.5%. HDFC Ltd climbed 1% after the company said it would consider raising of external commercial borrowings up to $1.5 billion. Among the gainers, ICICI Prudential Life Insurance rose 4.7% after brokerages forecast the insurer’s margins would expand in the following quarters. Bharti Airtel fell over 1% after rival Idea Cellular Ltd paid the department of telecommunications on Tuesday, clearing the way for its merger with Vodafone’s Indian unit. Analysts expect highly competitive tariff plans from Idea-Vodafone that could further roil an already disrupted sector. Cement makers reversed the last session’s gains, with UltraTech Cement Ltd down 2.6% and ACC declining 0.8%. The National Company Law Appellate Tribunal (NCLAT) today dismissed cement manufacturers’ plea, challenging the order of fair trade regulator CCI to impose a penalty of ₹ 6,700 crore for alleged cartelization. “We’ll see a mid-cap rally if NSE crosses 11,171," said Rusmik Oza, senior vice-president (head of fundamental research) at Kotak Securities. “Because of a low base last year due to factors like GST, we are expecting good results this quarter and the next, and the market will continue its upward movement." The BSE midcap index ended marginally lower today. With Agency Inputs 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.	Sensex ended 33 points higher at record closing high of 36,858. the Sensex climbed to a new intra-day high of 36,947. the rupee traded higher against the us dollar at 68.73/dollar. metal stocks were in the limelight today. Tata Steel and Vedanta rose over 1%.
user	ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Foreign Exchange Risk We conduct our business and sell our products to customers primarily in Asia, Europe, and North America. Due to the impact of changes in foreign currency exchange rates between the U.S. Dollar and foreign currencies, for the fiscal years ended June 29, 2019, June 30, 2018, and July 1, 2017, we recorded unrealized gain (loss) of $(0.6) million, $(0.3) million, and $0.6 million, respectively, in interest and other income (expense), net in the consolidated statements of operations. Although we sell primarily in the U.S. Dollar, we have foreign currency exchange risks related to our operating expenses denominated in currencies other than the U.S. Dollar, principally the Chinese Yuan, Canadian Dollar, Thai Baht, Japanese Yen, UK Pound, Swiss Franc and Euro. The volatility of exchange rates depends on many factors that we cannot forecast with reliable accuracy. In the event our foreign currency denominated assets, liabilities, sales or expenses increase, our operating results may be more greatly affected by fluctuations in the exchange rates of the currencies in which we do business. Equity Price Risk We are exposed to equity price risk related to the conversion options embedded in our 2024 Notes. In March 2017, we issued the 2024 Notes in a private placement with an aggregate principal amount of $450 million. We carry the 2024 Notes at face value less amortized discount on the consolidated balance sheet. The 2024 Notes bear interest at a rate of 0.25% per year. Since the 2024 Notes bear interest at fixed rates, we have no financial statement risk associated with changes in interest rates. However, the potential value of the shares to be distributed to the holders of 2024 Notes changes when the market price of our stock fluctuates. The 2024 Notes will mature on March 15, 2024, unless earlier repurchased by us or converted pursuant to their terms, at a conversion price of approximately $60.62 per share. Interest Rate Fluctuation Risk As of June 29, 2019, we had cash, cash equivalents, and short-term investments of $768.5 million. Cash equivalents and short-term investments are primarily comprised of highly liquid investment grade fixed income securities. Our investment policy and strategy is focused on the preservation of capital and supporting our liquidity requirements. We do not enter into investments for trading or speculative purposes. As of June 29, 2019, the weighted-average life of our investment portfolio was approximately seven months. Our fixed-income portfolio is subject to fluctuations in interest rates, which could affect our results of operations. Based on our investment portfolio balance as of June 29, 2019, a hypothetical increase or decrease in interest rates of 1% (100 basis points) would have resulted in a decrease or an increase in the fair value of our portfolio of approximately $2.2 million, and a hypothetical increase or decrease of 0.5% (50 basis points) would have resulted in a decrease or an increase in the fair value of our portfolio of approximately $1.1 million. A hypothetical increase or decrease of 0.5% (50 basis points) in interest rates would have resulted in an approximate $2.5 million increase or decrease in our interest expense for the year on the Term Loan Facility. Bank Liquidity Risk As of June 29, 2019, we had approximately $213.8 million of unrestricted cash (excluding money market funds) in operating accounts that are held with domestic and international financial institutions. These cash balances could be lost or become inaccessible if the underlying financial institutions fail or if they are unable to meet the liquidity requirements of their depositors and if they are not supported by the national government of the country in which such financial institution is located. Notwithstanding, to date, we have not incurred any losses and have had full access to our operating accounts. We believe any failures of domestic and international financial institutions could impact our ability to fund our operations in the short term. ITEM 8. Summarise this report in a few sentences.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA This text discusses the market risks faced by a company, including foreign exchange risk, equity price risk, interest rate fluctuation risk, and bank liquidity risk. Foreign exchange risk is caused by changes in foreign currency exchange rates between the U.S. Dollar and foreign currencies, and can affect the company's operating results. Equity price risk is related to the conversion options embedded in the company's 2024 Notes. Interest rate fluctuation risk is related to the company's investment portfolio, and a hypothetical increase or decrease in interest rates of 0.5% (50 basis points) would result in an approximate $2.5 million increase or decrease in the company's interest expense for the year.
user	(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com .) Troubled edtech major Byju’s on Saturday reported its delayed audited financial accounting for the year ended March 2022 — in parts — showing a 2.3 times growth in revenue to ₹3,569 crore in its standalone business. Ebitda loss of the core business — financials for which were reported — was down to ₹2,253 crore in FY22, from ₹2,406 crore in the previous year, according to a company statement. State Bank of India (SBI), the country’s largest lender by loans outstanding, met D-Street expectations to report an 8% increase in the second-quarter net profit on steady credit demand and lower provisions as the nation’s most-valued government entity wrote back some accounts where recovery was delayed. The lender expects robust loan growth, underpinned by broad-based economic expansion. India has cleared the first 100% foreign direct investment (FDI) in the defence sector, with permissions granted to Sweden’s Saab to set up a new facility that will manufacture rockets. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live Summarise this report in a few sentences.	byju's reported its delayed audited financial accounting for the year ended March 2022. byju's reported a 2.3 times growth in revenue to 3,569 crore in its standalone business. state bank of india (SBI) met D-Street expectations to report an 8% increase in the second-quarter net profit. the lender expects robust loan growth, underpinned by broad-based economic expansion.
user	Opinion is unanimous that India should spend its way out of the current crisis, but it’s the question of ‘how’ that divides the room. Former central bank governor Duvvuri Subbarao is the latest to weigh in with an argument against fiscal excesses. Subbarao says acting on calls for the Reserve Bank of India to directly fund the government’s borrowing will dent the central bank’s credibility and boost the case for a rating downgrade. Instead, he suggests India should commit a pre-determined amount of additional borrowing and plan to reverse the action once the crisis blows over. “Global markets are much less forgiving of unconventional policies by emerging market central banks,” he wrote in an article in the Financial Times Thursday to support his case. “Only such explicitly affirmed fiscal restraint can retain market confidence in an emerging economy.” Subbarao’s argument is in contrast to his predecessors. Chakravarthy Rangarajan, a former RBI governor, favors the RBI directly buying the government’s debt. “A large borrowing in a short time cannot be managed without monetizing.” However, Subbarao seeks to differentiate between such actions by developed countries and emerging economies. “Rich countries can afford to throw the kitchen sink at the crisis because they have the firepower and they issue debt in currencies that others crave,” Subbarao wrote. “But with their already parlous fiscal positions and nonconvertible currencies, emerging markets don’t have that luxury.” India has already missed budget deficit targets for three straight years, and has pegged the shortfall for the current year at 3.5% of gross domestic product instead of the 3% mandated by law. Summarise this report in a few sentences.	former central bank governor duvvuri subbarao is the latest to weigh in with an argument against fiscal excesses. he says acting on calls for the RBI to directly fund the government's borrowing will dent the central bank's credibility. instead, he suggests India should commit a pre-determined amount of additional borrowing and plan to reverse the action once the crisis blows over.
user	Punjab Chief Minister Amarinder Singh on Monday said former prime minister Manmohan Singh has accepted his request to provide guidance to the state in restoring it's the economy post-COVID-19 situation. The state government has already constituted a group of experts, headed by noted economist and former deputy chairman of the Planning Commission, Montek Singh Ahluwalia to come out with a post-COVID-19 strategy to revive the state's economy. “I had written to Dr Manmohan Singh Ji to guide us along with the group of experts headed by Montek Singh Ahluwalia & I am grateful to him for accepting. We have been working hard to steer Punjab to the path of economic growth & post-COVID-19 we will again focus on same,” the chief minister tweeted. Meanwhile, the group of experts headed by Ahluwalia, had its introductory meeting through video conferencing on Monday and set up five sub-groups - finance, agriculture, health, industry and social aid - to further streamline its working, an official release said. Ahluwalia commented that the task before the group was momentous, but “we will definitely come out with some solutions to steer the state's recovery”. The chief minister said the state's financial situation was grim with monthly revenue losses to the tune of Rs 3,360 crore. This includes losses on account of Goods and Services Tax (Rs 1,322 crore), state excise on liquor (Rs 521 crore), motor vehicle tax (Rs 198 crore), VAT on petrol and diesel (Rs 465 crore), electricity duty (Rs 243 crore), stamp duty (Rs 219 crore) and non-tax revenue (Rs 392 crore), he said. The state's cash inflows have completely dried up, Singh said, adding power consumption has declined by 30 per cent with a daily loss of Rs 30 crore in the collection of electricity tariff to the state power utility. “Punjab's industry has been shut down, with less than one per cent of the working. In addition, the state's GST arrears of Rs 4,365.37 crore is yet to be paid by the Government of India,” he lamented. Summarise this report in a few sentences.	the state government has already constituted a group of experts to come out with a post-COVID-19 strategy to revive the state's economy. the group of experts headed by Montek Singh Ahluwalia had its introductory meeting through video conferencing on Monday. the chief minister said the state's financial situation was grim with monthly revenue losses to the tune of Rs 3,360 crore.
user	The Reserve Bank Governor Shaktikanta Das on Friday said there are a few slivers of brightness amidst the encircling gloom and hoped that India will stage a sharp V-shaped recovery in 2021-22 as projected by the International Monetary Fund (IMF). Softening inflation, Das said would make available more policy space to the central bank to address risks to the growth going forward. The IMF has projected sizable V-shaped recoveries for 2021, close to 9 percentage points for global GDP. It expects India to record a sharp turnaround and resume its pre-Covid pre-slowdown trajectory by growing at 7.4 per cent in 2021-22. The RBI Governor said, over the last three weeks, there have been a few data releases on domestic developments (including on factory output), but they are too disjointed to allow a comprehensive assessment of the state of the economy. “Yet, there are a few slivers of brightness amidst the encircling gloom,” he said, and cited his March 27 statement on continuing resilience of agriculture and allied activities on the back of all-time highs in the production of food grains and horticulture, with huge buffer stocks of rice and wheat far in excess of the buffer norms. He further said that by April 10, pre-monsoon kharif sowing had begun strongly, with acreage of paddy the principal kharif crop up by 37 per cent in comparison with the last season. States such as West Bengal, Telangana, Odisha, Assam, Karnataka and Chhattisgarh are leading in sowing activity despite the lockdown. On April 15, the India Meteorological Department (IMD) forecast a normal south west monsoon for the 2020 season, with rainfall expected to be 100 per cent of the long period average. “These early developments bode well for rural demand, supported as they are by accelerating fertiliser production up to February 2020,” Das said. The robust growth of 21.3 per cent in tractor sales up to February 2020 – as against a contraction of 0.5 per cent in April-February last year ? may provide an offset to farm labour shortages on account of the lockdown, he added. He, however noted the index of industrial production (IIP) for February showing that industrial output accelerated to its highest rate in seven months actually does not capture the impact of Covid-19. Latest data on exports too has turned out to be much more severe than during the global financial crisis. The governor further said that in the period ahead, inflation could recede even further, barring supply disruption shocks and may even settle well below the target of 4 per cent by the second half of 2020-21. “Such an outlook would make policy space available to address the intensification of risks to growth and financial stability brought on by COVID-19. This space needs to be used effectively and in time,” Das said. In its February bi-monthly monetary policy, the RBI had projected the GDP growth for 2020-21 at 6 per cent. In the next monetary policy released in late March, the RBI said the implied real GDP growth of 4.7 per cent for fourth quarter of 2019-20 in the second advance estimates of the National Statistics Office within the annual estimate of 5 per cent for the year as a whole “is now at risk from the pandemic’s impact on the economy”. As regards the outlook for 2020-21, RBI had said (March 27) that apart from the continuing resilience of agriculture and allied activities, most other sectors of the economy will be adversely impacted by the pandemic, depending upon its intensity, spread and duration. If Covid-19 is prolonged and supply chain disruptions get accentuated, the global slowdown could deepen, with adverse implications for India, it had said, while sharply slashing the key lending rate by 75 basis points to 4.4 per cent. Global financial markets remain volatile, and emerging market economies are grappling with capital outflows and volatile exchange rates. Crude oil prices remain in a state of flux, despite the agreement on production cuts by OPEC plus countries. Summarise this report in a few sentences.	softening inflation would make available more policy space to the central bank. softening inflation would make available more policy space to the central bank. softening inflation would make available more policy space to the central bank. the IMF has projected sizable V-shaped recoveries for 2021. it expects India to record a sharp turnaround and resume its pre-Covid pre-slowdown trajectory by growing at 7.4% in 2021-22.
user	NEW DELHI: Calling India a “highpotential market”, Dara Khosrowshahi Uber CEO, reiterated the ride-hailing firm’s commitment to the country. Khosrowshahi, while talking to investors during its second quarter results announcement, said the company is “cementing its leadership position” in India and the Middle East We had another great quarter, continuing to grow at an impressive rate for a business of our scale. Going forward, we’re deliberately investing in the future of our platform: big bets like Uber Eats , congestion and environment-friendly modes of transport like Express Pool, e-bikes and scooters; emerging businesses like freight and high-potential markets in the Middle East and India where we are cementing our leadership position,” said Khosrowshahi.Uber, which sold its operations in South Asia earlier this year to rival Grab, has been exiting unprofitable markets such as China and Russia to focus on profitable ones like the US.According to people aware of the matter, Uber’s exit from other markets has enabled the company to focus its execution and investment into regions where it believes it “can win” and India and Middle East Africa are two of the biggest beneficiaries of the increased focus.Pradeep Parameswaran, president, Uber India and South Asia, said with over one billion trips in India and South Asia the company is doubling down on products that can solve for low network connectivity, congestion and pollution as well as enable multiple price points. “As we gear up to deliver the next billion rides in the region, we remain focused on providing convenient, affordable ride to millions of riders and stable earning opportunities to millions of driver partners, across multiple modes of transportation.”The company has identified long-term growth opportunities for Rides and Eats in the two markets, given large and growing urban population.Uber is also looking to launch its Express Pool offering in India in the future. It has also introduced the Uber Lite app which operates with 1/8th the network bandwidth and works in low-network areas and enables pickups by landmark rather than street address.Uber’s June 2018 quarter net revenue was $2.7 billion, up 51% from the same quarter last year, while gross bookings were $12 billion (41% higher year-on-year). The US-based company’s adjusted losses before interest, tax, depreciation and amortisation declined 24% to $404 million in the June quarter from the year-ago period though it increased 32% on a sequential basis due to the continued reinvestment of profits into high-potential markets and products. Summarise this report in a few sentences.	dara khosrowshahi, the company's chief executive, reiterated the company's commitment to the country. he said the company is "cementing its leadership position" in the country. uber sold its operations in south Asia earlier this year to rival Grab. the company has been exiting unprofitable markets such as china and Russia to focus on profitable ones like the us.
user	Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Digital Officer Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit IIM Lucknow IIML Chief Operations Officer Programme Visit Talking to ET Now , CEO,, says considers consumer healthcare as a long-term driver of growth and profitability. This is where the infrastructure building will happen.Edited excerpts:We will know in the next few days how good the growth is but when I refer to the Q3 numbers, it was partially on the back of a very low base of the base quarter. We grow volumes by 13%, revenue by 17% for the domestic consumer business. Obviously, the underlying demand does not support these growths and they will moderate when the base comes into place.What we do envisage, however, is that next year the volume growth will accelerate. We believe that the monsoon predictions look favourable and the stimulus which the government is bound to provide to the rural economy in particular will drive demand upwards. We are looking forward to if not double digit at least very high single digit volume growth in the next fiscal but the Q3 numbers were a little bit on the high side on account of the low base.In FY19, I do not see much rural demand happening even at the current quarter. If you take the syndicated data in terms of growth for urban and rural India for the key categories such as toothpaste and hair oil etc. it is still pretty muted, in low to mid single digits. So, there is nothing to get excited about here. But in the past, I did see a resurgence of demand and we are looking forward to hopefully double digit growth but definitely in the high single digits in the year ahead.Actually, the growth has been pretty secular with the exception of beverages where we have seen muted growth, especially in the context of a strong double digit growth in the past. At this point in time, it is trending in the mid single digits or mid to high single digits and that is a little bit below expectations.I do expect, however, the beverage growth to inch up, given the hot summer and also the demand acceleration. But other than that, if you take categories such as personal care, even hair oils did extremely well last year, as did shampoos. Oral care, of course, has been doing consistently well. Healthcare brands like honey did extremely well. So, it was a pretty wide range and with the exception of beverages we did see good growth in the third quarter.We should continue to see that growth happening of course not to the extent of the third quarter but still it is in the high single digits or mid to high single digits in the quarter or two ahead. Then of course we do believe that perhaps as early as the first quarter of next fiscal, the growth should accelerate and we should end next year on a much better note than this year.Thee are two key drivers here. One is of course seasonality and the other one is epidemic. If you have both, then the sales grow; otherwise, the sales are muted. We do see volatility here and having said that, we are really in the personal applicative space as far as our insect repellent portfolio is concerned. It is harmless and does not have any of the negative ones which the insecticide have. We expect that this is a brand which would grow. We have just scratched the surface and we have very high hopes for brand Odomos.That will accelerate, there is no doubts about it. Of course, we cut back on advertising in the current fiscal particularly in the early part of this year as the first half was very muted in terms of the ad spends because of the GST and demonetisation effects. The demand also was crunched quite a bit. On the back of comparatively low base this year and even of the last year, we will be growing our media spends very aggressively.Having said that, we will probably cut back a little on consumer promotions. The overall advertisement spends would definitely grow in the strong double digit next year.A few categories, In hair oils we will see some erosion of share of the unorganised sector, but in categories let us say like shampoos or toothpaste, there is hardly any unorganised sector left. Everything has moved over to the organised sector more than a couple of years ago. So, I do not think there will be any gains on that account but categories like hair oils would stand to gain with the introduction of GST. We will benefit from that.I do not see any margin erosion at the gross margin level next year on account of inflation even though inflation would be much higher than what we experienced in the last couple of years. We should be able to mitigate that and I do see margins being pretty flat at the gross margin level at least in the next fiscal. So, inflation is not a big concern. We have the means and the pricing power to deal with it.Yes, you would see a strong revival in the margin delivery of the international business. One, the translation losses which we are experiencing on account of sharp currency devaluations will be comparatively muted in the next fiscal. That would be one huge area where the margin expansion would happen; Two, expect better management of cost in the international business given its very high growth rate in the past few years. Except for the last two years, the cost also mounted accordingly and when the deceleration happened, we had to cut cost which obviously takes a bit of time.We are now in a situation where we have a much leaner infrastructure in the international business than ever in the past. That should also help in aiding margin recovery. Having said that, we would also be spending considerably more on advertising like in the India business because we have under invested in that area over the last year or two. But despite that, we would definitely see double digit margin expansion in the international business.There are some areas of investment in terms of infrastructure building etc. and the domestic business in consumer healthcare. It is a slow journey and so I do not think it is going to be very visible in the next year or two but it is something which we are very committed to.We do see consumer healthcare being a long-term driver of our growth and profitability. So this is where the infrastructure building will happen, this is where you will see a lot more activity. There will be a lot more of the OTC switches happening, a lot more prescriptive support and infrastructure being built. So, a lot of things will be happening in consumer healthcare and some of the results will be visible this year and next year fiscal but even more so, we would accelerate our focus and our share of the whole portfolio towards consumer healthcare in the years ahead. Summarise this report in a few sentences.	talk to ET Now about consumer healthcare as a long-term driver of growth and profitability. "the monsoon predictions look favourable and the stimulus which the government is bound to provide to the rural economy" "we are looking forward to if not double digit at least very high single digit volume growth in the next fiscal," says CEO. "the growth has been pretty secular with the exception of beverages where we have seen muted growth"
user	ET Bureau MUMBAI: Small and mid-cap stocks from the essential businesses with strong balance sheet such as Dr Lal Pathlabs, Exide Industries, SIS India, Mahanagar Gas, Quess Corp, Dhanuka Agritech, Cyient, Mahindra Logistics likely to gain in terms of market share and likely to be re-rated, according to Edelweiss Securities.While classic defensives offer downside protection only in demand downturns, these essential businesses proved to be a hedge against the supply disruption as well. Besides the well-known defensives of staples, pharma & healthcare, IT, there are interesting categories like agri-inputs, power, telecom, freight rail, private security, facility management, dairy, express services, among others have a lower downside beta with the economy and slightly higher beta on the upside, said analysts.“Classic defensives are well known, but these new ‘virus defensives’ proved to be supply hedges. Maybe, this added predictability to their earnings trajectory makes them re-rating candidates,” said Aditya Narain, head of research, Edelweiss Financial Services. “There are 10-12 sub-sectors where competition may bleed deeply and concede market share to leaders”. Summarise this report in a few sentences.	small and mid-cap stocks from the essential businesses with strong balance sheet likely to gain in terms of market share and likely to be re-rated. classic defensives offer downside protection only in demand downturns. but these essential businesses proved to be a hedge against the supply disruption as well. agri-inputs, power, telecom, freight rail, private security, facility management, dairy, express services among others have a lower downside beta with the economy and slightly higher beta on the upside.
user	Indian Bank on Thursday said its board will remain unchanged following its merger with Allahabad Bank on April 1, but its non-performing assets will soar. The coronavirus outbreak also poses new threats to the amalgamated entity to clock around 12 per cent loan growth at the end of the next fiscal. “The existing Indian Bank board will not change from April 1 post amalgamation and the headquarters will remain at Chennai,” Indian Bank MD and CEO Padmaja Chunduru said, asserting that amalgamation is on schedule amid coronavirus outbreak. She said net NPA of Indian Bank was 3.4 per cent while that of Allahabad Bank is 5.1 per cent. However, what will be the net NPA of the amalgamated entity needs to be worked out. The merged entity is likely to tap capital markets for growth capital during the second half of 2020-21, she said. The combined entity’s capital to risk-weighted assets ratio (CRAR) will be around 13 per cent. “We have done our projection that it should be well enough to take care of the growth for at least the initial period. We have a plan to tap the markets for the second half of the next fiscal. But both the quantum and the timing will depend on the market conditions, she said. The bank was projecting a 12 per cent loan growth in the first year of the amalgamated entity. “But, we may have to review it in wake of the coronavirus threat,” Chunduru said. Global advances figure for the merged entity will be around Rs 3.83 lakh crore. The lender’s both corporate and retail loans would stand at around 50 per cent of combined total loan book. Summarise this report in a few sentences.	the bank is projected to clock around 12 per cent loan growth in the first year of the amalgamated entity. the bank was projecting a 12 per cent loan growth in the first year of the amalgamated entity. global advances figure for the merged entity will be around Rs 3.83 lakh crore. global advances figure for the merged entity will be around Rs 3.83 lakh crore.
user	We tried to run away from debt funds last year when bad news came one after another in terms of credit rating downgrades. This year, as key indices crashed by 35 per cent, the thought of moving away from equity funds may be predominant. Is it wise to sell at the first sight of bad news? Or, can we use such steeps falls to repair our portfolios? The answer lies in your asset allocation, an oft-repeated term of financial advisors. And as we approach the end of the financial year, it is important that you use this opportunity to rebalance your portfolio. Do not overreact Your asset allocation and your financial goals should anchor your investment decisions. There is a tendency to jump to safety when the news flow is continuously negative. Too much of fixed income instruments in your portfolio may give you safety, but returns will be low. Besides, inflation and taxes eat into your returns. Too much of equity may give you high returns, but there is additional risk. The key is to balance risk and returns. Joydeep Sen, founder of wiseinvestor.in warns investors against recency bias. “Investors should not read too much into the recent fall in stock markets and decide to turn away from equities to bonds,” he says. Vishal Dhawan, founder and chief financial planner of Plan Ahead Wealth Advisors says that strategic asset allocation should not be changed just because the stock markets are volatile. “Any change in strategic asset allocation should be done only if there is a life event that requires liquidity in the near term,” he says. For example, you may want to fund your child’s college fees next year. Review your asset allocation Assess your allocation once in three to six months. If any component (equity/debt) increases in value drastically in the interim, rebalance. “However you should act only when there is major divergence from the stated asset allocation,” says Joydeep. Let’s say you had invested Rs 10 lakh – 60 percent equity, 30 per cent short term bond funds and 10 per cent in gold ETF – in December 2018. In March 2020, your asset allocation to equity would stand at about roughly 54 percent in equity, 33 percent in debt and 12 percent in gold. This is typically less than 10 per cent points away from the stated asset allocation, and can be continued for the time being. However if you have invested in one of the sector funds or funds which significantly underperformed the markets, then there would be bigger changes from the stated asset allocation. In that case you need to take corrective actions. Rebalance portfolio Rebalancing your portfolio should be done taking into account your changing financial needs. For short-term goals, stick to safety. A portfolio of short-term bond funds and fixed deposits, depending upon your risk profile and tax rate would do well. Further, Sen prefers investments in relatively low-risk options such as banking and PSU bond and corporate bond funds over credit risk schemes. For long-term goals, you can consider investing in multi-cap funds with good track records. The lockdown and imminent slowdown in the economy are expected to hit businesses and result in job losses. “If you foresee the risk of job loss in the near future, you can enhance the size of contingency fund from six months to 12 months. Do account for EMIs as well,” Dhawan says. Take adequate health insurance. Do not rely on only your employer provided health insurance, if you foresee a job loss. Based on all such considerations, allocate funds to a particular asset class; also take note of your surplus. That will give you an idea of the amount of money you can invest in equity mutual funds. Investing in equity mutual funds You should not stop your systematic investment plans (SIP) in equity mutual funds during corrections. “Continuing with SIPs during these times work better for rupee-cost averaging, which is the essence of SIP investing,” says Harshad Chetanwala, certified financial planner and co-founder of MyWealthGrowth. Do not invest all your surplus in equity mutual funds in one go. Instead, deploy that amount in equity funds over four or five instalments, he adds. Staggered investments in equity mutual funds help you avoid timing risks. Use a systematic transfer plan (STP). Invest your lump-sum in a liquid or overnight fund and move a fixed sum to an equity fund. Exit loads and taxation are important considerations when making such switches. Within equities, consider investing in international mutual fund schemes. This is the right time to initiate such investments. Dhawan suggests equity mutual funds that invest in stocks listed in developed markets such as the US. Don’t jump into equity funds with all your cash in one go. Do not borrow to invest. The markets may take time to recover. Steer clear of sector focused equity mutual funds if you do not understand the sector dynamics. Summarise this report in a few sentences.	indices crashed by 35 per cent this year. investors should not jump to safety when news flow is continuously negative. too much of fixed income instruments in your portfolio may give you safety, but returns will be low. besides, inflation and taxes eat into your returns. the key is to balance risk and returns. rebalance your portfolio. if you are unable to afford to invest in a fixed income fund, you may want to invest in a gold fund.
user	New Delhi: Prime Minister Narendra Modi on Friday pitched for a dedicated defence industrial park as he sought to expand investment ties and make business partnership a key pillar of the decades’ old ties.“We want Russia to open a dedicated defence industrial park,” Modi said while addressing the first ever mega Indo-Russia business summit comprising 100 CEOs from each side. “Under President Putin’s leadership, India – Russia relations have reached new heights. Our ‘special and privileged strategic partnership’ show our mutual interests,” he said.“Our relations have grown even stronger due to the efforts of businesses on both sides. In the past two years alone, the trade between the two nations has increased a lot and in particular grown by 20% in 2017-18,” he said, adding, “India considers Russia its most important partner in its economic growth.”To further facilitate India – Russia relations, the ‘Russia plus’ initiative has also been started, to be a one-stop solution centre for Russian businesses in India. A joint working group has also been created.“There are many opportunities in India that Russian businesses can take account of, like the Sagarmala project, metro projects, and others, especially in infrastructure, pharmaceuticals, new and renewable energy and nuclear energy,” the PM said .Putin on his part emphasised the importance of India as a trade partner for Russia. The President highlighted opportunities for trade in energy, digital economy, infrastructure, and start-ups. These were issues discussed at the various sessions at the Summit.Earlier, Putin had invited Modi as the chief guest for the 2019 Eastern Economic Forum. Summarise this report in a few sentences.	Prime minister says he wants a dedicated defence industrial park. he aims to expand investment ties and make business partnership a key pillar of the decades' old ties. 'our ‘special and privileged strategic partnership’ show our mutual interests,' he said. 'Russia plus' initiative started to be a one-stop solution centre for Russian businesses in india.
user	live bse live nse live Volume Todays L/H More × The proposed merger of Bank of Baroda (BoB) with two mid-sized PSU lenders shows the willingness of the government to go ahead with difficult reforms in the banking sector, Fitch Ratings said Friday. The government had last week announced its plan to merge BoB with Vijaya Bank and Dena Bank to create the third largest bank in the country. The boards of each bank will meet to give a go-ahead to the proposed merger. Consolidation is likely to be part of the government's strategy to deal with small, weak banks, and should ultimately put the banking system in a better position to support a fast-growing economy, Fitch noted. “The Indian government's announcement of a proposed merger of Bank of Baroda and two mid-sized state-owned banks underlines its apparent willingness to follow through on difficult reforms in the state-owned banking sector,” Fitch Ratings said. It said BoB is likely to be the resulting entity post-merger and will become the third-largest Indian bank, overtaking both Punjab National Bank and ICICI Bank, in terms of assets, but would remain behind State Bank of India and HDFC Bank. “The proposed merger will be an important test case for future consolidation.... This merger, therefore, involves more potential complications than the recent amalgamation of State Bank of India with its five associate banks,” Fitch said. It said “confrontational trade unions” pose the most significant immediate challenge for the proposed merger, while integrating cultures will be important over the long term. “The merger is likely to have a negative short-term financial impact on Bank of Baroda, due to the weak financial profile of Dena Bank,” it said. The rating agency has already placed BoB's viability rating of 'bb' on rating watch negative and will review the rating once details of the merger are available. It said the merger could also be a sign of the government's growing impatience with the weak state banks. Out of 21 state-owned banks, 11 lenders, including Dena, are currently under RBI's prompt corrective action framework, having fallen below benchmarks for capital, non-performing loans or profitability. “Most of these could be candidates for future mergers. Further consolidation could provide state banks with stronger pricing power and more clout with borrowers, supporting the long-term health of the sector,” it added Fitch said BoB will remain highly likely to receive extraordinary government support, if needed, as its systemic importance will increase after the merger. Summarise this report in a few sentences.	bank of baroda (BoB) will merge with two mid-sized PSU lenders. the government had last week announced its plan to merge with Vijaya Bank and Dena Bank. the merger is likely to have a negative short-term financial impact on Bank of Baroda. the government has already placed BoB's viability rating of 'bb' on rating watch negative.
user	Peter Eavis The coronavirus recession is pushing many companies into bankruptcy, a painful process that has led to layoffs, wiped out some investors and hurt the economy. But the chief executives of some of these businesses are doing just fine. Companies that are struggling to pay creditors and suppliers are managing to find millions of dollars to pay bonuses to their bosses. The payments, which are made just before a bankruptcy filing, appear to be legal and have been made by several companies. J.C. Penney, which is closing 154 stores, paid its chief executive, Jill Soltau, $4.5 million. The chief executive of Whiting Petroleum, which sought bankruptcy protection in April, received $6.4 million, and Chesapeake Energy is paying bonuses ahead of an expected bankruptcy filing. Executives at Hertz also got payments before the rental-car giant sought bankruptcy protection. 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 Follow our LIVE Updates on the coronavirus pandemic here Companies have said the payments are meant to help them retain qualified executives through the recession and bankruptcy. But critics counter that the money would be better spent on rank-and-file employees. “It makes me angry because they are not taking care of the people who are actually making the money,” said Liz Marin, who worked at Toys R Us when it filed for bankruptcy and is now an organizer in training at United for Respect, a nonprofit organization that seeks to help retail workers. Toys R Us paid bonuses to executives before its bankruptcy. Hold on, why are these CEOs still employed? Chief executives who lead companies into bankruptcy are at risk of losing their jobs. Geisha Williams left the Pacific Gas & Electric Co., the giant California utility, in January 2019, just before the company filed for bankruptcy protection, for example. But other corporate boards, which hire the chief executive and set compensation for senior officers, seem to be showing more grace toward the boss. In many cases, the executives could do little to prevent the crushing fall off in business that occurred when the pandemic and lockdowns stopped people going into stores, eating out and taking trips. The drop in the oil price earlier this year was unusually large, walloping many energy companies, though some, like Chesapeake, were already burdened with large debts. Can’t a bankruptcy judge prevent companies from handing out big bonuses? Certain outlays that a company makes just before bankruptcy — for instance, payments to suppliers — are at risk of being clawed back. But the bonus payments typically don’t fall into that category, legal scholars say. Typically, a company in bankruptcy court has to get a judge’s approval before doing just about anything of importance, especially spending millions of dollars. If a chief executive gets a new compensation package during bankruptcy, a judge would have to decide whether the compensation is justified after hearing from creditors, shareholders and other groups. But this can be a drawn out and expensive process — a big reason companies pay bonuses before bankruptcy. Why are the CEOs getting cash? In normal times, a large portion of executive compensation is paid out in stock-based awards that top officers earn over time. But the stock of a bankrupt company is most likely going to be wiped out or be worth little once a company resolves its bankruptcy or, in extreme cases, sells off its assets and goes out of business. As a result, boards have quickly changed how top officers get paid, giving them cash bonuses instead of stock-based awards. But paying cash upfront can be a windfall for chief executives at a time when the livelihood of employees are under threat. “The companies are creating certainty for their CEOs at a time of the greatest uncertainty for the employee base and the company in general,” said Brett Miller, head of data solutions for the responsible-investment arm of Institutional Shareholder Services, which advises investors on corporate governance issues. How big are these bonuses compared to what executives earned before? Some companies point out that their cash bonuses are smaller than the incentive-linked compensation previously awarded to executives. Chesapeake said in a filing that its chief executive, Robert D. Lawler, was eligible for a cash bonus 34% smaller than the $13.5 million at which his 2019 variable compensation was valued. Soltau of J.C. Penney got a $4.5 million cash bonus before the retailer declared bankruptcy, much lower than the $8.2 million at which her 2019 incentive-based awards were initially valued. But some stock awards had slumped in value, as share prices of troubled companies plummeted, even before the pandemic took hold. Put another way, the cash bonuses may have enabled the executives to recover pay that they had most likely already lost, possibly for good. Some companies don’t even try to argue that executive pay was cut. At $6.4 million, the cash bonus paid to Whiting Petroleum’s chief executive, Bradley J. Holly, is larger than the $5.5 million at which the company valued his total compensation for 2019. And of course the bonuses are far higher than what regular employees earn. Soltau’s was many times the $11,482 the retailer’s median employee, a part-time worker, earned during J.C. Penney’s 2019 fiscal year, according to a securities filing. Are troubled companies linking bonuses to goals in any way? The cash bonuses have also led to the concealing, loosening and removal of the tools companies normally use to tie pay to performance, which many critics contend were already too weak. Companies still operate when seeking protection under Chapter 11 of the bankruptcy code. And, in theory, boards could require chief executives to hit sales targets or achieve other goals. And in some cases, a few strings remain. Soltau has to repay a fifth of her cash bonus if she fails to achieve certain performance goals, and Lawler has to repay half of his. But J.C. Penney and Chesapeake did not disclose the goals in their securities filings and declined to answer questions about them. Hertz and Whiting, the oil and gas company, did not tie cash bonuses to performance goals at all. Whiting and Holly didn’t respond to requests from comment, but the company said in a securities filing that the new bonuses “eliminate any potential misalignment of interests that would likely arise if existing performance metrics were retained and/or new performance metrics were established at a volatile and uncertain time.” Could lawmakers do anything about these bonuses? This is not the first time that executive pay at troubled companies has prompted an outcry. Congress passed a law in 2005 aimed at curbing retention bonuses paid during bankruptcy. Under the law, companies are allowed to pay incentive-based bonuses, but the legal cost of constructing such payments and getting them approved in bankruptcy court soared after 2005, according to research by Jared Ellias, a professor at the University of California’s Hastings College of the Law. Of course, Congress could change bankruptcy law so that compensation payments made before the filing could be clawed back, Ellias said. In addition, lawmakers could make it easier for creditors to pursue claims against executives after the bankruptcy. “This doesn’t feel right,” he said of the recent large bonuses, “and it doesn’t instill public confidence in the bankruptcy system.” c.2020 The New York Times Company Summarise this report in a few sentences.	coronavirus recession is pushing many companies into bankruptcy. companies that are struggling to pay creditors and suppliers are paying bonuses. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. a vaccine is a long, complex process. a vaccine is a vaccine that is not a clone of a virus.
user	SoftBank Group Corp founder Masayoshi Son's dream of a global tech empire is unravelling, with the coronavirus crisis compounding losses at his $100 billion Vision Fund and distress at his big bets portending more pain. More than half of the fund's capital is in startups that are suffering from the virus impact or exhibiting stress pre-dating the outbreak, a Reuters analysis showed. Ride-hailing usage at flagship transport investments has fallen more than 50% and six SoftBank-backed startups have pushed IPO plans from this year to next. The Japanese conglomerate has already flagged a 1.8 trillion yen ($17 billion) loss at the fund for the year to March - during which Son's "intuitive" bet WeWork spectacularly imploded - unsettling Middle Eastern backers which stumped up much of the fund's money. Though many problems at portfolio firms pre-date the pandemic, the resulting economic meltdown has exposed what critics have long called an extraordinarily risky strategy of ploughing huge sums into unproven businesses in the expectation that would enable them to dominate big new markets. "The Vision Fund has been a mess. It has been a case of an organisation with too much money just splashing it around without doing enough due diligence," said Joe Bauernfreund, chief executive of SoftBank shareholder Asset Value Investors. 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 Son transformed SoftBank into a tech investor over the past three years and raised the world's biggest late-stage investment fund in the Vision Fund. To be sure, some investments are doing better, but examples are scant as the pandemic magnifies problems. The pain is particularly keen in transport and real estate, which make up $43 billion of investment and include car-share firm Getaround, home-seller OpenDoor and real estate brokerage Compass. Restrictions on movement worldwide has hit the market for the portfolio's four major ride-hailing firms, with India's Ola suspending operations in cities in Britain, Australia and New Zealand, three people with knowledge of the matter said. SoftBank and Ola declined to comment. US peer Uber Technologies Inc, whose stock is stuck 40% below its 2019 initial public offering (IPO) price, last month said it had sufficient cash reserves to weather the crisis. Southeast Asia's Grab said its food delivery business is doing well. China's Didi declined to comment. The fund does not include all $13 billion invested with SoftBank itself in office-share startup WeWork, or SoftBank's bet on satellite operator OneWeb, which filed for bankruptcy protection last month. Among SoftBank-backed startups, at least six that have pushed back IPO plans to 2021, including BigCommerce, which powers e-commerce sites for the likes of Toyota Motor Corp and Sony Corp, said the three people, who were not authorised to speak with media so declined to be identified. Vision Fund bet DoorDash, a U.S. food delivery startup which earlier this year confidentially filed to go public, is also re-evaluating IPO plans given capital market volatility, a fourth person said. DoorDash declined to comment. BigCommerce did not respond to a request for comment. IPOs are a vital means of raising capital for the Vision Fund, with investors such as Saudi Arabia's Public Investment Fund (PIF) and Abu Dhabi's Mubadala receiving dividends - an unusual arrangement for such a fund. PIF and Mubadala in recent weeks have expressed fresh concern about the fund's performance and its ability to pay dividends, said two people directly aware of the conversations. "As partners with a long-term view, we have discussions with (SoftBank) on ways to best optimise the fund's performance as we all navigate these difficult economic times," said a Mubadala spokesman. PIF declined to comment. BRIGHT SPOTS Consumers housebound due to movement curbs has brought the portfolio some bright spots. For instance, use of short video app TikTok is growing, with Chinese operator Bytedance pledging to nearly double headcount by year-end. Orders have surged at South Korean e-commerce firm Coupang, and shares of China's Ping An Good Doctor - formally Ping An Healthcare and Technology Co Ltd - have doubled in price year-to-date on demand for online consultation. Overall, provided startups have enough cash to ride out the downturn, then recovery could follow, experts said. But bright spots are scant. Indian hotel startup Oyo exemplified Son's approach of providing huge sums for rapid expansion before the business had proven it could make money. Movement curbs have since precipitated the collapse of the global travel industry. Oyo has backtracked on hotel revenue guarantees that are at the heart of its business model claiming force majeure and is adjusting workforce and slowing expansion, the three people said. Oyo declined to comment. REPUTATION Chief Executive Son's investor credentials rest on an early bet on Chinese e-commerce leader Alibaba Group Holding Ltd. However, the billionaire has had a string of setbacks including bailing out WeWork after a failed attempt to float. Startups across the portfolio have struggled to demonstrate paths to profitability or have taken measures such as cutting staff as rapid, SoftBank cash-fuelled expansion came to an end. With the Vision Fund's estimated losses, analysts said its investments are now likely valued below cost. Moreover, the troubles have left Son's plans to raise a second mega-fund in tatters. Fund backers and SoftBank stakeholders including U.S. activist investor Elliott Management have called for a committee on the board to oversee Son's big investments, the people said. "I don't think the Vision Fund has worked out quite the way many anticipated," said venture partner Ben Narasin at New Enterprise Associates. "In some cases, it's an open question as to whetherÂ (SoftBank's) bets made sense as laid. Others were spot on, but likely to be hindered by the new COVID realities." The economic hit from the virus has far exceeded what the fund expected in the early days of the outbreak, a Vision Fund partner said on condition of anonymity. "In November, SoftBank indicated that about 15 of the Vision Fund companies would likely go bankrupt. Clearly the world has changed since November," said Sanford C. Bernstein analyst Chris Lane, who remains bullish on SoftBank stock. "It wouldn't surprise me if ultimatelyÂ about 30 of them go bankrupt." ($1 = 107.8200 yen) Catch our entire coverage on the Facebook-Jio deal here. Also read: Coronavirus News India LIVE Updates Summarise this report in a few sentences.	more than half of vision fund's capital is in startups suffering from virus impact. six softbank-backed startups have pushed IPO plans from this year to next. 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 mimicking a natural infection.
user	As a rule, individuals are not inclined to change, and hence any reform that disrupts the status quo equilibrium is treated with suspicion. This holds for the three ordinances passed in the agriculture domain that have caused a stir. Any move that questions existing entrenched systems questions the hegemony of those who wield power, and hence leads to opposition. Let us examine the three issues that are on the discussion board. The first one relates to sale of produce outside the mandi. This ordinance defines the ‘trade area’ that is outside the mandi, and the ‘trader’ who could be the processor, the exporter or even the retailer. The new dispensation says that the farmer can sell to the ‘trader’ in these ‘trade areas’, which can be a place of production, collection or aggregation. The transaction need not go to the mandi, though the option still exists. Hence, if an edible oils manufacturer wants to buy soybean from a farmer, the transaction need not go through the mandi and can transacted at the farmgate. Logically, this is an optimal solution because with information on prices being freely available today, the farmer can get the best price and eschew the mandi. These transactions will be free of any fee or cess that must be paid otherwise at the mandi. It is a Pareto optimal situation for the farmer and the trader where both can be better off. However, as this means skipping the mandi, which has vested interest built over the years, it is understandable that there is opposition. At the limit, one can visualise a situation where most transactions take place outside the mandi and the market yards become less relevant, and the entire hierarchy of the mandi system, which includes commission agents, becomes unimportant. Now, intuitively, it can be argued that farmers will prefer the new ‘trade area’ to the mandi only if they see value in this option. The same holds for the trader who will purchase directly when there are cost advantages. Quite clearly, mandis will have to reinvent their systems to stay relevant. As there is a loss of fee which is collected that can range from 1-8% depending on the state and product, the fear of viability is genuine. The way forward is to have open markets and allow free flow of goods across borders where there is transparency. In fact, the idea of eNAM has its genesis in this thought because, at the end of the day, the price discovery system must be transparent. This idea is taken several steps forward with trade being conducted in these new defined ‘trade areas’. It should be remembered that farmers may still prefer to go through the adathiyas route because these agents often provide a variety of ancillary services, starting with crop advice, buyback, credit and logistics support, among others. This will probably intensify once a parallel system develops. A corollary of freeing the market dynamics is having written agreements between the farmer and the company under contract farming. This is again a mutually-beneficial system where the corporate ties up with the farmer on pre-decided terms to grow crops of specific variety with support provided on credit and possibly the inputs too with the assurance of a guaranteed buyback. This is a win-win situation for both the sides. Corporates, who are into processing or manufacturing of end-products, would always look out for standardisation in quality of inputs. Farmers, too, can move to higher quality of crop rather than sticking to the median variety, which is the case today given the tradition that has been practised over the years. Therefore, this move by the government will be extremely beneficial for Indian agriculture and bring about a major transformation in the landscape and make farming more commercial. The opposition to both these measures can be largely political, which is understandable. But otherwise to argue that farmers are naïve and will be given a bad deal by ‘traders’, meaning large corporates, is disingenuous. Indian farmers are quite sophisticated and do use all the information that is available when taking decisions. The current structures are traditional for sure, which have worked under prevailing conditions. But any new structure for sale or cultivation would be weighed appropriately before a decision is taken. Hence, the fear that the corporates will take over the entire community and make them subservient is not well-founded. In fact, such measures will force the existing structures to change and ensure that farmers get a better deal. It is well known that farmers selling perishables like vegetables or fruits are forced to sell their products at lower prices in mandis as they cannot take their goods back to their village if a sale does not take place. This forces distress sale as commission agents buy at a lower price and deliver at a higher price at the retail end. This has been one reason why there is considerable disparity in wholesale and retail prices for almost all commodities—all of which cannot be explained by logistics costs. The third reform has been the repeal of the Essential Commodities Act. This is progressive, as the Act which sought to penalise traders who held on to stocks beyond what was permitted did create problems for wholesalers and retailers. It must be realised that most crops are produced once a year and stored and made available throughout the year. The issue is that farmers must sell their crop immediately as they do not have the holding power. Intermediaries or traders who come into the picture store the crop and bear the costs of storage, interest on loans, possible deterioration in quality, transport, among others. There is, hence, intrinsic value that is being provided by these parties. The Essential Commodities Act makes it a crime to go beyond the stock limits for all the defined commodities and is invoked whenever there is a shortage in supply of a product. Traders holding the stocks are now classified as hoarders and face penal action. The government has put in the safeguard of this Act being invoked only if retail prices rise by certain levels compared with the past period. This makes sense because if hoarding is seen to increasing prices, this Act can be brought in to check inflation as it has a bearing on overall CPI inflation and hence interest rate policy. All these three reforms will be very positive for the agrarian economy, and with the assurance being given that the MSP will not be withdrawn, there is comfort being provided. But, logically, in course of time, if the system works well for farmers who are able to get better prices, the government can think of scaling down the procurement system and the MSP as the open-ended procurement scheme has distorted farm markets. Adathiyas will have to compete with corporates to retain their business and the overall system will only improve. Electronic trading will get a boost on the side-lines and the idea of free agricultural markets will see fructification over the next couple of years. The author is chief economist, CARE Ratings. Views are personal Summarise this report in a few sentences.	the new ordinance defines the ‘trade area’ that is outside the mandi. farmer can sell to ‘trader’ in these ‘trade areas’. the farmer can get the best price and eschew the mandi. the way forward is to have open markets and allow free trade. the new ordinance also allows farmers to sell to ‘traders’.
user	The US crude oil futures traded negative for the first time ever on Monday amid coronavirus lockdowns negatively impacting the global economic growth. The contract for West Texas intermediate crude (WTI), the benchmark for US oil rates, dropped below the $0-a-barrel level on April 20. The May crude futures ended at minus $37.63 a barrel, a 306 per cent daily fall. However, US WTI for May delivery on Tuesday crawled back into positive and was changing hands at $1.10 a barrel. Why did the US crude oil futures plunge to record low? Since the May futures contract expires on April 21, the traders need to find buyers to take physical possession of the oil to book profit, if any. However, amid the unprecedented global supply glut and disruptions, the sellers are not finding enough buyers. As the May contract expires at the end of trade Tuesday, investors are jittery over clearing them from the books at any cost, according to analysts. With inventory rising, the crude oil tanks at the US storage hub of Cushing, Oklahoma, the delivery point for WTI, are finding it challenging to find space to store more fuel. On April 10, the storage at Cushing, Oklahoma, the heart of the US pipeline network, was nearly 72 per cent full, according to the US Energy Information Administration. Despite the fall in May futures, the June futures continued to trade above $20 per barrel on Monday. The crude oil prices depend on demand, quality and supply. "The absolute collapse of WTI prices is primarily owing to the expiry of May WTI contracts, alongside the significant demand destruction due to lockdowns in several countries and supply glut in oil markets. Put simply in other words, the sellers are paying the buyers. Oil traders are unwilling to take the delivery owing to lack of storage space. In complete contrast, Brent crude prices are trading at about $25/bbl. The reason for this sharp divergence is that WTI needs to be physically delivered at Cushing, Oklahoma whereas for Brent contract, deliveries can be done offshore at multiple locations," Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking, said. "It remains to be seen if the June contract will similarly fall into negative territory as it approaches expiry at the end of May. Thus far, the US government has not changed from its policy of imposing mandatory production cuts on its oil producers, and has taken the approach of allowing natural attrition to reduce production. By mid-April, production has fallen by about 700,000 bpd, and that is clearly not enough. Expectations are that production will fall by 1.7-2.0 million bpd by end-2020. It remains to be seen if the pace of the production fall will enough to stem the collapse in price," Yaw Yan Chong, Director, Oil Research (Asia), Refinitiv, said. Why is there such low demand for crude oil? The oil demand has been severely impacted due to the coronavirus lockdowns across the world. The pandemic hit the oil demand by negatively impacting the economic activity worldwide. With millions of people working from home, the demand for oil has massively plunged. However, the pumps are still extracting oil which has to be sold somewhere. "In what was previously thought unthinkable, Near month April Nymex WTI contract traded below $0 per barrel on expiry day yesterday. There was massive long liquidation as traders unwound long positions on fear of having to take delivery," Abhishek Goenka, founder and CEO, IFA Global, said. "Storage space is running out. The Brent on the other way was relatively well behaved as storage concerns are less pronounced for Brent which is drilled from the North Sea," he added. Why didn't the OPEC deal help? The Organisation of the Petroleum Exporting Countries (OPEC) and its allies earlier this year decided to slash oil production by 9.7 million barrels per day starting May 1. However, the deal couldn't control massive oversupply. The agreement is not enough to counter the fall in demand globally, analysts added. What's the impact on stock market? The domestic benchmark indices, Sensex and Nifty, on Tuesday traded in red tracking global peers, after the US oil prices slipped below $0 a barrel in overnight trade. The Volatility index, India VIX, surged 5 per cent. "US indices closed in red amid falling oil prices and uncertainty over duration of the virus. US crude oil futures turned negative for the first time in history, ending the day at minus $37.63/barrel as traders sold because of rapidly filling storage space at the key Cushing, Oklahoma, delivery point. Back home, we expect Nifty to revisit the 9,100 mark," YES Securities said in a note. "NIFTY50 has witnessed resistance near 9,400 levels and corrected, we believe the current correction would extend further to drift near to 8,950 levels. Multiple negative newsflow from global markets like immigration suspension announced by Trump, sharp volatility in crude oil prices would put further pressure on markets overall," Vikas Jain, Senior Research Analyst at Reliance Securities, said. Also Read: Coronavirus India live updates: Raebareli records 33 new COVID-19 cases in one day; UP tally rises to 1,258 Also read: Why petrol prices won't fall even though US crude oil costs $0 Summarise this report in a few sentences.	the contract for west Texas intermediate crude (WTI) dropped below $0-a-barrel on April 20. but the contract for May delivery on Tuesday crawled back into positive and was changing hands at $1.10 a barrel. the global supply glut and disruptions are causing the sellers to not find enough buyers. the price of crude oil is dependent on demand, quality and supply.
user	Despite India being under Unlock phase 3 after months of a nationwide lockdown starting March, retail and recreational activities are still far below the pre-coronavirus period. Mobility trends for places such as restaurants, cafes, shopping centres, theme parks, museums, and cinemas is downbeat with 43% degrowth in travels to such places from January-February baseline, according to Google’s latest mobility report. In fact, it is not just retail and recreational travels that have shown a degrowth. Mobility to public transport places such as metros, bus depots, train stations along with workplace travels have fallen by 35% and 32% respectively as compared to the pre-Coronavirus period, indicating that people are still wary of travelling despite easing of restrictions. India entered a nationwide lockdown on 25th March 2020 to check the spread of coronavirus and was under one of the harshest lockdowns in the world with virtually all economic activities coming to a grinding halt. However, the government allowed gradual resumption of business activities to aid the economy and livelihood. While there has been a gradual recovery activity levels starting 1st June 2020, when India entered Unlock phase 1, there have been localised slowdowns since then as states rushed to curb rising coronavirus cases. The same has been detrimental to economic recovery as people were again compelled to stay at home. According to several other reports as well, localised lockdown have impeded economic recovery. Although economic activity has started to recover from April 2020, when the lockdown was at its severest, the unabated rise in COVID-19 cases in the unlock phase and localised re-imposition of lockdowns in several states have interrupted economic recovery in recent weeks, ICRA said in a statement early this August. Further, even while the country has started to open economic activities, not all retail and recreational activities have been permitted to open. For example, cinema halls, bars, etc are still closed and even while restaurants have been allowed to open, they are working at reduced capacities. Fears of public spaces also looms large amid consumers, hampering retail revival. Summarise this report in a few sentences.	mobility trends for places such as restaurants, cafes, shopping centres, theme parks, museums, and cinemas is downbeat. 43% degrowth in travels to such places from January-February baseline. metros, bus depots, train stations along with workplace travels have fallen by 35% and 32% respectively. fears of public spaces also loom large amid consumers, hampering retail revival.
user	live bse live nse live Volume Todays L/H More × Coronavirus, which is wrecking markets across the world and has fanned fears of a global recession, couldn’t have come at a worse time for India’s auto sector that is battling a prolonged slump in demand. The virus outbreak has added to the pain, hitting production and lowering the demand even further as consumer spending is unusually low. Brokerages say following the outbreak, the correction in the auto index is now close to what was seen during the 2008 global financial crisis. "Valuations of select two-wheeler and CV (commercial vehicle) stocks are approaching levels that were witnessed during the GFC. Any recovery in sales though will be dependent on several factors, including the extent of pass-through of crude prices, BS-VI related price hikes, etc," HDFC Securities said in a report on March 16. The viral load Supply-chain disruptions are hitting hard the sector that has been witnessing a drop in sales for the last many months. Shut down in China will impact sales volumes. In the last five years, import of car equipment from China has gone up by 22.1 percent ($27 million to $33 million), while exports are down 54 percent to $11 million, Geojit Financial Services has said. For Tata Motor’s JLR, a 17 percent volume mix comes from China. In the same period, the import of two and three-wheeler equipment from China has gone up by 46 percent (from $3.5 million to $5.1 million), the brokerage said. The disruption and the shut down in China is negative for stocks like Tata Motors, Motherson Sumi and Bosch, Geojit said. Valuations are at 2008 levels The valuations of auto stocks are approaching the levels of 2008. According to HDFC Securities, Hero MotoCorp is trading below the financial crisis levels at 2.3 times price/book value (against four times earlier). The stock is trading at 1 time EV/sales, which is similar to 2008 levels. However, the brokerage added that ROEs remain healthy at over 20 percent at Hero MotoCorp, as its market share has stabilised at above 35 percent level. Ashok Leyland is trading at 0.7 times EV/sales, which is similar to the 2008 downturn. However, on Price/Book value, the stock is trading higher at 2.1 times (against below 1 time in the GFC crisis), HDFC Securities said. On the other hand, Maruti Suzuki continues to trade at above 2008 crisis levels. "The stock is trading at 3.1 times on Price/Book value against 1.5 times during the GFC crisis. On EV/sales, the stock is trading at 1.6 times as compared to below 1 time during the 2008 period," HDFC Sec said. At this juncture, looking at the sector from an investment point of view requires a prudent and well-calculated approach. The recovery in the sector will depend on various factors, including how technological and regulatory transition pans out. "While it is difficult to gauge the earnings trajectory in the near term, crude oil prices, BS-VI related transition, the transmission of rate cuts and export dynamics are the key factors which will drive a recovery in sales," HDFC Securities said. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.	the virus outbreak has added to the pain, hitting production and lowering the demand even further as consumer spending is unusually low. the correction in the auto index is now close to what was seen during the 2008 global financial crisis. the disruption and the shut down in china is negative for stocks like Tata Motors, Motherson Sumi and Bosch. the bse live nse live.
user	Sensex, Nifty Updates: Equity indices Sensex and Nifty closed on a bullish note on Thursday, tracking gains in European and Asian counterparts. BSE Sensex closed 222 points higher to 30,602 and NSE Nifty rose 67 points to 8,992. UPL, HUL, Britannia, ICICI Bank and NTPC were among the top performers on Nifty, while Tech Mahindra, HCL Tech, Kotak Bank, Hero MotoCorp and Infosys were among the top losers today. Traders said markets will continue taking cues from the worldwide trend. European indices also opened postive today, with CAC and DAX and FTSE trading above 1%. In Asian counterparts, Shanghai, SGX Nifty, Strait Times were trading 1% higher, while Kospi was flat. Nikkei was down 1.3%, with Hang Seng and Taiwan index trading marginally lower. Here's a look at the updates of the market action on BSE and NSE today: 3.45PM : Closing bell Equity indices Sensex and Nifty closed on a bullish note on Thursday, tracking gains in European and Asian counterparts. BSE Sensex closed 222 points higher to 30,602 and NSE Nifty rose 67 points to 8,992. UPL, HUL, Britannia, ICICI Bank and NTPC were among the top performers on Nifty, while Tech Mahindra, HCL Tech, Kotak Bank, Hero MotoCorp and Infosys were among the top losers today. 3.35PM: Bajaj Consumer Care up 3% on product launch Bajaj Consumer Care shares climbed 3% to Rs 144 after the company said in ia press release that it has launched a hand sanitizer product. 3.30 PM : Suzlon Energy hist 5% upper ciruit Suzlon Energy was locked on 5% upper circuit today after the company board said it plans to consider raising capital through shares, debentures, warrants etc. on April 18, 2020. 3.25 PM Endurance Technologies rises almost 3% Endurance Technologies stock price touched an intraday high of Rs 609.95 rising 2.65% on BSE aftr the company said its Italian arm has acquired 99%stake in Adler for Euro 3.5 million. Adler makes systems solutions for clutches, gears and friction plates with a niche in R&D, engineering services and product development for OEM customers in Europe, the filing added. 3.20 PM: Alert: Infosys to Announce Fourth Quarter and Annual Results on April 20, 2020 3.15 PM: Essel Propack Essel Propack shares opened with a gain of 2.64% today and later climbed 8.3% to an intraday high of Rs 178.15 on BSE after the copmany said its board has appointed Sudhanshu Vats as CEO and MD of the company with effect from April. 3.10 PM : Shriram Transport Finance rises 5.5% Shriram Transport Finance erased earlier gainsa and touched an intraday high of Rs 699.55, rising 5.42% on BSE. The company said it plans to consider raising funds through NCDs on April 20. 3.00 PM: Deepak Fertilizers and Petrochemicals climbs 4.5% Deepak Fertilizers and Petrochemicals stock touched an intraday high of Rs 92.55, rising 4.46% on BSE after the market regulator SEBI granted the company extended time till May 15 for the conversion of warrants worth Rs 41.66 crore into equity shares made by the company promoters. 2.50 PM: Shree Cements climbs over 4%, top gainer on NSE Shree Cements rose in the afternoon trade as the company said it is seeking necessary approvals from the relevant Government authorities for resumption of production facilities at its various locations. The filing added that the company will resume operations at different production facilities in full compliance to the conditions of operation as have been/may be stipulated in the said permissions/approvals. Share price of Shree Cement rose 4.4% higher to the intraday high of 18,956.4 on BSE, after falling 3.26% to the day's low of Rs 17,563. 2.45 PM: Rupee ends at record low of 76.86 Rupee ended at an all time of 76.86 against the dollar as compared to last close of 76.44 per dollar. Earlier, the local unit had opened at a record low of 76.82. 2.35 PM: Prataap Snacks soars 12% Prataap Snacks stock price rose nearly 12% to the day's high of Rs 495 on BSE after the company stated that its job working manufacturing units in Uttarakhand, Maharashtra and Haryana have started operations. 2.25 PM: Escorts stock price falls 2% Escorts share price fell 2% to the day's low of Rs 696.7 as the company said its factories and offices will remain shut till May 3. 2.15 PM: Eveready Industries rises over 5% Eveready Industries share prcie climbed over 5% today after the company said its battery manufacturing facility at Karnataka has resumed operations partially. 1:55 PM: IndusInd bank rises over 4% IndusInd Bank share price rose over 4% in early trade today after Goldman Sachs Singapore bought 41,00,000 shares of shares of the private sector lender. The transaction was worth Rs 176 crore. Share price of IndusInd Bank rose 4.17% intraday to Rs 441.8. Earlier, shares of IndusInd Bank opened flat at Rs 424.10 on BSE. IndusInd Bank stock rises 4% after Goldman Sachs Singapore buys 4.1 million shares 1.45 PM:Top gainers and losers on Nifty UPL, HUL, Britannia, ICICI Bank and NTPC were among the top performers on Nifty, while Tech Mahindra, HCL Tech, Kotak Bank, Hero MotoCorp and Infosys were among the top losers today 1.25 PM: Punjab & Sind Bank gains over 11% Punjab & Sind Bank shares gained over 11% on BSE today after the state-owned lender said it will raise up to Rs 1500 crore through equity and preferential issue of shares. The filing added that the board of directors at its meet approved to raise equity capital through qualified institutional placement (QIP) up an amount of Rs 750 crore and through preferential issue up to an amount of Rs 750 crore. 1.10 PM: Market update Equity indices Sensex and Nifty traded 1% higher by the afternoon session on Thursday, accounting the reverse of global markets to positive territory. With the start of March quarterly earnings' season, BSE Sensex gained 350 points higher to 30,717 and NSE Nifty rose 102 points to 9,028. 1.00 PM: Navin Fluorine shares climb 5% Navin Fluorine shares opened with a gain of 2.14% today and later touched an intraday high of Rs 1470.5, rising 5.04% on BSE after the company said it has resumed operations at its facilities in Gujarat and Madhya Pradesh from 14 April after obtaining requisite permissions. 12.50 PM: European indices open higher European indices also opened postive today, with CAC and DAX and FTSE trading above 1%. In Asian counterparts, Shanghai, SGX Nifty, Strait Times were trading 1% higher, while Kospi was flat. Nikkei was down 1.3%, with Hang Seng and Taiwan index trading marginally lower. 12.40 PM: Tata Steel drops 3% Tata Steel stock price opened with a loss of 2.86% today and fell 3.14% to an intraday low of Rs 276.2 after the company said tha S&P Global has lowered its rating to 'B+' with a negative outlook. The ratings agency said the downgrade was on account of the expectations that COVID-19 related disruptions and the consequent economic slowdown will adversely impact the steel maker. 12.30 PM: HDFC Securities on Pharma sector - Our positive stance on Indian pharma is premised on sector's relative resilience to Covid disruption, favorable currency tailwinds and stable outlook for India and US business. India growth has picked up (10% growth for IPM as of MAT Mar'20) and we forecast 11% growth for covered companies over the next two years. US pricing environment continues to remain benign and the regulatory challenges are well understood. - The pharma sector is up approx 1% YTD and has outperformed the Nifty Index by 28%. - We prefer stocks with high India exposure as it offers greater earnings visibility, supported by reasonable valuations. - Reiterate Buy on Cipla. Downgrade Dr. Reddy's to Reduce. 12: 20 PM Zuari Agro Chemicals climbs 5% The share price of Zuari Agro Chemicals opened with a gain of 2.82% today and later touched an intraday high of Rs 93, rising 5.08% on BSE after the rating firm ICRA has upgraded the credit rating of Zuari Agro Chemicals Ltd 12.10 PM: Biocon climbs almost 5% Biocon Biologics shares rose 4.72% to the day's high of Rs 352.8 after the company said it has received Establishment Inspection Report (EIR) from USFDA for Pre-Approval Inspection (PAI) at two of its biologics manufacturing facilities in Bengaluru. The inspection was conducted between September 10 & September 19, 2019. 12.00 PM: Bajaj Auto falls over 2% Bajaj Auto shares declined 2.5% to an intraday low of Rs 2274.95 on BSE after the company told CNBC it has decided to go for a pay reduction till the May 3. Sources at Bajaj Auto suggested that the company is not looking at laying off employees for the moment. 11.50 AM: Hero Motocorp drops almost 4% Hero Motocorp shares were among the top losers today, after Morgan Stanley lowered FY20 EPS for the auto major by 7.8% as it built in the actual March sales numbers. The brokeage said that FY21 and FY22 EPS changes are less than 1%. Hero Motocorp shares touched an intraday low of Rs 1,753.2, falling 3.93% on BSE today. 11.40 AM: JSW Energy rises 3% Share price of JSW Energy climbed 3% to the intraday high of Rs 41.85 on BSE after the company said Brickwork Ratings India Pvt. Ltd (Brickwork) has reaffirmed its ratings of 'BWR A1+' on Commercial Papers of the company. 11.30 AM : Market climbs higher Sensex and Nifty turned postive on Thursday, accounting the reverse in SGX Nifty that traded 100 points higher. With the start of March quarterly earnings' season, BSE Sensex gained 200 points higher to 30,566 and NSE Nifty rose 66 points to 8,998. 11: 20 AM Care Ratings up 6% Care Ratings share price rose to an intraday high of Rs 441.75, rising 6.2% on BSE after the company announced that it has appointed Ajay Mahajan as the MD & CEO of the company for 5 years commencing from April 15,2020. 11.10 AM L&T climbs over 4% Larsen and Toubro shares climbed 4.08% to an intraday high of Rs 915.8 on BSE after the company announced that its heavy engineering arm has won contracts in the range of Rs 1,000-2,500 cr. 11.00 AM: Motherson Suni rises over 7% Motherson Sumi share prcie today touched an intraday high of Rs 76, rising 6.74% on BSE after the company said its board has approved raising of capital up to Rs 500 cr through NCDs. 10: 50 AM: IMF says,' Asia's economic growth this year will grind to a halt for the first time in 60 years' Markets turned negative after Reuters reported that IMF said in a report note on Thursday that Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations. "Policymakers must offer targeted support to households and firms hardest-hit by travel bans, social distancing policies and other measures aimed at containing the pandemic," said Changyong Rhee, director of the IMF's Asia and Pacific Department. "These are highly uncertain and challenging times for the global economy. The Asia-Pacific region is no exception. The impact of the coronavirus on the region will be severe, across the board, and unprecedented," he added. 10.40 AM: US dollar today The US dollar index, rose by 0.46% to 99.91. 10.30 AM: Rupee slips to record low of 76.82 Rupee, the currency benchmark opened at all-time low of 76.80 and slipped further to record low of 76.82 today. Rupee ended at day's low of 76.45 per dollar on Wednesday. Rupee vs Dollar: Rupee drops 36 paise to all time low of 76.80 per dollar 10.25 AM: Crude oil today Brent crude futures rose 1.66% to USD 28.15 per barrel today. 10.20 AM : Market Update Equity indices Sensex and Nifty turned flat with positive bias on Thursday, accounting the reverse in SGX Nifty that traded 20 points higher. With the start of March quarterly earnings' season, BSE Sensex fell 250 points lower to 30,120 and NSE Nifty dropped 40 points to 8,889. Sectorally, gains in FMCG, realty, media, metal and IT were capped by losses in banking, finance, auto and pharma sectors. 10.10 AM: IT stocks tank IT stocks fell in today's trade after Wipro posted weak earnings figures for the March quarter. The BSE IT index was the worst hit, falling over 2%. TECh Mahindra, and Infosys were falling over 3%, followed by Tata Consultancy Services (TCS) shares that fell 3.3% lower to the low of Rs 1,691, as the IT major is scheduled to announce its quarterly earnings later in the day. 10.00 AM: Gainers and losers On the Sensex pack, Infosys, Kotak Bank, Hero MotoCorp, Tech Mahindra, Titan and Axis Bank were maong the top losers. On the other hand, L&T, PowerGrid, Sun Pharma, Reliance Industries and ONGC were among the gainers 9.50 AM: Sectors mixed today Sectorally, gains in FMCG, realty, media, metal and IT were capped by losses in banking, finance, auto and pharma sectors. 9.40 AM Wipro drops 6% post Q4 result Wipro share price opened with a loss of 6.03% today and later fell 6.03% to an intraday low of Rs 175.3 on BSE after the IT major reported weak Q4 earning figures yesterday. On the YOY basis, Wipro reported a 6% decline in profit at Rs 2,345.20 crore in March 2020 from Rs 2,493.90 crore in the same quarter last year. Revenue was up 4.7% at Rs 15,711 crore from Rs 15,006 crore in the year-ago period. Wipro has decided not to give revenue guidance for the June quarter due to uncertainties. Wipro share price falls 6% on weak Q4 earnings, suspension of revenue guidance 9.30 AM: MCX Gold turns red after hitting lifetime high After hitting fresh lifetime highs today at 46,783 per 10 gm, gold MCX futures for May month reversed trend and dropped 167 points lower to 46,529 per 10 gm. Gold closed yesterday at 46,696 per 10 gm. On Gold's near term outlook Anuj Gupta-DVP-Commodities & Currencies Research, Angel Broking said,"We are expecting this rally may continue and Gold may test Rs 49,000 to Rs 50,000 on MCX and in the international market, it may test $1780 to $1800 soon." 9.20 AM: Market open lower Equity indices Sensex and Nifty opened on a negative note on Thursday, accounting the sharp decline in global markets amid the start of March quarterly earnings' season. BSE Sensex fell 250 points lower to 30,120 and NSE Nifty dropped 40 points to 8,889. According to experts, prevailing uncertain market conditions amid the rising cases of the virus and extension of the lockdown period have caused volatility and led to the downfall of broader markets on a global scale. 9.10 AM: Pre-open session Equity indices Sensex and Nifty pre-opened on a negative note on Thursday, accounting the sharp decline in global markets amid the start of March quarterly earnings' season. BSE Sensex fell 250 points lower to 30,125 and NSE Nifty dropped 90 points to 8,834. SGX Nifty traded 50 points lower at 8,873 level, indicating a tepid start in domestic grounds today. 9.00 AM Outlook for market by experts Ajit Mishra, VP - Research, Religare Broking said,"We reiterate our cautious view on Indian markets and suggest not to go overboard during this recovery move. Domestic factors such as sharp surge in the coronavirus cases and extension of the lockdown will continue to weigh on the investor sentiment ahead. The earnings season begins today. However, we believe that more than the earnings announcement, the outlook given by the management would hold significant importance for the participants." Ruchit Jain (Equity Technical Analyst, Angel Broking) said, "During the mid-week holiday, our government announced extension of the ongoing lock down period. However, market participants had anticipated such move in advance and hence, it was already factored in due to which we did not see any impact at opening. However, as mentioned in our yesterday's report, the immediate resistance of the index was seen around 9320 which is the 38.2 percent retracement of the recent correction. Nifty almost rallied towards that resistance (made high of 9261) and then witnessed profit booking during later part of the day." 8.55 AM March quarterly release: major cue for market trend With the start of earning season worldwide, investors will be keenly watching the company wise performance since the outbreak and the financial damage from the same. Earnings season in India has also started with IT major Wipro reporting a 5.3% sequential fall in its consolidated profit at Rs 2,326.1 crore for the quarter ended March 2020. The company announced Q4 results after market hours today. "With the earnings season starting, management commentary about the impact of Covid-19 on their respective businesses, will be in focus. IT companies will officially kick off the earnings season and investors will be keen on how the virus spread has impacted their services and the locations in which those services are offered," Vinod Nair added. Wall Street closed in red over dismal economic data and poor start of the quarterly earnings' season. The Dow Jones Industrial Average fell 1.86%, the S&P 500 lost 2.20% and the Nasdaq Composite dropped 1.44%. Tracking bearish trend from overseas, Asian markets also opened lower today, with Nikkie dropping over 1.5% and SGX Nifty, Kospi, Hang Seng trading 0.70% lower. Taiwan was marginally red, while Shanghai was flat with positive bias. European indices closed 3% lower yesterday. 8.45 AM: Market cues Domestic investors remained fragile turned red amid concerns over the economic damage from of COVID-19 induced nationwide lockdown. Traders said investors have already factored in the chances of extension and the domestic market will continue taking cues from the worldwide trend. 8.40 AM:Trade deficit data India's trade deficit narrowed to $9.8 billion in March from $11 billion a year-ago. Exports and imports fell by 34.6%, 28.7%, on a yearly basis. 8.35 AM: FII/DII action on Wednesday On a net basis, FIIs bought Rs 1,358.66 crore equities, while DII's offloaded Rs 1,097.86 crore 8.30 AM: Stocks to watch today on April 16 TCS, Wipro, IPCA Labs, JSW Energy, Bajaj Auto, Care Ratings, Man Industries India among others are the top stocks to watch out for in Thursday's trading session Stocks in news: TCS, Wipro, IPCA Labs, JSW Energy and more 8.20 AM: Market expectations Benchmarks Sensex and Nifty are likely to open on a negative note on Thursday, backed by weak global cues. SGX Nifty traded 50 points lower at 8,873 level, indicating a tepid start in domestic grounds today. Globally markets turned red amid concerns over the rising number of COVID-19 cases in the country and the economic fallout of the nationwide lockdown. 8.15 AM: WPI inflation figures The Wholesale Price Index (WPI)-based inflation eased for the third month in a row in March 2020 to 1 per cent, lowest in the past four months and a four-year low for the full financial year 2019/20. WPI inflation eases to 4-year low at 1% in FY20 8.10 AM : Coronavirus toll According to experts, prevailing uncertain market conditions amid the rising cases of the virus and extension of the lockdown period have caused volatility and led to the downfall of broader markets on a global scale. There 20.83 lakh confirmed cases worldwide and almost 1.35 lakh deaths from the coronavirus COVID-19 outbreak. India has recorded a total of 12,370 cases, 442 deaths and 1,508 recoveries. 8.05 AM: Rupee closing Rupee, the local unit ended at day's low of 76.45 per dollar on Wednesday 8.00 AM: Closing bell Benchmarks Sensex and Nifty erased early gains and closed bearish by the afternoon session on Wednesday, in line with global trend. Extending decline for the second straight session, BSE Sensex closed 310 points lower at 30,379 and NSE Nifty 50 ended 68 points lower to 8,925. Sectorally, gains in realty, FMCG, IT were capped by losses in banking indices. Sensex ends 310 points lower, Nifty at 8,925; Kotak Bank, Hero MotoCorp top losers Summarise this report in a few sentences.	Sensex and Nifty closed on a bullish note on Thursday, tracking gains in European and Asian counterparts. european indices also opened postive today, with CAC and DAX and FTSE trading above 1%. in Asian counterparts, Shanghai, SGX Nifty, Strait Times were trading 1% higher, while Kospi was flat.
user	Nishant Gupta & Anil Ghelani In India, we are so used to seeing inflation as the key enemy that everyone takes efforts to keep it under control. Deflation has remained simply a term we learn about in our study material – the state of an economy in which it faces a slower growth and lower inflation. During deflation, we see demand in the economy nosediving, since less money chases more goods, prices come down. With expectations of declining prices, people withhold their demand and defer purchases, as they expect a further fall in prices. How deflation affects businesses To understand more clearly, let us take an example of a debt-free consumer facing business. To make higher profits, the company needs to sell more products at higher prices so that the revenues of the company are higher than the overall cost. This is possible in times when the overall growth is strong and consumer spending is high. On the contrary, when growth slows down, the company is unable to sell more products (lower demand), and the selling price might also come down (lower inflation). As the revenues come down and costs remain the same, the company makes lower profits. Lower profits could curtail investments for future growth and also reduce payouts to shareholders. Let us add a twist in the above example of a consumer company and say this same firm was not debt-free, but had a large component of borrowed funds. So, the company faces a problem of high debt and fall in profits. From an investor’s point of view, he/she starts thinking on various grounds. How would the company be able to service the debt? Is the company going to survive? Should I hold on to the company’s shares? Deflation is a phase where a good company may start to look bad and a leveraged company may start its journey towards bankruptcy. The same analogy can be extended from a consumer facing company, to a nation’s economy. Extending the company logic to the overall economy Every economy has an annual budget where the revenues and expenditures are outlined for the next year. The revenues have to be projected in line with expenditures, or else the economy would face a fiscal deficit and the government has to borrow to bridge this gap. The world currently faces the problem of rising deficits. Since the beginning of the COVID-19 crisis, many economies have been in lockdown, global trades have been affected negatively, growth has slowed down (IMF projects world GDP to grow by -4.9% in 2020), unemployment levels have increased, and consumption and inflation have collapsed. It appears that the entire global economy has slipped into a state of “deflation.” Some might think that it is good not to have inflation. But this is not good because deflation is a bigger demon. Let us see how it can cause greater problems and why it is a long-standing rival of Governments and Central Banks. When the growth engine slows down, income levels for corporates and households are adversely impacted, causing a lower velocity of trades within an economy. This results in reduced direct and indirect tax collection for the government. As the government’s revenues come down, it needs to borrow more, which leads to an increase in the debt to GDP ratio and enhanced possibility of sovereign rating downgrade. Net national savings (sum of savings from households, corporates and governments) gets impacted adversely, which affects the debt servicing capabilities, thereby causing bankruptcies and, at some stage, the potential for social unrest. In the financial markets, investors become risk averse and flows tend to move out of all risk assets into cash. Lastly, the impact is also visible on the banking system, where write offs of loans affects the equity capital of banks and restricts their capability to lend further. A prudent approach from governments and central banks can help keep deflation under control with some fiscal stimulus measures, coupled with suitable monetary policy actions. (Nishant Gupta is Senior Manager-Product Management & Anil Ghelani is Head of Passive Investments & Products, at DSP Mutual Fund) Summarise this report in a few sentences.	a good company may start to look bad and a leveraged company may start its journey towards bankruptcy. a good company may start to look bad and a leveraged company may start its journey towards bankruptcy. a good company may start to look bad and a leveraged company may start its journey towards bankruptcy. a good company may start to look bad and a leveraged company may start its journey towards bankruptcy.
user	Indian capital market is robust and can play a crucial role in achieving USD 5 trillion economy by 2025, Minister of State for Finance Anurag Thakur said on Saturday. The exchanges and brokerages are playing a crucial role in capital formation in the country and there is a need to ensure that public faith in the capital market is not eroded due to scams and frauds, the minister noted. "In our journey to a USD 5 trillion economy by 2025, the role of capital markets will be paramount. Indian capital markets are robust and deep and stands at par with other global markets. It is our aim and constant effort to work towards deregulation of capital market and ease of compliance for investors," Thakur said. He was speaking at the 11th International Convention "Redefining Capital Markets - A Must for USD 5 trillion Economy" organised by ANMI (Association of National Exchanges Members of India) here. Capital market plays a significant role in building the economy as it channelises domestic saving into long term financial assets, Thakur added. "We welcome suggestions with regard to various aspects of compliance reforms so that there is ease of access of FDI in Indian capital market. I compliment Sebi, the exchanges and the board of ANMI for working on the compliance review report, which will definitely help in enhancing the ease of doing business in India," the minister said. The compliance review report is aimed at ensuring ease of trading by reviewing all compliance requirements to trade in stock markets on the basis of four criteria -- addressing outdated and duplicate compliances, clarity on conflict compliances and bringing rationale to compliance system. ANMI, an association comprising around 900 stock brokers from across the country, is of the view that a structured policy approach and continuous reforms in various sectors, including financial sector reforms, can help in achieving USD 5 trillion economy by 2025. Summarise this report in a few sentences.	the exchanges and brokerages are playing a crucial role in capital formation in the country. there is a need to ensure that public faith in the capital market is not eroded due to scams and frauds. the minister was speaking at the 11th international convention "redefining capital markets - a must for USD 5 trillion economy". he said the compliance review report will definitely help in enhancing the ease of doing business in india.
user	Total Coronavirus Cases Live Updates: Prime Minister Narendra Modi interacted with the CMs of various states to discuss the possibility of the extension of the lockdown. Most states voted in favour of the extension. Maharashtra and West Bengal have announced extension of lockdown till April 30. It is likely that the lockdown is stretched by two more weeks. Punjab, Delhi, Maharashtra, Uttarakhand, Rajashthan, UP were some of the states to vote in favour of a national extension. Meanwhile Odisha and Punjab have already announced an extension. State governments have now announced containment zones that will further restrict the movement of the residents. Delhi, Gurugram and Gautam Buddha Nagar aka Noida have all announced containment zones as cases have increased steadily. Additionally, Indore has emerged as one of the most-severely impacted cities. As many as 30 deaths have been reported in the city. So far, according to data by the Health Ministry, India has 6,634 active cases, while 242 have succumbed to coronavirus. As per the ministry data, 652 have been cured or discharged. The number of cases is the highest in Maharashtra at 1,574, followed by Tamil Nadu and Delhi with 911 and 903 cases, respectively. Also read: Coronavirus: Anxious Indians withdrew Rs 84,461 cr cash to tank-up for lockdown Also read: Coronavirus: India's export sector may lose 15 million jobs due to lockdown Follow coronavirus lockdown new updates on BusinessToday.In blog: 10.43 pm: Case registered against Kupwara man for hiding travel histry to Nizamuddin Kupwara Police in Jammu and Kashmir have registered a case against one person for concealing travel history to Delhi Nizamuddin. Police sources said that he had returned home on March 22 and kept roaming in his immediate neighbourhood for more than 15 days. His residential area declared as red zone. 10.09 pm: Hotel staff in Mumbai hospitalised after found COVID-19 positive Six staff members of Taj Mahal Palace Hotel in Mumbai have been hospitalised after testing positive for novel coronavirus with symptoms, according to sources. The employees are in stable condition and under medical care. "Taj hotel employees are being treated at the Bombay Hospital and their condition is stable right now," Dr Gautam Bhansali, the hospital's consultant surgeon, told India Today. 9.51 pm: Delhi govt clears proposal to give Rs 5,000 to public transport drivers Delhi government has cleared the proposal to give Rs 5,000 to drivers of auto rickshaws, taxis, Gramin Sewa, Phatphat Sewa, Maxi cab, Eco-friendly Sewa, e-rickshaws, school cabs, etc to help them tide over the coronavirus crisis. The drivers will have to present valid PSV badge and driving licence to avail this benefit. As promised by Honble CM @ArvindKejriwal, Delhi Cabinet today cleared the proposal to give Rs 5000 to each para-transit vehicle driver to enable them to overcome financial distress caused by lockdown. Valid PSV Badge and Driving License are two essential conditions. pic.twitter.com/LossbUrzFA Kailash Gahlot (@kgahlot) April 11, 2020 9.45 pm: Coronavirus news: Case lodged against 28 foreigners in Jharkhand Jharkhand DGP MV Rao informed that case has been lodged against 28 foreigners who had come here on a tourist visa for taking part in religious activities. These people are under quarantine right now, and will be produced before the court and sent to jail after their quarantine period finishes, Rao added. 9.37 pm: Coronavirus in Delhi: 166 new cases reported; death toll at 19 Delhi government has confirmed that the total number of coronavirus cases in the national capital is 1069, whereas 19 patients have succumbed to the respiratory disease. As on April 11, 166 new cases have been reported in Delhi of which 128 are 'Under Special Operations'. 166 new cases reported in Delhi of which 128 are from Under Special Operations; Total number of COVID19 positive cases in Delhi now stands at 1069, death toll 19: Delhi Health Department pic.twitter.com/ZzfLKRGA52 ANI (@ANI) April 11, 2020 9.29 pm: Indigo says one of its employees has died due to coronavirus in Chennai. 9.22 pm: Telangana extends lockdown till April 30 Telangana goernment has decided to extend the lockdown in view of novel coronavirus outbreak till Apil 30, announced Chief Minister K Chandrasekhar Rao. Lockdown in Telangana to be extended till April 30: Telangana CM K Chandrasekhar Rao pic.twitter.com/EQKbz8V9VK April 11, 2020 9.19 pm: Coronavirus impact: LIC gives 30-day extension for premiums due in March. April Insurance major Life Insurance Corporation of India has granted an extension of 30 days for premiums due in March and April to help policyholders amid the coronavirus crisis. For February premiums that had grace periods till March 22, relaxation is allowed till April 15, LIC said in a statement. 8:30 PM: Hydroxychloroquine has no approval as anti-Malarial drug in India: IPCA Lab A myth is going viral across social media that Hydroxychloroquine (HCQ) is an anti-Malarial drug. But in India, it has no approval as an anti-Malarial drug, ANI quoted Ajit Kumar Jain, Joint Managing Director, IPCA Laboratories, Mumbai, as saying. "We have a capacity to produce around 20 tonnes of HCQ Active Pharmaceutical Ingredient (API) in a month that can make 10 crore tablets," he added. 8:25 PM: All 46 Tablighi Jamaat members tested negative for COVID19: Goa CM Pramod Sawant The Goa government, which has quarantined 46 Tablighi Jamaat members have tested negative for coronavirus, said Chief Minister Pramod Sawant. "All 46 Tablighi Jamaat followers (10 out of 46 attended the Tablighi Jamaat event in Delhi) have tested negative for COVID19," he said. 8:15 PM: Repurposed industrial respirator could free ventilators for coronavirus patients Researchers from the University of Michigan have developed a new, portable and mass-producible helmet system to provide support for COVID-19 patients, protect health care workers and safeguard hospital systems. The system draws oxygen, as well as room air, into the helmet, while pulling exhaled air and any other outflow through a high efficiency particulate air (HEPA) filter, clearing it of the virus. The research team says it is lightweight, disposable and has a retractable face shield, allowing easy access to the mouth for food and hygienic needs. 8:10 PM: Landlords may face action for evicting doctors and nurses: NSA The National Security Agency (NSA) on Saturday said that strict action will be taken against landlords asking doctors and nurses who are treating Covid-19 patients to vacate houses. The order came after woes of the medical personnel surfacing on Twitter and Facebook. 8:05 PM: PM Modi asks council of ministers to resume work from Monday Amid ongoing speculation over extension of the national lockdown, Prime Minister Narendra Modi has asked all council of ministries to resume work with Standard procedures of social distancing from Monday, according to a India Today report. Senior officers have also been asked to report to work from Monday. The ministries will resume work with Class 2, 3 and 4 staff working on a rotational basis, the report said. 7:55 PM: No coronavirus positive cases reported in Gurugram district in last 72 hours No COVID19 positive cases reported in Gurugram district in the last 72 hours. The total number of active positive cases in the district is 18, while 14 patients have been discharged , says Gurugram Health Department, Haryana. 7:50 PM: Delhi govt starts process to give Rs 5,000 to auto, cab drivers Delhi Government has initiated the process of providing one-time financial help of Rs 5000 to auto-rickshaw, taxi, Gramin Sewa, Phatphat Sewa, Maxi Cab, Eco-Friendly Sewa, E-Rickshaws and school cab drivers. The process of taking applications will start on April 13, according to ANI report. 7:40 PM: Extend lockdown, but economic activities should continue, says Goa CM Pramod Sawant Goa Chief Minister Pramod Sawant has said that it has suggested central government that lockdown should be extended but economic activities should continue. "From Monday, OPDs of private and government hospitals will begin to function. While from today, fisheries activities have started in the state," he said. 7:30 PM: Anand Mahindra lauds Maharashtra govt's measures to combat coronavirus spread Industrialist Anand Mahindra on Saturday took to social media to appreciate the proactive measures taken by Maharashtra Chief Minister Uddhav Thackeray in the wake of coronavirus outbreak. "You're leading from the front. As supply chains are interwoven with other chains. We need incentives for migrant labour to return to farms & for loading/unloading. Please also allow farmers' markets in urban areas with appropriate distancing protocols," he tweeted. Compliments @CMOMaharashtra Youre leading from the front. Ag supply chains are interwoven with other chains. We need incentives for migrant labour to return to farms & for loading/unloading. Please also allow farmers markets in urban areas with appropriate distancing protocols https://t.co/MPlIUTsA9C anand mahindra (@anandmahindra) April 11, 2020 7:15 PM: IAF continues its support towards fight against Covid-19 Indian Air Force (IAF) has continued its support to undertake any task for complementing the efforts of the government to contain the spread of the Novel Coronavirus. "All efforts are being made to ensure timely delivery of the essential medical supplies and ration to the nodal points of various States, thereby equipping the State governments and supporting agencies to combat the contagion effectively and efficiently," IAF said in a statement on Saturday. #HarKaamDeshKeNaam : IAF continues to be ready 24 x 7 to undertake any task for complementing the efforts of the Govt of India to contain the spread of the Novel Coronavirus.#IndianCovidWarriors#IndianAirForce pic.twitter.com/J9xPoLD74h Indian Air Force (@IAF_MCC) April 11, 2020 During the last few days, IAF airlifted essential medical supplies and commodities from nodal points to various States across the country including Maharashtra, Kerala, Telangana, Nagaland and the Union Territories of J&K and Ladakh, it said. 7:10 PM: Mumbai reports 189 new cases, 11 deaths on Saturday Mumbai saw 189 new cases of coronavirus cases and 11 deaths related to the virus today, taking the total number of coronavirus cases in the city to 1,182 and deaths at 75. Of the 11 deaths reported today, 10 had comorbidities and age-related factors, says Brihanmumbai Municipal Corporation. 7:00 PM: Tamil Nadu reports 58 new COVID19 cases As many as 58 new COVID19 cases have been reported in Tamil Nadu, taking total number of positive cases in the state to 969 and death toll 10, says Tamil Nadu chief secretary K Shanmugam. 6.40 pm: Coronavirus in India: Death toll rises to 242; total cases at 7,529 According to Ministry of Health and Family Welfare, there are 6,634 active cases of coronavirus in the country, whereas 242 patients have lost their lives to the disease. The total number of cases is 7,529. 6.36 pm: Police marks vehicles of COVID-19 lockdown violators with white paint Tamil Nadu: Police in Rameswaram are using white paint to mark the vehicles of the people who are violating the #COVID__19 lockdown. pic.twitter.com/KPXft9Oqwd ANI (@ANI) April 11, 2020 6.34 pm: IAF airlifts 9,000 kg of raw material for PPEs Zydus Cadila CEO Pankaj Patel has said that the pharmaceutical industry has significantly increased the production of hydroxychloroquine (HCQ). pic.twitter.com/khGNJb4Qri ANI (@ANI) April 11, 2020 6.24 pm: Coronavirus update: West Bengal extends lockdown till April 30 After a meeting with PM Narednra Modi, West Bengal Chief Minister Mamata Banerjee said that the state is in favour of extending the coronavirus lockdown till April 30. Banerjee added that schools in West Bengal will remain close till June 10. The West Bengal CM also professed a Rs 10 lakh crore package for states to combat the coronavirus pandemic 6.13 pm: Rajiv Bajaj advocates homeopathy as treatment for coronavirus Bajaj Auto MD Rajiv Bajaj has suggested that homeopathy can help people develop immunity against novel coronavirus. In an interview with India Today, Bajaj said that homeopathy has been effective in similar pandemics. He also said that lockdown is not the answer to COVID-19 as it hinders herd immunity. 6.00 pm: Zydus Cadilla CEO Pankaj Patel says that Indian pharmaceutical industry has ramped up production of hydroxychloroquine tablets substantially. Schools in the state to remain closed till June 10: West Bengal CM Mamata Banerjee#COVID19 pic.twitter.com/ebsEI48fXf ANI (@ANI) April 11, 2020 5.45 pm: Locals in Sukna, Siliguri in West Bengal raise funds, supply food packets to daily wage labourers left jobless due to coronavirus lockdown 5.35 pm: School in West Bengal to remain close till June 10: CM Mamata Banerjee Technically called convalescent-plasma therapy, the treatment aims at using immune power gained by a recovered person to treat a sick person. Indian Council for Medical Research has given approval to SCTIMST for carrying out the novel treatment: Science&Technology Ministry(2/2) https://t.co/8TVoW3QKHC ANI (@ANI) April 11, 2020 5.29 pm: Govt approves innovative coronavirus treatment 17 new #COVID19 cases reported in Jammu & Kashmir; 5 from Jammu Division and 12 from Kashmir. Total positive cases now 224: Rohit Kansal, Principal Secretary (Planning), Jammu & Kashmir pic.twitter.com/Zc7JBqMv3B ANI (@ANI) April 11, 2020 5.27 pm: Maharshtra extends coronavirus lockdown till April 30 Maharashtra CM Uddhav Thackeray has announced that lockdown in the state will be extended at least till April 30. Thackeray urged people to remain inside their homes, and to wear masks if they have to go outside. 5.18 pm: 17 new COVID-19 cases in J&K; total positive cases at 224 1 person out of 4 men who were transferred to Jabalpur Central Jail from Indore has tested positive for #COVID19. They were arrested under National Security Act. Patient hospitalised, rest 3 kept in isolation inside jail: Bharat Yadav, Jabalpur District Collector #MadhyaPradesh pic.twitter.com/2UVkgXSfds ANI (@ANI) April 11, 2020 5.11 pm: One inmate transferred to Jabalpur Central Jail from Indore tests positive for coronavirus We are thinking of allowing bakeries to function but proper protocol should be followed so that no violation takes place: West Bengal CM Mamata Banerjee https://t.co/5hUjTgttww ANI (@ANI) April 11, 2020 5.10 pm: Coronavirus news: 6 new cases in West Bengal; total tally at 95, informes CM Mamata Banerjee More than 30 crore beneficiaries have been directly given support through Direct Benefit Transfer amounting to Rs 28,256 crores under Pradhan Mantri Garib Kalyan Package: Ministry of Finance pic.twitter.com/2plY7d2oPg ANI (@ANI) April 11, 2020 5.00 pm: Coronavirus news: Over 31 crore benefitted from DBT under PM-GKY Ministry of Finance has said that direct benefit transfers amounting to Rs 28,256 crore under Pradhan Mantri Garib Kalyan Package have benefitted 31.77 crore benficiaries. Indias RAPID RESPONSE TEAM arrives in Kuwait. Follow up to the discussion between our two Prime Ministers on #COVID19. Underlines the special friendship between India and Kuwait. pic.twitter.com/lACVPTuqQj Dr. S. Jaishankar (@DrSJaishankar) April 11, 2020 4.47 pm: Coronavirus update: Indian rapid response team arrives in Kuwait PM has taken correct decision to extend lockdown. Today, Indias position is better than many developed countries because we started lockdown early. If it is stopped now, all gains would be lost. To consolidate, it is imp to extend it Arvind Kejriwal (@ArvindKejriwal) April 11, 2020 4.35 pm: MHA writes to West bengal over dilution of lockdown in parts of Kolkata Ministry of Home Affairs has written to West Bengal government over alleged dilution of lockdown in parts of Kolkata. This letter was sent ahead of Prime Minister Narendra Modi's meeting with chief ministers. The letter lists seven regions in Kolkata - Rajabazaar, Narkel Danga, Topsia, Metiabruz, Gardenreach, Ikbalpur and Maniktala - where people have allegedly been thronging markets in violation of social distancing norms. The letter added that police have allowed religious gatherings and free ration is being provided by political leaders instead of the institutional delivery system, which could have led to more coronavirus cases. 4:23 pm: With no lockdown, we would have had 2 lakh cases: Health Ministry Health Ministry has said that with no lockdown and no measures in place, India would have had 2 lakh cases so far. Joint Secy Lav Agarwal said that containment and isolatiion very important to fight coronavirus. 4:20 pm: PM Modi won't address nation tonight: Government sources 4:15 pm: MHA seeks security for doctors MHA has asked states and UTs to provide security to doctors and other medical staff in the facilities where they are working. 4:10 pm: 585 COVID-19 hospitals, 1 lakh isolation beds in India Health Joint Secretary Lav Agarwal has said that India has 586 coronavirus hospitals and as many as 1 lakh isolation beds. He said that India's approach has been proactive and that a graded apprach is being followed. 4:06 pm: Gradation likely in extended lockdown Unlike the current lockdown that is all-pervasive, the extended lockdown might be graded. Already multiple states have earmarked containment zones where no form of movement is allowed. Additionally, cities like Delhi are also planning buffer zones that may be outside the containment zones and some form of activity might be allowed. However, there have been no announcements on these. Prime Minister Modi might speak on these issues while announcing the lockdown. 4:00 pm: PM Modi to address nation After the video coference, PM Modi is likely to address the nation. While some sources have said that the Prime Minister is likely to address the nation tonight, some have said that tomorrow or day after is equally likely. 3:50 pm: PM Modi speaks about India's future Prime Minister Narendra Modi said India will work towards both jaan and jahaan. "Jaan bhi, jahaan bhi," he said. He said that entails a future where people care about their duties, aspects and follow the government's directions. He added that it will be important for a prosperous and healthy future for India. 3:40 pm: Jaan hai toh jahan hai, says PM Modi During the video conference call, Prime Minister reiterated what he said in his first lockdown message. He said that he would put the life and welfare of every Indian before anything else. He said in order to do so, social distancing and lockdown are very important. 3:30 pm: Lockdown extension right decision, says Kejriwal Delhi Chief Minister Arvind Kejriwal who voted in favour of the extension said that the extension is the right decision. Mumbai: Screening of Dharavi residents has begun from today. A team of 150 doctors, from Maharashtra Medical Association, is helping Brihanmumbai Municipal Corporation (BMC) workers in the process. #Coronavirus pic.twitter.com/9OFwQBAL7y ANI (@ANI) April 11, 2020 3:07 pm: PM Modi video conference ends According to sources, here's the outcome of the PM Modi-CMs video conference meet: After majority CMs voted for it, the government is considering extending the lockdown The lockdown might extend by two more weeks Govt will work with states to plan a staggered exit Relaxation for agriculture and industries likely Centre is working to finalise the contours of the extension 2:56 pm: Prisoners stitch PPEs Jail inmates in Uttar Pradesh are stitching Personal Protective Equipment (PPE) kits for the medical professionals. Speaking to India Today, Director General (DG) Prison Anand Kumar said "In these uncertain times help and assistance has been forthcoming from the most unexpected section of society, namely the jail inmates of UP. Prisoners in all 67 jails in the state have stitched more than 5 lakh masks in less than a month time. Now work of stitching PPE kits for health workers has also begun. Fifty sets of PPEs including face shield masks and full body aprons have been stitched as per specifications and handed over to the director of Balrampur hospital. A hundred more such sets are in the pipeline." 2:46 pm: Screening of Dharavi residents Residents of Dharavi slum in Mumbai will be screened from today onwards. BMC is being helped by a team of 150 doctors. So far four people have died in Dharavi. Maharashtra is the most severly-impacted state in the country. Out of the pension he receives, Former Prime Minster @H_D_Devegowda has contributed Rs. 1,00,000/- each to PM Cares Fund, Govt. of Karnataka Chief Minister's Relief Fund, and Kerala Chief Minister's Distress Relief Fund. - Office of HDD@PMOIndia@CMofKarnataka@CMOKerala H D Devegowda (@H_D_Devegowda) April 11, 2020 2:41 pm: HD Devegowda donates to PM CARES fund Former Prime Minister HD Devegowda has donated Rs 1 lakh from the pension he receives to PM CARES fund as well as to Kerala and Karnataka CMs' relief funds. I urge the state government to immediately announce relief package to farmers by way of direct benefit transfer mechanism and purchase all the agricultural produce so as to avoid farmer suicides. 3/3 pic.twitter.com/y2ymEPWhpA H D Kumaraswamy (@hd_kumaraswamy) April 11, 2020 2:37 pm: Dharavi coronavirus cases Coronavirus death toll in Dharavi has increased to 4. The latest person to succumb to coronavirus is an 80-year-old man who died at Kasturba Hospital. 2:30 pm: Rajasthan and Uttarakhand vote for extension Rajasthan and Uttarakhand are the latest states to vote for a national extension of the 21-day lockdown. Rajasthan CM Ashik Gehlot also spoke about the farmers and said that proper strategies must be in place to ensure help. Before this, Punjab, Delhi, Maharashtra and UP also urged for a lockdown extension. 2:19 pm: HD Kumaraswamy asks Centre to support farmers Former Karnataka CM HD kumaraswamy urged the Centre to support farmers who are throwing away their produce in despair amid the coronavirus lockdown. He asked the Centre to ensure swift action. Attended PM Modi jis video conference along with other CMs over the outbreak of #CoronaPandemic. pic.twitter.com/U3VGVJhqZ4 Ashok Gehlot (@ashokgehlot51) April 11, 2020 2:13 pm: PM Modi video conference: Rajasthan CM Ashok Gehlot signs in This post has neither been said, nor written by me. I urge you to verify media circulated on WhatsApp and social platforms. If I have something to say, I will say it on my official channels. Hope you are safe and do take care. pic.twitter.com/RNVL40aRTB Ratan N. Tata (@RNTata2000) April 11, 2020 2:07 pm: Zydus Cadila CEO says that production of HCQ considerably ramped up Zydus Cadila CEO Pankaj Patel said that the production of hydroxychloroquine (HCQ) has been considerably increased. He said that 20 crore tablets have been produced by the pharma industry. He added that there's stock not only for domestic use but also for exports. Zydus will also produce 30 tonnes of API, he said. 2:03 pm: Ratan Tata busts a fake message on coronavirus attributed to him Ratan Tata took to twitter to bust a circulating message on coronavirus attributed to him. The post says that while experts believe there will be an economic downfall, he believes that the experts know nothing about the human spirit. Ratan Tata said that if he had to say anything, he would convey it through his official channels. My cabinet and I attended the video conference about #covid19 with PM @Narendramodi today. We discussed vital strategies and actions to implement around the state. We are doing and will do everything in our control to tackle this pandemic.1/2 pic.twitter.com/xoAk2kth8c B.S. Yediyurappa (@BSYBJP) April 11, 2020 1:55 pm: PM video conference: UP CM votes for extension UP CM Yogi Adityanath also voted for a national extension of the 21-day lockdown. Along with Delhi, Punjab and Maharashtra, 10 out of the 11 states have voted for extension of the lockdown. 1:45 pm: Karnataka CM BS Yediyurappa interacts with PM During PM Modi's video conference Yediyurappa said that the Karnataka govt is doing everything it can to control the spread of coronavirus. He also urged people to stay at home furing the lockdown. Had the VC with the PM @NarendraModi Ji to discuss the future action plan to fight #Covid19. Reiterated need for ramping up testing facilities as well as sought Centres support for assisting the poor in today's challenging times along with a bonus for our farmers. pic.twitter.com/on9oeTLlII Capt.Amarinder Singh (@capt_amarinder) April 11, 2020 1:40 pm: West Bengal imposes 'total lockdown' in 10 hotspots The West Bengal government will impose a 14-day 'total lockdown' in 10 hotspots. "Areas from where there is high possibility of the spread of the disease we are calling them hotspots. We are not naming them... We will be imposing total lockdown...This measure will cause more inconvenience to people but we have no choice... We have to impose total lockdown as we don't want the cases to spread like wildfire. Stricter protocol will be in place in these areas. The administration will arrange for everything like food, water, and even medical support," the chief secretary said. 1:30 pm: Maharashtra corporator booked for lockdown violations A BJP corporator in Maharashtra has been booked for violating lockdown restrictions. Ajay Bahira was later released on bail. He was arrested for celebrating his birthday with friends amid the lockdown. Along with the corporator, 11 others were also arrested. 1:25 pm: Coronavirus in Karnataka Coronavirus cases in Karnataka has risen to 214. Between 7pm on Friday and 12pm today, seven people have been reported positive. 1:15 pm: Punjab CM says testing must be increased Punjab CM Amarinder Singh said that more testing facilities need to be set up. During the video conference with PM Modi, the CM also said that poor must be helped during this time of crisis. Delhi: Prime Minister Narendra Modi holds a meeting via video-conferencing with the Chief Ministers over #COVID19. pic.twitter.com/yd6mdCzukr ANI (@ANI) April 11, 2020 1:10 pm: Amma canteen on a feeding spree Amma canteen that serves 5 lakh people daily is now serving 11 lakh people. Greater Chennai Corporation commissioner G Prakash said that they monitor the inventory for Amma canteen and it is sufficient for now. He added that everyone in need of food will be served at the canteen. 1:00 pm: PM Modi video conference Here's what Delhi CM Arvind Kejriwal suggested on the lifting of the lockdown: He voted for the lockdown to be extended till at least the end of April Kejriwal said not even phase-wise lifting of restrictions is a good idea No point of state-wise lockdown, it should be on a national-level Road, air, rail transport should not open under any circumstances 12:50 pm: Coronavirus in Punjab Coronavirus cases in Punjab is on a steady rise. Number of case in Mohali has reached 50 with 34 cases in Jawaharpur village. Meanwhile, Punjab CM Capt Amarinder Singh has urged PM Mod to extend the lockdown at least by a fortnight, keeping in mind the increase in numbers. 12:40 pm: PM Modi vide conference: Delhi, Punjab Maharashtra vote for extension The Prime Minister has spoken to five Chief Ministers so far. Out of the five states, Delhi, Punjab and Maharashtra have voted for an extension of the lockdown. Delhi and Maharashtra are two of the most severely-impacted states in the country. 12:30 pm: In case of extension will it be a state-wise affair? There is a possibility that in case the lockdown is extended it would be a state-wise affair. However, Delhi CM Kejriwal does not feel that this would solve the problem and batted for a nationwide extension. "This decision should be done at the national level. If the states decide at their level, then it will not have that much effect," he said during PM Modi's video conference. 12:20 pm: Tablighi Jamaat member commits suicide A thirty year old Tabliqi Jamaat Member has committed suicide at a hospital in Akola. He had tested positive to Covid19 on Friday. According to sources, the deceased is a native of Assam and had come to Akola with Tabliqi Jamaat members after attending the Merkaz event at Nizamuddin. He had developed symptoms and he himself approached the hospital. 12:10 pm: PM Modi video conference: Arvind Kejriwal requests for extension of lockdown 12:05 pm: Prohibit public use of tobacco: MHA to states The Union Health Ministry has asked all states to prohibit the use and spitting of smokeless tobacco in public places to prevent the spread of coronavirus. "Chewing smokeless tobacco products, paan masala and areca nut (supari) increases the production of saliva followed by a very strong urge to spit. Spitting in public places could enhance the spread of the COVID-19 virus," the ministry said in a letter. 12:01 pm: Ranjan Gogoi's mother donates to PM CARES Former Chief Justice of India Ranjan Gogoi's mother Shanti Gogoidonated Rs 1 lakh to PM-CARES Fund. Dibrugarh Deputy Commissioner Pallav Gopal Jha received the cheque from Shati Gogoi on Friday. 11:45 am: PM Modi during the video conference Delhi: Prime Minister Narendra Modi seen wearing a mask during video-conferencing with the Chief Ministers over #COVID19. Other CMs are also using masks. pic.twitter.com/N6Qfjq9xjy ANI (@ANI) April 11, 2020 11:40 am: PM Modi video conference Prime Minister Narendra Modi has been spotted wearing a homemade mask. Chief Ministers of states who are interacting with the PM are also wearing face masks as states make it mandatory to wear. #CoronaVirusUpdates: State-wise details of Total Confirmed #COVID19 cases so far (till 11 April, 2020, 08:00 AM) States with 1-20 confirmed cases States with 21-300 confirmed cases States with 300+ confirmed cases Total no. of confirmed cases so far Via @MoHFW_INDIA pic.twitter.com/nSrXCfrv1Z #IndiaFightsCorona (@COVIDNewsByMIB) April 11, 2020 11:35 am: Coronavirus tracker: State-wise tally Some states have seen a sudden spike in cases while some states are still in single-digit cases. Maharashtra has been one of the severly impacted states, with the toll crossing 1,500. Meanwhile, Tripura reported its second case today. Here's a lowdown: Working from home during #CoronaLockdown Here are some cyber security tips you need to keep in mind as you #StayAtHome #IndiaFightsCorona #IndiaLeadsCovidWar pic.twitter.com/hVduikr19a PIB India #StayHome #StaySafe (@PIB_India) April 11, 2020 11:30 am: Coronavirus lockdown: How to make WFH safer? As people work from home, cyber crime has also seen a spike. PIB tells you how to work safely from home. Ministry of Home Affairs (MHA) has issued the 5th addendum to the consolidated guidelines regarding the #CoronaLockdown. The 5th addendum exempts from lockdown restrictions, the operations of Fishing (Marine)/Aquaculture Industry: Ministry of Home Affairs pic.twitter.com/FZT9cEGw2C ANI (@ANI) April 11, 2020 11:20 am: Fishing activity exempted from lockdown restrictions Fishing and aquaculture activity has been exmpted from the lockdown restrictions, as mentioned in a notification by the Ministry of Home Affairs. Harvesting, processing, marketing, movement of fish and shrimps have been exempted from the lockdown. Delhi: Security personnel and medical staff present in Nizamuddin West area which is one of the 30 areas, declared a containment zone in the union territory. Visuals from outside Markaz Masjid. pic.twitter.com/7avD1JwYPA ANI (@ANI) April 11, 2020 11:15 am: PM Modi video conference with CMs begin 11:10 am: India-Nepal border tightened Amid intelligence inputs that around 50 infected people are planning to sneak in to the country, the India-Nepal border has been tightened. Bihar's borders with Nepal, Uttar Pradesh, Jharkhand and West Bengal have been sealed with a view of preventing outsiders from entering the state. 11:05 am: Coronavirus in Gujarat Gujarat has reported 54 new coronavirus cases, taking the total to 432. The state health department said that Ahmedabad and Vadodara are the two most-severly infected cities in the state. Ahmedabad has reported 228 cases, while Vadodara has reported 77 cases. 11:00 am: 13,500 PPE kits for Delhi Delhi Health Minister Satyendar Jain said that 13,500 PPE kits are being brought to the godowns. This comment comes after he said on Friday that rapid testing kits are yet to arrive. 10:50 am: Delhi containment zones: 30 areas sealed Nizamuddin West is one of the 30 areas in Delhi that have been earmarked as a containment zone. The poor have lost their jobs or self-employment in the last 18 days. They have exhausted their meagre savings. Many are standing in line for food. Can the State stand by and watch them go hungry? P. Chidambaram (@PChidambaram_IN) April 11, 2020 10:45 am: PM Modi video conference The Prime Minister is scheduled to discuss the matter of extension of the lockdown via video conference. He will speak to the CMs of various states and take into account their opinion. The 21-day lockdown is scheduled to lasttill April 14. 10:40 am: P Chidambaram asks CMs to talk to PM to remonetise the poor P Chidambaram posted a series of tweets urging the Chief Ministers from Congress party to tell the Prime Minister to transfer cash to the poor. He said that they have lost their savings as well as their jobs in the last 18 days. PM should remonetise the poor, he said. 10:30 am: Bhilwara sarpanch slams Sonia and Rahul Gandhi Bhilwara sarpanch Kismat Gurjar slammed Sonia and Rahul Gandhi for seeking credit for the Bhilwara containment model. She said that the ones responsible for the success and implementation of the containment model are the people of Bhilwara and the various organisations involved. Delhi: Chandni Mahal area wears a deserted look, security forces deployed in the area. Chandni Mahal is one of the 30 areas in the national capital which has been declared containment zone. #Coronavirus pic.twitter.com/MEOFHo07Dk ANI (@ANI) April 11, 2020 10:25 am: Indore a hotspot Fourteen people have been found positive in Indore, taking the total cases to 249. Additionally, the city has reported 30 deaths so far. According to Chief Medical an Health Officer (CMHO) 12 perople were discharged yesterday as they recovered from COVID-19. 10:20 am: Visuals from Chandni Mahal after containment Delhi: People were seen violating norms of social distancing at wholesale fruit and vegetable market in Okhla, amid the #CoronavirusLockdown. pic.twitter.com/WS1Vzz3Z1R ANI (@ANI) April 11, 2020 10:10 am: Indore emerges as coronavirus hotspot With the death toll in Indore reaching 30, Indore has emerged as one of the most severely impacted cities in the country. Three more people -- aged 77, 65 and 52 -- succumbed to coronavirus. 10:05 am: Coronavirus sealing in Thane Maharashtra's Thane district administration sealed the borders of Ambernath, Kulgaon-Badlapur, Murbad and Shahapur towns as cases continue to rise. Movement of people in and out of these towns will be restricted. No vehicles will be allowed either. Those found violating the restriction orders will be penalised. 10:00 am: Kerala coronavirus cases Third patient has died in Kerala. The deceased was a 71-year-old resident of Puducherry's Mahe area. He was in a critical condition and his kidneys had given up. The deceased was also using a ventilator. The victim passed away at Pariyaram Medical College in Kannur. 9:55 am: INDIA CORONAVIRUS TRACKER: BusinessToday.In brings you a daily tracker as coronavirus cases continue to spread. Here is the state-wise data on total cases, fatalities and recoveries in one comprehensive graphic. 9:50 am: Coronavirus in Jharkhand The number of cases in Jharkhand has increased to 17 after three people were tested positive. One case each from Ranchi, Koderma and Hazaribagh have been reported as mentioned by Health Secy Nitin Madan Kilkarni. 9:45 am: Karnataka BJP MLA organises birthday bash amid lockdown Flouting lockdown norms, BJP MLA from Turuvekere constituency, M Jayaram celebrated his birthday with a bash on Friday. People gathered in Gubbi taluk to celebrate the MLA's birthday. Meanwhile, people from across the country are being penalised for violating restriction norms. 9:40 am: Delhi coronavirus cases: 3 dead in Chandni Mahal Chandni Mahal in Delhi has been declared a containment zones after three people died in three days. There are 102 people staying in dfferent religious locations within the area. Out of that 52 have been tested positive. The DM has said that interaction between positive and residentss cannot be ruled out. 9:35 am: Coronavirus in China: 46 new cases While the increase in cases has slowed down, China is still reporting new cases. The National Health Commission said 46 new cases were reported on Friday, including 42 involving travellers from overseas. 9:30 am: Coronavirus impact on economy India's export sector could lose nearly 15 million jobs amid the lockdown due to fast-spreading coronavirus pandemic, the Federation of Indian Export Organisations (FIEO) told the government. With the cancellation of 50 per cent of the export orders, the sector is also expecting a rise in non-performing assets (NPAs), Sharad Kumar Saraf, President, FIEO also said. 9:23 am: Coronavirus in UP Three more cases have been found in Lucknow. Three more have been found in Agra as well. So far, the number of cases in Uttar Pradesh is 431 at April 11 8am, according to the official data by Health Ministry. 9:20 am: Italy extends coronavirus lockdown Italian Prime Minister Giuseppe Conte on Friday extended its nationwide lockdown until May 3, though he said a few types of shops would be allowed to re-open next week. "This is a difficult but necessary decision for which I take all political responsibility," Conte told a news conference. 9:10 am: Social distancing gone for toss as people rush to market Even as cases are on a sharp rise, people have been found violating social distancing norms. Amid the coronavirus lockdown, people rushed to the Okhla market to gather vegetables and fruits. Summarise this report in a few sentences.	most states voted in favour of extension of lockdown. most states have already announced containment zones. india has 6,634 active cases, 242 have succumbed to coronavirus. a man in kupwara has been charged with concealing travel histry to a red zone. a man in kupwara has been cured of the virus.
user	Joydeep Sen In this article published earlier, we discussed that both the markets, equity and debt, look stretched on valuations. At that point of time, the yield on the 10-year government security was approx 6.5% and the overnight interest rate, represented by the RBI repo rate, was 6.25%. The spread was only 25 basis points between overnight and 10-years. This was an anomaly as per the theory of time value of money because the compensation was only 25 basis points for sparing money for 10 years. Since then, the RBI has cut policy rate in August ’17, thereby bringing the overnight rate to 6%. The bond market has corrected and the 10-year G-Sec yield currently is at around 7.35%, taking the average of the existing benchmark 6.79% GoI 2027 and the new benchmark 7.17% GoI 2028. The 10-year to overnight spread at approx 1.35% is attractive. The equity market has run up further since July '17. The PE Ratio in July ’17 was approx 25 on trailing EPS basis. Currently, it is approx 27.5 on trailing EPS basis. As per the thumb rule to figure out the relative attractiveness between the two markets i.e. equity and debt, the inverse of the 10-year bond yield is compared with the equity PE. Inverse of 7.35% is 13.6, which denotes that if the equity PE is at or less than 13.6, equity is very attractive. Now that equity PE is at approx 27.5, it is not cheap. However, the equity market may witness a PE rerating driven by better earnings growth. Since there is a discounting of future growth in equities, which is not the case with bonds, some premium is justified. Let us now look at what history tells us by taking a cue from movement in one market and impact on the other. Source: IDFC Mutual Fund Report dated Jan '18 The chart above shows the 10-year Government Security yield (line, marked to right hand side) and returns from Nifty over next one year (bars, marked to left hand side). It presents a long history, from CY98 to CY17. It is not a perfect correlation, because markets are influenced by a multitude of dynamic factors. Broadly, when bond yield is moving up, returns from Nifty have been moving up and vice versa. This is because yield moves up when the economy is looking up and demand for money is higher. When growth in the economy is picking up, inflation also picks up. Consequently, earnings growth of corporates, which is measured in nominal terms (i.e. not adjusted for inflation) is that much higher. On the reverse side, when the economy is slowing down, demand for money is lower as fresh capacities are not created, leading to lower interest rates. With slowing economy and easing inflation, corporate earnings growth is soft. Hence, earnings from equity is muted. From CY03 to CY07, we see bond yield moving up and equity returns buoyant. In CY08, both move southwards. From CY09 to CY14, both move in similar fashion, apart from one exception in CY11. At the current juncture, corporate earnings growth is expected to gather pace. Given that bond yields have moved up over the last 7 months or so, GDP growth is projected to pick up and inflation is projected to be little higher than RBI’s central target of 4%, all this are positive indicators for equities. The only cause for concern in equity is the stretched valuations. Having said that, calling the market is anybody’s guess. As investors, we should be guided by prudent allocation between the two asset classes. Allocation should be guided by the parameters of risk-return profile and horizon. In case the equity valuation looks stretched, invest with a long horizon. In the fixed income segment, things are expected to be stable in the foreseeable future as the RBI is not going to hike rates in a hurry. Another perspective, for deployment of incremental flows of investors in view of uncertainty in equity market on stretched valuations, could be alternate avenues like structured products (market linked debentures), where the downside in case equity markets don’t give returns is protected but the market linked coupon provides the equity upside. This is suitable for investors who want to participate in the equity market upside but are wary of the downside. However, there is a minimum ticket size required for structured debentures and is available to HNIs, not retail investors. In the mutual fund space, there are certain funds that do the asset allocation between equity and debt as per valuation levels in the market and restructure the portfolio at periodic intervals, as per the fund manager’s views on market movements. Retail investors, as well as HNIs, can take the benefit of the fund managers’ allocation in these dynamic asset allocation funds. (The writer is founder of wiseinvestor.in) Summarise this report in a few sentences.	the 10-year government security yield was approx 6.5% and the overnight interest rate, represented by the RBI repo rate, was 6.25%. the spread was only 25 basis points between overnight and 10-years. since then, the RBI has cut policy rate in august ’17, bringing the overnight rate to 6%. the 10-year to overnight spread at approx 1.35% is attractive.
user	In a conversation with Moneycontrol, Neeraj Bansal, chairman, Jawaharlal Nehru Port Trust (JNPT) talks about the trust's target for FY2018-19, being leader in direct port deliver (DPD) mechanism and changing business dynamics for container freight stations (CFS). Edited excerpts: Q) Major ports in India have been performing exceedingly well quarter-on-quarter basis. JNPT has been among the top three ports that handled highest traffic (volume basis). The port closed FY2017-18 by handling over 48 lakh TEU container traffic. What are your plans for FY2018-19 with respect to cargo handling, revenue etc?JNPT closed the financial year 2018 at a record level of 4.83 million TEUs and the annual growth of traffic too has been good over the last few years. With the addition of the 4th terminal and capacity addition, JNPT is capable of handling up to 7.5 million TEUs and the total capacity will go up to 10 million TEUs by 2022. JNPT is also expanding the necessary infrastructure in terms of deepening of navigation channel, 6 or 8 lanes road corridor, dedicated freight corridors, centralised parking plaza and other facilities to meet this new challenge. The port trust recorded highest ever profit before tax of Rs 1,440 crore and record operating profit of Rs 1,120 crore during FY 17-18. With the coming up of 4th container terminal and other initiatives like dry ports, special economic zones (SEZ), Port is poised to see higher cargo handling and profits. Q) Direct port delivery now constitutes approximately 39 percent of your cargo handling. How do you plan to take it forward in FY19?DPD is a win-win situation for export-import (Exim) trade as well as other stakeholders as it results in substantial saving of both time and cost to the trade. JNPT, although not designed to cater to this mode of transport, decided to take up the system with a view to reduce congestion and also ensure faster movement of cargo from the port. Today, JNPT has achieved close to 39 per cent cargo clearance through DPD system. We plans to increase DPD share further as trade is overwhelmingly in favour of DPD model. As of now, there are more than 1,600 importers who have been given permission to clear cargo under DPD facility. JNPT expects this number to go up significantly in the coming months and the share of DPD to go up to about 70 per cent. … But, transporters have continuously expressed discontent regarding DPD coupled with decision to give four transport firms the tender to carry goods over five routes. What is the present situation? How do you plan to solve it?With a view to reduce congestion and implement ‘ease of doing’ business at JNPT, we thought of a transport solution in which technology-led Uber like model will result in faster movement of cargo from the port. For this, a very transparent process of tendering and selecting transport operators for five routes were conducted. There is some misunderstanding among a section of transporters who fear that their business will get impacted adversely. However, a dispassionate view would suggest that all transport operators can be absorbed by the four logistics companies selected to transport the cargo. In fact, more and more transport operators are aligning with these four operators. The new transport solution is in the larger interest of trade and the economy as the process will help smooth, controlled and seamless movement of cargo from port to the destination. Both import and export community will benefit in the long run and thus contribute to the growth of the economy. JNPT is trying to bring a change and as always it takes time and understanding for the success of a new system and JNPT is confident of making the new process a success. Q) While, it is true that reducing dwell time at ports is important to support Exim trade, the move to have direct port delivery is being seen as a dent on CFS operations. How do you look at the situation? Can we reach an equilibrium?JNPT and shipping ministry is trying to take all stakeholders into confidence and implement the DPD which is trade friendly initiatives resulting in significant reduction in cost and time. The CFS requirement will be there to cater to less than container load (LCL) cargo. CFS operations along with warehousing demand too will grow as the capacity addition in JNPT to 10 million TEUs will naturally result in more demand for all logistics support at port. Q) Are you suggesting that CFS operators need to tweak their business models to adapt to changing business environment? Are we staring at a shift in the way goods are shipped and transported in India?Business dynamics keeps changing and it is natural that if a system has to protect itself from becoming redundant or obsolete, it should keep changing itself to meet the new challenges. Logistics costs in India are comparatively higher by global standards and there is an immediate need to bring logistics costs down to make the economy more efficient and compete at the global level. In that sense, there is need to change the way we are doing business. Q) It has been reported that dry ports, CFSs and others facilities might see a cut in their numbers. Do you stand by the move? What can be an alternate move for it?JNPT is setting up four new dry ports to connect hinterland to port and also increase the supply of cargo from different parts of the country. JNPT is currently developing dry ports in Wardha, Jalgaon, Nashik and Sangli in Maharashtra which will boost the local manufacturing units and agriculture. CFSs volume too will grow as the volume of business itself grows. Through this initiative port is increasing container cargo volume in India. Such increased volume will create enough opportunities for all stakeholders. Q) How are things going forward with the six firms that won plots at JNPT SEZ? What is the present status of the economic zone?JNPT-SEZ being developed on 277 hectare land has started attracting sizable investments and already 6 firms have won plots. Tendering process for another 15-20 plots of land is currently in progress and we expect good response from the manufacturing sector. JNPT is building the necessary infrastructure and it is expected that global firms and large corporate groups from India too will find the facilities attractive to set up base at the SEZ. Summarise this report in a few sentences.	in a conversation with Moneycontrol, chairman, Jawaharlal Nehru Port Trust talks about the trust's target for FY2018-19. the port closed the financial year 2018 at a record level of 4.83 million TEUs. the trust is capable of handling up to 7.5 million TEUs and the total capacity will go up to 10 million TEUs by 2022.
user	New Delhi: Markets regulator Sebi has imposed a fine of Rs 25 lakh on nine directors of Sheen Agro & Plantation Ltd for mobilizing fresh funds through unregistered collective investment scheme (CIS) even after filing winding up report with the markets regulator.Angrez Singh Bhadwal, Surinder Kumar Trilokia, Naseeb Singh Pawar, Kamal Singh Bhau, Sudershan Singh Jamwal, Ajeet Lal Sharma, Kripal Singh, Yograj Singh Bhau and Tej Pal Singh are the directors on whom the fine has been imposed.The regulator had conducted a probe in fund mobilization by Sheen Agro. During the probe, the regulator found that Sheen Agro was mobilizing fresh funds after filing winding up and repayment report (WRR) in October 2003, which was in non-compliance of CIS norms.The nine directors are instrumental in Sheen Agro mobilizing funds even after filing winding up report with Sebi, and their actions were in contravention of the CIS Regulations, the regulator said in an order on Monday.Mobilizing funds through an unregistered CIS is certainly a serious violation which affects interest of gullible investors at large, as there is scope of investors losing their hard earned money, the Securities and Exchange Board of India (Sebi) said.Accordingly, the regulator levied a fine of Rs 25 lakh, to be paid jointly and severally by the directors. Summarise this report in a few sentences.	nine directors of sheen agro & plantation are fined for mobilizing fresh funds. regulator conducted a probe in fund mobilization by sheen agro. sheen agro mobilizes fresh funds after filing winding up report. nine directors are instrumental in mobilizing funds, regulator says. the actions were in contravention of CIS regulations, regulator says.
user	MUMBAI: United Spirits Ltd., India’s biggest liquor company with a brand portfolio that includes Johnnie Walker and McDowell, said home delivery and online sales will not just expand the basket size but also help more women consumers.“In many states, women do not want to go into a retail store to buy alcohol – it’s just unpleasant. In fact, I would go to the extent of saying they feel unsafe. If you are ordering online, you will browse and you will buy what you want,” Anand Kripalu , managing director at the Diageo-controlled company, told investors during an earnings call.For the spirits industry, accessibility is one of the biggest barriers for consumption in a market with 75,000 retail outlets , compared with over 10 million stores for fast moving consumer products. Also, after the lockdown, several stores have restricted the entry of people by placing counters in front, which could alter the display of products.“When you start browsing in a retail store, you end up buying more than you did in an over-the-counter store. The day you start browsing on Amazon or Flipkart, you start buying a lot more things than you did and you are able to double click and get a lot more details,” Kripalu added.Many state governments that lost revenue during the lockdown tried to boost their coffers with a tax increase after the Centre allowed liquor shops to open in the first week of May. At present, two-thirds of the retail outlets have re-opened and initially saw massive queues outside outlets. Yet, sales volumes plummeted by 33% to 90% last month in five markets that account for 40% of the country’s spirits segment due to the high taxes on liquor.Almost a dozen states including Maharashtra, West Bengal, Delhi, Punjab and Tamil Nadu have allowed home delivery of liquor, something companies have been trying to unlock for many years. Also, Zomato and Swiggy now deliver alcohol in some states.“Online can help companies plan activities around product development as new audience and channels can provide additional insights on changing consumption behaviour,” said Devendra Chawla, managing director of Spencer’s Retail and Nature’s Basket, which have been selling spirits for several years and started online and home delivery through select stores.Also, the government and companies are making sure the new delivery model doesn’t bypass traditional retailers, which paid high licence fees to enter the business.“You can’t have an Amazon kind of model in this industry because the outlets are so few and they have paid high licence fees to exist. And I don’t think any excise department will easily create a model that will destabilise the retailer themselves,” said Kripalu. Summarise this report in a few sentences.	a dozen states including Maharashtra, west Bengal, Delhi, Punjab and Tamil Nadu have allowed home delivery of liquor. a number of companies are also launching online and home delivery. the government is also making sure the new delivery channels are available. the lockdown has also affected the access of people to the stores. a number of stores have placed counters in front of customers.
user	Technology for MSMEs: Adoption of digital technology, though gradually, among MSMEs is perhaps among the definitive move happening in around 75 million strong Indian MSME sector. The opportunity, hence, for technology providers and enablers, is also rising. From estimated $30 billion in 2019, the market opportunity rising from digital technology adoption among MSMEs will grow at around 25 per cent CAGR to around $85 billion in 2024, a recent Zinnov report said. Helping small businesses to use the latest technologies to grow and scale also seems central to the government’s target of increasing the sector’s GDP share from the current 29 per cent to 50 per cent in five years. Out of the existing $30 billion opportunity size, only 53 per cent worth around $16 billion has been tapped so far with respect to helping MSMEs with connectivity and communication tools, discoverability of their products, enhancing productivity and technology sophistication. Moreover, from the existing number of SMEs, India would have 105 million SME base in 2024 out of which 90 per cent of the enterprises would be ‘digitally influenced’ from existing 70 per cent. Digitally influenced, according to the report titled Digital SMBs — Key Pillar of India’s Economy, is defined in terms of having access to digital infrastructures such as PC or smartphone and Internet. The business may also be listed on an aggregator portal such as Justdial or have a website or listed on a social platform or communicating through WhatsApp, email etc. Also read: Small business challenge: How technology companies like WhatsApp, Jio won over price sensitive MSMEs The government currently has around 18 technology centres called Tool Rooms to help MSMEs learn and adopt the technology. However, it is looking to increase the count to massive 153 Rooms, which would train around 8 lakh youth in different skills, once fully operational, MSME Secretary Arun Kumar Panda had said at a workshop for the adoption of new technologies among MSMEs in September this year present. Summarise this report in a few sentences.	from $30 billion in 2019, the market opportunity rising from digital technology adoption among MSMEs will grow at around 25 per cent CAGR to around $85 billion in 2024. only 53 per cent worth around $16 billion has been tapped so far with respect to helping MSMEs with connectivity and communication tools. meanwhile, 90 per cent of the enterprises would be ‘digitally influenced’ from existing 70 per cent.
user	West Bengal Chief Minister Mamata Banerjee today demanded to know why the names of over one crore people did not figure in the first draft of the National Register of Citizens (NRC) in Assam and urged the people here to give them shelter if they were forced to leave the north-eastern state. She added that if there was any problem in Assam, as a neighbouring state, West Bengal was also affected. Banerjee asserted that the move was a ploy of the BJP to drive the Bengalis out of Assam and alleged that not only Bengalis, but those from Bihar were also left out of the NRC. “I am saying this because it hurts us,” she told a public meeting here in Alipurduar district. Asking the people of this north Bengal town to stay alert, the Trinamool Congress (TMC) chief urged them to give shelter to those left out of the NRC, if they were forced to leave Assam. The NRC of 1951 is being updated in Assam under the Supreme Court’s supervision to identify the original residents of the state in order to check illegal migration. The first draft of the updated NRC was released on December 31 midnight. “I would like to ask my BJP friends that how long will they continue to spread canards, instigate riots and hatch conspiracies. They must learn that the people and the country can prosper only if peace prevails,” Banerjee said, while calling upon the people to foil such attempts of the saffron party. She alleged that an organisation sponsored by the BJP, RSS and Bajrang Dal was trying to befool and misguide the Adivasi people of the state in the name of spreading education. She charged the BJP with harming the country’s economy by announcing demonetisation and introducing the Goods and Services Tax (GST). Banerjee said the TMC always worked for the people and alleged that the BJP was trying to create divisions among them in the name of religion. The saffron party had urged the NRC authorities to file a complaint in the Supreme Court against Banerjee for alleging that the Centre was “hatching a conspiracy” to drive out Bengalis from Assam. Assam Police had registered an FIR against the West Bengal chief minister last week for an alleged inflammatory speech to trigger an enmity between the people on the updating of the NRC. Summarise this report in a few sentences.	the names of over one crore people did not figure in the first draft of the national register of citizens (NRC) in Assam. the chief minister urged the people of this north Bengal town to stay alert. she alleged that not only Bengalis, but those from Bihar were also left out of the NRC. the first draft of the updated NRC was released on December 31 midnight.