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Mumbai: For the first time in more than 12 years, the Sensex gained for seven consecutive days when the US market declined. Typically, the Sensex had always reflected the mood of Dow Jones Industrial, and followed the swings of the American index.In the last seven trading sessions, Sensex had consistently ended in the green, gaining nearly 4.33 per cent while the Dow Jones fell 3.06 per cent in the same period. This kind of performance was seen for the first time since August 2006, as the Sensex gained 6.01 per cent for the straight seventh day against half a percent fall of the Dow.This kind of performance by the Sensex may be attributed to the uninterrupted flows by domestic mutual funds, said analysts.“The correlation between Indian and developed markets is receding as domestic flows have been consistent for several months and higher than offshore flows,” said Prateek Agarwal, CIO, ASK Investment Managers. “The comfort is that domestic funds are increasing the support to the market and cushioning the falls.”Historical data since 2000 shows that Indian markets rallied consistently only when the US market was going strong, reaffirming a correlation between the Sensex and Dow Jones.Subdued FII flows in CY2015 and CY2016 resulted in negative dollar returns for the Sensex by 9 per cent and 1 per cent for both years, respectively. However, in the past two years, the correlation of market performance with FII inflows has come down with markets doing well on the back of increased domestic equity flows. And for the first time in many years, domestic mutual funds had pumped in significantly more money than the FIIs did in the India markets.Domestic funds have invested nearly Rs 1.16 lakh crore in equities so far this year against FIIs actually selling Rs 35,200 crore. In fact, the market fall post the IL&FS crisis could have been steeper had it not been for the persistent buying by domestic institutions, which had negated the FII selling.Sharp fall in crude oil prices by 30 per cent since October this year and a bounce-back of the rupee from the lows of 74 per dollar to 71.6 currently helped Indian markets to decouple with its global peers in the short-term, said analysts.“Major drivers of equity risk premium for India currently are India’s vulnerability to CAD and the combined fiscal deficit,” said Vinod Karki, VP - equity strategies, ICICI Securities. “Assuming oil to be in the range of $60-70 per barrel, we expect both the factors to improve going ahead, thereby stabilising the rupee in the range of 69-73 for CY19.”Dharmesh Kant, head of research, IndiaNivesh Securities, said that it was a trend reversal as the US markets were expensive and the Indian market was looking fair after correction. Summarise this report in a few sentences.
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Sensex gained 6.01 per cent for seventh day against half a percent fall of the Dow. domestic funds have been increasing the support to the market. 'the correlation between Indian and developed markets is receding', says analyst. 'the Sensex has been a great asset for the iraq and asian markets', says analyst.
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Budget 2018: It’s budget time! And market is raft with speculations as usual. Will it be a populist one, or will the government stay on course and continue its reform agenda as PM Modi suggested in an interview to a popular news channel? Macro triggers and intensifying competition across the world to attract investments suggest very little leeway for Indian Finance Minister Arun Jaitley to roll out a populist budget. Trump administration, as per his election manifesto, has delivered tax cut for American corporates. Reduction of corporate tax from 35% to 21% has global repercussions and India is not an exception. The move will lead to reverse cash flow from emerging markets back to the US. Countering this reverse flow is the major task for FM Jaitley in the run up to the last budget of the present government. In the Budget 2018, the Modi government is largely expected to cut corporate taxes to 25% from the current 35%. The move will bring cheer to India Inc. However, it will certainly spoil fiscal math for the Indian government. The move will certainly bring more companies into the tax bracket, but it will still impact the revenues of the government which is currently under stress as indirect tax collections are yet to pick up at pre GST levels. Watch Video: Make In India A slogan. Interest Rates Should Have Been Lower By 100-150 bps In this scenario, the Government will be forced to curb the expenses and stay on reform path in order to maintain fiscal prudence. India’s fiscal deficit is already expected to widen to 3.5% during FY18 breaching the target of 3.2%. Any further deviation will further discourage FIIs who are constantly on a hunt to find attractive investment destination. With the US throwing its hat in the puddle, the competition will only intensify. These compulsions will belie market expectations and leave little room for the government to doll out popular largesse which the market is expecting. Also Read: Budget 2018 home loan tax breaks: Why FM Arun Jaitley must effect a hike, give buyers relief While rural stress a reality and which cannot be ignored for which the government will provide for, at the same time it is important to shield FIIs from being chased away. In order to generate further revenue divestment will be the theme to watch out for. In FY18, the government managed to achieve the divestment target of Rs 72,500 crore for the first time ever. The target is likely to jump to Rs 90,000 crore for FY19 with about 36 companies lined up for strategic sale, including Air India. Considering the fact, it is not always easy to get attractive valuation for PSUs; success of this strategy depends largely on the market sentiments. In order to search new revenue streams long term capital gain tax can also be expected to be levied. The move is unlikely to be welcomed by the market which might witness an immediate knee-jerk reaction. Therefore, it’s a path to be navigated carefully by the FM. Prior to the Budget 2018, FM Jaitley is walking a thin rope. Will the focus be on winning general elections of 2019 or will the country’s long-term growth prospect get a nod? The clock is ticking and 1st February is not too far. (By Jimeet Modi, CEO & Founder at SAMCO Securities) Summarise this report in a few sentences.
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arun jaitley is expected to cut corporate taxes to 25% from the current 35%. the move will bring more companies into the tax bracket, but it will still impact the revenues of the government. the government is already expected to widen to 3.5% during FY18 breaching the target of 3.2%. arun jaitley is expected to cut corporate taxes to 25% from the current 35%.
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live bse live nse live Volume Todays L/H More × This week saw auto companies scramble to get rid of old generation Bharat Stage IV (BS-IV) stock before the March 31 deadline. The sector was already reeling under the weight of the slowdown. But how has this disruption played out on the stock and the market cap of all the listed companies? In today’s auto wrap of the week we check out this impact. But first here is the list of all the major news of the week in the automotive sector. Great Wall Motors to make India debut next year In a first for the Indian market, Great Wall Motors, one of China's biggest automotive companies, is looking to make its bow here with a hybrid version of a SUV. The launch is slated for next year. The company is actively exploring the idea of launching a plug-in hybrid version of its SUV along with petrol and diesel variants. The SUV will be launched under the Haval brand. Car sales hit new monthly low in March The 21-day nationwide lockdown has resulted in the automotive industry recording one of its worst monthly sales performances in March. Sales of India’s top six cars and SUV makers slumped by nearly half, following a government order to stop production, supplies and sales. Sales of the top six manufacturers slumped 48 percent year-on-year (YoY) to 1.28 lakh during March. MG Motor India offers to produce ventilators SAIC-controlled MG Motor India on April 2 said it will produce a ventilator prototype at its plant in Halol, Gujarat, which presently makes the Hector SUV. The Delhi-based company has 'started the hunt for a quick-to-produce ventilator design to serve the patients affected by the coronavirus (COVID-19) pandemic'. Two-wheeler sales plummet in March Two-wheeler sales hit a new low with manufacturers keeping their plants shut simultaneously in March when dealers were asked to close following a nationwide 21-day lockdown. Sales of India’s top four two-wheeler makers -- Hero MotoCorp, Honda Motorcycle and Scooter India (HMSI), Bajaj Auto and TVS Motor Company, who control nearly 90 percent of the domestic market, plummeted nearly 40 percent YoY to 7.54 lakh units. Tata Motors’ performance car JV on backburner A Tata Motors-promoted joint venture company - created to produce performance-oriented, low volume versions of its existing models - may have ceased in less than three years of starting operations. JT Special Vehicles, a 50-50 joint venture company between Tata Motors and Coimbatore-based Jayem Automotives - founded by former race car driver J Anand, was set up in March 2017 Mahindra board rejects fund infusion in Ssangyong The board of Mahindra & Mahindra (M&M) decided that there will be no fund infusion into its Korean subsidiary SsangYong Motor Company (SYMC) as a result of the worldwide disruption caused by COVID-19. The board of M&M held a special meeting held on April 3 to review investments in SsangYong and discuss the approach to capital allocation. M&M has been trying to find new investors for SYMC since the last few months after failing to turn around the latter's loss-making operations since its acquisition 10 years ago. Slump in auto sector as gauged by stock market In three months the BSE Auto Index has slumped 45 percent, higher than the 33 percent decline marked by the benchmark BSE Sensex during the same period. From 18,310 points at the close of January 3, the BSE Auto Index collapsed to 10,269 as recorded on April 3. The free fall in share prices of these auto companies including that of four companies that are part of the 30 stock Sensex have sent their market caps haywire. As a result some interesting findings have cropped up. With compounding troubles at Jaguar Land Rover (JLR), the stock of parent company Tata Motor has slid the most during the past three months among the BSE listed vehicle manufacturing companies. From Rs 191 Tata Motors stock price has fallen 66 percent to Rs 65 in the last three months. At the same time Pune-based maker of Pulsar motorcycles Bajaj Auto has remained the least affected of the lot. During the last three months Bajaj Auto’s stock has recorded a fall of 34 percent in line with the fall of the SENSEX. Closely following Bajaj is rival Hero Motocorp. The Delhi-based company’s stock price has fallen 35 percent during the same three months. But troubles for both Bajaj and Hero are equally severe. Half of Bajaj’s sales come from exports but with the closure of production shipping of vehicles to overseas markets are impossible, thereby impacting sales. For Hero there was a huge overhang of about 1.5 lakh units, comprising more than one-third of its monthly sales, of unsold BS-IV two-wheelers. Yet the fall in their stock prices are not as severe as some of their peers. Interestingly, market cap of Eicher Motors is now higher than that of Tata Motors. Both companies have significant revenues coming from legacy brands that are at least seven decades old. For Tata Motors it is JLR while for Eicher Motors it is Royal Enfield. Eicher Motors market cap as of April 3 on the BSE stood at Rs 34,586 crore while that of Tata Motors stood at Rs 23,491 crore. In fact three companies that make two-wheelers are ahead of Tata Motors in market cap. Since the erosion in stock price of Tata Motors was the steepest its market cap has also eroded up to that extent compared to market caps of other auto companies. The market cap of auto component maker Bosch is now higher than Tata Motors. Despite a 45 percent fall in stock price Maruti Suzuki remains the most valued automobile stock with a market cap of Rs 1.21 lakh crore, more than double compared to the second most valued stock Bajaj Auto at Rs 58,834 crore. Summarise this report in a few sentences.
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auto companies scramble to get rid of old generation BS-IV stock before the March 31 deadline. the sector was already reeling under the weight of the slowdown. but how has this disruption played out on the stock and the market cap of all the listed companies?. great wall motors looking to make its debut in india next year with a plug-in hybrid version of an SUV.
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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.
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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.
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Nissan India will make another attempt against the Kia Seltos and Hyundai Creta with a new turbo petrol engine with a CVT automatic transmission in the 2020 Nissan Kicks. Second times the charm? After announcing plans to update the Datsun Redi-GO, Nissan India has confirmed that it will be reworking its compact SUV as well. The 2020 Nissan Kicks will be launched soon and it will feature a more powerful turbocharged engine equipped with a CVT automatic. Nissan calls this transmission the X-Tronic CVT. Nissan India has announced that it will launch the 2020 Kicks SUV with the new HR13 DDT 1.3L four-cylinder, turbo petrol engine and it develops 153hp and 245Nm of torque. Nissan claims that the engine uses a similar kind of cylinder coating technology which was developed for its high-performance supercar – the GT-R. Nissan claims that the coating of the cylinders helps improve efficiency and performance. The engine will be equipped with Nissan’s CVT transmission which will offer an eight-step gear level function in ‘M’ mode. Rakesh Srivastava, Managing Director, Nissan Motor India said, “The all-new Nissan KICKS 2020 is built with Japanese engineering and technology and has high build quality with purposeful and intelligent technology with class-leading premium-ness. The New Nissan KICKS is powered by best-in-class turbo engine and best-in-class X-Tronic CVT offering higher fuel economy and acceleration,” Although the Kicks will maintain its current feature and equipment offerings, an updated Nissan Kicks model was spied in Thailand with a new front facia design. Whether this model is going to be launched in India is not confirmed. The new turbocharged petrol Nissan Kicks will pound for pound rival the Kia Seltos GT-Line and Hyundai Creta Turbo models. This variant of the Hyundai and Kia are both equipped with identical 1.4-litre turbocharged petrol engines which develop 138hp and 242Nm of torque. The Nissan Kicks offers better power and torque from the 1.3-litre against the 1.4-litre motor in the Seltos and Creta. However, the models from Korea offer twin-clutch automatics against the CVT in the Nissan. This competition in the compact SUV segment has just become more interesting. Nissan India has not officially stated when the new Kicks is going to be launched. However, it is likely to take place soon after the lockdown is lifted. Nissan is also working on a smaller sub-compact SUV to rival the Hyundai Venue and Maruti Suzuki Vitara Brezza which is also said to arrive soon. Summarise this report in a few sentences.
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the 2020 Nissan Kicks will feature a more powerful turbocharged engine with a CVT automatic transmission. the engine uses a similar kind of cylinder coating technology which was developed for its high-performance supercar – the GT-R. the kicks will pound for pound rival the Kia Seltos GT-Line and Hyundai Creta Turbo models.
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live bse live nse live Volume Todays L/H More × Hopes of another stimulus package from the government and expectations of coronavirus infections peaking out helped the benchmarks, Sensex and Nifty, end with strong gains on April 9, while firm global cues also underpinned the sentiment of the market. As per media reports, the government may soon announce another fiscal package which should be almost similar to the Rs 1.75 lakh crore stimulus announced last month. The new package may focus on interest rate subventions to medium-sized businesses, sops for the troubled realty sector and also state-run banks' recapitalisation, Bank of America Securities said. On the global front, European stock markets gained for a fourth straight day on Thursday on hopes the coronavirus pandemic was close to peaking, with investor attention also focused on a meeting of European Union finance ministers to discuss an economic rescue package, reported Reuters. Sensex closed with a solid gain of 1,266 points, or 4.23 percent, at 31,159.62 while Nifty settled 363 points, or 4.15 percent higher at 9,111.90. Mid-caps and small-caps, too, logged healthy gains but underperformed Sensex. The BSE Midcap and Smallcap indices closed 3.63 percent and 3.15 percent higher, respectively. For the week, both Sensex and Nifty jumped by nearly 13 percent. Experts are of the view this is a trading rally in a bear market which may not be sustainable. "Indian markets were up in sync with global markets on the expectations of infections peaking out and for more stimulus measures to be announced. This uptrend seems to be a short-term bear market rally and may not be sustainable," said Vinod Nair, Head of Research at Geojit Financial Services. The overall market capitalisation of BSE-listed firms jumped to Rs 120.82 lakh crore on April 9 against Rs 116.82 lakh crore on April 8, making investors richer by Rs 4 lakh crore in a single day. Sectorally, the action was seen in auto, bank, finance, metal, telecom and consumer discretionary goods & services. Top Nifty gainers include names like Mahindra & Mahindra, Maruti Suzuki, Cipla, Titan and Tata Motors. Top Nifty losers include names like Hindustan Unilever, Dr. Reddy's Laboratories, Tech Mahindra and IndusInd Bank. Stocks & Sectors: All sectoral indices ended with healthy gains. The BSE Auto emerged as the top gainer among the sectoral indices, jumping 10.26 percent, followed by Consumer Discretionary Goods & Services which rose 6.04 percent. BSE Finance, Bankex, Telecom and Metal indices logged gains of over 5 percent each. Volume spike of over 100% was seen in stocks like Amara Raja Batteries, Balkrishna Industries, UBL, Lupin and Exide Industries. Long Buildup was seen in stocks like Motherson Sumi, Mahindra & Mahindra, Cipla, Cholamandalam Investment and Finance Company and Maruti Suzuki. Short Buildup was seen in stocks like Hindustan Unilever, Godrej Consumer Products, Tech Mahindra, Dr. Reddy's Laboratories and IndusInd Bank. As many as 514 stocks, including Raymond, Jubilant Life Sciences, Sobha, Adani Green Energy, Suzlon Energy, Indiabulls Integrated Services, Sadbhav Engineering and Dish TV, hit their upper circuit on BSE. Some 37 stocks hit 52-week highs, with many pharma stocks, including Ajanta Pharma, Abbott India, Cadila, Alkem Laboratories, Cipla, Divi's Laboratories, Dr. Reddy's Laboratories and Torrent Pharmaceuticals, among them. Stocks in news: Mahindra and Mahindra: Mahindra and Mahindra share price surged 17 percent after CRISIL reaffirmed its rating. M&M in its BSE filing on April 9 said CRISIL has reaffirmed its long term rating at AAA/Stable and short term rating at A1+ for the company's bank facilities. Aurobindo Pharma: Aurobindo Pharma share price rallied almost 5 percent after the company received approval from the US health regulator for an antidepressant drug. Manali Petro: Shares of Manali Petrochemicals jumped 10 percent after the company recommenced production of propylene oxide. Hindalco Industries: Shares of Hindalco Industries climbed 6.49 percent after its subsidiary Novelis received the final regulatory clearance for the acquisition of Aleris. Titan Company: Titan Company share price climbed 11.12 percent, a day after the company said its growth in Q4FY20 was mostly in line but the coronavirus outbreak had hurt sales. Technical View: Nifty formed a bullish candle on the daily charts and robust bullish candle on the weekly chart. Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities thinks with Nifty closing above the level of 9,050 is positive for the market. "It has formed the series of 'higher top and higher bottom' that would lift the index to 9,400 level. In the best-case scenario, Nifty could even hit the level of 9,600. Support for the index exists at 8,800 and 8,650 levels," Chouhan said. Manav Chopra, CMT, Head Research - Equity, Indiabulls Securities said: "Nifty rallied on expected lines and closed above the resistance zone of 9,050. Momentum is likely to continue and the level of 9,300-9,500 is likely to get achieved. Strong value-buying along with short covering was visible and now 8,800-9,000 is likely to act as near-term support zone on the downside." Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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Sensex and Nifty end with strong gains on april 9. Sensex gains 4.23 percent on hopes of coronavirus pandemic peaking. Sensex and Nifty also gain 13 percent. Sensex and Nifty both gain nearly 13 percent. a broader market rally is expected to continue. a broader market rally could be in store for the upcoming fiscal year.
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Share Add to your saved stories Save For years, Hollywood and Bollywood A-listers have sought out Nirav Modi and his diamonds. The self-described haute diamantaire, a descendant of a family of jewel merchants who launched his own brand in 2010, has been draping actresses such as Naomi Watts, Taraji P. Henson and Lisa Haydon in shiny things for years. His name graces stores in New York, Japan and Mumbai. But this month, a different set has been looking for the billionaire: investigators with questions and warrants who want to ask one of India's richest men about what may be the biggest bank scam in the country's history. Modi, 47, is at the center of a sprawling investigation involving the government-run Punjab National Bank and what investigators call the “wrongful loss” of some $1.8 billion, the result of what the government says is seven years' worth of bogus transactions. Advertisement The bank's complaint says Modi, his wife, brother and business partner worked with two bank employees, according to the Associated Press. The bank filed the criminal complaint on Jan. 31. News of the case is sparking anger and protests across India and shaking confidence in the government and its publicly funded lending agencies. But investigators have another problem on their hands. They do not know where Modi is. Unconfirmed rumors say he is in Dubai or New York. But all that is clear is that he has not been in India since Jan. 1, even as the controversy has swirled. According to Forbes, executives at Punjab National Bank are accused of colluding with Modi and his associates to issue “letters of undertaking,” an instrument that says the bank would cover a customer if they are unable to repay a loan. On the basis of those letters, other banks gave Modi and his associates overseas loans for which they otherwise would not have been eligible, investigators say. Modi has not been formally charged, although several high-level employees in his company and at the bank have been arrested, according to the Hindustan Times. Authorities have also suspended Modi's passport. Modi has ignored a summons to answer questions. Advertisement Wherever he is, he has access to email. On Tuesday, he penned a goodbye letter of sorts to thousands of his employees, saying that he was innocent of any crime but that because the government has frozen his business assets, he will not be able to pay them and that they should seek new jobs, according to the Hindustan Times. “As of now, because of seizure and removal of all stocks in factories and showrooms, and freezing of bank accounts, we shall not be in a position to pay your dues, and it would be right on your part to look for other career opportunities,” he wrote in the email sent on Tuesday, which was seen by the Hindustan Times. “The near future is uncertain.” The Indian government's Enforcement Directorate, which investigates financial crimes, launched its own information campaign. It turned its Twitter feed into Nirav Modi central, saying it had frozen Modi's company accounts and seized many of his assets. Advertisement Those assets, judging by tweeted photos, include a lavish list of billionaire playthings: a Rolls-Royce Ghost, a Porsche Panamera and two Mercedes-Benzes. ED seizes 9 cars including Rolls Royce Ghost, Porsche Panamera, 2 Mercedes Benz, 3 Honda, 1Toyota Fortuner & an Innova of Nirav Modi & his companies. Shares & Mutual Funds worth Rs 7.8 Cr of Nirav Modi & Rs 86.72 crore of Mehul Choksi group also frozen. pic.twitter.com/lolYF8CgB9 — ED (@dir_ed) February 22, 2018 Investigators have also targeted other things of value owned by Modi and his company. Among them: a “huge quantity of imported watches” and 21 pieces of property, including a farmhouse in Alibaug, a town on the Arabian sea, and a solar power plant. Share this article Share The government's statements have not done much to stem accusations and protests over the past month, including some where effigies of Modi were burned. The demonstrators' animus was summed up by a sign many of them held: Modi robs India. But their ire was not just directed at the missing billionaire. Spotted a Punjab National Bank ATM. pic.twitter.com/AOGDBJfPuy — Trendulkar (@Trendulkar) February 16, 2018 Some politicians have criticized Prime Minister Narendra Modi (he is not related to Nirav Modi) for the failure to detect India's largest bank scam earlier, even though it happened at a state-owned bank, Forbes wrote. The government has also taken heat for allowing Nirav Modi to leave the country in the first place. Advertisement Not helping things is that the last known photo of Modi shows him grinning near the Indian prime minister. He was part of a delegation of Indian business people who went to Davos, Switzerland, for the World Economic Forum in late January. If this person had fled India before the FIR on Jan 31, then he is here, photographed at Davos with PM, a week before the FIR, after having escaped from India? Modi govt must clarify. #NiravModi #PublicMoneyLoot pic.twitter.com/gQQnKQNjDo — Sitaram Yechury (@SitaramYechury) February 15, 2018 His lawyer claims he is not on the run. He says Modi is traveling for business. But as Yahoo Finance reported, the Indian government summed up the needle-in-a-haystack aspect of the search for Modi in four words: “He can be anywhere.” Read more: Summarise this report in a few sentences.
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the self-described haute diamantaire is at the center of a sprawling investigation. investigators want to ask him about what may be the biggest bank scam in the country's history. he has not been in India since the scandal broke on january 1. he has penned a goodbye letter to his family on thursday.
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Future Consumer (FCL), the FMCG arm of Future Group, on Monday said it has entered into an arrangement with the Middle East's leading chain of retail supermarkets, T Choithrams & Sons, for selling its products in the Middle East. "FCL and Choithrams have identified an opportunity to strategically partner across the UAE, Bahrain and Qatar to bring FCL's portfolio of leading brands to consumers across the Middle East," FCL said in a filing to the Bombay Stock Exchange. With a network of more than 60 supermarkets across UAE, Bahrain and Qatar, Choithrams will, market, distribute and retail FCL brand products for sale through its own stores, as well as distribute FCL brands to other retail stores, it said. Under this agreement, FCL will be leveraging Choithrams' reach to export and distribute its core brands under various product categories, comprising initially the - Tasty Treat, Sangi's Kitchen, Desi Atta Company, Golden Harvest and Mother Earth. Kishore Biyani-led company has partnered with Choithrams during the Gulfood Dubai 2019 show, it added. Commenting on the development, Ashni Biyani, Managing Director, Future Consumer said, "Future Consumer Limited has developed a strong presence in India. Our partnership with Choithrams will help us explore international markets for our products, and make our leading brands available to consumers across the Middle East." Meanwhile, shares of the company closed trade at Rs 43.65 apiece, up 2.46 per cent, on the Bombay Stock Exchange on Monday. (With inputs from PTI) Also Read: Baba acknowledged unpaid dues that crippled the Singh empire in May, 2018; Malvinder submits evidence to EOW Edited by Chitranjan Kumar Summarise this report in a few sentences.
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future consumer enters agreement with leading supermarket chain for selling its products in the Middle East. the deal will see the company market, distribute and retail FCL brand products through its own stores. the deal is part of a partnership between future group and a number of other retailers. the company has a network of more than 60 supermarkets across the UAE, Bahrain and Qatar.
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Sensex and Nifty closed higher today amid positive global cues. While Sensex gained 329 points to 35,171, Nifty rose 94 points to 10,383. Top Sensex gainers were Infosys, TCS, IndusInd Bank rising up to 7%. Gains were led by IT stocks with BSE IT index rising 728 points to 15,125 On Thursday, Sensex closed 26 points lower at 34,842 and Nifty fell 16 points to 10,288. Earlier, Sensex and Nifty opened higher amid higher Asian markets. While Sensex opened 300 points higher at 35,151, Nifty gained 77 points to 10,362. Rupee too opened 14 paise higher at 75.52 per dollar. It closed at 75.66 on Thursday. IRCTC share price slips 5% in a rising market: Three factors behind the fall Here's a look at share market updates today: 3: 40 pm: ITC stock closed 3.54% lower at Rs 195.10. Stock has fallen after 4 days of consecutive gain. 3: 35 pm: Top Sensex gainers were Infosys, TCS, IndusInd Bank rising up to 7%. Gains were led by IT stocks with BSE IT index rising 728 points to 15,125. 3: 30 PM: Sensex closes 329 points higher at 35,171. Nifty gains 94 points to 10,383. 2: 15 pm : Gains were led by IT stocks with BSE IT index rising 713 points to 15,110. However, banking stocks saw some profitbooking with BSE bankex falling 24,346. BSE oil and gas index too gained 331 points to 13,054 in afternoon session. 2: 00 pm: Top Sensex gainers were Infosys, TCS and ONGC rising up to 6.63% in afternoon session. 1: 30 pm: Kotak Bank, Bajaj Finance and ITC were the top losers falling up to 3.52%. 1: 00 pm : Market capitalisation on BSE rose to Rs 140 lakh crore in afternoon session. 12: 55 pm : 116 stocks hit their 52 week highs against 41 slipping to their 52 week lows on BSE. 12:50 pm : On BSE, 452 stocks hit the upper circuit against 136 falling to their lower circuits in afternoon trade. 12: 45 pm: Market breadth is positive with 1612 stocks rising against 902 falling on BSE. 138 stocks were unchanged. 12:15 pm: HDFC Securities on Deccan Cements (Q4FY20): Cost reduction initiatives near completion. Maintain BUY (TP Rs 370, CMP Rs 265, MCap Rs 4 bn) "We maintain BUY on Deccan Cement (DECM) with a TP of Rs 370. Weak demand and volatile pricing in south pulled down DECM's profitability during both 4Q and FY20. However, DECM executed two major cost reduction infrastructures. It commissioned railway wagon and truck loaders in FY20 and its 6MW WHRS is also near completion. These will lower its material handling and power costs FY21 onwards, boosting margin." 11: 46 am: Expert take on market Sameet Chavan , chief Analyst-Technical and Derivatives, Angel Broking said, " The immediate supports for the index are placed around 10200 and 10100 whereas 10370 and 10450 are the resistances to watch out for. Traders are advised to take a stock specific approach for the coming session and trade with a proper risk management." 11: 10 am : Expert quote on rupee Anuj Gupta, DVP Commodities and Currencies Research, Angel Broking said, "Today, Rupee opened with a positive note due to weakness in dollar and coupled with life time increase in Indian Forex reserves. However, cut in global growth forecast may curb the sharp appreciation in Indian rupee. For intraday trading, Rupee has a strong support at 75.30 levels and resistance at 76.00 levels. We recommend sell in USDINR around Rs 75.70 - 75.80, with the stop-loss of Rs 76.00 and for the target of 75.30 levels. We expect appreciation in Indian Rupee." 10: 38 am: Rupee opens 14 paise higher Rupee opens higher by 14 paise at 75.52 per dollar. It closed at 75.66 on Thursday. 10: 30 am : Rupee opens 14 paise higher at 75.52 per dollar Stocks in news: IRCTC, HAL, Ashok Leyland, CONCOR, Apollo Hospitals, Glenmark Pharma and more 10:11 am: Share price of Hinduja Group flagship firm Ashok Leyland was trading marginally lower on Friday after the firm reported a 92.31 percent decline in consolidated net profit at Rs 57.78 crore in the fourth quarter ended March 31. The company had posted a net profit of Rs 751.71 crore in the same quarter of previous fiscal. The stock was trading 1.12% lower at Rs 52.70 on BSE. 9: 57 am: IRCTC share slips 5.62% in early trade amid reports that Indian Railways has cancelled all regular trains till August 12, 2020. All special Rajdhani, mail and express trains will continue to operate. IRCTC share price fell to Rs 1,341 against previous close of Rs 1421. The stock opened higher at Rs 1346 on BSE. 9: 35 am: Of 30 Sensex stocks, 26 were trading in green. 9:30 am: IndusInd Bank, ITC, Infosys and ICICI Bank were top Sensex gainers rising up to 3%. 9: 28 am : Kotak Bank, HCL Tech, HUL, and NTPC were top Sensex losers falling up to 1.20% . 9: 25 am: Asian Markets Asian stock markets followed Wall Street higher on Friday after US regulators removed some limits on banks' ability to make investments. Benchmarks in Tokyo, Sydney and Southeast Asia advanced while Hong Kong declined. Chinese markets were closed for a holiday. Wall Street closed higher after the Federal Reserve and other regulators announced they will ease rules that limit banks' ability to invest in hedge funds and some other areas. The Nikkei 225 in Tokyo rose 1% to 22,488.95 while Seoul's Kospi gained 0.7% to 2,128.23. Hong Kong's Hang Seng lost 0.4% to 24,671.06. The S&P-ASX 200 in Sydney added 1.1% to 5,879.50. New Zealand, Singapore and Jakarta also advanced. 9:21 am : BSE midcap and small cap indices rose 108 points and 52 points respectively in early trade. 9: 20 am: Banking stocks led the gains with BSE bankex rising 169 points to 24,616. IT stocks too rose in early trade with BSE IT index climbing 159 points to 14,556. 9:15 am : Sensex opens 300 points higher at 35,151, Nifty gains 77 points to 10,362. 9: 10 am : On Thursday, Sensex closed 26 points lower at 34,842 and Nifty fell 16 points to 10,288. 9: 09 am: Rupee ended stronger at 75.67 per dollar against the earlier close of 75.72 per dollar on Thursday. 9:05 am : On a net basis, FIIs sold Rs 1,050.61 crore, and DIIs sold Rs 255.59 crore worth in equities on Thursday. This Tata Group stock has tripled in 3 months, did you miss the rally? Market overvalued? Consider Shiller's cyclically adjusted PE, not regular PE, to find out Summarise this report in a few sentences.
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Sensex and Nifty closed higher today amid positive global cues. while Sensex gained 329 points to 35,171, Nifty rose 94 points to 10,383. top gainers were Infosys, TCS, IndusInd Bank rising up to 7%. 116 stocks hit their 52 week highs against 41 slipping to their 52 week lows.
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Describing India as a “complex market” but a “very fast moving economy”, Australian trade minister Simon Birmingham has said that the government is progressively implementing the recommendations of a report to further deepen its trade and investment relations with New Delhi. India is Australia’s eighth-largest trading partner and fifth-largest export market, with two-way goods and services trade valued at 30.3 billion Australian dollars in 2018-19. In a recent interview to a television news channel, Birmingham said, “India is a complex market”. However, it is a “very fast moving economy” with “lots of different pieces with lots of different states”. “And that’s why we commissioned an India Economic Strategy that has many recommendations to it, and we’re getting on and we’re progressively implementing those recommendations so that we can deepen our ties in areas like education, build new opportunities in areas such as agriculture,” he told the Sky News. Birmingham said the government is also pursuing to strenghten its trade ties with India in the resources sector. “Pursue — especially in the resources sector — not just the sale of critical minerals and rare earths to India but also, increasingly, mining and engineering services going into India using Australian skills and Australian knowhow as part of the business operation there with India,” he said. The India Economic Strategy, released in 2018, is an ambitious plan to transform Australia’s economic partnership with India out to 2035. It aims at bringing India into the inner circle of Australia’s strategic partnerships and make the country the third largest destination in Asia for Australian outward investment. It aims at making India the third largest export market of Australia. The report contains 90 recommendations for Australia to reach the 2035 targets. It also highlights 10 sectors where Australia has competitive advantages with education as a flagship sector, three lead sectors that are agribusiness, resources and tourism and six promising sectors which are energy, health, financial services, infrastructure, sport, science and innovation. The report identifies 10 states — Maharashtra, Gujarat, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, West Bengal, Punjab, the National Capital Region of Delhi and Uttar Pradesh — for expanding the opportunities. Summarise this report in a few sentences.
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the government is progressively implementing the recommendations of a report to further deepen its trade and investment relations with New Delhi. india is Australia’s eighth-largest trading partner and fifth-largest export market. the report contains 90 recommendations for australia to reach the 2035 targets. it also highlights 10 sectors where Australia has competitive advantages with education as a flagship sector.
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Mumbai: Energy-to-telecom conglomerate Reliance Industries missed Street estimates as it reported a 38.73 per cent year-on-year (YoY) fall in consolidated net profit .The company reported a consolidated net profit of Rs 6,348 crore for the quarter ended March 31, while analysts in an ETNow poll had projected the number at Rs 10,500 crore.For the quarter ended March, RIL logged revenues of Rs 1,51,209 crore, a decrease of 2.5 per cent from a year ago, primarily on account of 10.1 per cent decline in refining and petrochemicals business revenues.This was partially offset by continuing growth in consumer businesses, the company said, pointing that its digital services and retail business recorded an increase of 30 per cent and 4.2 per cent YoY respectively in revenue during the quarter.Reliance Jio Infocomm reported a near tripling of net profit for the January-March period, helped by tariff raises that aided its average revenue per user (ARPU) rise for the second straight quarter after seven quarters of declines.The telco, led by Mukesh Ambani, on Thursday said profit for the quarter rose to Rs 2,331 crore compared with Rs 840 crore a year ago. The market had estimated profit to be around Rs 2,000 crore. Profit was up 73 per cent from the preceding quarter. It is the company’s tenth profitable quarter in a row.The company said it had witnessed strong investor interest in Jio platforms and will receive Rs 43,574 crore from Facebook for a 9.99 per cent stake. Jio platforms have also received interest from other global investors for similar-sized additional stakeRIL announced a rights issue of Rs 53,125 crore, a first by the company in three decades and also India’s biggest ever in history. The issue will be in the ratio of 1:15 at a price of Rs 1,257 per share. It said founders will fully subscribe to the rights issue, and will also take up unsubscribed portions, if any.The company said it will complete a capital raise of over Rs 104,000 crore by Q1 - including the rights issue, Facebook investment and the previous investment by BP.The company announced a dividend of Rs 6.50 per share.There has been significant volatility in oil prices, resulting in uncertainty and sharp reduction in oil prices, the company noted. Through the quarter, oil prices declined 73 per cent impacting inventory valuation. In light of this, RIL provided for non-cash inventory holding losses for the quarter, which has been disclosed as an exceptional item of Rs 4,245 crore.In spite of the Covid-19 crisis and the lockdowns, the due-diligence by Saudi Aramco for the planned investment in the O2C business is on track as both the parties are committed and actively engaged, the company said.Global oil demand in CY2020 is expected to fall by 9.3 million barrels/day YoY, the lowest level in the last eight years. As a result, global refining utilization and economics are likely to get impacted in the near term.The pandemic outbreak impacted the petrochemical segment during the quarter with demand slowdown in most end-use markets including consumer discretionary and packaging demand.While RIL maintained near-normal utilization at all major facilities, gradual resumption of economic activity in the coming months is expected to aid demand recovery for fuels and petrochemical products, it said in a release.Non-grocery retail business was impacted by the nationwide lockdown.Reliance Retail operates 11,784 stores covering 28.7 million square feet with over 1,500 stores opened in the year and a record 30 per cent retail space added. The company’s segment revenue for the March quarter grew by 4.2 per cent YoY to Rs 38,211 crore, while EBITDA for the quarter grew by 32.9 per cent YoY to Rs 2,556 crore.“Overall, the year has been a growth year with March being a tepid month due to the Covid-19 lockdown impact,” RIL said in a release.Gross refining margins (GRMs) for March quarter was at $8.9/bbl, outperforming Singapore complex margins by $7.7/bbl. March quarter revenue from the refining and marketing segment declined by 3.4 per cent YoY to Rs 84,854 crore while segment EBIT increased by 28.2 per cent YoY to Rs 5,706 crore with higher throughput and better GRMs.March quarter revenue from the petrochemicals segment decreased by 24.1 per cent YoY to Rs 32,206 crore due to lower price realizations along with disruptions in local and regional markets.The revenue for the oil & gas segment for the quarter ended March decreased by 41.5 per cent YoY to Rs 625 crore. The segment performance continued to be impacted by low volumes and declining prices.Network18 Media & Investments reported 4QFY20 consolidated revenue of Rs 1,464 crore, an increase of 18.9 per cent YoY.RIL’s outstanding debt as on March 31 was Rs 3,36,294 crore. Outstanding debt was at Rs 3,06,851 crore as of December 31, 2019 and Rs 2,87,505 crore on March 31, 2019.Cash and cash equivalents as on March 31, were at Rs 1,75,259 crore. Summarise this report in a few sentences.
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telco reported a 38.73 per cent year-on-year (YoY) fall in consolidated net profit. analysts had projected the number at Rs 10,500 crore. telco said it had witnessed strong investor interest in Jio platforms. it will receive Rs 43,574 crore from facebook for a 9.99 per cent stake. it will also receive Rs 43,574 crore from a 9.99 per cent stake in jio platforms.
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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK We are exposed to financial risk resulting from volatility in foreign currency exchange rates, interest rates and commodity prices. All of those risks are closely monitored. Foreign Currency Exchange Rates We conduct operations through controlled subsidiaries in most of the major countries of Western and Eastern Europe, Brazil, China, South Korea, India, Thailand and Japan as well as the United States. In addition, we conduct business in many countries through cross border sales and purchases, affiliated companies and partnerships in which we own 50% or less of the stock or partnership interest. As our financial statements are presented in U.S. Dollars, fluctuations in currency exchange rates can have a significant impact on the reported results of our operations, especially for the countries and currencies referred to above. Applying a Value-At-Risk (VAR) methodology to our foreign currency exchange rate exposure, across the translational and transactional exposures for the year 2019, the potential maximum loss in earnings is estimated to be $12 million which is based on a one-year horizon and a 95% confidence level. The VAR model is a risk analysis tool and does not purport to represent actual losses in fair value that could be incurred by us, nor does it consider the potential effect of favorable changes in market factors or our ability to pass on foreign exchange effects to commercial counterparties. See also Note 21 of Notes to the Consolidated Financial Statements. Interest Rate Sensitivity We are exposed to market rate risk resulting from fluctuations in variable interest rate borrowings included in our debt portfolio. Our debt portfolio includes long-term fixed and floating rate term borrowings under the €300.0 million Schuldschein Loans, long-term fixed rate term borrowings under the €440.0 million Senior EUR Notes, and short-term variable rate borrowings, if any, under our multi-currency credit facility that has a borrowing capacity up to $600.0 million. See Note 16 of Notes to the Consolidated Financial Statements for further discussion of our debt. At December 31, 2019, we had an aggregate outstanding debt balance of $828.3 million of which $168.2 million was related to floating rate debt under our Schuldschein Loans. The floating rate component of the Schuldschein loans is based on the Euro Interbank Offered Rate (Euribor) plus 0.80% to 1.00%. There were no outstanding borrowings under the multi-currency revolving credit facility at December 31, 2019, which may incur interest based on an applicable margin that can vary from 0.30% to 0.85% based on the Company’s leverage ratio plus LIBOR for loans denominated in U.S. Dollars and EURIBOR for loans denominated in Euros (SIBOR for loans denominated in Singapore Dollars and HIBOR for loans denominated in Hong Kong Dollars). As of December 31, 2019, a 1% increase in interest rates within the variable portion of our debt portfolio would have the effect of increasing annualized interest expense by approximately $1.1 million. As of December 31, 2019, a 1% decrease in interest rates would have no effect due to the interest rate floor on our variable rate debt. As of December 31, 2019, we also had $959.4 million of cash, cash equivalents and short-term investments on hand. These balances are predominantly invested in interest bearing short-term instruments. As of December 31, 2019, a 1% change of the interest rates would have the effect of increasing or decreasing net interest income by approximately $9.6 million. Commodity Exposures We are also exposed to fluctuations in commodity prices through the purchase of base metals and steel, mainly through contractual agreements with component suppliers. As we do not purchase these commodities directly, changes in their prices could affect our financial results with a time lag of up to 6 months. Applying a VAR methodology to our 2019 commodity exposure, the potential maximum loss in earnings is estimated to be $19.8 million which is based on a one-year horizon and a 95% confidence level. The VAR model is a risk analysis tool and does not purport to represent actual losses in fair value that could be incurred by us, nor does it consider the potential effect of favorable changes in market factors or our ability to pass on effects to commercial counterparties. Item 8. Summarise this report in a few sentences.
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A. Quantitative and Qualitative Disclosures About Market Risk outlines the financial risks that the company is exposed to, including foreign currency exchange rates, interest rates, and commodity prices. The company closely monitors these risks and has estimated potential maximum losses in earnings of $12 million from foreign currency exchange rate exposure, $1.1 million from a 1% increase in interest rates, and $19.8 million from commodity exposure. The VAR model is used to estimate these losses, but does not consider the potential effect of favorable changes in market factors or the company's ability to pass on effects to commercial counterparties.
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In more troubles for the auditing fraternity, an investor survey has found that 57 per cent large investors and sell-side analysts do not have any faith in the Big-4 audit firms as they have lost credibility. According to a survey by Institutional Investor Advisory Services of 63 large investors and sell-side analysts numbering 89, conducted online between April 13-21, as much as 57 per cent of each of them have found “the Big-4 audit firms having lost their credibility with investors and are therefore open to move beyond them if they were banned”. Between qualified and unqualified accounts, 73 per cent support qualified accounts because they feel that at least they got to hear auditor concerns and if they asked for lean accounts, the risk was that the auditors would be muzzled. It can be noted that ever since Satyam Computers scandal that came out in January 2009 the audit world, especially the Big Four, have been under fire from the regulators. While market watchdog Securities and Exchange Board had banned PwC in 2018 from auditing listed companies for two years in the Satyam scam, the Securities Appellate Tribunal quashed the ban and the Sebi challenged it. In June 2019, the Reserve Bank barred SR Batliboi & Company, an affiliate of EY, from carrying out statutory audit of commercial banks for a year after it found several lapses in the books of Yes Bank. In the IL&FS case, Serious Fraud Investigation Office charged Deloitte Haskins & Sells and BSR and Associates (part of the KMPG network), for their failure in not disclosing the true financial health of IL&FS Financial Services and are looking at banning them from undertaking audits after they got some reprieve from the Delhi High Court. In the CG Power fraud, the NCLT had thrown out the report prepared by Viash Associates, terming it as unprofessional and full of ifs and buts. On top of these, there have been frequent resignation of auditors, creating doubts on the quality of the audits that is being presented to investors and also many instances of divergent audit reports. It can be noted that in the US, auditors cannot publish qualified results. But only 23 per cent support moving to the American model by shifting our accounting standards also move in the same direction and insist on unqualified accounts. This is despite 77 per cent of them believing that “only unqualified accounts are true and fair” as one get to hear auditor concerns. Meanwhile, the survey also has found that 78 per cent of the investors, who normally clamour for dividends, in the poll preferring company retaining cash and fortifying their balance sheet this year as the economy is in shambles. Similarly, 57 per cent of them also see promoters subscribing to warrants as a sign of confidence in the company and its operations. However, equity dilution remains a concern for investors with 46 per cent of them being uncomfortable if dilution exceeded 5 per cent without disclosure regarding how funds will be used and 30 per cent putting this threshold at 10 per cent. A vast majority – as much as 87 percent – support dual class shares, a class of shares that doesn’t find much support among investors in most other geographies. As much as 87 per cent are less supportive of promoter rights being embedded in the articles of association and periodically being voted on, as they have a more sanguine view about rights of private equity firms being embedded in the articles of association. Summarise this report in a few sentences.
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57 per cent of investors and sell-side analysts do not have faith in the Big-4 audit firms. between qualified and unqualified accounts, 73 per cent support qualified accounts. the audit world, especially the Big Four, have been under fire from the regulators. in the US, auditors cannot publish qualified results. but only 23 per cent support moving to the american model by shifting our accounting standards.
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The central government's expenditure plans for sectors such as roads, railways, and export logistics are expected to take a hit as the Finance Ministry's internal estimate pegs revenue contraction for FY 2020-21 at around 8 percent. "We have to keep in mind the revenue position before planning expenditure. And no option is being ruled out, not even additional borrowing, if revenue contracts beyond expectation. Lack of liquidity can impact expenditure plans. But the idea now is to concentrate on public spending," a senior government official told Moneycontrol. The government in Budget 2020-21 has pegged gross tax revenues at Rs 24.23 lakh crore, a 12 per cent increase from Rs 21.63 lakh crore in the previous fiscal. The government is expected to see a shortfall in both its tax and non-tax revenues owing to the COVID-19-induced slowdown. The growth projections for the current fiscal have been revised downwards. The Asian Development Bank said in June that the Indian economy is expected to contract by 4 percent in FY21, and then grow by 5 percent in FY22 as economic activity normalises gradually. Fitch Ratings expects economic activity to slump by 5 percent in FY21 due to lockdown imposed to curb the spread of Covid-19. 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 Reserve Bank of India (RBI) in May had projected a gloomy picture of the economy, saying the impact of COVID-19 is more severe than anticipated and the GDP growth during 2020-21 is likely to remain in the negative territory. However, the RBI has not given any number to the projected contraction of the Indian economy. The World Bank projected that India's economy would shrink by 3.2 percent in the current fiscal due to the coronavirus pandemic. In April, the finance ministry announced spending restrictions on various ministries and departments in view of revenue constraints caused by the COVID-19 crisis. Few ministries and departments like health and family welfare, pharma, food and public distribution and Ayush will get funds as per the Budget, while others like fertiliser, post, road transport, petroleum, commerce and coal will face spending cuts. The Centre also expects to miss its gross direct tax collection budget target by around Rs 3 lakh crore in FY21. For the current fiscal, the Central Board of Direct Taxes has set a tax target of Rs 13.19 lakh crore. Direct tax collections for FY20 stood at Rs 10.27 lakh crore, missing even the revised estimate of Rs 11.7 lakh crore by Rs 1.42 lakh crore. It also fell 8 percent short of the Rs 11.17 lakh crore collected during FY19. Summarise this report in a few sentences.
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internal estimate pegs revenue contraction for FY 2020-21 at around 8 percent. government pegged gross tax revenues at Rs 24.23 lakh crore, a 12 per cent increase. a vaccine works by mimicking a natural infection. a vaccine also helps quickly build herd immunity to put an end to the pandemic. a vaccine works by mimicking a natural infection.
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New Delhi: Buoyed by a pick-up in festive season demand, gold prices today edged closer to six-year high. Gold rates today rose by ₹ 70 to ₹ 32,620 per 10 grams ahead of the old upcoming Dhanteras and Diwali festivals. But silver prices declined due to tepid demand by industrial units. In Delhi, gold of 99.99 and 99.5% purity gained ₹ 70 each to ₹ 32,620 and ₹ 32,470 per 10 gram, respectively. Bullion traders cited a rise in gold coin demand ahead of Diwali. Last week, gold prices had hit an over six-year high of ₹ 32,625 per 10 grams. Meanwhile, sovereign gold today rose by ₹ 100 to ₹ 24,900 per piece of eight gram. On the other hand, silver ready prices went down by ₹ 260 to ₹ 39,240 per kg and silver weekly-based delivery by ₹ 388 to ₹ 38,345 per kg. Silver coins, however, remained unchanged at ₹ 75,000 for buying and ₹ 76,000 for selling of 100 pieces. In global markets, gold prices fell today as US dollar firmed on renewed fears US-China trade war and worries over slowing global economic growth. A stronger dollar makes bullion more expensive for holders of other currencies. Spot gold was down 0.4% at $1,224.80 an ounce. US gold futures also edged lower. Global gold prices are up 6% since mid-August and some analysts expect gold prices to rise further. “There is a little bit of pressure from the dollar for now. But, overall gold prices look fundamentally supported. Market sentiment is still very cautious. We feel upside potential for gold at $1,255 is highly possible," said Benjamin Lu, a commodities analyst with Phillip Futures. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.7% to 24.27 million ounces on Monday, the highest in nearly two months. Meanwhile, Goldman has kept its three, six and 12-month forecasts for gold at $1,250, $1,300 and $1,350. In India, domestic gold prices have rallied to six-year highs amid higher global prices and a depreciation of the rupee, which increases the imported price of the precious commodity. However, some traders fear that higher prices could hit demand for gold during this festive season. 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.
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gold rates rose by 70 to 32,620 per 10 grams ahead of old upcoming dhanteras and Diwali festivals. silver prices declined due to tepid demand by industrial units. in india, domestic gold prices have rallied to six-year highs amid higher global prices and a depreciation of the rupee.
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Those looking to buy OnePlus 8 and OnePlus 8 Pro don’t have to wait any longer. The new OnePlus 8 series will go on sale from Monday onwards, on OnePlus.in and Amazon. However, in a forum post, the Chinese smartphone-maker confirmed that the sales will be limited and will take place twice a week, on Mondays and Thursdays.For the uninitiated, the sales for OnePlus 8 have already been conducted in April but for OnePlus 8 Pro, this will be the first sale. The delay in the sale of OnePlus 8 series was reportedly caused by sudden suspension of an Oppo manufacturing plant in Greater Noida last month after some workers tested Covid-positive.However, OnePlus has now confirmed that the production is back on track and the stock supply is stable. The decision to conduct limited sales, however, was taken because the demand for the current line-up is high.The compact OnePlus 8 base variant is priced at Rs 41,999 for 6GB + 128GB variant, Rs 44,999 for 8GB + 128GB version, and Rs 49,999 for 12GB + 256GB model. The OnePlus 8 Pro will cost Rs 54,999 for the 8GB + 128GB variant and Rs 59,999 for 12GB + 256GB model. Summarise this report in a few sentences.
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OnePlus 8 and OnePlus 8 Pro will go on sale from Monday onwards. the limited sales will take place twice a week, on Mondays and Thursdays. the delay was reportedly caused by sudden suspension of an Oppo manufacturing plant in greater Noida last month. the company has now confirmed that the production is back on track and the stock supply is stable.
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The ongoing global trade war between US and China – two of the biggest economies in the world – have injected fears in the stock markets and investors alike in the past few weeks. Not only are the investors confused on how to go about it, the volatility has increased manifold in the bourses. However, the trade war fears will soon wane away, believes veteran market investors Sandip Sabharwal, bringing back normalcy to the markets. In an interview with ET Now, Sandip Sabharwal said that fears related with ongoing trade wars will die out exactly the same as as what happened in the case of rising bond yields in the past few weeks. The macro are bound to improve and markets are most likely to move on an upward bias as a result, he added. “Consolidation is likely to get over soon and set the tone for fresh move up,” Sandip Sabharwal told ET Now on Monday. Sharing his market outlook going ahead, the market expert said that cheap construction and industries are most likely to lead the upward surge in the market going ahead. Summarise this report in a few sentences.
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the ongoing global trade war between US and China has injected fears in the stock markets and investors alike in the past few weeks. veteran market investors Sandip Sabharwal believes that the trade war fears will soon wane away, bringing back normalcy to the markets. cheap construction and industries are most likely to lead the upward surge in the market going ahead, he said.
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Prime Minister Narendra Modi, in a video meeting with state Chief Ministers, on Monday said that the nationwide coronavirus lockdown has yielded positive results. He indicated that the lockdown may continue in the parts of the country worst affected by the infection. He reiterated that that social distancing is the most effective way of fighting against COVID-19 and by complying with the mantra of 'do gaz doori', people can protect themselves. "The lockdown has yielded positive results as the country has managed to save thousands of lives in the past one and a half months," he said. This was the fourth such interaction of the Prime Minister with the CMs, the earlier ones had been held on 20 March, 2 April and 11 April, 2020. Highlighting the importance to enforce guidelines strictly in the hotspots, especially in the red zone areas, PM Modi said that the efforts of the states should be directed towards converting the red zones into orange and thereafter to green zones. Also Read: Coronavirus India Live Updates: Follow 'Do Gaz Doori' motto; lockdown to stay in red zones, says PM Modi Here are the 10 takeaways from the crucial meeting of the PM Modi with the Chief Ministers: Prime Minister underlined that the lockdown has yielded positive results as the country has managed to save thousands of lives in the past one and a half months. Comparing with other countries whose situation was almost similar at the start of March, he said that India has been able to protect many people due to timely measures. He, however, forewarned that the danger of the virus is far from over and constant vigilance is of paramount importance. He indicated that lockdown may continue in parts of the country worst affected by the coronavirus infection and asked the CMs to prepare state-wise exit policy in view of their red, orange and green zone. On the state of economy, he said that it is relatively good and one should not worry about it. "We have to give importance to the economy as well as continue the fight against COVID -19," he said, adding that emphasis should be given on the usage of technology to utilise time to embrace reform measures. He also emphasised on the significance of ensuring that more people download the 'Aarogya Setu' app to bolster the efforts of the country in the battle against COVID-19. "We have to be brave and bring in reforms that touch the lives of common citizens." The PM also suggested that people associated with universities can be integrated on devising ways to fight the pandemic and strengthen research as well as innovation. On the issue of bringing back Indians who are overseas, he said that this has to be done keeping in mind the fact that they don't face inconvenience and their families are not under any risk. Prime Minister also urged Chief Ministers to factor in the changes in weather - advent of summer and monsoon - and the illnesses that can potentially come in this season, while strategising ahead. The Chief Ministers praised the leadership of the Prime Minister during this period of crisis, and also highlighted the efforts undertaken by them in containing the virus. Four of nine Chief Ministers at the meeting advocated for the extension of lockdown, while five said that it should end. They spoke about the need to keep a close vigil on international borders, and also on addressing the economic challenge and ways to further boost health infrastructure. The Union Home Minister Amit Shah reaffirmed the need to enforce lockdown so that maximum lives are saved. By Chitranjan Kumar Also Read: Coronavirus crisis: Congress slams govt for allowing 'hoarding', profiteering on rapid test kits sold to ICMR Summarise this report in a few sentences.
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prime minister Narendra Modi says coronavirus lockdown has yielded positive results. he says the country has managed to save thousands of lives in the past month. he urges state chief ministers to prepare state-wise exit policy. he also urges the government to take steps to curb the spread of the virus. he also urges the government to take steps to curb the spread of the virus.
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There are a lot of misconceptions about so-called corporate qualified plans, the best known of which are 401(k)s. Much of the misunderstanding stems from several articles about a Fidelity Investments report on how many of its clients had $1 million or more in their tax-deferred savings accounts, a group sometimes referred to as the 401(k) millionaires. In the raucous online debate that ensued, some commentators suggested that saving $1 million was almost impossible. As someone who runs an asset-management firm with millions of dollars in qualified corporate 401(k) plans, I want to address this assertion. We will a) set the record straight on various dollar amounts that can be contributed to retirement plans; and b) outline a simple path for getting to $1 million. First, the data: The typical 401(k) account holder can easily reach $1 million, mathematically; the hard part, like so much in investing, is having the discipline to set a plan and stick to it. To be sure, it is much easier said than done, but the rules make the $1 million goal very attainable. How do you get to $1 million? Well if you were just starting out today, it is really easy: assume a zero-starting balance, make the maximum annual pretax contribution of $18,500, generate investment returns of a mere 6 percent annually from a low-risk portfolio of 60 percent stocks and 40 percent bonds. Even without a matching contribution from your employer, in 30 years that will be worth $1,509,687 . Of course, all of this assumes you earn a decent salary, have the basics (food, rent, health care, etc.) covered, and max out your 401(k) every year. It also doesn’t take account of expenses charged by the 401(k) plan administrator. The $18,500 contribution limit is for any employee under 50; for those over 50, an employee can contribute an additional $6,000 a year (or $500 per month). Over the course of a decade, I estimate that adds almost $100,000 to the total. The contribution limits are inflation-indexed, and they go up over time — $18,500 is the 2018 limit, and it will likely increase (it was $7,000 in 1986; $15,000 in $2006, and $18,000 in 2016-17). If you are fortunate enough to work for an employer that contributes a match of employees’ salaries to their 401(k), you begin to see even bigger gains. Using the same assumptions as above, the money piles up. The Internal Revenue Service rules allow employers to match an employee’s salary with as much as $55,000 in contributions, plus a $6,000 annual catch-up for employees over 50. The best-case results of our conservative scenario is three decades from now, an employee maxing out their 401(k) has a portfolio worth $4,489,838. Note this uses a low-risk and simple strategy to achieve that goal. So in practice how easy is it to have already reached $1 million in your 401(k)? True, it requires diligence and income and discipline, but many people have indeed achieved this goal. By my estimate, there may well be a million people with more than $1 million in their 401(k) accounts already. Here’s how I drew this conclusion. Let’s go back to the report that led to this 401(k) millionaire brouhaha in the first place: Fidelity. Here’s what the firm, one of the biggest mutual-fund companies in the world, reported: The number of people with $1 million or more in their 401(k) increased to 157,000 at the end of Q1, a 45 percent increase from Q1 2017. Another 148,000 had saved that much in an IRA. Of those, 2,400 people had saved $1 million in both types of accounts. That means this one firm holds tax-advantaged retirement accounts for 300,000 people with $1 million in savings. Those are just the accounts at one firm (though it is true, it’s a pretty big firm with $6.9 trillion in assets under management). If we add in all of the other large custodians such as Charles Schwab and TD Bank; big fund managers such as Vanguard, BlackRock and State Street; and big brokerage firms such as UBS, Merrill Lynch and Morgan Stanley, the number of 401(k) millionaires adds up very quickly. If there aren’t a million 401(k) millionaires already, there will be soon. For all we know, that milestone may have already been reached. Winding up with $1 million in your 401(k) isn’t too hard — as long as you are willing to do the difficult things that need to be done to get there. Commitment, discipline and most of all, managing your own behavior is all that you need. Summarise this report in a few sentences.
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a typical 401(k) account holder can easily reach $1 million, mathematically. a $18,500 contribution limit is for any employee under 50; for those over 50, an additional $6,000 a year. a $18,000 contribution in 2016 will be worth $1,509,687. a $18,000 contribution in 2016 will be worth $1,500.
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March quarter is likely to see a decline in the earnings growth for most of the sector amid COVID-19 outbreak, and the tremors are likely to be felt in the forthcoming quarters as well, fear experts. Kotak Institutional Equities expects high double-digit YoY decline in net income for several sectors: (1) automobiles (steep decline in volumes), (2) construction materials (sharp volume decline in March 2020), (3) metals & mining (sharp decline in realizations, profitability, and volumes) and (4) oil, gas & consumable fuels (lower realization for upstream companies and inventory loss for downstream companies). On the other hand, banks may lower provisions due to high provision coverage ratio and higher treasury income, and pharmaceuticals led by domestic formulations might report healthy earnings growth. The domestic brokerage firm expects the net profits for the BSE-30 Index to increase 12 percent YoY and that of the Nifty-50 Index to decline 16 percent YoY. The big clue for the upcoming quarters will come from management commentary. Investors are advised to watch out for guidance and commentary for the upcoming quarters is likely to guide stock performance. “The March ending quarter wouldn't show much of an impact for businesses because we really entered the lockdown at the end of the quarter. Most manufacturing businesses would have inventory & operations wouldn't have been disrupted until the quarter ended,” Raunak Onkar, Fund Manager, PPFAS Mutual Fund told Moneycontrol. “However, the commentary is what you'd expect, owing to the uncertainty, most have refrained from giving any revenue or profit guidance for the year. Being cautious and focused on keeping the employees safe and business running seem to be on the top of everyone's mind,” he said. We have collated a list of 10 stocks that are likely to see more than 50 percent year-on-year (YoY) fall in the net profit for the March quarter: Brokerage Firm: Motilal Oswal Bharat Forge: PAT likely to fall by 69% YoY Motilal Oswal sees the net profit of Bharat Forge to decline by 69 percent on a year-on-year basis for the quarter ended March, it said in a note. The fall in the bottom line could be due to a weak outlook for CV, as well as Shale Oil amid the COVID-19 outbreak. The adverse mix and operational deleverage are likely to hurt margins. Going forward, the PV segment and light-weighting vehicles are likely to drive growth. Mahindra & Mahindra: PAT likely to fall by 60% YoY Motilal Oswal sees the net profit of Mahindra & Mahindra to decline by 60 percent on a year-on-year basis for the quarter ended March, it said in a note. The domestic UV & PV market share continues to erode and that could impact revenue growth. Fall in volume is likely to adversely affect margins. EPS downgrade is to account for COVID-19 impact, but the tractor segment could be get least impacted by the outbreak. Motherson Sumi: PAT likely to fall by 60% YoY Motilal Oswal sees the net profit of Motherson Sumi to decline by 60 percent on a year-on-year basis for the quarter ended March, it said in a note as exposure to developed markets is to hurt performance. The EU business was operational up to 20th March only. High operating leverage is likely to hurt, resulting in an EPS cut. IndusInd Bank: PAT likely to fall by 82% YoY Motilal Oswal sees the net profit of IndusInd Bank to decline by over 80 percent on a year-on-year basis for the quarter ended March, it said in a note. The loan growth is likely to moderates sharply led by overall slowdown while deposits could also witness reduction on QoQ basis. The brokerage firm estimates a contraction in margins to 4 percent, and the asset quality is also likely to deteriorate led by higher slippages and strain on MFI and auto business. RBL Bank: PAT likely to fall by 88% YoY Motilal Oswal sees the net profit of RBL Bank to decline by over 80 percent on a year-on-year basis for the quarter ended March, it said in a note as the loan growth is likely to moderate led by the weak environment. The asset quality is likely to deteriorate due to exposure toward MFI/credit cards and few other stressed accounts. “As the bank witnessed the withdrawal of deposits, liquidity positioning would be a key monitorable,” said the note. Brokerage Firm: Kotak Institutional Equities TVS Motor Company: PAT likely to fall by 59% YoY Kotak Institutional Equities sees the net profit of TVS Motor Company to decline by nearly 60 percent on a year-on-year basis for the quarter ended March, it said in a note. Volumes are likely to decline by 25 percent on a YoY basis, due to a 30 percent decline in domestic markets and a 2 percent YoY decline in the export markets. “We expect revenues to decline by 28% YoY in 4QFY20 largely led by 30% YoY decline in volumes offset by a 3% decline in ASPs YoY,” said the note. Dalmia Bharat: PAT likely to fall by 97% YoY Kotak Institutional Equities sees the net profit of Dalmia Bharat to decline by over 90 percent on a year-on-year basis for the quarter ended March, it said in a note. The domestic brokerage firm expects a 10 percent YoY volume decline in 4QFY20, factoring the COVID-19-led countrywide lockdown in the last week of the quarter, which is typically the peak sales period for the sector. “We expect blended realizations to increase by 2.8% QoQ led by improved pricing in East and South markets,” the note said. Grasim Industries: PAT likely to fall by 72% YoY Kotak Institutional Equities sees the net profit of Grasim Industries to decline by over 70 percent on a year-on-year basis for the quarter ended March, it said in a note. “We model volumes to decline in VSF operations by 10% YoY to 135,000 tons and witness a 10% YoY decline in chemical operations at 235,000 tons factoring the countrywide lockdown with the outbreak of COVID-19,” added the note. Orient Cement: PAT likely to fall by over 70% YoY Summarise this report in a few sentences.
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analysts expect a decline in earnings growth for most of the sector. analysts expect a sharp decline in volumes for automobiles, construction materials. analysts expect a fall in net income for the upcoming quarters. analysts expect a fall in the number of stocks to report negative results. a fall in the number of stocks to report negative results is likely to be a factor.
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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. In pursuing our business plan, we expect that the primary market risk to which we will be exposed is interest rate risk and to a lesser extent, foreign currency risk. We may be exposed to the effects of interest rate changes primarily as a result of borrowings used to maintain liquidity and fund acquisition, expansion, and financing of our real estate investment portfolio and operations. Our interest rate risk management objectives will be to limit the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve our objectives, we may borrow at fixed rates or variable rates. We may also enter into derivative financial instruments such as interest rate swaps and caps in order to mitigate our interest rate risk on a related financial instrument. We will not enter into derivative or interest rate transactions for speculative purposes. As of December 31, 2019, our net debt was approximately $712.7 million, which included approximately $302.2 million in fixed rate debt, $417.5 million in variable rate debt and approximately $0.6 million in net debt premium less approximately $7.6 million in net debt issuance costs. As of December 31, 2018, our net debt was approximately $406.1 million, which included approximately $225.6 million in fixed rate debt, $182.6 million in variable rate debt and approximately $1.2 million in net debt premium less approximately $3.4 million in net debt issuance costs. Our debt instruments were entered into for other than trading purposes. Changes in interest rates have different impacts on the fixed and variable debt. A change in interest rates on fixed rate debt impacts its fair value but has no impact on interest incurred or cash flows. A change in interest rates on variable debt could impact the interest incurred and cash flows and its fair value. If the underlying rate of the related index on our variable rate debt were to increase by 100 basis points, the increase in interest would decrease future earnings and cash flows by approximately $1.0 million annually. Interest rate risk amounts were determined by considering the impact of hypothetical interest rates on our financial instruments. These analyses do not consider the effect of any change in overall economic activity that could occur. Further, in the event of a change of that magnitude, we may take actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, these analyses assume no changes in our financial structure. The following table summarizes annual debt maturities and average interest rates on our outstanding debt as of December 31, 2019: (1) Interest expense for fixed rate debt was calculated based upon the contractual rate and the interest expense on variable rate debt was calculated based on the rate in effect on December 31, 2019. Debt denominated in foreign currency has been converted based on the rate in effect as of December 31, 2019. Currently, our only foreign exchange rate risk comes from our Canadian properties and the Canadian Dollar (“CAD”). Our existing foreign currency hedge mitigates most of our foreign currency exposure of our net CAD denominated investments; however, we generate all of our revenues and expend essentially all of our operating expenses and third party debt service costs related to our Canadian Properties in CAD. As a result of fluctuations in currency exchange, our cash flows and results of operations could be affected. ITEM 8. Summarise this report in a few sentences.
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This text discusses the market risks that the company is exposed to, such as interest rate risk, foreign currency risk, and commodity price risk. It also outlines the company's debt structure as of December 31, 2019, which includes $302.2 million in fixed rate debt, $417.5 million in variable rate debt, and $0.6 million in net debt premium. The company is also exposed to foreign exchange rate risk due to its Canadian properties, and has a foreign currency hedge in place to mitigate this risk. The text concludes with a table summarizing the company's annual debt maturities and average interest rates as of December 31, 2019.
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In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment". Summarise this report in a few sentences.
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Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. her career at ICICI Bank saw her handle multiple responsibilities. she is also a former ICICI bank executive. a former colleague says she is a "hard-working executive"
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Gunjan Saini COVID-19 has brought life to a standstill. To contain the virus transmission, countries announced lockdowns and border closures. Though it is not clear for how long these measures will be required, it is certain these restrictions would cause a huge blow to the global economy. The International Monetary Fund (IMF) has remarked that the ‘Great Lockdown’ will dramatically shrink global growth and contract global output by 3 percent in 2020. This would invariably have adverse consequences on global trade, and hence the shipping sector as ports cater to 90 percent of global trade. The United Nations Conference on Trade and Development (UNCTAD) reports suggest that growth in international seaborne trade slowed down after the 2009 financial crisis and stood at a meagre 2.7 percent in 2018. Moreover, the lockdown in China, which is the leading global manufacturer, disrupted global supply chains. Against this background, the pandemic can push the ports and shipping sector into unchartered turbulent waters. India plays a key role in global maritime trade due to its strategic location, and accounts for over 2.1 percent of global trade. There are 12 major ports and over 205 non-major ports along the Indian coastline. Their importance in sustaining supply chains can be gauged by the fact that ports handle over 95 percent of India’s international trade by volume and 70 percent by value. With India’s export-import destinations being impacted by COVID-19, cargo movement has nearly stopped. The reduction in economic activity has led to a decrease in demand for crude oil and container traffic across the world. This may mean that the already low capacity utilisation — which stands at about 47 percent — of major Indian ports may fall further. These are also witnessing a huge accumulation of cargo and empty containers as shipping lines cut down sailings to avoid losses. The Directorate General of Shipping issued guidelines to all Indian ports to screen incoming vessels and quarantine suspected ones. This, however, added to delays in evacuation already caused due to port congestion and resulted in an increase in turnaround time by almost six times. After the pandemic, it is expected that economies would not like to put all their eggs in one basket and would reduce import dependencies on China. This could be an opportunity for India to launch farsighted, multi-pronged reforms to overhaul its ports to attract more cargo traffic. The Major Port Authorities Bill, 2020, requires to be expeditiously passed to provide the much-needed autonomy to major ports. An effective implementation of the Sagarmala programme, aimed at creating coastal economic zones and enhancing hinterland connectivity, can prove to be a game-changer in linking ports with India’s export-import industry. Planned development of hub ports with deeper drafts at ideal locations can prove beneficial for invigorating coastal economic activity and providing employment opportunities. The ongoing pandemic would see government expenditure switching towards social sectors in the short run. However, port efficiency enhancement can be a vital cost-effective measure to revamp the ports. Currently, the average turnaround time at Indian ports is over 59 hours — the global average is 24 hours. India can utilise the opportunity hidden behind this crisis to its advantage only if it has the capabilities to handle freight efficiently. Under the ‘Make in India’ campaign, physical documentation has already been done away with at ports. However, there still exist implementation problems, which must be resolved, to reduce detention and demurrage. This calls for standardisation of procedures across ports, 24X7 operation of principal governance agencies providing clearances, and complete digitisation of container freight stations. The Port Community System, used for coordination among port operators, suffers from frequent breakdown errors. The efforts of the Ministry of Shipping to move to a National Maritime Portal for all EXIM stakeholders need to be paced up. Technological advancements, such as exploring the use of artificial intelligence (AI) for autonomous or robotic operations at terminals or container freight stations, can be a key catalyst. This will not only improve efficiency in processes, but also build resilience to shocks, such as this pandemic. There is a long road ahead, but India has the potential to traverse it by undertaking a planned implementation of these structural reforms. It has been rightly said, ‘There can be no economy where there is no efficiency.’ Gunjan Saini is a Young Professional at Development Monitoring and Evaluation Office, NITI Aayog, and deals with the maritime sector. Views are personal. Summarise this report in a few sentences.
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countries announced lockdowns and border closures to contain virus. the pandemic can push the ports and shipping sector into turbulent waters. india plays a key role in global maritime trade due to its strategic location. there are 12 major ports and over 205 non-major ports along the Indian coastline. the pandemic could be an opportunity for economies to launch farsighted, multi-pronged reforms to overhaul its ports to attract more cargo traffic.
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It's fair enough considering that India is still stuck in the days of the British Raj and our Government functions based on how cool the climate is and how many caste members each MP has. More has to be spent on infrastructure because the work is awarded on the basis of public opening of low bids, so the bidding is very efficient and honest and there are very little kickbacks to ministers via baboos. The money goes right back into the local economy in the form of buying building materials and infrastructure construction wages. The end product, say a new highway or a hospital, gets to be used directly by all the public for the next 100 years and not just by a few "VIPs". Maybe the fact that the spending is so transparent is why the government doesn’t like to spend money on infrastructure. However, the government can skim billions off of military spending on the pretense of "secrecy of security measures" and pass it on to crony "Captain Sharmas", "MD Kapoors" and "private parties" which are really not private at all. Summarise this report in a few sentences.
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india is stuck in the days of the British Raj and our Government functions based on how cool the climate is. the work is awarded on the basis of public opening of low bids. the money goes right back into the local economy in the form of buying building materials and infrastructure construction wages. the government can skim billions off of military spending on the pretense of "secrecy of security measures"
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The benchmark equity index Sensex on Tuesday settled on a negative note, tracking weak global cues and losses in metal stocks. The 30-share BSE Sensex fell 126 points, with the metal stocks worst hit among sectoral indices on global trade concerns. The market is worried over a broadening trade war after the US President Donald Trump slapped tariffs on select metal imports from Brazil and Argentina. While Sensex settled at 40,675.45, down 0.31 per cent or 126.72 points, while the broader NSE Nifty settled at 11,994.20, showing a drop of 0.45 per cent or 54 points. On the Sensex chart, Yes Bank was the worst hit with 7.81 per cent decline. It was followed by Tata Steel, Vedanta, M&M, IndusInd Bank and Tata Motors. The major gainers included Bajaj Auto, TCS, Kotak Bank, Infosys and HDFC. “Investor sentiments in the near-term are likely to be muted given the weak macro data. Further, RBI monetary policy on December 05 will be crucial as at least 25 bps rate cut is expected as the central bank is likely to place economic growth on the forefront despite higher inflation. On the global front, the recent tariffs by US on steel imports from Brazil and Argentina may make investors jittery over global trade concerns. We suggest buy on dips approach amidst market volatility,” Ajit Mishra, VP – Research, Religare Broking said. Also read: CSB Bank shares to debut tomorrow after stellar IPO: Listing day strategy for investors Meanwhile, the IPO of Ujjivan Small Finance Bank got subscribed by more than 2.5 times, according to data from NSE. Ujjivan Small Finance Bank IPO to raise up to Rs 750 crore got fully subscribed on the first day, backed by strong demand from retail investors. The issue received bids for 48 crore shares as against the issue size of 12.39 crore shares, totalling to a subscription of nearly 4 times, data from NSE showed. Summarise this report in a few sentences.
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the 30-share BSE Sensex fell 126 points, with metal stocks worst hit. yes bank was the worst hit with 7.81 per cent decline. the market is worried over a broadening trade war after tariffs on steel imports. IPO of Ujjivan Small Finance Bank got subscribed by more than 2.5 times. the broader NSE Nifty settled at 11,994.20, showing a drop of 0.45 per cent or 54 points.
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3:30 pm Market at Close: After trading the day largely rangebound, intense buying in the last hour pushed up benchmark indices. The Sensex has ended higher by 115.27 points or 0.35% at 33370.63, and while the Nifty is up 33.20 points or 0.33% at 10245.00. The market breadth is positive as 1842 shares have advanced, against a decline of 779 shares, while 172 shares were unchanged. M&M, Indiabulls Housing and ICICI Bank were the top gainers, while Wipro, ONGC and Tech Mahindra were the top losers. 3:05 pm Westlife Development to double McDonald's outlets: Hardcastle Restaurants Pvt Ltd (HRPL), a master franchisee of McDonald’s restaurants in West and South India is planning to take its current 270 outlets to 400-500 outlets by 2022. “We currently have 270 restaurants of McDonald's and we are planning to open 400-500 restaurants by 2022 which will serve 400-500 mln customers” Amit Jatia, Vice-Chairman, Westlife Development Ltd said at a press conference held in Mumbai today. Jatia also said the company is planning to make investments of Rs 800-1,000 crore in the next 1-2 years. 2:55 pm Market Update: The benchmark indices are trading in positive terrain in the afternoon trade as smallcap and midcap stocks are outperforming. The Sensex up 28.57 points at 33283.93, and the Nifty up 2.60 points at 10214.40. About 1705 shares have advanced, 815 shares declined, and 146 shares are unchanged. M&M, Tata Motors DVR, ICICI Bank, Yes Bank, Bharti Airtel, Indiabulls Housing and HPCL are the top gainers on the indices, while top losers are Wipro, ONGC, Adani Ports, HDFC, HDFC Bank, Tech Mahindra, Hindalco and Titan Company. 2:35 pm Gold update: Gold prices inched lower on Tuesday after gaining more than 1 percent in the previous session, even as a sell-off in global equities amid concerns over a trade war between China and the United States continued to support the safe-haven metal. Spot gold was down 0.1 percent at $1,339.60 per ounce, as of 0712 GMT. It climbed 1.3 percent on Monday in its biggest one-day percentage gain in a week. U.S. gold futures eased 0.3 percent to $1,343.60 an ounce. Gold is down most likely due to Chinese investors getting out of their positions ahead of holidays on Thursday and Friday, said MKS trader Sam Laughlin. 2:15 pm Insurance Q4 show: The fourth quarter results of financial year 2017-18 by insurance companies are awaited with much of the focus on the underwriting performance of the general insurers. One crucial area to watch out for in this space will be the underwriting results in the motor and health insurance segments where they are bleeding heavily. “Losses have been high in segments like group health and motor third party. For the industry as a whole, the loss ratios have been hovering around 110-120 percent and it could take at least three years to completely wipe them off,” said a senior executive of a private general insurance company. On one hand, the annual premium increases in segments like motor and fire have not been commensurate with the claims being reported, on the other, discounts being doled out to retain clients has been a cause of concern. 2:00 pm Pharma outlook: After a bruising two years, the domestic pharmaceutical sector is set for a sharp turnaround in the new fiscal year with a 20-22 percent growth in operating profit - the fastest pace since 2014, while revenue may grow at 9-11 percent, according to a report. "The projected good run is premised on a decline in regulatory alerts for larger companies as well as a bigger pipeline of high-value drugs compared to the past two years. Operating income and profit will see a course reversal with a 20-22 percent growth, while revenue may clip at 9-11 percent," rating agency Crisil said in a report. This will be primarily on the back of strong growth in the overseas market, particularly in the regulated markets of the US and the EU, while the domestic market will continue its healthy growth in the past years, it said. 1:45 pm Notice to Domino's pizza operator: The Directorate General of Safeguards (DGS) has slapped a profiteering notice on Jubilant FoodWorks for allegedly not passing on GST rate cut benefit to consumers at its Dominos Pizza outlets. A standing committee had referred the matter to DGS which in turn issued notice to Jubilant FoodWorks seeking response on whether the benefit of tax rate reduction in November last was passed on to consumers, a source said. As per the structure of the anti-profiteering mechanism in the GST regime, complaints of local nature will be first sent to the state-level 'screening committee', while those of national level will be marked for the 'standing committee'. 1:30 pm Defaults: Nearly 2,200 entities failed to pay penalties imposed on them by markets regulator SEBI for various violations till last December. The defaulters include individuals as well as companies which failed to pay penalties levied on them by SEBI for various offences related to the securities market. Some of these cases are nearly two decades old. Certain amounts due are as small as Rs 15,000, while the majority of individual penalties are worth a few lakhs of rupees, and others amount to a few crores of rupees. While some dues are pending since 2000, many cases are also in courts and at other forums. 1:15 pm Buzzing Stock: Shares of Galaxy Surfactants touched a 52-week low of Rs 1,430, slipping 4.5 percent intraday Tuesday as company received Form 483 for two of its facilities. The company's two of the facilities (M3 & N46) at Tarapur (Maharashtra) have undergone United States Food and Drug Administration (USFDA) inspection which was concluded on March 30, 2018 This is the first USFDA inspection and they issues Form 483 with observations. The M3 facility received 4 and N46 facility received 9 observations. 1:00 pm Buzzing Stock: Tata Chemicals gained a little over 4 percent intraday on Tuesday as investors bet on Motilal Oswal’s views on the stock. The brokerage firm initiated coverage on the stock with a buy call and a target of Rs 940. It implies an upside potential of 36 percent. Motilal Oswal believes that the company will use cash cows to invest in growth businesses and will focus on consumer and speciality products. It expects existing salt distribution network to boost consumer business. The firm also expects Tata Chemicals to be net debt free by FY20, while RoCE will also improve considerably. This, it expects through reduction in debt via sale of fertilizer business and investments. 12:40 pm CEA on GST: Arvind Subramanian, Chief Economic Advisor to Prime Minister Narendra Modi, on Monday said it is easy to advocate one uniform GST rates for all goods, but it cannot be done ignoring political realities. He also said that no one wants to tax essentials consumed by poor. "My own view is that, we need more simplicity in India and we need to go towards at some stage bringing in uniformity in GST rates, but we cannot do that divorced from political realities," he said responding to a PTI query at interactive event here. "No political system can accept BMW cars or cigarettes being taxed at 18 per cent rate," he added. 12:21 pm Buzzing Stock: Share price of Neuland Laboratories rose 3 percent intraday Tuesday on fund raising plan. A meeting of the board of directors of the company is scheduled to be held on April 9, 2018, to consider a proposal for raising funds. The company to raise funds by way of issuance of equity shares or equity linked securities such as warrants or convertible securities including but not limited to through preferential issue and/or qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate. 12:00 pm SEBI news: The Securities and Exchange Board of India (SEBI) has outlined major policies that it wants to implement in 2018-19 to enhance the overall functioning of markets and companies. The regulator is planning to implement these policies on the primary market, commodities segment, and mutual fund sector. SEBI has apprised its board of the changes it wants to bring in. It wants to enhance surveillance on the equities market to safeguard investors, for which it will use analytical and statistical tools for better scrutiny. A source close to the development told Moneycontrol, “For effective integrated surveillance, SEBI wants to use new technologies like blockchain and artificial intelligence. Machine learning will be deployed to handle challenges arising out of technological advancement in the market.” 11:40 am Expert Speak: In 2018, the market was still hitting record high till January but lost momentum post Budget. We saw a terrible March quarter which pushed key benchmark indices below crucial support levels – Sensex slipped below 33K while Nifty dropped below 10,200, thanks to weak cues - both globally and domestically - which weighed on sentiment. The old macro enemies are making a comeback in India, such as higher oil prices, fiscal slippages, and if interest rates and inflation go up it will weigh on macros, Dipen Sheth, Head-Institutional Research at HDFC Securities said in an interview with CNBC-TV18. There is politics and populism looming on the horizon amid busy election year in 4 large states. On the global front, trade war fears between China and US are weighing on sentiment. Back home, financial systems are in trouble, thanks to rise in non-performing assets. No double-digit growth in corporate earnings is also bad news for equity markets. 11:20 am Tata Comm buzzing: Shares of Tata Communications gained 3 percent Tuesday as the company tied up with Mahanagar Gas to deploy 5000 smart gas meters in Mumbai. Tata Communications is working with Mahanagar Gas to deploy 5,000 smart gas meters in Mumbai. 11:10 am Suven secures product patent: Suven Life Sciences advanced 3 percent Tuesday as company secured a product patent in Canada. The company has been granted 1 product patent from Canada corresponding to the new chemical entity (NCE) for the treatment of disorders associated with Neurodegenerative diseases. This Patent is valid through 2033. 10:55 am Orders win: JMC Projects rose 6.3 percent on Tuesday as company won an order worth Rs 942 crore from National Highways Authority of India (NHAI). The orders include, four-laning of Madurai-Chettikulam section of NH 785 in Tamil Nadu on EPC basis for Rs 486 crore and two orders for construction of flyovers on NH 53 in Maharashtra for Rs 456 crore. 10:48 am More trouble for Axis Bank: The Reserve Bank of India (RBI) late on Monday dropped Axis Bank from a list of banks it has cleared to import gold and silver in the current financial year that began April 1. It was unclear why Axis, one of India's leading importers of bullion, did not feature in the list that was released late on Monday. Axis Bank and the Reserve Bank of India were not immediately reachable for comment. Also Read: RBI asks Axis Bank to reassess CEO Shikha Sharma’s 4th term, look for successor 10:32 am Motherson Sumi gains: Shares of Motherson Sumi rallied over 6 percent intraday on Tuesday as investors reacted to its recent acquisition announcement. The auto components maker said it has inked a pact to acquire interior components and modules manufacturer Reydel Automotive Group (Reydel) for USD 201 million (over Rs 1,307 crore). Samvardhana Motherson Automotive Systems Group B V (SMRP BV), a step down subsidiary of MSSL has proposed to acquire Reydel, a privately held portfolio company of Cerberus Capital Management, L.P. (Cerberus) , the company said in a statement. 10:16 am Market Check: Shares have continued to trade in the flat terrain, with the Nifty holding on to 10,200-mark. The Sensex is up 29.41 points or 0.09% at 33284.77, while the Nifty is up 4.70 points or 0.05% at 10216.50. The market breadth is positive as 1256 shares advanced against a decline of 720 shares, while 110 shares are unchanged. SBI, Yes Bank, Indiabulls Housing and HPCL have gained the most, while Wipro, Adani Ports, Tech Mahindra and Hindalco were the top losers. 10:00 am Asian markets' update: Asian shares slipped on Tuesday amid escalating trade tensions and worries over the fading outlook for global tech giants, but investors held their nerves to focus instead on prospects for stronger world growth. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 percent on Tuesday, compared with losses of more than 2 percent on each of the three Wall Street indices overnight. The US dollar steadied against the safe haven yen after declining for three straight days and gold, which is often seen as a store of value during times of financial or political uncertainty, inched lower. US Treasuries saw a bit of selling too with yields on 10-year notes off two-month lows. 9:42 am Buzzing Stock: Shares of VST Tillers Tractors added 5.5 percent in the early trade on the back of strong growth in March sales number. The company sold total 7399 units in March 2018 against 6023 units in March 2017, a growth of 23 percent. It sold 1808 tractors in March 2018 against 1398 in March 2017, jump of 29.3%. The power tiller volumes were up 21% at 5591 units versus 4625 units in March 2017. The company has started commercial production at its new power tiller plant at Malur, Karnataka. 9:35 am Banks rally: Banking stocks witnessed a rally on the back of the central bank’s announcement on bond losses. The Nifty Bank index was up almost half a percent, led by gains in Bank of Baroda, PNB, SBI, Yes Bank and ICICI Bank, among others. They gained 1-4 percent in the morning trade. Meanwhile, PSU banks saw a bigger rally, with the index trading 3 percent higher. Gains were visible in names such as Union Bank, Bank of India, Bank of Baroda, Syndicate Bank, OBC, and Canara Bank as well. All stocks in the index rose 1-4 percent. With a view to help banks spread losses incurred on bond yield movements, Reserve Bank of India has allowed banks to spread the provisioning they need to make for these losses over a maximum of four quarters. 9:15 am Market opens: The market has begun the day on a mildly lower note, with the Nifty holding on to the 10,200-mark in the opening minutes. The Sensex was trading almost flat. The Sensex is down 17.92 points or 0.05% at 33237.44, while the Nifty is down 4.60 points or 0.05% at 10207.20. The market breadth favours the negative as 268 shares advanced, against a decline of 295 shares, while 80 shares were unchanged. PSU banks are outperforming all sectors after the RBI on Monday announced that lenders could spread bond trading losses over four quarters. The Nifty PSU bank index was up 2 percent. There is some weakness seen in Nifty metal and pharma along with IT indices. Meanwhile, the midcap index is trading mildly lower. 9:05 am Pre-opening rates: Pre-opening rates suggest a lower opening for the markets in India. The Sensex is trading flat, while the Nifty is trading around 20 points lower. ICICI Bank and Adani Ports are trading in the red as of now. 9:00 am Rupee opens: The Indian rupee gained in the early trade on Tuesday. It has opened higher by 9 paise at 65.08 per dollar versus 65.17 Wednesday. Gold prices rose slightly in early Asian trade on Tuesday after a more than 1 percent gain in the previous session, as mounting global trade tensions fuelled demand for the safe-haven bullion. 8:45 am SGX Nifty: The SGX Nifty indicate a negative opening for the broader index in India, a fall of 52 points. The Nifty futures were trading around 10,212.5-level on the Singaporean Exchange. 8:30 am Asia update: The Indian market are likely to open on negative note on Tuesday on the back of negative global cues. Asian indices are trading in red on the back of escalating trade spat between the United States and China and a renewed slump in tech shares such as Amazon.com sapped investor confidence. The Japan's Nikkei and Shanghai Composite, Taiwan Weighted slipped 1 percent in today's trade. The US markets slipped in Monday's trading on the back of drop in technology stocks on trade war worries. The Dow Jones Industrial Average shed 458.92 points, or 1.9 percent, at 23,644.19, S&P 500 was down 58.99 points, or 2.23 percent, to 2,581.88 and the Nasdaq Composite slipped 193.33 points, or 2.74 percent, to 6,870.12. Also Watch - Summarise this report in a few sentences.
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Sensex up 115.27 points or 0.35% at 33370.63, while the Nifty is up 33.20 points or 0.33% at 10245.00. the market breadth is positive as 1842 shares have advanced, against a decline of 779 shares, while 172 shares were unchanged. ICICI Bank, ICICI Bank and ICICI Bank were the top gainers, while Wipro, ONGC and Tech Mahindra were the top losers.
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Mumbai: India’s finance minister and its central bank governor are set to meet face-to-face in New Delhi on Tuesday amid mounting tension between them over the autonomy of monetary policy makers. Finance Minister Arun Jaitley will chair a meeting of the Financial Stability and Development Council, which Governor Urjit Patel is scheduled to attend. It comes days after central bank Deputy Governor Viral Acharya’s frank speech warning of the risks of the government encroaching on its freedom. The tension prompted former Finance Minister Palaniappan Chidambaram to urge the government and the Reserve Bank of India to work behind closed doors to iron out their differences. “I think the matter is serious enough and it will be best if the RBI and the government don’t talk across each other through lectures -- we have had two already," Chidambaram told reporters. “It might be better if the time-honored practice of the finance minister and the governor of the RBI meeting often in private and talking issues." The financial stability committee meets at a time when a systemically-important shadow lender defaulted on its debt payments, raising the risk of contagion and casting a long shadow over consumption and growth in Asia’s third-largest economy. India’s struggling banking sector, which has one of the highest stressed asset ratios among major economies, will also likely be discussed. Acharya’s speech on Friday called for greater powers for the central bank to regulate state-run lenders as it seeks to clean up the country’s banking system. The government hasn’t yet responded officially to the comments. But earlier this year Jaitley said politicians have to unfairly take the blame for any wrongdoing while supervisors get away relatively easy. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Topics Summarise this report in a few sentences.
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finance minister Arun jaitley will chair a meeting of the financial stability and development council. central bank Deputy Governor Viral Acharya warned of the risks of the government encroaching on its freedom. tension prompted former finance minister palaniappan Chidambaram to urge the government and the reserve bank of india to work behind closed doors. the committee meets at a time when a systemically-important shadow lender defaulted on its debt payments.
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The Reserve Bank of India’s (RBI’s) monetary policy committee (MPC) looks set to leave the repo rate unchanged in April, likely with a neutral monetary policy stance. Since the last MPC meeting in February, Consumer Price Index (CPI) inflation has softened by about 80 basis points (bps) to 4.4%. We expect CPI inflation to average a benign 4.6% during 2018-19. The upside risk to inflation trajectory that gathered pace during the early winter months has subsided subsequently, reinforcing our view of a status quo in the repo rate during 2018. Admittedly, CPI inflation will likely rise over the next 3-4 months to average 4.9% during the first half of 2018-19. However, the likely elevated CPI trajectory in the first half of 2018-19 would primarily be a reflection of statistical factors (e.g. the rise in house rent allowance, or HRA, and adverse base effects) rather than rising inflationary pressures. CPI inflation will likely peak at 5.5% in H1 2018-19, a tad lower than the upper end of the RBI’s forecast band of 5.1-5.6% for this period. More importantly, CPI inflation is expected to soften significantly during the second half of 2018-19, averaging 4.2%, reflecting continued effective management of food inflation by the government, likely softer oil prices, easing of the HRA effect and base effects. Our forecast contrasts notably with the upside risks flagged by the RBI to its H2 2018-19 CPI projection of 4.5-4.6%. At the February meeting, for the first time an MPC member voted for a hike as the debate within the MPC shifted to “hold vs hike" (from “hold vs cut" earlier). The tone of the MPC meeting minutes was more hawkish than expected. Nevertheless, the MPC does not seem to be in a rush to hike the repo rate in the coming months. The policy remains data dependent; the likely softening in CPI in H2 2018-19 should prompt the MPC to stay on hold, especially as policymakers seem mindful of not stifling the recovery in growth at its current nascent stage. In this context, the ongoing uptick in gross domestic product (GDP) growth needs careful interpretation. While recovery is visible across a number of sectors, year-on-year growth prints are currently exaggerated owing to a notably low base. Even if headline year-on-year GDP growth stays above its recent trend rate during 2018, this should not be seen as a sign of overheating, given persistent low manufacturing capacity utilization (71-74%), weak private capital expenditure and real GDP growth average of sub-7% in recent years. In sum, the current uptick in GDP prints will likely not pose a risk of triggering monetary tightening during 2018. In terms of the upside risks to our projected CPI inflation trajectory, potential weather uncertainties are well recognized. The Australian Bureau of Meteorology (BoM) recently indicated the start of a “neutral" El Niño-Southern Oscillation (ENSO) phase in March 2018 from La Niña conditions that prevailed since December 2017. The Indian Meteorological Department (IMD) is scheduled to publish its first set of forecasts for the 2018 monsoon season in April. Second, crude oil price trend remains a key risk even though we expect softer oil prices during H2 2018. Third, one remains watchful of signs of populism, if any, in the coming months. Finally, the current account deficit (CAD) continues to widen and will likely reach 2.1% of GDP in 2018-19; the MPC might turn more cautious on the monetary policy front if the current account gap widens further beyond such levels. Nevertheless, despite taking all such risks into consideration, on balance, unchanged policy rates during 2018 remain our baseline forecast. Siddhartha Sanyal is the chief economist - India at Barclays Bank PLC. Views expressed herein are personal. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Summarise this report in a few sentences.
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consumer price index (CPI) inflation has softened by about 80 basis points. upside risk to inflation trajectory has subsided, we expect CPI inflation to average 4.6%. inflation will likely peak at 5.5% in H1 2018-19, a tad lower than forecast band. monetary policy committee (MPC) does not seem in a rush to hike the repo rate.
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TOKYO: Oil prices were steady on Tuesday, holding onto the previous session's gains, amid more signs of fuel demand picking up after the depths of the coronavirus pandemic as major crude producers continue to stick to supply cuts.Brent crude was up 6 cents at $43.14 a barrel at 0046 GMT, after gaining 2.1 per cent on Monday. US oil was up 8 cents at $40.81 a barrel, having risen 1.8 per cent in the previous session."We're starting to see the green shoots of recovery," Exxon Mobil Australia Chairman Nathan Fay said at Credit Suisse's annual Australian energy conference on Tuesday, referring to oil demand's recovery from the collapse triggered by anti-coronavirus lockdowns.The reopening of some US states and countries around the world after lockdowns has helped sustain oil's recent rally as demand for fuel returns. In New York, streets were clogged with traffic as the worst affected city in the United States emerged from more than 100 days of lockdown.On the supply side, meanwhile, US and Canadian oil and gas drillers cut the number of the rigs they are operating to a record low. That leaves them with a steep slope to scale towards recovery in output even with higher prices to spur them on."US onshore production has now given up two full years of (volume) gains," said Stephen Innes, chief global markets strategist, at AxiCorp. "It supports the market supposition that even with a rebound in price, the capital investment that had already been tapering off in Q1 isn't flowing back quickly."US oil rigs contracted for drilling dropped by 10 to 189 last week, their lowest since June 2009, according to weekly data from energy services firm Baker Hughes Co.Gas rigs fell by three to 75, the lowest on record according to data going back to 1987.Also supporting prices are indications that members of the Organization of the Petroleum Exporting Countries (OPEC) and allies in a grouping known as OPEC+ are complying with agreed record production curbs to balance the market is also a support for prices. Summarise this report in a few sentences.
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oil prices hold on to previous session's gains. reopening of some states and countries has helped sustain rally. drilling rigs in the us dropped by 10 to 189 last week. OPEC+ producers complying with agreed record production curbs. rigs contracted for drilling dropped by 10 to 189 last week. rigs contracted for drilling fell by three to 75, lowest on record.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Executive Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit Indian School of Business ISB Chief Digital Officer Visit RBI’s announcement has been very timely and there are few positive things in terms of interest rate cuts, repo cut and cut in the reverse repo rate. But the moratorium that they have announced, there is a bit of clarification required.One is that they allowed a moratorium on loans from 1 March but the objective of the policy and RBI’s intervention is that you want to alleviate the pain caused by disruption due to lockdown. But if you really look at it, the loan which is, say, 60 days past due (DPD) delinquent on 1 March will under the new regulation become NPA. It would not have become NPA otherwise because most of the collections happened in the month of March. So RBI needs to provide one clarification on that.Secondly, RBI has said that three months interest period has to be accumulated together but if you look at the reality of business loans, all typical businesses proposing make a Rs 2 lakh contribution per month. Now a Rs 2 lakh contribution to your fixed cost, which is rent, salaries, will take away something like Rs 2.5 lakh; so Rs 50,000 is what any typical businessmen or a small businessman is left with. If business is disrupted for three to four months, then you have an overhead of Rs 4-5 lakh, which will take at least a year to cover; if at all your business resumes to normalcy. Therefore, the 100 million small businesses which are there would not be in a position to pay the accumulated interest after three weeks. So that also has to be looked at.Even during the 2008 crisis, which was much lesser in terms of impact, there also the restructuring was one year or two years or much longer period. So RBI will have to consider that. Otherwise what will happen on 30th will be a bigger pain for most of the NBFCs and banks. The impact of this is unprecedented for mankind, forget about India or us. So we really need to understand how businesses slowdown, how their contributions and profits evolve and the RBI and government have to work together to make sure that they help them in terms of the financials because of the impact of three months as their costs are fixed.Also, they help them in terms of tax cuts and revival in demand to make sure that we come out of this unscathed not only physically in terms of health but also economically in terms of jobs and incomes and the quality of assets with the banks and NBFCs.This is a much larger problem. It is not only a problem of banks and institutions. In India, 85% of the workforce is in the informal sector. This means they do not have the provident fund and they are either mom and pop shops or employed by people. This entire sector, government has to look at it from a larger public welfare point of view. It is not only a question of their defaults. But if this entire sector will be under stress, something will have to be done. Otherwise we will have a much bigger crisis at hand. So I am sure this government is looking at it.As far as we are concerned, our SME business is just about 15% of our total book. A lot of collections could have happened in the month of March, which obviously could not happen. But we are trying to seek clarification from RBI whether the moratorium is only for 1 March onwards. What happens to loans which are say 60 days overdue on 1 March as that collection also could not happen in the month of March. The objective of the policy is to provide you 90 days before you consider it as a bad quality asset because most of the loans cannot be collected on due date. Most of the loans are like that. Sometimes even the government does not pay on the due date. If this is the way the COVID-19 package of RBI is interpreted then it will become hard not only for us but also for all other NBFCs and banks.Also what has happened is that most of the physical interactions are not happening; so it is very difficult for your associations to take up the matter. But people are taking it up through media channels like yours or by writing directly. So for us, our entire businesses are shut. But we have come out with this COVID-19 emergency personal loan package which is all our existing customers can borrow based on their eligibility. We are just trying to help them overcome this problem because of lockdown as many people might need some money as their salaries might not come. People like you and me do not worry because our salaries get credited at the end of the month but 85% of workforce in this country has to worry and that is where all of us have to think very seriously about it.There is a chance that markets fall but the greater chance would be that the market would recover because like in Mumbai or Maharashtra where the number of cases are largest, today is the tenth day of lockdown; so in case this problem were to surface, it would have surfaced by now. Although many of the international media will say that India does not have an adequate number of testing kits and therefore the number of cases may be a lot more than what is being reported. But I do not agree with that because if that was true then we would have heard stories about hospitals getting overwhelmed. Or there being enough patients but no doctors to cater to them. But none of these things are happening.So the fact of the matter is that India has come out of it mostly. I would not say come out of it because we are in the tenth day of lockdown in Mumbai, which has been the most connected with the outside world and therefore the most impacted also. Kerala also has infected a lot. But the number of cases are a thousand; they are unlikely to go to 100,000 like the US. So India has a much better chance to recover; it may take one month, two months, three months but the world will come out of it.Now after the world comes out of it, India relatively would be far better placed as a destination for investment because there is still a global investment in the emerging markets or outside the US that has to find some destination. So India will be much better placed. Two, India’s macro can recover because oil prices will be low, commodities prices will remain low and India is a net importer of commodities as well as oil.Therefore, the government and the RBI should not miss this opportunity and make sure that domestic businesses are catered to; somebody has to really go deeper and understand the extent of the problem and find a solution which really works. But I have a feeling that the previous lows will probably be tested. It cannot be ruled out because if there is a trigger event, then that can have an impact but it is not very likely. There is a 30-40% chance that after 10April when people say that lockdown is going to get lifted on 14 April, you can see a very strong recovery.There is value across the board but investors will look at sectors where there is relative safety. There are very strong rallies in financials; so strong banks and insurance companies will definitely survive and will grow post crisis. And in fact, RBI governor made a very positive statement. He has assured that for all the private banks, deposit holders are safe. So those words are very important for the market and investors to take note of. So one can look at private sector banks, well-established companies in financial sectors, insurance companies, pharma companies and select IT companies.If there is recovery with a huge investment and public infrastructure, then will see some of the cyclicals like infrastructure companies and cement companies revive. All of them today offer very attractive value. Only thing is, people are waiting to see what kind of stimulus package the government comes up with for businesses. They have done something which is Garib Kalyan which is for the bottom of the pyramid; urgency was required, which is good.RBI has done some quick steps for liquidity, which is very positive and will help the economy very well because the CRR cut itself gives Rs 1,37,000 crore of liquidity, along with that the interest rate cut and the difference between the reverse repo and repo has increased, which will basically make sure that the banks are compelled to lend. All these are big positives. So if you ask me, I will bet my money on the recovery of Indian stock market and maybe in next three months, our market can do much better than the global market. Summarise this report in a few sentences.
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the moratorium on loans from 1 March is a bit of clarification. the loan which is 60 days past due (DPD) delinquent on 1 March will become NPA. a Rs 2 lakh contribution to your fixed cost, which is rent, salaries, will take away something like Rs 2.5 lakh. if your business is disrupted for three to four months, you have an overhead of Rs 4-5 lakh.
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The Reserve Bank of India (RBI) on April 30 said the regulatory benefits announced under the SLF-MF scheme will be extended to all banks, irrespective of whether they avail funding from the Reserve Bank or deploy their own resources under the above-mentioned scheme. On April 27, 2020, the RBI had announced a special liquidity facility for mutual funds (SLF-MF) worth Rs 50,000 crore. This was aimed at easing the liquidity strains on MFs, which intensified in the wake of redemption pressures following the closure of six debt funds by Franklin Templeton India. This has led to fears of potential contagious effects. In a release, RBI laid out the following eligibility criteria to claim the regulatory benefits under SLF-MF scheme: - banks meeting the liquidity requirements of MFs by extending loans, and - banks undertaking an outright purchase of and/or repo against the collateral of investment-grade corporate bonds, commercial paper (CPs), debentures and certificates of deposit (CDs) held by MFs These banks will not be required to avail back-to-back funding from the central bank under the SLF-MF scheme. However, the bank claiming these extended regulatory benefits will be required to submit a weekly statement containing consolidated information on entity-wise and instrument-wise loans and advances extended or investment made to eligible entities to Financial Markets Operations Department (email) and to Department of Supervision (email) on every Monday till the closure of the scheme. The SLF-MF scheme will remain open until May 11, 2020, or up to utilization of the allocated amount, whichever is earlier. The Reserve Bank will review the timeline and amount, depending upon market conditions. Summarise this report in a few sentences.
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RBI announced a special liquidity facility for mutual funds worth Rs 50,000 crore. this was aimed at easing the liquidity strains on MFs. RBI laid out eligibility criteria to claim the regulatory benefits. banks will not be required to avail back-to-back funding from the central bank under the SLF-MF scheme. however, banks claiming these extended regulatory benefits will be required to submit a weekly statement.
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Amid Boardroom Feuds, Spotlight Falls on Women As more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. In a clear break from the past, women are playing key roles in several ongoing boardroom conflicts, or family disputes that may extend into the boardroom, reflecting the rise in the number of women in positions where they can have their say. Tesla Ready to Drive in up to $2B, But With Riders US electric carmaker Tesla is willing to invest up to $2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. Summarise this report in a few sentences.
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women playing key roles in boardroom conflicts, or family disputes. rise in visibility in boardroom conflicts reflecting the number of women in positions. Tesla willing to invest up to $2 billion for setting up a local factory. government approves 15% duty on imported vehicles during first two years of operations. if government approves, Tesla will invest up to $2 billion for setting up local factory.
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live bse live nse live Volume Todays L/H More × Dolat Capital's research report on Balkrishna Industries The management in BIL’s Annual Report for FY20 acknowledges a temporary disruption in demand and supply chain due to COVID-19 but does not foresee any long-term challenges. Demand has been encouraging across geographies, driven by Agri segment on the back of favorable weather conditions in Europe, resolution of trade war in US and robust Rabi crop with a good monsoon forecast in India. After a weak volume in the month of April, there is a sharp recovery was seen in demand for the months of May and June for agriculture tyres due to good crop season and re-opening of economies in key European markets of Germany, France, Italy and Latvia. With solid competitive positioning, multiple strategic initiatives currently underway and sufficient capacity (~65% utilization), BKT is well positioned to capture up-cycle, translating into strong FCF and return ratio potential. Outlook We roll forward our valuation from FY22E to FY23E and recommend Accumulate with a TP of Rs 1,412 (22x FY23E EPS). 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.
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demand has been encouraging across geographies, driven by Agri segment on the back of favorable weather conditions in Europe. a sharp recovery was seen in demand for the months of May and June for agriculture tyres due to good crop season and re-opening of economies in key European markets. with solid competitive positioning, multiple strategic initiatives currently underway and sufficient capacity (65% utilization), BKT is well positioned to capture up-cycle.
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Representative image In a relief to traders, Finance Minister Nirmala Sitharaman on July 5 proposed to restrict Security Transaction Tax or STT to the difference between settlement and strike price in case of exercise of options. This change, however, will not affect the levying of STT on any other transaction on the exchanges. “Essentially what it means is that it will result in lesser tax for equity derivatives option traders. The settlement price is the average closing of the underlying on the day of expiry. The strike price is the level of underlying for which the Call or Put option is bought,” Jayant Manglik, President - Retail Distribution, Religare Broking Ltd told Moneycontrol. “It means that now the difference between strike and settlement will be calculated and STT will be levied on just that, a change from the previous method when STT was calculated on the entire settlement price,” he said. Sale of an option in securities attract STT of 0.05 percent for the seller while sale of an option in securities where the option is exercised by the purchaser is 0.125 percent, and sale of a future contract in securities attract a STT of 0.01 percent. “The STT change is a big relief to options traders as the STT charge will no more be made on the value of the contract but on the difference between the strike price and the market price only,” Rohit Srivastava, Fund Manager - PMS, Sharekhan by BNP Paribas told Moneycontrol. “For options that close in the money, it would not force traders to square up in the last hour of trading as was the case earlier. Most traders would try squaring up to avoid the higher STT that made it expensive to hold onto a position that was in the money ahead of expiry. Now the cost is not restrictive and once can allow it to expire in the money to lock in gains,” he said. Amit Gupta, CEO and Co-founder TradingBells told Moneycontrol that “This is a huge relief to the markets. STT levy has been streamlined. That's a relief since now traders won't have to be worried about compulsorily squaring off in-the-money options before expiry,” he added. Summarise this report in a few sentences.
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Finance minister Nirmala Sitharaman proposes to restrict security transaction tax. tax will be levied on difference between settlement and strike price. sale of option in securities attracts 0.05 percent for the seller. amit gupta, CEO and co-founder tradingbells says it is a "huge relief" to the markets.
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New Delhi: Union Minister for Commerce & Industry and Civil Aviation Suresh Prabhu speaks duing a conference on 'Promoting Scientific interventions for Transforming India through CSR', in New Delhi, on Tuesday, May 28, 2018. (PTI Photo/Kamal Singh)(PTI5_29_2018_000037B) A National Logistics Portal is being developed to ensure ease of trading in the international and domestic markets, as India eyes lowering logistics cost from 14 percent of GDP to less than 10 per cent by 2022, the Commerce Ministry said today. The portal will link all the stakeholders of export-import, domestic trade and all trade activities on a single platform, thereby generating jobs, increasing trade competitiveness and helping the country transform into a logistics hub, Commerce and Industry Minister Suresh Prabhu said. "The National Logistics portal will be implemented in phases and will fulfil the commitment of the Government of India to enhance trade competitiveness, create more jobs, provide a boost to DigitalIndia and pave the way for India to become a global #logistics hub," Prabhu tweeted. In this year's budget speech, Finance Minister Arun Jaitley had announced that the Department of Commerce will create a portal which will be a single window online marketplace for trade. It will connect business, create opportunities and bring together various ministries, departments and the private sector. Stakeholders like traders, manufacturers, logistics service providers, infrastructure providers, financial services, government departments and groups and associations will all be on one platform. "India's logistics sector is highly defragmented and the aim is to reduce the logistics cost from the present 14 percent of GDP to less than 10 per cent by 2022,” the ministry said in a statement. The country's logistics sector is very complex with more than 20 government agencies, 40 partnering government agencies (PGAs), 37 export promotion councils, 500 certifications, 10,000 commodities and $160 billion market size. It also involves 12 million employment base, 200 shipping agencies, 36 logistics services, 50 IT ecosystems and banks and insurance agencies. Further, 81 authorities and 500 certificates are required for EXIM. As per the Economic Survey 2017-18, the Indian logistics sector provides livelihood to more than 22 million people and improving the sector will facilitate 10 per cent decrease in indirect logistics cost leading to the growth of 5 to 8 percent in exports. Summarise this report in a few sentences.
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a national logistics portal is being developed to ensure ease of trading in the international and domestic markets. the portal will link all the stakeholders of export-import, domestic trade and all trade activities on a single platform. the country's logistics sector is highly complex with more than 20 government agencies, 40 partnering government agencies. the aim is to reduce logistics cost from the present 14 percent of GDP to less than 10% by 2022.
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Like all media businesses, the FM radio industry has also been severely hit by the coronavirus pandemic, with almost negligible advertising revenues during the months of April and May. While June has seen a recovery, the ad inventory for most radio stations are still over 25 per cent lower than usual. "The industry was already struggling due to liquidity crisis prior to March 15, and now we are hit by a sledge hammer," says Harshad Jain, CEO, Radio and Entertainment, HT Media (Fever 104 FM). Not only is their only source of revenue (advertising) at an all time low, the industry's high fixed costs in terms of licence fee, tower costs which they pay to the Government continues to remain, despite repeated requests for a year-long moratorium. "Our fixed costs are usually 4 per cent of our revenue, it is now 30 per cent of our revenue, which is one-third of what we are currently generating. The Government has deferred it by a quarter, but we are saying we can't pay," points out Apurva Purohit, President, Jagran (which owns Radio City). In order to live to tell the tale, the entire radio industry has been forced to go on a huge cost-cutting drive - from stopping late night programming, reducing people costs to neutralising marketing budgets. Also read: India trumps global internet subscription figures; 54% have digital access The 58-station strong Big FM is currently operating from 29 studios. "A lot of our stations get fed from our hub stations. So, a station based in Ahmednagar, could service a lot of places in Maharashtra," explains Abraham Thomas, CEO, Big FM. Similarly, HT Media, says Jain, has adopted a part pay-part variable structure. "If a RJ was earlier doing six shows a week, we have asked him/her to do all the six shows in two days, and if the show sells then the RJ gets an incentive. The variable component will be large if the show takes off." Radio listenership has increased by 26 per cent in the last few months, but like most other platforms, the increase in listenership hasn't resulted in revenues. So, radio companies have little option but to position themselves as digital first media platforms. With short form content consumption on the rise, radio companies are using the popularity of their RJs to do podcasts and videos on a war-footing. The narrative no longer is to sell ad inventory on radio, but to sell solutions which include not just a spot on radio, but also podcasts and videos. "The Covid pandemic has badly hit the radio industry (as well as all other media industries). But at the same time, it has fast-forwarded the preference advertisers have for solutions rather than ad inventory. We have used the last three months to do extensive training of all our teams on designing and selling solutions to clients. Over the years, we have grown our digital footprint, which includes social media, YouTube and other videos, as well as our online audio/radio capabilities. We now use our digital strengths as a key element of developing solutions for our clients. I see all advertisers demanding solutions, rather than buying inventory, in the months after Covid," says Prashant Panday, CEO, Radio Mirchi. Also read: India can even do 'digital strike': Ravi Shankar Prasad on China apps ban It's not that digital was not part of their strategy prior to COVID, but the pandemic has sharpened the digital focus. The narrative now is to create digital-first shows that would also be aired on radio. Fever FM launched a property called '100 Hours, 100 Stars - A Non Stop Tribute to Covid Warriors', which had performance and interviews with international as well as Indian music stars. The event was simulcast across various social handles of Fever FM, Radio Nasha, Radio One, and also on the FM channel. "Digital is imperative today, the days of vanilla radio is gone," says Jain, who expects digital to contribute 20-30 per cent to his overall revenue by end of the year. Big FM has recently launched Big Radio Online (BRO), its web radio offering, with the promise to offer radio and digital synergies to its advertisers. "Radio plus digital is the new normal," says Thomas of Big FM, which is now offering to its clients brand advocacy deals which include on-air chats and discussions as well as digital videos and promos. One of the recent campaigns that the FM radio company did was with beauty brand, Vicco, in which it urged the youth to stop using social media filters and instead bring out their real beauty by using Vicco. Big FM RJs from across markets posted their 'no-filter' selfies and also urged their followers to do the same. Will digital emerge as an alternate platform for the radio companies in the days come? No, says Purohit of Jagran. She believes that radio stations will use digital for amplification of all their activities. "There is no advantage that digital gives over FM. You can access FM from your phone or your laptop, there is nothing extra that digital will offer consumers that radio doesn't. For example, digital video gives something extra to a person versus terrestrial TV, where one watches content on appointment. A digital platform offers a consumer the flexibility to watch content whenever he or she wants to do so," Purohit explains. Also read: Coronavirus effect: US firms in India not to pay digital tax, says USISPF Summarise this report in a few sentences.
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FM radio industry hit by coronavirus pandemic with negligible advertising revenues. high fixed costs remain despite repeated requests for a year-long moratorium. radio listenership has increased by 26 per cent in the last few months. ad inventory for most stations is still over 25 per cent lower than usual. ad revenue is at an all time low, with ad revenues at an all time low.
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MUMBAI: Banks in Madhya Pradesh are scrambling to boost lending to street vendors in a bid to bolster numbers ahead of a visit this week by Prime Minister Narendra Modi, according to sources and letters seen by Reuters.A scheme that is part of a coronavirus relief package launched this year offers collateral-free loans of 10,000 rupees ($136.13) to help an estimated 5 million street vendors, but state-run banks mired in bad debt have been hesitant to lend."All bank branches in the state need to immediately accept all applications submitted under the street vendor scheme and disburse loans without delay," the Bank of India told some senior employees in a letter, in light of Modi's visit.Reuters reviewed similar memorandums and emails sent by Central Bank of India and Punjab & Sind Bank to employees in Madhya Pradesh, ordering them to sanction and disburse loans by Tuesday.The prime minister's office, the finance ministry , the Bank of India, the Central Bank of India and the Punjab & Sind Bank did not immediately respond to requests for comment.Several branches of state-run banks were open on Sunday to distribute loans, according to one banker and an email seen by Reuters.Bankers have also been warned of penalties if targets are not met, said two sources who spoke on condition of anonymity."There is so much pressure from the government and senior management to sanction these loans right now that the due diligence process has gone for a toss," said one banker at a state-run bank.Modi is expected to announce an infrastructure spending push in Madhya Pradesh before dates for by-elections to 27 state assembly constituencies are set by the Election Commission.He is also expected to meet beneficiaries of the street vendor loan scheme, said a news website, the Print.On Monday, India surpassed Brazil to become the nation with the largest number of infections, except for the United States, with a tally of 4.28 million.Its economy shrank 23.9% in the quarter from April to June, in a sign that recovery could be longer than expected. Summarise this report in a few sentences.
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banks in madhya Pradesh are scrambling to boost lending to street vendors. banks have been mired in bad debt have been hesitant to lend, sources say. prime minister is expected to announce an infrastructure spending push in the state. india is the nation with the largest number of infections, except for the united states. a coronavirus relief package launched this year offers collateral-free loans of 10,000 rupees ($136.13)
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RBI Governor Shaktikanta Das (PTI) Some of the measures announced by the Reserve Bank of India (RBI) last Friday were on expected lines; the extension of loan moratorium scheme for example. This had to come because the lockdown was extended until May 31. In a locked-down economy, it is impossible for most borrowers to start repaying their EMIs beginning June. Firms have suffered massive cash flow issues on account of a prolonged shutdown. In the initial phase, the RBI had announced the moratorium for March 1–May 31. Since then, in multiple meetings with the RBI top brass, banks and non-banking finance companies had apprised the central bank about the need for continuation of the moratorium scheme. That has been announced now. Besides this, the central bank announced a series of small steps mainly to cushion the impact of COVID-19 on the economy. These were mainly to encourage banks to keep the funding channels open for struggling industries. These include permission to lending institutions to convert the accumulated interest on working capital facilities over the total EMI deferment period of six months into a funded interest term loan, hiking the group exposure limit to 30 percent from 25 percent for enabling corporates to meet their funding requirements from banks, relaxing export credit rules and permission for Sidbi to roll over Rs 15,000 crore refinance beyond the earlier permitted 90 days. All the above schemes are to help stressed corporate borrowers and is welcome at a time there is a huge uncertainty on the economic front. A higher group exposure limit would mean banks can lend more to the same group if it needs money. Earlier, the RBI had put a cap on group exposure fearing concentration risk. The question is whether industries, barring a few, will have the appetite to borrow more with no business activity on the ground. Demand scenario plays a crucial role What came as a surprise was the 40 basis points rate cut that brought down the repo rate to 4 percent. The RBI has clearly front-loaded its rate cuts to give a leg up to the economy. Combined with the 75 bps rate cut in March, in just two months, the RBI has cut repo rates by 115 bps. If one looks at the rate cut beginning this rate cut cycle, the RBI has cut rates by a total of 250 basis points. The banking system has passed the rate cuts partially to the end borrowers on account of low demand for loans. Lower rates are appealing for small borrowers but are not a deciding factor to take more debt on their books. The demand scenario plays a crucial role. Unless there are consumers to buy services and goods, there is no point in investing in capacity expansion. Having said that, the third round of RBI measures are more incremental in nature, these measures are very critical for immediate assistance for stressed borrowers. For example, in the absence of a moratorium extension, liquidity facilities for stressed borrowers, banks would have started witnessing a massive spike in bad loans in the distant future. Already, there are about Rs 9 lakh crore NPAs in the banking system. This would have gone up further by a significant quantum. Even after the lockdown is lifted, it will take a few more months for industries to restore normalcy and get their workforces back in factories. Considering all these factors, the RBI’s regulatory measures make perfect sense. Deterioration in economic conditions expected What is the RBI’s rationale for pressing too many rule changes back to back? The central bank, going by the language of Shaktikanta Das’ statement on Friday, is convinced of a sharp deterioration in economic conditions going ahead. It expects fresh asset quality issues to emerge in a slowing economy wrecked by the pandemic. The RBI has now projected a negative growth for FY21 and is of the view that that the macroeconomic impact of COVID-19 is turning out to be more severe than initially anticipated. “Beyond the destruction of economic and financial activity, livelihood and health are severely affected,” the governor said in his statement. What more could the RBI do in the present economic environment? It will have to keep supporting the system with rule relaxations till normalcy is restored in the economy. These will be mere band-aid solutions since the real issue is with lack of demand on the ground. Even then, given that there is no visibility of economic revival in the remaining part of the year and there are no major policy initiatives from the government so far to boost demand, the RBI will have to possibly come up with more such band-aid solutions to help the banking system avert a sudden spike in NPAs. Additional measures could come in the form of a one-time restructuring facility for all corporate borrowers or further relaxation in NPA recognition norms. Banks may be asked to lend more with less stringent rules. The desperation may push banks to overlook the creditworthiness of some of the weaker borrowers. So far, the RBI’s liquidity shots have not reached the small-sized borrowers. The biggest disadvantage the central bank faces right now is the lack of support from the government in the form of effective fiscal side measures to boost demand. Monetary measures cannot alone lift the economy from the mess it is in now. Much of the economic package announced by the government is also loans and interest subventions. Loans aren’t free money. It needs to be paid back to lenders and in the absence of demand, the RBI will be forced to come up with more band-aid measures. Summarise this report in a few sentences.
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RBI announced measures to cushion impact of COVID-19 on economy. 40 basis points rate cut brought down repo rate to 4 percent. RBI has cut rates by 115 bps in just two months. a spokesman for the RBI said the rate cuts are not a surprise. a spokesman for the RBI said the rate cuts are not a surprise.
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The six-member Monetary Policy Committee (MPC), headed by RBI governor Urjit Patel, began three-day deliberations Wednesday to decide on the key policy rates amid expectations that it would go for a 25 basis points hike to counter the impact of rising oil prices on inflation. If the RBI raises the interest rate on Friday, it would be third in a row. It hiked key policy rate in this fiscal's second bi-monthly policy in June after a hiatus of four-and-a-half years. Subsequently, the RBI raised the repo rate or short term lending rate by another 25 basis points in August policy meet. After two successive hikes, the repo rate currently stands at 6.50 per cent. According to experts, rising crude oil prices, depreciating rupee and widening current account deficit are some of the factors the policy making body would keep in mind while deciding on interest rates. The rupee Wednesday weakened further to 73.25 against the US dollar while brent crude was trading near USD 85 per barrel. "With petrol and diesel prices moving up, there is a strong expectation that inflation will also move up. So, they (RBI) may take a pre-emptive action. I feel there will be an increase of 25 basis points in the repo rate," Union Bank of India managing director and chief executive Rajkiran Rai G said. Despite the rise in oil prices, the headline inflation number came down to 3.69 per cent for August as against 4.17 per cent for July. The government has mandated the Reserve Bank to keep inflation within a band of 2-6 per cent. Given the macro-economic situation, the RBI is expected to raise the rate by 25 basis points in its upcoming policy review, another public sector bank head said. Experts says the weaker trend in the rupee may also prompt the central bank to raise repo rate. "Given where currency level is at this point of time, I think they will increase the interest rate by a quarter basis points," HDFC vice chairman and chief executive Keki Mistry said. Tracking global developments, the rupee has become weak and is hovering around 73 against the dollar. The SBI, in its research report Ecowrap, said the RBI should raise the policy repo rate by at least 25 basis points to arrest the rupee's fall. "We rule out a hike of 50 basis points, as it may spook the market. However, there is a probability of change in neutral stance too, as three successive rate hikes with a neutral stance could contradict RBI message," the research report said. Summarise this report in a few sentences.
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the six-member MPC begins three-day deliberations to decide on key policy rates. experts say rising oil prices, depreciating rupee and widening current account deficit are factors. rupee weakens further to 73.25 against the US dollar. RBI hiked key policy rate in this fiscal's second bi-monthly policy in June.
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Others They disrupt the reading flow They are not relevant to me They are not relevant to me They disrupt the reading flow Others I don't want to see these stories because « Back to recommendation stories « Back to recommendation stories Adani Gas Q4 results: Net profit jumps 60% to Rs 121 crore SBI Card Q4 results: Profit falls 66% YoY to Rs 84 crore; firm creates Rs 489 crore Covid-specific provision Shree Cement Q4 results: Profit surges 83% YoY to Rs 588 crore, beats Street estimates MORE STORIES FOR YOU MORE STORIES FOR YOU ✕ The government is likely to ask the next Finance Commission to consider a higher weight for the human development index (HDI) and sustainable development goals (SDGs) while recommending the distribution of resources among states. US electric carmaker Tesla is willing to invest up to $2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. As more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. In a clear break from the past, women are playing key roles in several ongoing boardroom conflicts, or family disputes that may extend into the boardroom, reflecting the rise in the number of women in positions where they can have their say. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Read Economic Times Epaper. Top Trending Stocks: SBI Share Price Summarise this report in a few sentences.
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as more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. women are playing key roles in several ongoing boardroom conflicts, or family disputes that may extend into the boardroom. download the economic times news app to get daily market updates & live business news. adani gas's net profit rose 60% to Rs 121 crore.
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Bank of Japan (BOJ) board members disagreed on how far long-term interest rates should be allowed to move from the central bank's target when they crafted steps to make its policy framework more sustainable, a summary of opinions from last week's rate review showed. At the July 30-31 policy meeting, the BOJ kept its pledge to guide long-term interest rates around zero percent, but said it would allow yields to move more flexibly. BOJ Governor Haruhiko Kuroda told a post-meeting briefing that the bank would allow long-term yields to move at double the previous range of around minus 0.1 percent to 0.1 percent. However, one board member said the BOJ should allow yields to move upward and downward by around 0.25 percent, referring to recent yield moves in other major economies, according to the summary, which was released on Wednesday. "Controlling long-term yields in a flexible manner is likely to contribute to maintaining and improving market functions. Even if interest rates rise somewhat from the current level, its effects on economic activity and prices are likely to be limited," the board member was quoted as saying. Another board member warned against allowing long-term rates to rise much, saying that doing so when inflation expectations remained weak could push up real borrowing costs and weigh on price growth, the summary showed. There were also discussions on whether the BOJ should ramp up stimulus, instead of taking steps to make the current framework more sustainable, reflecting views within the board that it would take longer than expected to achieve the bank's 2 percent inflation target. "It is necessary to strengthen monetary easing itself" instead of taking steps to prepare for a long-term battle to achieve the BOJ's price target, one member was quoted as saying. A government representative present at the meeting said the government "welcomes" the BOJ's measures, in a sign the moves had endorsement from premier Shinzo Abe's administration, the summary showed. Summarise this report in a few sentences.
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bank of Japan board members disagree on how far rates should be allowed to move. one board member says the bank should allow yields to move upward and downward. another board member warns against allowing long-term rates to rise much. the bank kept its pledge to guide long-term interest rates around zero percent. the bank's policy review was held last week.
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The economic advisory panel of the 15th finance commission on Friday suggested providing a range rather than a number as fiscal deficit targets for both the Centre and states in a report, the commission’s chairman N K Singh said on Friday. Singh said as the pandemic has created a more uncertain world, the commission did not brush aside the suggestion, however, a final decision on providing a range as fiscal deficit targets is yet to be taken. “Looking at the uncertainties, I felt that, there was merit at looking at a range than a number… Having a range will be in congruity with what you have in monetary policy with +/- 2 per cent (inflation target) and that we could, no doubt, while giving fiscal number say that the central number is this, and it will be more realistic,” Singh told reporters here. Singh, however, said that providing a range of fiscal deficit would require amendments in the Fiscal Responsibility and Budget Management (FRBM) Act. “It (providing a range) would mean revisiting the FRBM law which provides for giving a fixed point of fiscal deficit,” Singh said. In the 2020-21 Budget, the government had used the escape clause of 0.5 per cent relaxation provided in the FRBM Act for the last year as well as the current financial year, changing the targets for fiscal deficit to 3.8 per cent and 3.5 per cent of GDP, respectively. However, with the Centre borrowing a record Rs 12 lakh crore from the market this fiscal, and states’ borrowing ceiling increased to 5 per cent of their GDP from 3 per cent, the general government deficit is expected to be higher than what was projected in Budget before the pandemic. Under the monetary policy framework, the RBI has been mandated to contain inflation at 4 per cent, with a band of +/-2 per cent. Singh said the issue of fiscal consolidation road map, particularly general government debt to GDP target, needs to be revisited and it will be daunting challenge to bring it to the level the FRBM committee had projected. Singh said the 15th Finance Commission will submit its four volume final report by October-end. The Commission is scheduled to submit its final report on October 30, covering fiscal years 2021-22 to 2025-26. In a statement, the commission said the meeting with the economic advisory panel discussed a wide gamut of issues around GDP growth, tax buoyancy of the Centre and the states, and fiscal consolidation. The Advisory Council felt that the Finance Commission is faced with an unprecedented situation of uncertainties and will have to take a nuanced approach towards tax devolution to the states, other transfers, financing of expenditures in the midst of revenue strains including through borrowings and the path of fiscal consolidation. The members of the council also felt that the commission will have to think unconventionally, especially in treating the 5 years at hand from 2021-22 to 2025-26. “They advised that the base year 2020-21 and the first year of 2021-22 may need to be viewed differently from the remaining four years when the revenue situation is likely to improve gradually,” the statement said. Different views were expressed on the GDP growth in the current year in terms of the quarterly built-up, and the growth revival that is likely in the subsequent years. The Advisory Council felt that the general government debt relative to GDP is likely to increase steeply in the initial years, however, the purpose should be to endeavour to bring it down in the subsequent years. In the initial years, this ratio will be affected by the increased revenue-expenditure imbalance on the numerator and the downward pressure on GDP on the numerator, the statement added. Summarise this report in a few sentences.
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the 15th finance commission's chairman said there was merit to a range. he said a range would be in congruity with what you have in monetary policy. but he said that a range would require amendments to the FRBM Act. the commission is scheduled to submit its final report on October 30. it will cover fiscal years 2021-22 to 2025-26.
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The rout in emerging markets deepened as investors sifted through the latest remarks from the Trump administration on protectionist measures, with both currencies and stocks on pace for their worst quarter since September 2015. Every developing-nation currency tracked by Bloomberg retreated and a measure of shares extended a three-day drop to 3.6 percent. The Chinese yuan traded offshore slid for a 10th straight day in the longest losing streak since March 2014, while the Hungarian forint sank to a record low as the central bank maintained a dovish monetary stance. Argentina’s Merval led global equity declines after disappointing economic data. The risk premium on sovereign bonds over U.S. Treasuries widened. “Global markets remain on tenterhooks,” according to Shireen Darmalingam, a macro-economic strategist at Standard Bank Group Ltd. in Johannesburg. “Fresh tensions between the U.S. and China continued to damage sentiment and risk appetite for emerging-market assets.” Investors fret over how a trade war between the world’s two biggest economies could curb growth at a time when the Federal Reserve is accelerating its rate hikes and oil edges higher. While President Donald Trump suggested his administration wouldn’t seek a hard line against Chinese investments, his top economic adviser Larry Kudlow said the talk doesn’t amount to the U.S. retreating in its approach on trade. A leaked report from a Chinese government-backed think tank warned of a potential “ financial panic.” “The volatility we’re seeing in the yuan could reverberate across the rest of emerging markets given the size of the Chinese economy as well as the economic and financial linkages across the region,” said Dushyant Padmanabhan, a currency strategist at Nomura Holdings Plc in Singapore. Summarise this report in a few sentences.
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every developing-nation currency tracked by Bloomberg retreated. the yuan traded offshore slid for a 10th straight day in the longest losing streak since march 2014. the yuan is the largest drop in the world's currency since the u.s. enacted a dovish monetary policy in march. the risk premium on sovereign bonds over u.s. Treasuries widened.
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Mumbai: Benchmark equity index Sensex declined for the fifth week in a row as it shed 131 points on Friday even as the Reserve Bank of India (RBI) cut policy rates to the lowest ever, as focus shifted towards economic growth impact due to the 21-day nationwide shutdown to prevent the spread of novel coronavirus.Earlier in the day, RBI finally bit the bullet and responded to the coronavirus-induced crisis with a whopping 75 basis points cut in the repo rate, bringing it down to 4.4 per centThe central bank also cut the cash reserve ratio or CRR by 100 basis points to 3 per cent with effect from March 28, unlocking Rs 1.37 lakh crore primary liquidity in the banking system. The reverse repo rate, too, was lowered by 90 basis points.However, the focus shifted to the impact on the GDP growth, as India is in a lockdown mode. A Reuters poll suggested that India, whose GDP has weakened to at least an eight-year low in the ongoing quarter, could slow even more sharply in the next six months due to the global coronavirus pandemic.Moody’s Investors Service has more than halved India’s 2020 growth forecast to 2.5 per cent within just three weeks of its previous downgrade to 5.3 per cent.The 30-share Sensex closed 0.44 per cent or 131.18 points lower at 29,815.59, while the 50-share Nifty shed 0.22 per cent or 18.80 points to close at 8,660.25.Sensex earlier in the day had risen as much as 3.93% or 1,179 points to 31,126.03, while Nifty had climbed as much as 4.6 per cent or 397.45 points to 9,038.90.Total of 724 cases have been detected in India so far, with 17 deaths and the country is in the local transmission stage of the outbreak. Prime Minister Narendra Modi announced a 21-day lockdown on Tuesday to curb the spread of the deadly virus.The US on Friday surpassed China in the number of confirmed Covid-19 cases. With 85,612 positive tests, now it has more infected patients than any other country in the world.Market breadth was neutral, as gainers and losers were nearly equal in number on the BSE.Broader market performed better with BSE Midcap closing flat, while BSE SmallCap inched up 0.32 per cent.BSE Telecom and BSE Auto indices were the biggest sectoral losers, and they shed 5.18 per cent and 2.35 per cent respectively.Telecom players Bharti Airtel and OnMobile shed 5.89 per cent and 4.69 per cent respectively. Among auto index components, Hero MotoCorp and Cummins were the biggest losers, as they shed 8.04 per cent and 6.60 per cent respectively.A total of 17 of 30 Sensex stocks closed lower, with Bharti Airtel contributing the most to the index’s losses.Among other laggards, consumer finance company Bajaj Finance slumped 8.87 per cent, while private lender IndusInd Bank slid 5.94 per cent.On the other hand, private lender Axis Bank was the top gainer as it advanced 4.98 per cent. Cigarettes-to-hotels firm ITC gained 3.63 per cent.“Market had gained on expectations that the RBI and government will act. RBI did meet expectations, and it could not have done more than this. It corrected after the expectations were met. People were also expecting interest waiver. The next trigger could be industry stimulus. Focus shifts to the impact on the economic growth from coronavirus, and the progress of the pandemic in our country. Next 4-5 days are crucial. We seem to be on a good wicket, compared to other countries though.”"Indices ended almost flat following the RBI measures to lessen the burden on borrowers and to increase liquidity in the system. The markets were up in the last 2 sessions on the expectations of these announcements from the government and the RBI. Now since the two expected events are out of the way, focus comes back on the spread of the virus and its damage on the already reeling economy."European stocks fell on Friday, halting their biggest ever three-day rally in a sign that investors were now focusing once more on the spread of the coronavirus pandemic despite hopes for further stimulus measures to combat its economic impact, Reuters reported.The pan-European STOXX 600 index was down almost 2 per cent in early deals.Meanwhile, Asian stocks rose as investors wagered policymakers will roll out more stimulus measures to combat the coronavirus pandemic after U.S. unemployment filings surged to a record, a Reuters report said. MSCI ’s broadest index of Asia-Pacific shares outside Japan rose 0.8 per cent. Summarise this report in a few sentences.
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Sensex closed 0.44 per cent lower at 29,815.59, while the 50-share Nifty shed 0.22 per cent or 18.80 points to 8,660.25. the 30-share Sensex closed 0.44 per cent or 131.18 points lower at 29,815.59. the Sensex earlier in the day had risen as much as 3.93% or 1,179 points to 31,126.03, while the 50-share Nifty had climbed as much as 4.6 per cent or 397.45 points
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Q4 Earnings: DLF | PNB Gilts I NIIT I SRF Australia April Balance of Trade (07.00 am) UK New Car Sales (01.30 pm) UK May Construction PMI (02.00 pm) Euro Area April Retail Sales (02.30 pm) ECB Interest Rate Decision (05.15 pm) US April Balance of Trade (06.00 pm) US May Initial Jobless Claims (06.00 pm) After six days of continuous rally, domestic indices are showing signs of fatigue on technical charts and analysts believe some consolidation is on the cards. Positive global cues, however, may help limit any downside, they said.Here’s breaking down the pre-market actions.Nifty futures on the Singapore Exchange traded 18.50 points, or 0.18 per cent lower at 10,149.50 in signs that Dalal Street was headed for a muted start on Thursday.Signs of fatigue were all over, as the index came off from the day's high of 10,176 level and ended up forming a small bearish candle on the daily chart -- the first time in six sessions. The index is trading above all of short-term moving averages and is nearing the overbought zone as suggested by the 14-day RSI of 67. Analysts said a profit-booking move looks due.Stronger appetite for riskier assets lifted Asian equities on Thursday. Hong Kong's Hang Seng index rose 1.31 per cent, or 318.22 points, to 24,643.84. China's benchmark Shanghai Composite index added 0.29 per cent, or 8.53 points, to 2,931.90. Japan's Nikkei 225 index was up 1.29 per cent, or 290.66 points, at 22,904.42 in early trade. US stocks finished noticeably higher on Wednesday as investors pored through a slew of economic data. The Dow Jones Industrial Average index jumped 527.24 points, or 2.05 per cent, to 26,269.89. The S&P 500 rose 42.05 points, or 1.36 per cent, to 3,122.87. The Nasdaq Composite index added 74.54 points, or 0.78 per cent, to 9,682.91.DLF, NIIT and SRF: DLF, NIIT, PI industries, IL&FS Transport, SRF, Safari Industries, PNB Gilts, Igarashi Motors and TD Power are among a few companies which will announce their march quarter earnings today.Oil prices fell on Thursday, reversing gains in the previous session, on concerns that supply will rise if major producers are unable to agree to extend the depth of output cuts that have supported recent gains. Brent crude futures fell 1 per cent, or 41 cents, to $39.38 a barrel. US WTI crude futures fell 1.6 per cent, or 61 cents, to $36.68 a barrel.Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 1,851 crore on Wednesday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 782 crore, data suggests.The rupee surrendered its intra-day gains to close 11 paise lower at 75.47 against the US currency on Wednesday due to dollar buying by banks and oil importers.India 10-year bond yield fell 3.05 per cent to 5.81 after trading in 5.80-6.02 range.The overnight call money rate weighted average stood at 3.53 per cent, according to RBI data. It moved in a range of 1.50-4.15 per cent.Opec leader Saudi Arabia and non-Opec Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, Opec+ sources told Reuters. Opec+ agreed to cut output by a record 9.7 million barrels per day, or about 10 per cent of global output, in May and June to lift prices battered by plunging demand linked to lockdown measures aimed at stopping the spread of the coronavirus.The Union Cabinet on Wednesday recommended promulgation of an ordinance to amend the Insolvency and Bankruptcy Code and provide relief for loan defaults after March 25, initially for six months. Default in repayment of loans by companies — other than financial services ones — up to September-end, which can be extended by another six months, will not be counted as default under the IBC.There’s a V-shaped demand recovery in major consumer goods segments but that V may not last long. Across phones, consumer durables, apparels, shoes — in both online and offline stores — demand is close or equal to pre-lockdown levels. In certain products, the buying-spree is remarkable. iPhone SE clocked the highest sales for an iPhone model on Flipkart. Chinese brand Realme launched TV on Tuesday and sold 15,000 units online in 10 minutes. But industry executives are not sure the buying surge will last long as pent-up demand may get exhausted.The lockdown appears to have opened the floodgates for corporate bond issues in India. The first two months of FY21 have been the best in decades, with companies raising Rs 1.63 lakh crore — more than double the same period last year and nearly four times of April-May in FY19 — as rates plunged to a record low and banks went slow with loans. HDFC, L&T Group, PFC, the Tata Group and Reliance Industries led the giants that sold bonds worth Rs 1.63 lakh crore in April and May.Sebi is actively considering a relaxation in pricing rules to make it easier for all companies to raise capital by making preferential equity sale to financial and strategic investors in the wake of the Covid-19 disruption. The proposal is to make the preferential allotment regulation more realistic not just for stressed companies, but for any listed entity struggling in the present environment.The board of Tata Sons is scheduled to meet on June 5 to chart the next move for the $111-billion salt-to-software group whose businesses have been significantly impacted due to the pandemic. Among other things, the group will relook at its strategies covering a fund-raise, budget allocation to portfolio companies, debt leverage as well as revenue generation. It will also consider the compensation of its executive leadership, including chairman N Chandrasekaran, for fiscal 2021Fund houses Edelweiss, Kotak and IDFC have warned investors of either near-term losses or poor returns in arbitrage schemes, with spreads turning negative and causing money-making opportunities to shrink. These schemes make money when stock futures trade above the cash market price. These funds buy shares and sell stock futures at the same time to benefit from price conversion. These funds manage assets worth about Rs 55,000 crore.The Indian government has slammed Moody’s decision to downgrade India’s rating, saying ratings agencies are following double standards and need to change their methodology to remain relevant. Over 30 countries had been downgraded since the onset of the crisis and that is because governments have unveiled stimulus packages, a govt official said, adding that they were making selective downgrades, comparing India with Japan, which has a debt-to-GDP ratio of 250, for whom the denominator is not growing as fast as India's.In a relief to investors of Franklin Templeton Mutual Fund, the Gujarat High Court on Wednesday stayed the fund house’s plan to conduct e-voting and hold a unit holders' meeting on winding up six debt funds. Justice Gita Gopi issued a notice to Sebi and Franklin Templeton’s three companies in response to a petition filed by senior citizens.India’s drug pricing regulator on Tuesday capped the prices of 40 formulations, including statins and some other popular cardiovascular and diabetes drugs. The revised prices will have an impact on the manufacturers of these formulations, including Sun Pharma and Zydus Healthcare.Business activity across India's service sector continued to contract in May as coronavirus led shutdowns impaired business operations, restricted consumer footfall and led to a demand collapse along with job cuts. The IHS Markit India Services Business Activity Index was 12.6 in May, up from April's record low of 5.4. A reading above 50 on the index indicates expansion while lower than that shows contraction. The data was collected from May 12-27 around 400 service sector companies.Credit card spending tumbled 51 per cent in April amid the coronavirus lockdown, though categories like streaming platforms and online classes saw growth, a survey said. Credit card spending dropped initially by 10 per cent when the lockdown was announced in March and declined further by 51 per cent when it was in full swing April-onwards, according to the survey by digital platform CRED. The survey revealed that the drop in spending was due to offline retail and online marketplaces suspending operations during the lockdown. Summarise this report in a few sentences.
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domestic indices are showing signs of fatigue on technical charts. analysts believe some consolidation is on the cards. the u.s. economy is expected to improve in the coming months. the u.s. economy is expected to improve in the coming months. the u.s. economy is expected to improve in the coming months. a softer dollar is expected to help boost the economy.
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SINGAPORE: Malaysian palm oil futures fell for a fourth consecutive session on Monday, as cheaper rival oils and a stronger ringgit made the edible oil less attractive to foreign buyers.The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange slid further by 1.8% to 2,325 ringgit ($542.72) a tonne by midday."It's tracking a weak external market," a Kuala Lumpur-based trader told Reuters, adding that fears of a second wave of the COVID-19 pandemic has curbed demand across all edible oil markets.Dalian's most-active soyoil contract fell 2.5% and its palm oil contract fell 3.5%. Soyoil prices on the Chicago Board of Trade last dropped 0.5%.Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.Also weighing on the market, the ringgit firmed 0.1%, making Malaysian palm oil less attractive for holders of foreign currencies.Palm oil may test a support at 2,339 ringgit per tonne, a break below which could cause a fall to 2,283 ringgit, Reuters analyst Wang Tao said.Indonesia's state oil company PT Pertamina announced on Monday that it will start producing 3,000 barrels per day of "green" diesel made from 100% palm oil starting in June next year.But the production was too small and timeline too far ahead to affect prices, the Kuala Lumpur-based trader said. Summarise this report in a few sentences.
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palm oil futures on the bursa Malaysia Derivatives Exchange fall by 1.8%. ringgit firm 0.1%, making Malaysian palm oil less attractive to foreign buyers. a second wave of the COVID-19 pandemic has curbed demand across all edible oil markets. a state oil company indonesia announced it will start producing 3,000 barrels per day of "green" diesel.
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Paytm Payments Bank has received permission from the Reserve Bank of India (RBI) to restart banking operations from December 31. This comes as a major relief for the bank, which was barred by the apex bank from opening bank accounts in June after it failed to stick to the RBI norms. It was reported at that time that Paytm Payments Bank had failed to maintain Rs 100 crore net worth limit. The RBI's action was also attributed to the bank's "close proximity" with One97 Communications, run by founder Vijay Shekhar Sharma. Now after the green signal from the RBI, Paytm Payments Bank has again initiated the Know Your Customer process for its e-wallet and bank account customers. Also read: Paytm partners with Visa, allows users to pay credit card bill via app The latest development is significant for the bank considering Paytm's ambitious plan to expand the customer base from the current 42 million accounts to 100 million in 2019. The latest announcement also marks good news for Satish Gupta who took charge as the bank CEO a few months back. Paytm Payments Bank had earlier removed Rennu Satti from the chief executive's position after conducting an audit post the RBI order. Satti now heads the company's new retail business. Gupta, a veteran banker and former NCPI senior executive, believes connecting people with smaller banking institutions like payments bank will ultimately lead to the "real financial inclusion". Also read: After mutual funds, Paytm Money to offer share trading on its platform In a written statement to the Economic Times, he said: "Paytm Payments Bank is on a mission to facilitate the last-mile delivery of banking services to every Indian. It also envisions catalysing the digital adoption and acquainting more people with the touch-of-a-button experience. I believe it is going to help in the formalisation of our economy and bring about the much-needed real financial inclusion." The financial year 2018 was not a good year for Paytm Payments Bank in terms of overall profit. While the bank's total income accounted for Rs 654 crore, its revenue grew to Rs 720 crore. The company posted a net loss of Rs 20 crore in the FY18. Paytm Payments Bank was started in May 2017. Its CEO-designate and former RBI executive Shinjini Kumar had stepped down before the launch of the bank. Also read: Paytm records over 179 million UPI transactions in October, gains 600% rise in six months Edited by Manoj Sharma Summarise this report in a few sentences.
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paytm Payments Bank has received permission from the Reserve Bank of India (RBI) to restart banking operations from December 31. the bank was barred from opening bank accounts in June after failing to stick to the RBI norms. the bank has again initiated the Know Your Customer process for its e-wallet and bank account customers. the bank's chief executive has now taken charge of the company's new retail business.
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Mumbai and Delhi are the most expensive office fit-out locations in India, but all the seven Indian cities feature in the bottom 10 out of the 30, with average fit-out costs being sub $70 per square feet in the Asia Pacific region, says Asia Pacific Office Fit-out Cost Guide 2020-2021 by Cushman & Wakefield. Fit out refers to developing an office space based on the needs of its occupants. Cities in Japan and Australia continue to dominate the top 10 list of most expensive office fit-out locations in Asia Pacific region with average costs being upwards of $150 per sq ft, the report stated. Mumbai commanded the higher office fit-out costs at $69 per sq ft, followed by Delhi at $65, Hyderabad at $63, Bengaluru at $62, Pune at $61, Kolkata at $61 and Chennai at $60 per sq ft. Asia Pacific is forecast to emerge from the downturn earlier than other regions across the globe and is well-positioned to return to strong economic growth by the end of 2020. While the region’s long-term fundamentals remain intact, the short but sharp recession will continue to echo and shape corporate decision-making into the future. “As a result of the global pandemic, the increases in fit-out costs seen in recent years has reversed in most markets across the region. This trend is likely to persist as corporate occupiers continue to assess their capital expenditure budgets and corporate footprint requirements,” said Tom Gibson, Head of Project & Development Services, Asia Pacific. “We are also seeing greater integration of workplace strategy expertise into the early stages of the design and fit-out process. With working lifestyles and preferences evolving following the pandemic, companies are increasingly focused on aligning their space requirements with efficient workplace strategies and HR policies to better meet their corporate business and financial goals,” he said. From an office design perspective, the workplace will evolve from a regular office to a place for networking and with a social feel. “We expect that while social distancing and a flexible work policy will reduce the number of seats in an office, there would also be a bigger focus on agile seating formats. However, conventional office formats in India are unlikely to change much expect bring in better HSSE features and create socially distant seating arrangements,” said Shashi Bushan, Managing Director, Project & Development Services, Occupiers - India, Cushman & Wakefield. Summarise this report in a few sentences.
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Mumbai and Delhi are the most expensive office fit-out locations in India. all seven Indian cities feature in the bottom 10 out of the 30. average fit-out costs are under $70 per sq ft in the Asia Pacific region. Asia Pacific is forecast to emerge from the downturn earlier than other regions. the region is well-positioned to return to strong economic growth by the end of 2020.
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Trading in the stock market will continue to be guided by the ongoing quarterly earnings season, with some blue-chips like Wipro and Bharti Airtel scheduled to announce their results this week, say experts. Key factors such as movement of the rupee and crude oil prices would also be keenly watched for further cues, they added. HCL Tech, Bajaj Auto, Kotak Mahindra Bank and BHEL are among the other companies slated to announce their quarterly numbers this week. "The ongoing turmoil led by financial crunch in the domestic economy, global risk-off and worries over upcoming elections are likely to maintain it's burden in the equity market. "At the same time, it is possible that a good portion of the above mentioned risk factors have been digested by the market and the upcoming impacts will depend on developments like stability in global bond yield and trade war," said Vinod Nair, Head of Research, Geojit Financial Services. Over the past week, the BSE key index Sensex fell by 418 points to close at 34,315.63 points Friday. NBFC counters would also be watched amid liquidity concerns that has hit investor sentiment. Trading in the equity market may see volatility amid derivatives expiry later this week. Summarise this report in a few sentences.
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analysts say the stock market will continue to be guided by the ongoing earnings season. key factors such as movement of the rupee and crude oil prices would also be keenly watched. upcoming impacts will depend on developments like stability in global bond yield and trade war. over the past week, the BSE key index Sensex fell by 418 points to close at 34,315.63 points.
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Mumbai: Advanced Enzyme Technologies Ltd has raised Rs108 crore as structured debt from Avendus Finance Pvt Ltd, the non-banking finance company (NBFC) business of KKR-backed Avendus Capital, the company said on Monday. Advanced Enzyme provides enzyme-based solutions for a variety of industries, including pharmaceuticals, nutraceuticals, animal nutrition and food processing. Its clientele includes Indian pharmaceutical companies in the nutraceutical and nutrition segment across the globe. The company has manufacturing facilities and R&D centres across India, US and Germany with significant part of its revenues coming from the overseas markets, the company said. “It is a pleasure to have partnered with people who understand and appreciate the inherent value of the business and believe in our vision. Avendus Finance has delivered a seamless solution for us and that too in a very time-bound manner. We have definitely laid the foundation of a very promising relationship with Avendus," said C. L. Rathi, managing director of Advanced Enzyme. Avendus Finance provides customized financing solutions for mid-market businesses such as growth financing, sponsor financing, recapitalization, asset financing, bridge funding, acquisition financing, pre-IPO financing and project funding. “The Rathi family has built a world class business in Advanced enzyme which is entrenched in a research-driven ideology and has thus helped the group establish itself as one of major players in the global enzyme industry," said Sandeep Thapliyal, managing director and chief executive at Avendus Finance. “The experienced management, superior operating performance of the company with high profitability and well thought out global expansion strategy are few of the reasons that excite us about the prospects of the company. This transaction exemplifies our philosophy of providing customized solutions to high quality sponsors with sound underlying businesses," Thapliyal added. Since its launch, Avendus Finance has been actively lending structured debt to companies. This year in February, Avendus Finance announced a structured debt deal of Rs55 crore with Rao Edusolutions Pvt. Ltd, that operates a pan-India network of competitive exam coaching centres. Businesses that have raised credit from Avendus Finance include Hyderabad-based hospital chain Krishna Institute of Medical Sciences Ltd, auto component maker Mahindra Sona Ltd, and OmniActive Health Technologies Ltd, a nutraceutical ingredients manufacturer. On 8 April, Mint reported that Avendus Finance is also planning to enter small and medium enterprises (SME) financing by lending to vendors, dealers and distributors of mid-market businesses. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Summarise this report in a few sentences.
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Avendus Finance has raised Rs108 crore as structured debt from the company. the deal is structured debt from KKR-backed Avendus Capital. advanced enzyme provides enzyme-based solutions for pharmaceuticals, nutraceuticals, animal nutrition and food processing. the company has manufacturing facilities and R&D centres across India, US and Germany. the deal is the latest in a string of structured debt deals between the two companies.
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The jury is still out on the size of the post-Covid stimulus but, as compared to a 12.7% growth projected for FY21, government expenditure was flat in Apr-Sept. Though it needs to be larger, given the collapse in private consumption and investment, the government fears a huge jump in the deficit will cause a ratings downgrade. As this column has argued earlier (bit.ly/398LiBU), if the productive capacity of the economy gets damaged due to inadequate spending, both the fiscal deficit and government debt will become unmanageable around the time of the next elections. So, while finance minister Nirmala Sitharaman needs to indicate the glide path to fiscal consolidation in the next budget—from this year’s likely 7.5-8% level—it is vital not to compress expenditure too much as this will prolong the damage to the economy. CMIE puts the labour participation rate at 39.5% right now versus 42.7% in FY20, suggesting employment-intensive parts of the economy—like MSMEs—are in big trouble; CMIE also finds unemployment rates rising, which jells with the fact that 11.5 million more rural households were looking for MGNREGA jobs in October as compared to a year ago. Though CMIE’s numbers are not comparable to the NSS Periodic Labour Force Survey report, the latter showed unemployment jumping from the historic 2-2.5% level to 6.1% in FY18, suggesting a massive shutting down of enterprises due to demonetisation. As it turned out, GDP growth in FY18 was 7% versus 8.3% in FY17; indeed, GDP growth continued to fall after DeMo, to 4.2% in FY20, suggesting the impact of sharp economic contractions can be quite long-lasting if not adequately addressed in time. This does raise the question of finding resources to boost expenditure today, but the real issue is of the government’s will to do something (bit.ly/2HAvuNa), not the shortage of money. Extra foodgrain stocks with FCI, for instance, are worth around Rs 1.5 lakh crore and government equity in PSUs, including LIC, is worth around Rs 20 lakh crore; though the policy has yet to see the light of day, this is presumably why the FM spoke of the new strategic-sector PSU policy where only certain PSUs would be retained. A sustained privatisation policy will not just raise resources, it will unleash a wave of investor interest. Government wealth in the form of land and other rights is almost infinite: that is why the new Delhi airport could be financed by just giving the GMR Group 250 acres of land with commercial building rights. And, with the private sector hardly borrowing, this year’s surge in government borrowing did not cause a spike in borrowing rates, suggesting the scope for increased government borrowing to fund greater expenditure remains high. While looking at how to revive growth, the FM needs to go back to the national income identity Y=C+I+G+X-M, where Y is national income, C is consumption, I is investment, G is government expenditure, X is exports and M is imports. Private consumption (C) expenditure contracted 26.7% in the first quarter of the year, but it was slowing even before that; it grew just 2.7% in the last quarter of FY20 and, as job prospects look bleak—and they will look worse if the economy suffers permanent damage—the chances of an early recovery look slim, especially since the consumption boom was funded by high levels of borrowings. Investment has been falling steadily, from 35.6% of GDP in Q2FY12 to 31.9% in Q1FY15 just before Narendra Modi became PM and to 22.3% in Q1FY21. One of the reasons for this is undoubtedly the anti-investor policies, the latest example of which is the government’s refusal to accept the global arbitration award in the Vodafone retro-tax case; indeed, while the government hasn’t yet formally contested this in court, the Supreme Court has just stayed the award given against its Isro in the Antrix-Devas case. The hounding of Monsanto, the refusal to fix telecom policy even after the government-created AGR disaster, not allowing oil and gas firms to charge market prices even though their contracts specify this … the list of unfriendly policies, including unpaid government dues of lakhs of crore rupees, is long. While there have been some reforms in the recent past, these are far from enough; the UTI-T Rowe Price issue has finally been sorted out, privately-run passenger trains are to be allowed, commercial coal blocks have finally been auctioned, agriculture markets have been freed, and labour laws have been rationalised, among others. The government, in this context, will also point to the Rs 2 lakh-crore Production Linked Incentives (PLI) scheme it has just announced to stimulate investment; this includes the `40,000-crore one for mobile phone manufacturing that was announced earlier. Getting the PLI-scheme on track, though, won’t be that easy considering that, in the case of mobile phones, the likely producer companies—Samsung and Apple—were first identified, the cost disadvantage of production in India, Vietnam and China were compared in detail, after which there were several rounds of negotiation to finalise the PLI number. It is not clear if the same sequence has been followed in the case of the 10 sectors for which PLIs were announced earlier this month; though ostensibly a domestic subsidy scheme, the plan is to design it in such a way that it promotes exports. Whether the PLI works or not, PM Modi needs to know that the role of exports is critical. When C, I and G in the national income identity are constrained, increasing X is the only way out. In the economic boom years of 2003-08, JP Morgan chief India economist Sajjid Chinoy points out, India’s real exports growth averaged 17.8% annually while (public and private) consumption grew just 7.2%, and it is the former that caused the investment boom; a similar point has also been made by former chief economic advisor Arvind Subramanian. Boosting exports, however, is difficult if the overall plan is to raise import duties—as is happening now—as part of the atmanirbhar plan; indeed, India needs to be part of various FTAs/RTAs to boost exports and not walk away from pacts like RCEP. If India has to return to a reasonable growth path, its first post-pandemic budget has to clearly spell out the steps on the path-to-recovery, and that includes a sustained effort to not just address investor concerns but to unleash fresh reforms. Modi and key aides have talked of using the Covid crisis to trigger reforms; they need to now deliver on this. Summarise this report in a few sentences.
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government expenditure was flat in Apr-Sept, compared to 12.7% growth projected for FY21. government fears a huge jump in the deficit will cause a ratings downgrade. if the productive capacity of the economy gets damaged due to inadequate spending, both the fiscal deficit and government debt will become unmanageable around the time of the next elections. CMIE puts the labour participation rate at 39.5% right now versus 42.7% in FY20, suggesting employment-intensive parts of the economy—like MSMEs—
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Representative image India needs Rs 65,000 crore to help poor people during the coronavirus-enforced lockdown and considering its total GDP, it can afford to do that, said former Reserve Bank of India governor Raghuram Rajan in conversation with Congress leader Rahul Gandhi on April 30. Rajan said that incidents like coronavirus pandemic rarely has any positive outcome for countries. But there are ways the countries can take its advantage. For India, it gives the opportunity to have its voice heard in the global economy. He further talked about managing the reopening of the country after the lockdown and insisted that India needs to test more people for COVID-19. "I don't think we have to aim for 100 percent success that is zero cases when we open up. That's unachievable. What we have to do is - manage the reopening so that when there are cases, we isolate them," Rajan said. India needs to be cleverer in lifting the lockdown and open up its economy in a "measured way" soon as it does not have the capacity to support people across the spectrum for too long, he 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 Rajan also asserted that India cannot afford to be a divided house especially in times when "challenges are so big". The video conference with Raghuram Rajan is part of former Congress President Rahul Gandhi first of a series of dialogues with experts on economy and health. Gandhi will also be later having dialogues with health experts on how to deal with the pandemic, besides talking to experts in different fields on the effect of the novel coronavirus, according to Congress chief spokesperson Randeep Surjewala. (This is a developing story. Please check back for updates.) Summarise this report in a few sentences.
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india needs Rs 65,000 crore to help poor during coronavirus-enforced lockdown. 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.
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Ace investor Rakesh Jhunjhunwala’s favourite stock Titan Company Ltd, yesterday announced its March quarter earnings, beating street estimates as despite a fall in revenue the EBITDA margins were seen to be healthy. Investors were seen rushing to buy the stock as the prices jumped 4% on Monday, however profit booking saw the share price fall 3% Tuesday morning. However, the 17% jump Titan Company shares have seen so far this fiscal year has already helped Rakesh Jhunjhunwala pocket profits of close to Rs 800 crore. The stock was trading down by 3% at Rs 1,000 per share after the initial hour of trade. Often referred to as the big bull of the Indian stock markets, Rakesh Jhunjhunwala has been bullish on Titan shares since the Benchmark S&P BSE Sensex was seen hovering around 4,500 points. He along with his wife Rekha Jhunjhunwala holds 4,90,50,970 shares in the company as per shareholding records available on the S&P BSE Sensex. The total worth of shares held by Rekha and Rakesh Jhunjhunwala stood at Rs 4,228 crore as on April 1, when Titan shares were trading at Rs 862 apiece, down 25% year-to-date. The investment value of the couple has now grown on to sit at Rs 5,027 crore, at the end of trading on June 8. Translating to a gain of Rs 799 crore. Although the big bull might have already made Rs 799 crore from Titan Company shares this fiscal he is still trying to recoup the losses that he has made from the stock so far this year. The shares of Titan, a Tata Group company, saw a 40% decline in value between the middle of February and the end of March when share markets nose-dived fearing the spread of coronavirus. Rekha and Rakesh Jhunjhunwala brought their shareholding down in the stock to 5.53% selling 1 crore shares in the January-March quarter. The company recorded lesser other expenses as a percentage of sales, while ad spends were also lower 80 basis points on year or 2.1%, according to brokerage and research firm Motilal Oswal. These were offset by higher staff costs as a percentage of sales 20bp on-year to 6%. Thus, EBITDA margins were up 380bp YoY to 13% in the March quarter. “As per management, a lot of its costs were compressed in anticipation of the disruption. Titan seems to have been the only company in the space to have achieved that in March itself – all other consumer peers opined that costs of that month could not be pulled back since a lot of them were already pre-committed, and the exercise of rationalising costs came into play only from April’20 onwards,” JM Financials noted. The brokerage firm has a HOLD rating on the stock. Summarise this report in a few sentences.
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shares of titan company have seen 17% jump in revenue this fiscal year. the shares were trading down by 3% at Rs 1,000 per share after initial hour of trade. the shares of the company saw a 40% decline in value between the middle of February and the end of march. the shares of titan saw a 40% decline in value between the middle of February and the end of march.
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President Donald Trump’s trade team sought to insulate talks with China from a growing dispute over the US pursuit of a Huawei executive on Sunday, but struggled to address financial markets’ fears that a fragile truce with Beijing was at risk. The rush of televised interviews with Trump aides ahead of the opening of markets in Asia came amid signs that the dispute over the Dec. 1 arrest in Canada of Huawei Technologies Co. Chief Financial Officer Meng Wanzhou was continuing to escalate. They also illustrated the awkward balancing act the Trump administration faces as it tries to maintain pressure on Beijing over what many in the U.S. business community see as legitimate concerns over China’s technology policies. The administration has to satisfy both its hawkish instincts and the exigencies of domestic politics, as well as address the growing fears in markets evident last week about the consequences of an all-out trade war between the world’s two largest economies. Jitters Over Arrest The news of Meng’s arrest in Canada contributed to increasing alarm in financial markets about the lack of specifics in a trade truce announced after Trump and Chinese leader Xi Jinping dined together in Buenos Aires at the Group of 20 meeting. Under the terms disclosed, Trump agreed to pause increasing tariffs on Chinese imports for 90 days while negotiations got under way. But Meng’s arrest in Vancouver on the same day the leaders were meeting has prompted alarm in Beijing, where U.S. Ambassador Terry Branstad was summoned on Sunday to explain the U.S. request for the executive’s extradition. The White House has insisted that Trump didn’t know beforehand about the arrest, which was first reported on Dec. 5. A US Embassy spokesperson in Beijing confirmed that Branstad was called into the foreign ministry on Sunday night, but declined to provide further details. Meanwhile at home, the Trump administration is facing growing bipartisan calls from Congress to prosecute a broader case against Huawei that would ban U.S. companies from doing business with China’s largest telecommunications equipment company. Security Concerns Republican Senator Marco Rubio on Sunday said he’d introduce legislation that would bar Huawei from doing business in the U.S.. At a minimum, Rubio told CBS’s “Face the Nation," the U.S. Commerce Department should ban American suppliers from selling to Huawei, as it did for Chinese rival ZTE Corp. earlier this year before reaching a settlement over the company’s repeated violations of U.S. sanctions on Iran and North Korea. “Both Huawei and ZTE and multiple other Chinese companies pose a threat to our national interest, our national economic interest and our national security interest," Rubio said. Speaking on the same show, Robert Lighthizer, the U.S. trade representative, said he opposed a total ban on Huawei and insisted that the arrest of Meng was a “criminal justice matter" unrelated to trade talks with Beijing. “It is totally separate from anything that I work on,’’ Lighthizer said. That message was reinforced by Larry Kudlow, the head of Trump’s National Economic Council, who told Fox News that the Huawei case and the trade discussions were different “and I think President Trump and President Xi will continue to keep that difference." Trade Talks Safe? Peter Navarro, a White House trade adviser, also told Fox News that he was confident Lighthizer would be able to negotiate a deal. He also dismissed concerns in financial markets and in the business community about the impact of tariffs on the U.S. economy, and said the possibility of the trade war escalating was a “false narrative." Last week’s sharp decline in markets -- the benchmark S&P 500 stock index in the U.S. sank 4.6 percent, its biggest drop since March -- had more to do with Federal Reserve interest rate hikes than trade, Navarro said, continuing the administration’s public criticism of the U.S. central bank. “The Fed went too far too fast," he said. “We should be optimistic" about the possibility of a deal with China," Navarro said. “But the markets shouldn’t pin their hopes on that, because that’s not what this is all about." Lighthizer, who like Navarro is seen as a China hawk, set a high bar for a deal and played down the possibility of extending the tariff truce agreed in Buenos Aires beyond March 1. Changes Demanded U.S. concerns over Chinese intellectual property practices went back to the administration of George H.W. Bush, he said, and China had made commitments many times before that it had failed to live up to. Lighthizer warned that the U.S. would proceed with increasing tariffs on $200 billion in Chinese imports to 25 percent from 10 percent if meaningful "structural changes" related to China’s technology policies and additional market access for U.S. exports weren’t forthcoming by then. Trump shared his view of the negotiating time frame being limited to a firm three months, he said. “When I talk to the president of the United States he is not talking about going beyond March. He is talking about getting a deal if there is a deal to be done in the next 90 days," Lighthizer told CBS. Right now it’s unclear exactly how trade talks with China will proceed. It’s even possible that both sides might talk over phone and email rather than hold formal meetings, according to a person familiar with the situation, who asked not to be identified. The president last week opened the door a potential extension of the negotiating time frame. Other members of Trump’s trade team, including Kudlow, have said a tariff escalation could be further delayed if sufficient progress was made after 90 days. Derek Scissors, a China expert at the conservative American Enterprise Institute in Washington, said China’s formal protests about the Huawei case were not necessarily a sign that the broader trade talks would disintegrate. But Lighthizer’s portrayal of March 1 as a hard deadline wasn’t encouraging, said Scissors, calling the time frame “unrealistic for anything substantial to happen" given the complexity of the issues. “If the US really does hold to that, the talks are either going to produce fake outcomes or they are dead already," he said. (This story has been published from a wire agency feed without modifications to the text.) Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Topics Summarise this report in a few sentences.
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the rush of televised interviews with Trump aides ahead of the opening of markets in Asia on sunday. the news of Meng’s arrest in Canada contributed to increasing alarm in financial markets about the lack of specifics in a trade truce announced after Trump and Xi Jinping dined together in Buenos Aires. the white house has insisted that Trump didn’t know beforehand about the arrest.
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PARIS: France's government has announced 15 billion euros ($16.9 billion) in aid for the virus-battered aerospace industry, including plane maker Airbus and national airline Air France Finance Minister Bruno Le Maire unveiled the rescue plan Tuesday for an industry that employs hundreds of thousands of people in France, whose livelihoods have been thrown into uncertainty by travel restrictions prompted by the virus.The money includes direct government investment, subsidies, loans and loan guarantees.The money will require the industry to invest more and faster in electric, hydrogen or other lower-emission aircraft.It includes 7 billion euros in loans and loan guarantees that the state had already promised to Air France, whose planes are almost entirely grounded by the virus.“We will do everything to support this French industry that is so critical for our sovereignty, our jobs and our economy,” Le Maire said. Summarise this report in a few sentences.
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the money includes direct government investment, subsidies, loans and loan guarantees. the industry employs hundreds of thousands of people in france. it includes 7 billion euros in loans and loan guarantees that the state had already promised to Air France. the industry is almost entirely grounded by the virus. a spokesman for the government says it will do everything to support the industry.
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Amid coronavirus-induced lockdown, Prime Minister Narendra Modi on Saturday deliberated on ways to reform the agriculture sector with emphasis on agriculture marketing, access of farmers to institutional credit and freeing the sector of various restrictions with appropriate backing of laws. Agriculture accounts for 15 percent of India's gross domestic product and is a source of livelihood for more than half of the country's 1.3 billion population. The government has maintained that the country's farm sector is functioning smoothly despite the COVID-19 lockdown and there will not be much impact on its growth in the current fiscal, unlike other sectors. Coronavirus India LIVE Updates The pros and cons of bio-technological developments in crops or enhancement of productivity and reduction in input costs was also deliberated, an official statement 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 The meeting also focused on making strategic interventions in the existing marketing eco-system and bringing appropriate reforms in the context of rapid agricultural development. Concessional credit flow to strengthen agriculture infrastructure, special Kisan Credit Card saturation drive for PM-Kisan beneficiaries and facilitating inter and intra-state trade of agriculture produce to ensure fairest return to farmers were some of the other important areas covered, the statement said. Developing eNAM or the National Agriculture Market into a "platform of platforms" to enable e-commerce was one of the important topics of discussion on Saturday. Discussion also emanated on the possibilities of a uniform statutory framework in the country to facilitate new ways for farming which will infuse capital and technology in the agrarian economy. The challenges of the Model Agricultural Land Leasing Act, 2016 and how to protect the interest of small and marginal farmers was discussed in detail. Ways to make the Essential Commodities Act compatible with present times so that large-scale private investment in post-production agriculture infrastructure is incentivised, and how it has a positive effect on commodity derivative markets, was also discussed. Developing ‘Brand India', creation of commodity specific boards/councils and promotion of agri-clusters or contract farming are some of the interventions that were deliberated to boost agriculture commodity export. The use of technology in the agriculture sector is of paramount importance as it has the potential to unlock the entire value chain for the benefit of farmers. PM Modi emphasised on the dissemination of technology till the last mile and making farmers more competitive in the global value chain. It was decided to further strengthen the role of Farmers Producer Organisations (FPOs) to bring vibrancy in agrarian economy, transparency in agriculture trade and enable maximum benefits to the farmers. Overall emphasis was on revisiting the existing laws governing market for better price realisation and freedom of choice to the farmers, the statement said. Agriculture and allied sector's growth stood at 3.7 percent during the 2019-20 fiscal. Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.
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agriculture accounts for 15 percent of india's gross domestic product. government maintains that the country's farm sector is functioning smoothly. 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 vaccine that is given to healthy people. a vaccine is a vaccine that is based on a virus.
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Benchmark equity indices settled the week flat on US-China trade concerns, premium valuations and lack of fresh triggers after the Q2 results season. The 30-share BSE Sensex added just 2.71 points to end at 40,359 for the week ended November 22. The 50-share Nifty gained 19 points to 11,914.Here are the top stocks and sectors that created all the buzz during the week gone by.As many as 22 stocks in the BSE500 index delivered over 10 per cent returns to investors during the week. They included Vodafone Idea (up 78 per cent), UCO Bank (43 per cent), Tejas Networks (38 per cent), Corporation Bank (27 per cent) and Zee Entertainment (24 per cent). Aditya Birla Capital, ITD Cementation, DishTV, IRB Infra, eClerx Services and Coffee Day Enterprises advanced between 15 and 25 per cent.As many as eight stocks on the BSE500 plunged in double digits. Gayatri Projects lost 36 per cent, followed by Reliance Capital (23 per cent), Reliance Infra (22 per cent), Indiabulls Integrated Services (18 per cent) and Time Technoplast (15 per cent). Caplin Point, Reliance Power and Jain Irrigation were among other stocks that fell over 10 per cent.Kerala-based CSB Bank’s IPO got fully subscribed on the first day of bidding on Friday. The initial public offering (IPO) received bids for 1,20,87,450 shares against the total issue size of 1,15,54,987 shares, reflecting 1.05 times subscription, according to data available with the National Stock Exchange. The quota reserved for non-institutional investors was subscribed 10 per cent, while that for retail investors was subscribed 5.60 times.In another development from the IPO-mart, realty firm Puranik Builders has filed fresh papers with markets regulator Sebi to raise an estimated Rs 1,000 crore through its initial share-sale.With a 7.85 per cent rally, the BSE Telecom index emerged the biggest gainer on the exchange. It was followed by Healthcare (up 3.06 per cent), Power (up 0.97 per cent), Metal (up 0.82 per cent) and Bankex (up 0.16 per cent). On the other hand, IT, Consumer Durables and Auto declined up to 2.50 per cent. Vinod Nair, Head of Research Geojit Financial Services, said: “Buoyancy in the telecom sector was largely due to likelihood of hike in tariff and deferment of spectrum dues is likely to improve cash flow of these companies in the near term. On the other hand, fresh concerns over stringent norms for US H1b visa dragged IT heavyweights.”Share of Zee climbed 24 per cent to Rs 357.90 on November 22 from RS 287.50 on November 15. Several foreign funds, including the New York-based BlackRock, Singapore government-backed GIC, HSBC Global, Citigroup, Morgan Stanley Asia, Vanguard and Wellington Management, have picked up stakes in Zee Entertainment Enterprises as the promoters sold stock to repay loans. Zee also remained as top gainer in the Nifty pack for week ended September 22.Emkay Global Financial Services has ‘Hold’ rating on Zee with a target price of Rs 389. On the positive side, the brokerage house believes that the deal removes the pledge overhang while also ensuring the continuation of the current management team. However, on the other side it added that net cash in the balance sheet fell to Rs 1,480 crore in Q2FY20 from Rs 3,240 crore in Q4FY18.With a gain of nearly 9 per cent, Sun Pharma emerged second biggest gainer in the Nifty pack for the week. Bharti Airtel (up 7 per cent), Eicher Motors (up 6.82 per cent) and IndusInd Bank (up 6 per cent) were among other major gainers in the 50-share pack. On the other hand, Mahindra & Mahindra, YES Bank, Britannia Industries, TCS, Asian Paints and Hero MotoCorp declined between 4-6 per cent during the week.In the BSE500 index, Polycab India, Adani Green Energy, Persistent Systems, Reliance Nippon Life Asset Management and HDFC Asset Management were among 40 firms that hit new 52-week highs. On the other hand, Time Technoplast, Sobha, Gayatri Projects, Blue Dart, Omaxe and Caplin Point hit new 52-week lows.Rana Kapoor sold remaining 0.8 per cent stake in YES Bank during the week, keeping a token 900 shares he once famously said were his “diamonds”. The scrip fell 5.68 per cent to Rs 64.80 during the week.The market valuation of Reliance Industries, the country's most valued firm, is fast nearing the Rs 10 lakh crore mark helped by the continuous rise in its share price. Billionaire Mukesh Ambani's Reliance Jio on Tuesday said it will increase mobile phone call and data charges in the next few weeks in compliance with rules, as it followed similar announcements by Bharti Airtel and Vodafone Idea on tariff hike. With a market value of Rs 9.80 lakh crore, share of the company signed off the week with gains of over 5 per cent at Rs 1,546. Summarise this report in a few sentences.
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the 30-share BSE Sensex added just 2.71 points to end at 40,359. the 50-share Nifty gained 19 points to 11,914. as many as 22 stocks delivered over 10% returns to investors. they included Vodafone Idea (up 78%), UCO Bank (43%), Tejas Networks (38%) and Tejas Entertainment (24%)
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On a visit to South Korea some years ago I asked a senior Samsung executive who had also served in government, what made his country soar to First World status when 60 years ago it was just like India – underdeveloped and agricultural. He ruminated for a minute, then answered it was the Korean war of 1950-53 – which had a cataclysmic effect on Korean society and during which the capital, Seoul, changed hands four times – that transformed the attitudes of Korea’s social and political elites.Meanwhile, India always had the Himalayas as a comfortable physical and psychological barrier, warding off any sense of imminent, existential crisis it may have felt as a young nation. Pakistan it could deal with – India’s cantankerous neighbour is also poor and agricultural, with less than one-sixth India’s population.We are, however, faced with a new situation today. China, having made giant strides in development and military strength, is currently in expansionist mode – as Prime Minister Narendra Modi indicated when he spoke to jawans on a surprise trip to Ladakh on July 3. Modi’s forthright speech on that occasion, and the subsequent decision to pull the plug on 59 Chinese apps, was a refreshing change from the downplaying of the China threat – even as Indians scream imprecations at Pakistan – that is the default mode of our strategic thinking.Beijing, which wants to bestride Asia like a colossus, is having a go at the Himalayan barrier which hitherto gave New Delhi its sense of security. It’s true that barrier was breached in 1962, when the Chinese captured Arunachal Pradesh – but the breach proved momentary as they rapidly withdrew. This time, however, Beijing won’t be in a hurry to retreat – the extent of permanent infrastructure and unprecedented mobilising of its armed forces along the LAC indicates this. Moreover, it has lined up its chips correctly. While Modi’s speech at Ladakh spoke of the path of development as opposed to that of expansionism, China in fact has galloped down the former path for the last four decades.As I argued in these columns recently (‘A New Cold War?’, May 21), Beijing’s perspective is markedly different from the Western (or Indian) one, in that it never believed that the Cold War ended with the fall of the Berlin Wall in 1989. This has provided it with a sense of existential urgency (not unlike the South Korean one), as its ambition to equal and ultimately surpass the US drove it to modernise rapidly. Beijing didn’t make Soviet first secretary (later Premier) Nikita Khrushchev’s mistake of publicly threatening the West “history is on our side, we will bury you!” But that’s the path it embarked on.With the Himalayan barrier acting as a psychological cushion India, meanwhile, plodded along in an insular bubble, sufficient unto itself. India and China were roughly at the same economic level in 1980, but now China is five times richer. It’s been argued that India’s problem is too much democracy. According to latest rankings of the Human Freedom Index , however, India ranks a lowly 108th in personal freedom and 94th in human freedom among 162 nations. Given India’s immense diversity, weakening democracy further would be tantamount to weakening the integrity of the republic itself. Fortunately, the problem lies not in too much democracy but rather in too much bureaucracy – with the promise of the 1991 reforms petering out over the last decade or so.Two things are apparent about the post-Covid normal. First, the tectonic plates of global geopolitics are shifting, as the West is about to pick up the gauntlet China has thrown to it. Second, unlike the old Cold War where India was a marginal player, it will be a frontline state in the new era of heightened geopolitical rivalries that’s looming. Its safe space is gone, as the China-Pakistan alliance will become much more visible in its attempts to constrain India. Among other things the spectre of a two front war will loom for the foreseeable future, placing an additional burden on India’s flailing economy.To cope with this new situation, the first step is strategic clarity. New Delhi must rework its inward orientation, which includes an obsession with internal politics, and realise that it has reached a tipping point with China. To restore balance it needs to surpass China in economic growth rates, which means doing 8-10% annual GDP growth sustainably, while decoupling from China in strategic areas such as telecom and power. It must sharply cut its regulatory and bureaucratic cholesterol, which requires a decisive departure from the Nehruvian consensus governing economic policy. Self-reliance is all right, so long as we realise that – like reservations which undermine merit – it works best in homeopathic doses.Second, if India is a frontline state now, non-alignment won’t do anymore (as foreign minister S Jaishankar correctly indicated). India’s desire to stand alone allowed even Pakistan to routinely outmanoeuvre it diplomatically in the past. And now, it has a great power ranged against it. As strategic analyst C Raja Mohan wrote recently, “That China has become far more powerful than all of its Asian neighbours has meant Beijing no longer sees the need to evoke Asian unity.” The Galwan valley clashes and threat of a wider war provided New Delhi with a clear indication of who its friends and enemies are, and it needs to pick up smartly on those cues.Hopefully, the looming external threat will prick India’s insular bubble. If it galvanises India’s elites into the sort of modernising behaviour South Korea exhibited earlier then Beijing – in the end – would have done New Delhi a great favour. It’s worth remembering that South Korea, too, bloomed in the shadow cast by the Chinese giant. Summarise this report in a few sentences.
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we are, however, faced with a new situation today,' says narendra modi. china is currently in expansionist mode - as modi indicated in speech. 'the chinese are a colossus,' says naomi xiaoping. 'the chinese are a colossus,' says naomi.
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Reserve Bank of India Governor Shaktikanta Das will hold a meeting with the heads of public sector banks on Monday to pore over the transmission of policy rates to end consumers. Amongst the other likely issues to be discussed during the meet is how to deal with the impact of the coronavirus outbreak on the financial sector, according to a report in the Business Standard. According to senior public sector banks' (PSBs) executives, the bank chiefs customarily meet the RBI top brass immediately following the monetary policy review. Also Read: RBI Governor Shaktikanta Das asks PSBs to follow resolution framework, improve fraud risk management One of the concerns that are expected to be addressed in the meeting is the extent of policy rate transfer to the end consumer after the Monetary Policy Committee (MPC) kept the repo rate unchanged at 5.15% on February 6. "The RBI would likely to hear us out on the progress being made in these areas. The assessment of the implications of the coronavirus outbreak may figure in our discussions," a senior PSB official told the news daily. The RBI in its last monetary policy review (held between February 4-6), had introduced steps such as long-term repo operations (LTRO) and external benchmarking of new floating rate loans by banks to medium enterprises. Also Read: RBI governor Shaktikanta Das calls for tighter governance at state-run banks Since June 2019, the apex bank has been striving to ensure comfortable liquidity in the system to expedite the policy rates transmission and credit flow in the economy. The central bank in its February policy review statement had also stated, "The monetary transmission across various money market segments and the private corporate bond market has been sizable. The RBI has cumulatively reduced the policy repo rate by 135 basis points since February 2019. And, the transmission until the end of January was 146 bps in the overnight call money market. The transmission has been of 190 bps for three-month commercial papers of non-banking finance companies." Also Read: Transmission of policy rate cuts steadily improving: Shaktikanta Das Also Read: Coronavirus outbreak to have limited impact on India: RBI Governor Shaktikanta Das Summarise this report in a few sentences.
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RBI governor Shaktikanta das to meet with heads of public sector banks on Monday. the meeting is expected to pore over the transmission of policy rates to end consumers. the central bank has cumulatively reduced the policy repo rate by 135 basis points since February 2019. the central bank has also called for tighter governance at state-run banks. the meeting is expected to be held after the RBI's last monetary policy review.
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Empower Your Corporate Journey with Strategic Skill Courses Offering College Course Website IIM Kozhikode IIMK Chief Product Officer Programme Visit Northwestern University Kellogg Marketing Leadership Development Program Visit University of Western Australia UWA Global MBA Visit Four Indian corporations are among over 150 global companies that have signed a statement urging governments around the world to align their COVID-19 economic aid and recovery efforts with the latest climate science that prioritises a faster and fairer transition from a grey to a green economy.Dalmia Cement (Bharat) Chief Executive Officer Mahendra Singhi, Polygenta Technologies Chief Marketing Officer Makarand Kulkarni, Tech Mahindra Chief Executive Officer C P Gurnani and Wipro 's Chief Executive Officer Abidali Neemuchwala are the signatories to the statement, along with top executives hailing from 34 sectors across 33 countries.The other signatories include global pharma giant Novartis headed by Vas Narasimhan and Adobe , led by Shantanu Narayen, AstraZeneca , Burberry, Capgemini, Colgate Palmolive, Hewlett Packard Enterprise, Nestle, Sanofi and Unilever.The statement is the largest ever UN-backed CEO-led climate advocacy effort and has signatories from 155 companies with a combined market capitalisation of over USD 2.4 trillion and representing over five million employees."As countries work on economic aid and recovery packages in response to COVID-19, and as they prepare to submit enhanced national climate plans under the Paris Agreement, we are calling on Governments to reimagine a better future grounded in bold climate action," the joint statement said.Noting that the corporations remain committed to do their part to achieve a resilient, zero carbon economy, the top executives urged governments "to prioritise a faster and fairer transition from a grey to a green economy by aligning policies and recovery plans with the latest climate science.""We must move beyond business-as-usual and work together in solidarity to deliver the greatest impact for people, prosperity and the planet," they said adding that in order to recover better from COVID-19, the corporations will continue to demonstrate that the best decisions and actions are grounded in science, invest in recovery and resilience for a systemic socio-economic transformation and work with governments and scale up the movement."If we work together, these efforts will help reduce vulnerability to future shocks and disasters, and build community resilience. A systemic shift to a zero-carbon and resilient economy is within our reach - our only future depends on making this vision a reality," the statement said.UN Secretary-General Antonio Guterres welcomed the ambitious, science-based actions from leading companies who are demonstrating to policy-makers that green growth remains the best growth strategy."Saving lives and livelihoods, and building a prosperous, inclusive and sustainable future, are at the heart of our efforts to recover from COVID-19. We can beat the virus, address climate change and create new jobs through actions that move us from the grey to green economy.Many companies are showing us that it is indeed possible and profitable, to adopt sustainable, emission-reducing plans even during difficult times like this."The statement comes as governments around the world are preparing trillions of dollars worth of stimulus packages to help economies recover from the impacts of the coronavirus pandemic, and as they prepare to submit enhanced national climate plans under the Paris Agreement.In the coming weeks, several major economies will take key decisions in their recovery efforts, including the European Union Recovery Plan, new stimulus packages from the United States of America and India, and the G7 Heads of State summit in June.The business voices are convened by the Science Based Targets initiative (SBTi) and its Business Ambition for 1.5°C campaign partners, the UN Global Compact and the We Mean Business coalition.The SBTi, which is a collaboration between CDP, the UN Global Compact, World Resources Institute and WWF, independently assesses and validates corporate climate targets against the latest climate science.A joint press release by the Science Based Targets initiative, the UN Global Compact, and the We Mean Business coalition said the 155 companies have already set, or committed to set, science-based emissions reduction targets.By signing the statement, they are reaffirming that their own decisions and actions remain grounded in science, while calling on governments to "prioritise a faster and fairer transition from a grey to a green economy."Policy and spending that incorporates climate targets will reduce vulnerability to future shocks and disasters, create good jobs, reduce emissions and ensure clean air, according to a study from Oxford University. Summarise this report in a few sentences.
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four Indian corporations sign statement urging governments to align aid with climate science. statement is largest ever UN-backed CEO-led climate advocacy effort. pharma giants, pharma giants, pharma giants, and others sign statement. u.s., uk, uk, u.s., uk, u.s., uk, u.s., uk, u.s., uk among 150 companies signed statement.
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Amid the economic slowdown owing to the ongoing coronavirus crisis, expectations are high about the next fiscal stimulus by the government. The stimulus is expected to provide a much needed push to the battered economy. Sharing her thoughts on the issue, Finance Minister Nirmala Sitharaman said that the government is looking at ways in which it could provide some support to the economy. "I have said that I have kept my mind open about it," Sitharaman told The Economic Times. On constraints related to fiscal stimulus amid ballooning fiscal deficit, Sitharaman said the government has always taken measures to address the problems of the companies and businesses. "We have not really allowed that to stop us from doing what is necessary for companies or for the various borrowers in the banks," she said. On expected economic recovery, Sitharaman said that the ongoing quarter is actually seeing revival as against what happened in the first quarter. "It will be too early for me, based on this, to conclude as to how the year will end. We'll have to wait and watch," she also said. On the probability of fiscal stimulus by Diwali, Sitharaman said, "If I can answer that, I will answer in detail, but I'm not going to be able to answer that now." The country's economy contracted by a record 23.9 per cent in the first quarter of the current fiscal. In May, the government had announced a Rs 20.97 lakh crore economic package, which also included liquidity support from the RBI. The stimulus measures "did not increase consumption spending of lower income people as the government was not willing to put money in the hands of the low income population," Nobel Laureate Abhijit Banerjee had recently said. Also read: Banks catalysts for economic revival, should focus on welfare: Nirmala Sitharaman Summarise this report in a few sentences.
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finance minister says she has kept her mind open about fiscal stimulus. sitharaman says the government is looking at ways to help the economy. the government's economy contracted by a record 23.9% in the first quarter of the current fiscal. the government has announced a Rs 20.97 lakh crore economic package in may. a spokesman for the government says it is still evaluating the possibility of fiscal stimulus.
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By Arun Varma The problem is not that fewer people are born and fewer people die, compared to the second half of the previous century. Nor is it that big a problem that global food security stands threatened because of the dwindled contribution of the older individuals. The problem is that each extended day of life costs money. And, sustainable means for this have to be found. This is a problem that is certainly going to haunt lower and middle income countries, if it has not already begun. The burden of ageing is being squarely experienced across the world. Negligible or low productivity of this segment coupled with higher cost of maintenance of their activities of daily living (ADL) have an economic impact. While higher income countries (HIC) have the advantage of lower population and higher per capital earning, the situation threatens to pull down development and prosperity of middle income and low income countries, unless quick measures are put in place. India is fully qualified for the second category. Estimates, in general, point to greater than 20 per cent of the World population to be beyond the age of 65 and thus qualify as “aged” by 2050. In absolute number, this is over 2.2 billion (220 crores) of people. In India, the number is expected to be over 25 crore. The challenge before the country is to develop a “Silver Economy,” that can bolster provide an “acceptable” standards of life to this segment. Reserve Bank data on employment indicates that only 6 per cent of the workforce in India is in the organised sector. This includes nearly 2 crore people who are in government. Rest are in the primary, secondary and tertiary sectors of employment ranging from farm labour to trade, hotel, transport and the like. Which implies that a mirror image could be applied on to those who are ‘elderly’, leaving only `1.5 crore people in the economic safety net. How can the remaining 23 crore or more people spend their lives’ evening? As in any other welfare measure, the State has to take the lead. Government is somewhat sensitized about the issue. However, there is lack of evidence about how much India realises that it could “grow old before rich.’ Challenges of population ageing are directly attributable to the diminishing economic contribution and expanding list of needs – aids and devices to conduct the daily activities, increased probability of medication and medical care. Therefore, the burden of meeting such expenses falls on the family or the State. Nevertheless, the Maintenance and Welfare of Parents and Senior Citizens Act – popularly known as the Elderly Care Act – has been revised to address recurring issues of abandonment, abuse and forceful takeover of possessions of the target group. More needs to be done. There must be a system for financial independence. This is important as people live longer than before. The Long Term Care Insurance (LTCI) program of Japan has worked marvels to that society. LTCI is a co-payment and compulsory program that mandates every working individual has to register and contribute towards his ripe year expenses as s/he turns 40. Based on the cumulative contribution made, the citizen is free to choose the kind of old age homes s/he wants to retire into. Old age home developers can register themselves with the respective prefectures and offer the services to citizens. LTCI will reimburse the cost to them. Perhaps, the Senior Citizens Saving Scheme (SCSS) or Pradhan Mantri Vaya Vandana Yojana (PMVVY) could be restructured with the inputs from the Insurance Regulatory Authority for wider participation of private insurance companies. Second requirement is to aid the aged to get back to contribute through silver economy. There have been any number of cases where the semi-skilled and skilled manpower retire premature as they lack the medical devices and support to continue in the trade. The country is squandering its rich pool of artisans and craftsmen such as tailors, artisans in the leather industry, handicrafts, when they are forced to withdraw from their livelihood owing to vision or hearing impairment. By widening the scope of already running programs like National Program for Control of Blindness (NPCB), it may be possible to bring a significant chunk of such workmen to extend their productivity. With little imagination, the Rashtriya Vayoshri Yojana (RVY) could widen its current scope to establish links with the National Skills Development Corporation (NSDC) for their Recognition of Prior Learning (RPL) program. Third is to re-skill the aged. Make no mistake. No elderly person is walking into death. If re-skilled or up skilled, they could regain their dignity and zest. India specific, this is all the more critical as the country is not prepared to manage the elderly population, that is going to be a fifth of the total people. Over and above the support extended by the State – through various monetary assistance programs – the aged individual would appreciate it better if a way can be shown to him to earn and live. With dignity, of course. (Arun Varma is the Managing Director and CEO of Winage™. Views expressed are personal.) Summarise this report in a few sentences.
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low productivity of this segment coupled with higher cost of maintenance of their activities of daily living (ADL) have an economic impact. the burden of ageing is being squarely experienced across the world. india is fully qualified for the second category. the challenge before the country is to develop a 'Silver Economy' that can bolster provide an acceptable standard of life to this segment.
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RBI’s dollar buys take July forex reserves to record highs The central bank is likely to have continued its dollar purchases in September as well. Synopsis The Reserve Bank of India (RBI) bought a record $17 billion in July taking the reserves to an all-time high, but the pace of dollar accumulation may slow in a change of stance that prefers an appreciating rupee to help reduce imported inflation. Summarise this report in a few sentences.
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RBI bought a record $17 billion in July taking reserves to record highs. pace of dollar accumulation may slow in a change of stance. rupee is preferred to reduce imported inflation. a rise in rupee interest rates could slow the pace of dollar accumulation. a rise in rupee interest rates could also slow the pace of dollar purchases. a rise in rupee interest rates could also slow the pace of dollar purchases.
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NEW DELHI: The Labour Commission will try to resolve the stalemate in some Coca-Cola bottling plants in North India due to employee unrest following the leading beverages maker’s decision to divest its plants to independent franchise bottlers, two officials aware of the developments said.The matter came to the labour and employment ministry’s purview after employees at some of Coca-Cola’s biggest plants in North India said they were not informed prior to the sale that they would no longer be Coca-Cola employees, and instead be transferred to work with independent bottlers.Operations at Coca-Cola’s Dasna and Varanasi plants have been suspended due to the unrest, the officials said.Coca-Cola had announced the sale of some of its plants in North India to franchisee bottlers last month.Workers have come up with a set of demands, the officials said. “The workers’ demands included job guarantees, security against job losses, compensation if the workers want to opt out to work with the independent bottlers and settling pending dues,” one of them said.A Coca-Cola spokesperson claimed that the company did take care of the interest of the workers while selling the plants. “The workers remain valued members of the Coca-Cola family, and the local bottlers have committed to ensuring their pay and benefits remain unchanged,” the person said in an email revert.The realignment optimises existing capacities, supply chain, brings further investments and improves distribution routes through contiguous territories, the spokesperson said.The majority of Coca-Cola’s bottling operations in North India under company-owned bottler Hindustan Coca-Cola Beverages (HCCB) have been acquired by Moon Beverages, Coca-Cola’s largest existing independent franchise bottler. Promoted by MMG Group of diversified entrepreneur Sanjeev Agrawal, Moon Beverages has acquired HCCB’s bottling territories in Delhi-NCR and Western UP.Another large bottling partner, the Ladhani Group has acquired HCCB’s bottling territories operations in eastern UP, while a smaller territory has been acquired by the Kandhari Group.The maker of Coca-Cola, Thums Up and Sprite aerated drinks and Maaza mango drink is learnt to have sold off 10% of its companyowned bottling operations in four markets in North India to its existing franchise bottlers. The combined value of the deals in the first phase of the selloff is estimated at Rs 1,500-2,000 crore, though Coca-Cola has declined to comment on the financials of the divestment.The move to refranchise bottling operations is in line with the US beverage giant’s strategy to divest asset-heavy operations across world markets, aimed at bringing down fixed costs by reducing employee headcount and builtin costs of distribution, leading to higher profitability. Coca-Cola’s bottling network in India comprises 14 bottlers including HCCB. Summarise this report in a few sentences.
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workers at some of Coca-Cola's biggest plants in north india said they were not informed prior to the sale that they would no longer be Coca-Cola employees. they were instead transferred to work with independent bottlers. operations at Coca-Cola's Dasna and Varanasi plants have been suspended due to the unrest, officials said.
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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK We are exposed to market risks, including, but not limited to, interest rates, energy commodity price volatility, and credit exposure. Management has established comprehensive risk management policies and procedures to manage these market risks. Interest Rate Risk Interest rate risks include exposure to adverse interest rate movements for outstanding variable rate debt and for future anticipated financings. We manage our interest rate risk by issuing primarily fixed-rate long-term debt with varying maturities, refinancing certain debt and, at times, hedging the interest rate on anticipated borrowings. All of our debt has fixed interest rates, with the exception of our revolving credit facilities. The $400 million revolving credit facility bears interest at the lower of prime plus a credit spread, ranging from 0.00% to 0.75%, or available rates tied to the Eurodollar rate plus a credit spread, ranging from 0.88% to 1.75%. In addition, we have a $25 million revolving credit facility to provide swingline borrowing capability. The $25 million revolving credit facility bears interest at the lower of prime plus a credit spread of 0.13%, or available rates tied to the Eurodollar rate plus a credit spread of 0.65%. As of December 31, 2019, we had approximately $289 million in borrowings under our revolving credit facilities. A 1% increase in interest rates would increase our annual interest expense by approximately $2.9 million. Commodity Price Risk We are exposed to commodity price risk due to our reliance on market purchases to fulfill a portion of our electric and natural gas supply requirements. We also participate in the wholesale electric market to balance our supply of power from our own generating resources. Several factors influence price levels and volatility. These factors include, but are not limited to, seasonal changes in demand, weather conditions, available generating assets within regions, transportation availability and reliability within and between regions, fuel availability, market liquidity, and the nature and extent of current and potential federal and state regulations. As part of our overall strategy for fulfilling our electric and natural gas supply requirements, we employ the use of market purchases and sales, including forward contracts. These types of contracts are included in our supply portfolios and in some instances, are used to manage price volatility risk by taking advantage of seasonal fluctuations in market prices. These contracts are part of an overall portfolio approach intended to provide price stability for consumers. As a regulated utility, our exposure to market risk caused by changes in commodity prices is mitigated because these commodity costs are included in our Montana, South Dakota and Nebraska cost tracking mechanisms and are recoverable from customers subject to a regulatory review for prudency and, in Montana, a sharing mechanism. Counterparty Credit Risk We are exposed to counterparty credit risk related to the ability of counterparties to meet their contractual payment obligations, and the potential non-performance of counterparties to deliver contracted commodities or services at the contracted price. If counterparties seek financial protection under bankruptcy laws, we are exposed to greater financial risks. We are also exposed to counterparty credit risk related to providing transmission service to our customers under our Open Access Transmission Tariff and under gas transportation agreements. We have risk management policies in place to limit our transactions to high quality counterparties. We monitor closely the status of our counterparties and take action, as appropriate, to further manage this risk. This includes, but is not limited to, requiring letters of credit or prepayment terms. There can be no assurance, however, that the management tools we employ will eliminate the risk of loss. ITEM 8. Summarise this report in a few sentences.
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FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
This text discusses the market risks faced by a company, including interest rate risk, commodity price risk, and counterparty credit risk. The company has established comprehensive risk management policies and procedures to manage these risks, such as issuing primarily fixed-rate long-term debt, hedging the interest rate on anticipated borrowings, and limiting transactions to high quality counterparties. The company is also exposed to market risk caused by changes in commodity prices, which is mitigated by including these costs in cost tracking mechanisms and recovering them from customers.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Executive Officer Programme Visit Directionally, we always have to be a forward looking mechanism,, Deputy CIO, Equity,, tells ET Now . Bhan is bullish on corporate lenders, engineering plays and other cyclical spaces for next three years.Edited excerpts:It has been a very good journey for the pharma sector over the last few months and more specifically because we had seen a lot of correction over a three-year period which made valuations far more attractive than many other parts of the market. Most of these companies sell in over a hundred countries. They have a strong brand equity in domestic markets and have much better longevity than maybe 50-70% of other companies in India. These are solid businesses getting their due in equity markets.You have to see the pharma space in the context of what happened in the last three, four years. Talking about the recent returns which have come about in the last three, six months in the equity markets, it follows three significant years of underperformance. During the same period, the other sectors of the market have done exceedingly well. They were trading at a premium though that premium has now narrowed down.The whole earnings revival cycle for the sector is yet to play out. The share of domestic profits in earnings of a lot of these Indian companies is already increasing and is getting visible. It is more sustainable and get very good valuations.A lot of businesses in the domestic branded space trade at material discount to consumer businesses having similar characteristics. That is one thing which is there. The key thing will be earnings recovery and the currency depreciation does provide a very positive tailwind over the next one to three years in the near term. These companies’ hedged earnings might take a little bit longer to show the reflection of a revival, but the currency tailwind does support earnings for these particular companies over the next one to three years.There were two issues: there was a significant price erosion. The commentary from a lot of leaders in the space is that the erosion has reduced materially and it is to a large extent, normalised, unless you have extremely profitable products and where there is new competition. Directionally. the pressure on earnings which was coming purely from the US space is starting to ease.Second, one of the big things which is a big trend in the space, will actually be realignment of costs. A lot of these businesses were growing at 20-25% prior to the last two, three years and they were designed for that kind of growth. Their cost structures were very different.In fact, a lot of R&D which went through, had even maybe five-year, seven-year kind of spends into it in some parts of the component. A lot of this realignment will also support earnings recovery in the space. Typically, from a revenue standpoint, if you just see a lot of these companies were spending about 10%, 12% of their revenues as R&D expenditure and if you just take it as US revenue, those R&D expenditures was 18-20%.Given that the attractiveness of US market has definitely reduced from a point of view of profitability, you will see a realignment of these costs. Small realignments would lead to supporting earnings materially. Third, is the currency tailwind. Also, not to forget, the domestic space which is now doing very well after the initial GST impact, has now started to become maybe 40%, 50% of earnings of all these pharma businesses. That is a pure secular branded generic space in India which has got many years of growth ahead.As percentage share of these businesses also rises, the general support to the multiple remains. We are having multiple tailwinds. You also mentioned about the speciality portfolio. We have to give them credit that the investment in the specialities are happening and those investments are primarily being written off to the P&Ls today. Hence their earnings do appear nationally more depressed or more compressed than you would have in a comparable or any other sector in the space.Directionally, once you start seeing a recovery of growth, people start looking at these businesses from a three-year point of view. Then you start seeing this as earnings revival opportunity and inherently these businesses can actually get 15% kind of earnings compounding because of cost benefits, revenue comeback, stability in US operations as well as rising share of domestic profits. Directionally the sector is on a good trend.The urban consumption space has been reasonably strong now for quite some time and in some sense, passenger auto and organised retail are part of it. Organised retail has emerged as a very strong category now and are delivering strong growth. The velocity of store openings has accelerated in the right space. Wherever in urban consumption side we have seen companies getting their models right, the demand is strong and robust and the opportunity is still very large. We are very confident of the urban consumption story continuing the way it is.The other opportunity is the capex story. Government capex has been fairly strong and it has actually provided a lot of momentum. Execution is much higher today than it has ever been in the last four years and that is the good part. It is already visible in the share of cement consumption going towards infra projects in India. The big thing which is yet to play out or is in early stages of play out is the industrial capex in India. The utilisation levels in the capex side or the industrial capacities were pretty low because of many reasons -- be it domestic demand or GST implementation which took some time.Then, there was the impact of our currency. Till last six months, it was one of the strongest currencies in the last 4-5 years. All that impacted general utilisation of capacities. The utilisation has been inching up materially. The need for capex is now getting visible with lot of companies reaching meaningful capacity utilisations and that will possibly trigger off a very good cycle.In steel, for example, if they do not do capex today in the next three, four years they will have challenges in terms of meeting Indian demand.Acceleration in demand in power is already visible. Short-term rates are moving up materially. It is just a reflection that normal economic activity is reviving in India, especially on the industrial side.It is not like one single market having an average multiple. There are pockets of the market which are definitely pricing in next five to seven years of growth. One is consumer staples. The overall consumption basket, urban consumption might still be attractive, durables might still be attractive but consumer staples companies are valued at multiples which are at historical highs plus the growth expectations are already getting factored into it.When you see cost rising for them or there is a small shift in terms of earnings, the risk to owning some of these consumer names especially on the staple side keeps on increasing. That is one space which clearly is far more expensive than longer term trends. Even though there is longevity in the business, you should not pay extreme valuation for any business. So, consumer staples is one space which clearly is on the higher side of valuations.In an era where money is getting costly, a lot of non-banking finance companies (NBFCs) without significant retail advantages or reaches are doing more. So, a business which a bank can do, will continue to see pressure. That is one space which looks challenging.Contrary to this side of the market, there is one more market which exists today where last three years have not been great but the visibility or the possibility of the next three years being very good exists. For next three years, opportunity lies in corporate lenders, engineering plays and other cyclical spaces.The valuations are higher today in this particular space. Let me give you a couple of rational thoughts on this. For all of us, these are very good businesses. They were very good businesses when they were valued much lower even three years back. Corporate governance was there, the opportunity was large. From 2000 to 2010, one of the leaders in the consumer space remained flat and possibly those companies were possibly even more underpenetrated.Anything on which you pay disproportionately larger amounts of valuations, where you are factoring three years, five years, seven years of growth. without an error, chances of things going around does increase. How we have approached this subject is a) we have participated in selective businesses there which are at significant discount to the specific leaders. b), There are many categories like the branded generic space or the pharma space which has exactly similar characteristic of the consumer space and even greater level of under penetration and less competitive intensity than compared to pure FMCG space. Those were available at 30-40-50% discount to these larger businesses on the pure consumer side that has provided a tremendous opportunity.Three to five years back, gold was the only commodity to own. No question was asked what should one do with gold. Gold is the most liquid, most safe, most stable asset globally but over the last five years, returns have been dismal. Directionally we always have to be a forward looking mechanism where we evaluate businesses and overpaying for anything beyond normal is actually dangerous for investors. Summarise this report in a few sentences.
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pharma sector has seen a lot of correction over a three-year period. pharma sector has strong brand equity in domestic markets. 'we always have to be a forward looking mechanism,' says Deputy CIO, Equity. 'we have to be a forward looking mechanism,' says Deputy CIO. 'we have to be a forward looking mechanism,' says Deputy CIO.
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Top American lawmakers have urged President Donald Trump to revoke the temporary suspension of H-1B and other non-immigrant visas. "I'm deeply disappointed by President Trump's misguided order to suspend these key work visa programmes. I urge him to reverse this decision to help ensure our health care system and broader economy are ready to combat the next phase of (coronavirus) pandemic and to create the jobs we need for our economic recovery," Indian American Congressman Raja Krishnamoorthi said. The H-1B programme in particular plays a crucial role in addressing dangerous shortage of health care professionals while also providing other key sectors of our economy with talent from around the world to not only fill jobs, but create new ones, he said. "Suspending this programme will only weaken our economy and our health care workforce at a time when the need to strengthen both is as clear as ever," Krishnamoorthi said. This is not the right approach, said Senator Democratic Whip Dick Durbin and Congressmen Bill Pascrell and Ro Khanna after Trump's decision to bar H-1B and other work visas through the end of the year. "We need to mend the H-1B programme, not end it. Instead of suspending H-1B visas, the Trump Administration should ask Congress to pass the H-1B and L-1 Visa Reform Act of 2020, which reforms the H-1B program with a scalpel, not a sledgehammer," the three top American lawmakers said. They have introduced a bipartisan legislation, which they said would protect American workers and end the abuse of the H-1B programme to outsource American jobs and exploit workers, while ensuring employers could still hire talented immigrant workers when no qualified American is available to do the job. Congresswoman Donna E Shalala alleged that Trump is now attacking American businesses - and jeopardising the economic recovery - in service of xenophobia. "America will be poorer and less competitive because of it," she said. "This Executive Order is yet another example of President Trump using the coronavirus pandemic to advance a hateful and extreme anti-immigrant agenda," said Congresswoman Chellie Pingree. "There's no question that employers should hire out of work Americans whenever possible, but Maine businesses have said repeatedly they need H-2B, J-1, L-1 visa holders to operate and continue to reopen... This ban will make our economic recovery more difficult," she said. Click here for our entire coverage of the H-1B visa ban Summarise this report in a few sentences.
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top american lawmakers urge president to revoke temporary suspension of non-immigrant visas. they say the decision to suspend visas will only weaken our economy and health care workforce. they say the administration should ask congress to pass legislation to end abuse of the program. the legislation would protect american workers and end abuse of the H-1B programme. a congresswoman alleges that Trump is attacking american businesses in service of xenophobia.
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live bse live nse live Volume Todays L/H More × Reliance Industries Ltd (RIL) on Friday said KKR has become the fifth company to invest in Jio Platforms. KKR bought a 2.32 percent stake for Rs 11,367 crore. This is the fifth global company to invest in Jio in the past five weeks. So far, Jio Platforms has attracted a total investment of Rs 78,562 crore. Other investors in Jio Platforms are: Facebook, Silver Lake, Vista and General Atlantic. The stake-buy in Jio is biggest for KKR in Asia so far. Henry Kravis, Co-Founder and Co-CEO of KKR, said, “Few companies have the potential to transform a country’s digital ecosystem in the way that Jio Platforms is doing in India, and potentially worldwide. Jio Platforms is a true homegrown next-generation technology leader in India that is unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution. We are investing behind Jio Platforms’ impressive momentum, world-class innovation and strong leadership team, and we view this landmark investment as a strong indicator of KKR’s commitment to supporting leading technology companies in India and Asia Pacific.” Reliance Jio- Facebook deal The first major infusion among the five equity deals was from Facebook, which bought a 9.9 percent stake in Reliance Jio for $5.7 billion (Rs 43,574 crore), The deal valued Jio at Rs 4.62 lakh crore ($65.95 billion). Commenting on the deal, the Facebook said, "This investment underscores our commitment to India and our excitement for the dramatic transformation that Jio has spurred in the country. In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio.” The deal aims to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses across India. Reliance Jio- Silver Lake deal American private equity giant Silver Lake Partners bought 1 percent stake in Jio Platforms for Rs 5,655.75 crore ($750 million) in a deal that took Jio's enterprise value to Rs 5.15 lakh crore — a 12.5 premium to the value indicated by Facebook. Commenting on the transaction with Silver Lake, Mukesh Ambani, Chairman and Managing Director - Reliance Industries Ltd, said, “I am delighted to welcome Silver Lake as a valued partner in continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally. Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation.” Reliance Jio- Vista Equity deal Vista Equity Partners, a US-based private equity firm that runs the world’s largest exclusively tech-focused fund, picked up a 2.32 percent stake in Jio Platforms for Rs 11,367 crore, making it the third high-profile investment in the Reliance Industries Ltd (RIL) unit in as many weeks and underlining its status as a next-generation software and platform company. After signing the deal with Reliance Jio, Robert F Smith, founder, chairman and CEO of Vista, said, “We believe in the potential of the Digital Society that Jio is building for India. Mukesh’s vision as a global pioneer, alongside Jio’s world-class leadership team, have built a platform to scale and advance the data revolution it started. We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India, providing modern consumer, small business and enterprise software to fuel the future of one of the world’s fastest-growing digital economies.” Reliance Jio- General Atlantic deal Reliance Industries, on May 17, announced that growth equity firm General Atlantic Partners will invest Rs 6,598.38 crore in Jio Platforms. General Atlantic bought a 1.34 percent stake in Jio Platforms, giving Jio an enterprise value of Rs 5.16 lakh crore. At the time of signing, Bill Ford, Chief Executive Officer of General Atlantic, said, “As long-term backers of global technology leaders and visionary entrepreneurs, we could not be more excited about investing in Jio. We share Mukesh’s conviction that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country. General Atlantic has a long track record working alongside founders to scale disruptive businesses, as Jio is doing at the forefront of the digital revolution in India.” Read all KKR-Jio deal stories here Disclaimer: Reliance Industries (RIL) is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd Summarise this report in a few sentences.
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KKR bought a 2.32 percent stake for Rs 11,367 crore. this is the fifth global company to invest in Jio in the past five weeks. other investors in Jio Platforms are: Facebook, Silver Lake, Vista and General Atlantic. the stake-buy in Jio is biggest for KKR in Asia so far. KKR is investing behind Jio Platforms’ impressive momentum, world-class innovation and strong leadership team.
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Net inflows into equity schemes of mutual funds in April were the slowest in four months at Rs 6212.96 crore as investors turned cautious. Compared to March, net inflows into equity schemes in April declined by 47%. Data from Association of Mutual Funds in India (Amfi) showed that flows into equity schemes through systematic investment plans in April was at Rs 8,376 crore, which is marginally lower than Rs 8,641 crore inflows seen in March. Redemptions from equity funds stood at Rs 8,303 crore during the month. Industry experts say that lump-sum investments have stopped and even some investors are stopping their SIPs, due to the unpredictable equity markets. Overall mutual funds saw net inflows of Rs 46,000 crore in April, aided by inflows into liquid and equity funds. NS Venkatesh, chief executive at Amfi, said, “Investors are waiting at the sidelines and reassessing the situation to see how first quarter earnings are going to be reflected into the share price movements. That is why we saw little lesser flows into the equity funds last month.” In April Sensex was up by 14.4% even as inflows into equity funds slowed down. Average net assets under management (AUM) for equity funds in April stood at around Rs 6.11 lakh crore as compared to over Rs 6.50 lakh crore in March a fall of over Rs 38,659 crore. Despite the Franklin debacle in April, debt schemes saw positive inflows into liquid funds. Credit risk funds and other medium to low duration funds saw redemptions during the month. Following the winding up of six debt schemes by Franklin Templeton, credit risk funds saw net outflows of Rs 19,238.98 crore in April. Debt oriented schemes saw net inflows of Rs 43,431.55 crore in April, with liquid funds saw net inflows of Rs 68,848 crore. Jimmy Patel, MD and CEO at Quantum Mutual Fund, said that investors moved money from high risk category to low risk category in April. “Overall investors turned conservative and moved their money to other safer option like liquid and overnight funds from credit risk funds,” said Patel. Net AUM of mutual fund industry stood at Rs 23.93 lakh crore as on April end compared to Rs 22.26 lakh crore in March 2020. Distributors in the mutual fund industry also say that many investors have stopped or paused SIPs and there might be further slowdown in SIPs inflows in the months to come. AK Narayan, founder and CEO of AK Narayan Associates, said, “We are seeing some professionals who don’t have regular stream of income pausing their SIPs. However, regular investors have continued to invest through SIPs in equity funds.” He also added after the crash of equity markets in March, they are suggesting investors to continue to stay invested for few years and not redeem the money at loss. Summarise this report in a few sentences.
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net inflows into equity schemes in April were the slowest in four months. compared to march, net inflows into equity schemes in April declined by 47%. despite the Franklin debacle, debt schemes saw positive inflows into liquid funds. credit risk funds saw net outflows of Rs 43,431.55 crore in April. liquid funds saw net inflows of Rs 68,848 crore.
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South India accounts for 30.7% that is about Rs 21,500 crore to the overall advertising expenditure (AdEx) at Rs 70,000 crore, according to TAM India’s latest report ‘The South Side Story 2020’. Moreover, the report claims that southern India recorded a 10% year-on-year growth in advertising spends with digital driving the growth with over 30% rise. “Ad spends on digital accounts for Rs 15,000 crore and it’s one of the fastest-growing platforms across all the mediums. However, in the South, it is a little subdued, at 20%. That’s because in South, television is the key medium that reaches out to almost 90% of the population,” LV Krishnan, CEO, TAM Media Research, said. As per the report, television, with over 95% audience reach across markets, dominates the South market with 47.9% share of the ad spends, at Rs 10,300 crore. Print follows TV at 28.8% share amounting to Rs 6,200 crore. Recording 30% growth, digital is third in line at Rs 2,900 crore, while ad spends on radio stood at Rs 800 crore. Meanwhile, outdoor medium including urban billboards, metro lines, cabs, malls, airports and digital screens pulled in Rs 950 crore ad AdEx. Whereas, single screen and multiplex cinemas contributed to Rs 350 crore to the South market. Interestingly, Tamil Nadu and Andhra/Telangana dominated the Southern market’s ad space with 30% and 28% share, respectively. Karnataka, on the other hand, raked in Rs 5,000 crore as ad spends followed by Kerala which amounted to Rs 4,200 crore, as it claimed 19% of the pie. According to Krishnan, Tamil Nadu and Andhra Pradesh are the two largest markets in South India, accounting for 58% of the media spends, television being the key driver and contributor to the pie. According to the report, the last decade shows that Southern India contributes more than 1/4th of the total ad volumes across traditional medium and establishes that Southern India is a primary contributor in terms of ad volume across traditional medium. Read Also: Update Geotarget launches digital campaigns to reach media planners Follow us on Twitter, Instagram, LinkedIn, Facebook Summarise this report in a few sentences.
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south india accounts for 30.7% of the overall advertising expenditure (AdEx) at Rs 70,000 crore. meanwhile, outdoor medium including urban billboards, metro lines, cabs, malls, airports and digital screens pulled in Rs 950 crore. Tamil Nadu and Andhra/Telangana dominated the southern market’s ad space with 30% and 28% share.
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live bse live nse live Volume Todays L/H More × Shares of Biocon jumped over 5 percent in morning trade on BSE on September 1, a day after the company announced the launch of a diabetes drug in the US market. As per a regulatory filing on BSE, Biocon Biologics India, a subsidiary of Biocon, and Mylan N.V., announced the US launch of Semglee™ (insulin glargine injection) in a vial and pre-filled pen presentations, approved to help control high blood sugar in adult and pediatric patients with type 1 diabetes and adults with type 2 diabetes. It is not recommended for the treatment of diabetic ketoacidosis. Semglee, which received final approval from the US Food and Drug Administration (FDA), has an identical amino acid sequence to Sanofi’s Lantus® and is approved for the same indications, the BSE filing said. Kiran Mazumdar-Shaw, Executive Chairperson, Biocon said: “The commercialization of our insulin glargine in the US represents another milestone achievement for Biocon in making insulin-based therapy increasingly accessible for people with diabetes globally." "We are confident that along with our long-standing partner Mylan, we will be able to address the needs of millions of patients living with diabetes in the US Leveraging our science and global scale manufacturing expertise, we have been expanding affordable access to biosimilar insulins to patients in Japan, Australia, Europe, India and key emerging markets. The US launch of Semglee takes us closer to realizing our aspiration of reaching ‘one in five’ insulin dependent people with diabetes worldwide.” Shares of Biocon traded 5.10 percent up at Rs 395.60 on BSE at 11:00 hours. Summarise this report in a few sentences.
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biocon's semglee is a diabetes drug approved to help control high blood sugar in adults and pediatric patients with type 1 diabetes. the drug received final approval from the US Food and Drug Administration (FDA) it has an identical amino acid sequence to Sanofi's Lantus® and is approved for the same indications. shares of biocon traded 5.10 percent up at Rs 395.60 on BSE at 11:00 hours.
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In a historic feat, Mahindra Aerospace has added Botswana’s Major Blue Air as its first customer for Federal Aviation Administration (FAA) certified new 10-seater turboprop aircrafts.“Delighted that Major Blue Air of #Botswana has become our 1st customer of FAA certified new 10 seater turboprop #aircraft frm @Mahindra_aero. Heartiest congratulations to @arvind_mehra ,Keith Douglas & #Airvan team on their #flying success,” SP Shukla, Group President, Aerospace & Defence at Mahindra Group said in a tweet. Congratulating the team for the major feat, Anand Mahindra said that it’s a historic milestone for the company. “A historic milestone for Mahindra Aerospace. A product developed and certified by Gipps Aero post acquisition by us. May you Rise with it to the skies, Team @Mahindra_Aero,” he said. Earlier, Mahindra Aerospace had received a FAR 23 type certificate from Australia’s Civil Aviation Safety Authority for its Airvan 10, the company had announced. Australia’s first 10-seat, single-engine turbine aircraft has also received a type certificate from the FAA. Notably, while Mahindra Aerospace is based in India, its subsidiary manufacturer GippsAero, is based in Australia. Explaining the features of the new aircraft, SP Shukla said that the aircraft provides a panoramic view and is popular with wildlife tourists. “Botswana is indeed Airvan8 country. This versatile #aircraft from Mahindra_Aero is most popular with tourists for scenic flights to view wildlife. Wide windows provide panoramic view & this plane has all window seats. Low maintenance is added bonus,” he said in a tweet. Mahindra’s Airvan 10 follows in the footsteps of the piston engine 8-seat Airvan 8, and the turbocharged version of the same aircraft, which now operates in 29 countries, according to a company statement in May this year. Australia-based GippsAero is involved in the manufacture of makes the Airvan 10 aircraft. Mahindra Aerospace is a newcomer on the local aerospace scene and its Airvan aircraft are targeted at niche markets where there are few direct competitors. Earlier in 2015, Mahindra Group clinched a multi-million dollar aerospace contract with European consortium Airbus Paris Air Show, proving the major fillip to the ‘Make in India’ initiative. Summarise this report in a few sentences.
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Mahindra Aerospace has added botswana’s Major Blue Air as its first customer for FAA certified new 10-seater turboprop aircrafts. the aircraft provides a panoramic view and is popular with wildlife tourists. the company has received a FAR 23 type certificate from australia’s Civil Aviation Safety Authority for its Airvan 10. the aircraft follows in the footsteps of the piston engine 8-seat Airvan 8, and the turbocharged version of the same aircraft.
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Industry body CII has urged the Reserve Bank to reconsider its circular regarding opening of current accounts saying that the guidelines are likely to disrupt the servicing of clients by banks leading to inefficiencies and delays. The RBI on August 6 issued a circular imposing restrictions on opening of multiple current accounts by borrowers. "While the guidelines announced by RBI are of appropriate intent, they are likely to disrupt the ongoing servicing of clients by Banks/ NBFCs/ HFCs and is expected to lead to a manifold increase in operational workflows, inefficiencies, delays, inconveniences and costs for delivery of products and services to clients in addition to potential operational risk issues", the Confederation of Indian Industry (CII) said in a statement. Among other things, the CII has suggested exclusion of certain categories of borrowers (other regulated entities like Mutual Funds/ PMS/ Insurance/ Exchange Brokers/ NBFCs HFCs etc) from the scope of the circular. CII has also urged the RBI to set up a central framework to facilitate information sharing amongst the banks for fund flows of the customer as it has done for exposures. This initiative will help the banks in taking timely action as and when required. Such a framework will address the risk of diversion of cash flows and negate the need for operational controls mentioned in the circular, it added. "CII believes the purpose of the circular would be best addressed by monitoring the cash flows in customers above a certain exposure size. Smaller cases are generally sole banking cases where diversion of cash flows does not arise as all accounts of the customer will be under the purview of the sole lender," the industry chambers said, and added the circular should not be applicable for borrowers having exposure of less than Rs 25 crore. According to CII, one of the "unintended consequences" of the circular, is not permitting customers of non-agency banks to complete their tax payments or, if they wish to do so, forcing them to shift their banking relationships to only agency banks. "This is expected to cause unnecessary harassment to customers of such non-agency banks. To overcome this issue and to ensure that the circular is fully effective, all banks should be permitted to offer tax payments services. Alternatively, customers with borrowing in non-agency banks should be permitted to open current accounts with other banks for tax remittance purposes," it said. The chamber also said the RBI has been extremely active since the economy was hit by the COVID pandemic. "Through its reform measures RBI has infused liquidity into the financial system. However, with uncertainties still looming with respect to arrival of vaccine, more support will be required on an ongoing basis both from the RBI and the government to stabilise the lending sector, in turn, the economy," it said. Also read: DPIIT shares list of 24 key sectors with ministries to work on plan to boost manufacturing Summarise this report in a few sentences.
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CII urges RBI to reconsider its circular regarding opening of current accounts. industry body says the guidelines are likely to disrupt banking services. borrowers with exposure of less than Rs 25 crore should not be allowed to complete tax payments. CII says the circular is not allowing customers of non-agency banks to do so. a central framework will help banks in taking timely action, it says.
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Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Summarise this report in a few sentences.
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apple set a new quarterly revenue record in india with a strong double-digit year-on-year growth in the September quarter. the world's second-largest smartphone market is a key focus for the cupertino, us-based company where it currently has a low share. luxury car buyers in india are getting younger with two out of five Audi buyers aged less than 40.
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NEW DELHI: Online automobile marketplace Droom will pump in about USD 100 million (about Rs 718 crore) this year towards further strengthening its technology offerings, marketing and new initiatives, its founder and CEO Sandeep Aggarwal said.The company, which aims to touch USD 120 million (about Rs 862 crore) in net revenue by 2021, is also looking at expanding its international operations to six new markets including Indonesia, Vietnam and the UAE this year."We have earmarked a capex (capital expenditure) of about USD 100 million this year. Of this, about USD 50 million will be towards marketing and promotion, USD 30 million for headcount and technology and roughly USD 20 million for new initiatives," Aggarwal told PTI.He added that the company has been working on keeping its cash burn low and is hopeful of also hitting profits by the end of the year.Aggarwal said the company has already established presence in three international markets and is looking at growing that further this year.Droom is looking at Indonesia, Philippines and Vietnam in Southeast Asia and the UAE, Oman and Saudi Arabia in the Middle East."While we are aggressively expanding our international presence, we are also deepening our presence within the India market as we believe this will continue to be the mainstay of our business. Less than 10 per cent of our revenues will come from international operations," he said.The company also plans to raise about USD 150 million before it launches an initial public offering (IPO) in 2021.It has so far raised close to USD 125 million in six rounds of funding from investors like Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, and Integrated Assets Management.Droom had clocked a gross merchandise value of USD 1.2 billion on its platform with a net revenue of USD 32 million in 2019. Its platform processed over 6.1 lakh orders last year. Summarise this report in a few sentences.
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online automobile marketplace aims to reach USD 120 million in net revenue by 2021. about 50 million will be towards marketing and promotion, according to founder and CEO. about 30 million will be for headcount and technology, and roughly 20 million for new initiatives. company also looking at Indonesia, Philippines and Vietnam in Southeast Asia and the UAE. aims to raise about USD 150 million before it launches an initial public offering (IPO) in 2021.
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The government is determined to keep fiscal deficit at 3.3 per cent of GDP on the back of buoyant tax revenues and expectations of surpassing the disinvestment target, Finance Minister Arun Jaitley said Saturday but remained non-committal on cutting tax on petrol and diesel. A day after steps to contain the widening current account deficit (CAD) and check fall of the rupee were announced, Prime Minister Narendra Modi on Saturday continued his two-day review of the economy as he took stock of tax collections and macro-economic indicators in analysing performance of different wings of the finance ministry. After the meeting, Jaitley exuded confidence of surpassing the 7-7.5 per cent GDP growth target projected in the last Budget presented on February 1, meeting capital expenditure targets, surpassing tax collections projections and exceeding the record Rs 1 lakh crore target of revenue mobilisation from government stake sale in PSUs. He, however, did not say if the meeting discussed the recent spike in fuel prices that has led petrol touching a record high of Rs 81.63 per litre and diesel to Rs 73.54 a litre. There were expectations that the government may cut excise duty on the two fuels to ease burden on the consumers but it seems it didn't want to take chance as it stands to lose Rs 14,000 crore in revenue from a Re 1 per litre cut in excise. It feels that the country cannot afford to have a twin deficit problem -- a depreciating rupee and high crude import bill putting pressure on the country's current account deficit (CAD), and a fiscal slippage. "The government is confident and will strictly maintain the 3.3 per cent fiscal deficit target," Jaitley told reporters after the over three-hour long meeting. With 44 per cent of the budgeted capital expenditure estimate for the current fiscal year ending March 31, 2019 already spent by August 31, the government "will end the year without any cut," he said, adding that it was extremely necessary to maintain 100 per cent capital expenditure for high growth rate. "The government is confident that we will have a growth rate higher than what we had projected earlier this year in the Budget," he said. "The inflation is broadly under control". On revenue collections, he said the impact of anti-black money measures, demonetisation and GST are now visible with "phenomenal" increase in tax base. "The CBDT is very clear that this year they will be able to collect in excess of budgeted target," he said. On indirect tax side, he said the Goods and Services Tax (GST) is settling down and a pick up in consumption will boost collections in coming months. "We are confident that between direct and indirect tax collections, the government will comfortably meet the target if not surpass it," he said, adding the Rs 1 lakh crore disinvestment target will be surpassed. "And on basis of all these analyses, we are optimistic about our growth rate, our tax collection and certainly as far as fiscal deficit is concerned will strictly meet the 3.3 per cent target," he said. Asked if fuel prices and duty cuts were discussed, he said the meeting today was internal review meeting. Almost half of the retail selling price of petrol and diesel is made up of central and state taxes. The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT). "The primary focus of yesterday's discussions was with regard to current account deficit and how to narrow it down and possible steps with that regard. Today of course was an internal meeting in which the Prime Minister took the review of various departments of finance," Jaitley said. After yesterday's review meeting, the government announced easing in overseas borrowing norms for manufacturing companies; removed restrictions on foreign portfolio investors (FPI) investment in corporate bonds and provided tax benefits on Masala bonds. At Saturday's meeting detailed presentations were made by Departments of Economic Affairs, Revenue, Expenditure and Disinvestment. "After those detailed presentations, Prime Minister expressed his satisfaction with regard to the broad parameters in relation to economy and macroeconomic data which is so far emerging this year. "The department of revenue made a detailed presentation where the direct tax collections we are already ahead of the schedule...we can now see the impact of all the anti-black money measures which we had taken, the demonetisation and the GST. There is phenomenal increase in the assessee base...in the quantum of advance tax which has been paid," he said. The government had in Budget projected direct tax collection of Rs 11.5 lakh crore for 2018-19 fiscal. On GST, he said the new indirect tax regime is settling down and "with the kind of pick up in consumption which has taken place, obviously will have an impact on GST collections in the future months". "As far as non-tax revenues are concerned the entire programme of divestment and strategic sale for this was also considered. Just the way we exceeded the target last year, we are confident of not only maintaining the disinvestment target this year but may perhaps be in excess," Jaitley said. Summarise this report in a few sentences.
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finance minister says government is determined to keep fiscal deficit at 3.3 per cent of GDP. he says it is on the back of buoyant tax revenues and expectations of surpassing disinvestment target. but he remains non-committal on cutting tax on petrol and diesel. he says the government is confident of exceeding the 7-7.5 per cent GDP growth target.
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New Delhi: Indian Hotels Company IHCL ) announced on Thursday that it is foraying into new culinary offerings through the launch of a new brand called Qmin IHCL's Qmin mobile application to be launched in July 25 will deliver dishes from Taj restaurants in Mumbai such as Golden Dragon and Souk from Taj Mahal Palace , Thai Pavilion and Trattoria from President besides others and will gradually cover other markets such as Delhi, Chennai and Bengaluru over a period of five weeks.The gourmet Qmin shop will open in August and the Qmin will be integrated into the chain's loyalty programme in September.IHCL MD Puneet Chhatwal said leveraging a digital platform will 'augment' the group's existing F&B offerings and will address the consumer demand for online gourmet food delivery services. "Qmin will scale up in the months ahead to include the gourmet Qmin shop with delicatessen based food choices. Taj has been home to our guests for more than a century. With the launch of Qmin we bring Taj to their home," he added.The company said Qmin will follow safety protocols such as contactless delivery and mandatory use of protective gear for delivery executives in sanitized vehicles. As per IHCL, the packaging of these food items will be eco friendly utilizing bio degradable materials, and with customised insulation boxes to preserve the food during deliveries.From July 25, customers can download the app on android and iOS mobile devices. Summarise this report in a few sentences.
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the gourmet Qmin shop will open in august and the Qmin will be integrated into the chain's loyalty programme in September. the company said the app will follow safety protocols such as contactless delivery and mandatory use of protective gear for delivery executives in sanitized vehicles. the food items will be eco friendly utilizing bio degradable materials, and with customised insulation boxes to preserve the food during deliveries.
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NEW DELHI: The government promulgated an ordinance on Friday to suspend three sections in the Insolvency and Bankruptcy Code to prevent companies from being forced into insolvency proceeding due to debt default triggered by the Covid-19 crisis.Corporate insolvency resolution filing will be suspended for six months for any debt defaults post March 25, the day the nationwide lockdown was rolled out to contain the spread of the pandemic.The suspension will remain in force for six months or “such further period, not exceeding one year from such date, as may be notified in this behalf”, the ordinance said."...a nationwide lockdown is in force since March 25, 2020 to combat the spread of Covid-19, which has added to the disruption of normal business operations... It is difficult to find resolution applicants to rescue the corporate person who may default in discharge of their debt obligation,” it said.The ordinance received the President’s assent on Friday. The Union cabinet had approved the ordinance on Wednesday.It suspended IBC Sections 7, 9 and 10, to provide relief to borrowers from being dragged into insolvency amid the struggle with the impact of the lockdown.Section 7 of the IBC allows a financial creditor to initiate corporate insolvency resolution process against a corporate debtor. Section 9 provides for application of insolvency by an operational creditor, while Section 10 is for initiation of insolvency resolution proceedings by a corporate applicant.This means that lenders will not be able to drag borrowers into insolvency for any debt default for six months beginning March 25. Equally, borrowers will themselves also not be able to declare bankruptcy in this period.The government has also amended the section that empowered resolution professional to initiate insolvency against promoters or related parties of the corporate defaulter for this period. Summarise this report in a few sentences.
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the government has suspended three sections in the insolvency and bankruptcy code. the suspension will remain in force for six months or "such further period, not exceeding one year from such date, as may be notified in this behalf" a nationwide lockdown is in force since march 25, 2020 to combat the spread of the pandemic. borrowers will not be able to declare bankruptcy in this period.
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live bse live nse live Volume Todays L/H More × Prabhudas Lilladher's research report on Heidelberg Cement India Heidelberg cement (HEIM) reported strong set of Q3FY18 result with beat across the fronts. Beat was largely on the back of better than expected volume growth and lower costs. Demand would remain firm in its key markets like UP on the back of strong govt spending on low cost housing and infrastructure sector, revival of private spending in rural areas and easing of sand shortage. Contrary to market's expectation of pressure due to higher supplies from Ultratech, prices in the region improved (firmed up further in January) in quarter with the limited increase in supplies as the acquired capacity was already operating at high utilisation rates. Outlook Our BUY rating on HEIM remains intact given the strong outlook on region and attractive valuations. Reiterate BUY with TP of Rs195, EV/EBITDA of 10x FY20e. 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.
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Heidelberg cement (HEIM) reported strong set of Q3FY18 result with beat across the fronts. beat was largely on the back of better than expected volume growth and lower costs. demand would remain firm in its key markets like UP on the back of strong govt spending on low cost housing and infrastructure sector. HEIM is currently ranked BUY with TP of Rs195, EV/EBITDA of 10x FY20e.
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A bomb threat call was made to the Air India call centre at Delhi Airport for their AI-020 Delhi-Kolkata flight on Wednesday afternoon, following which the Air India Dreamliner was taken to the remote bay for detailed security checks. However, Air India officials confirmed that it was a hoax call. The flight, which was scheduled to leave for Delhi at 2.25 pm, was vacated after 248 passengers had already boarded it. "The AI office at IGI Airport got a hoax call that the flight had a bomb. We deboarded the passengers and the baggage was also offloaded. The security check went on for two hours at a remote bay," an AI official was quoted in newspapers. "Another aircraft was arranged to fly the passengers to Kolkata. It is expected to leave in the evening," the official added. Summarise this report in a few sentences.
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hoax bomb threat call made to air india call centre at Delhi airport. flight was scheduled to leave for Delhi at 2.25 pm. flight was vacated after 248 passengers had already boarded it. flight was vacated after security check went on for two hours. a second aircraft was arranged to fly passengers to Kolkata. a bomb threat call was made to the call centre at the airport.
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Mumbai: Keeping the stock market open amid the coronavirus-induced nationwide lockdown was one of the best decisions as panic would have led to a collapse, said BSE CEO Ashishkumar Chauhan “Sebi (The Securities and Exchange Board of India) insisted that we keep the markets open as per normal time. If we had closed the markets, even for a short period, we could have created further panic and asset prices would have collapsed,” Chauhan said at Ficci’s 17th CAPAM conference on Wednesday.Contrary to early expectations, the stock market actually rebounded sharply from the lows seen in March, thanks to a gush of liquidity, entry of new investors and firm global markets. From the lows on March 24, benchmark Sensex has recovered more than 48 per cent.Chauhan said Sebi ’s move to get broking and mutual fund services termed essential services across India was a great decision and went a long way in safeguarding the interests of stakeholders.On March 23, Prime Minister Narendra Modi announced a nationwide lockdown as a move to curb the fast-spreading Covid-19 pandemic, and what was initially a 21-day plan extended up to May 31. Economic activity has since resumed in phases of different geographies in India, but is far from normal.“When the lockdown was announced on March 23, we were confident that brokers and other employees will be able to reach their offices or move around to complete the settlement process the next day,” said Chauhan.He pointed that through the night of March 23, Sebi co-ordinated with all market infrastructure institutions to ensure markets open and function normally the next day.“It was a tough situation as panic was immense, but settlements have happened on time and without any defaults. It was a huge achievement for India,” he said.Chauhan pointed that the markets had recovered most of the value they had lost in reaction to the announcement of the pandemic.“As we talk, we have recovered the lost value. Despite the panic, India markets have traded a lot, and net investors have come to the market, and we have also managed to raise a lot of funds. BSE helped raise 3.27 lakh crore through various means . In the current FY year, BSE alone has raised 4.05 lakh crore for Indian corporate,” he said adding that it was a testament to global investors’ confidence in Indian corporate sector and economy.“Smooth functioning of Indian markets during this painful period has proved beyond doubt that India is among the highest technology-using nations in the world,” he added. Summarise this report in a few sentences.
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if we had closed the markets, even for a short period, we could have created further panic and asset prices would have collapsed' from the lows on march 24, benchmark Sensex has recovered more than 48%. 'it was a tough situation as panic was immense, but settlements have happened on time and without any defaults,' said sebi.
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The rupee is likely to average at 69 per US dollar this financial year, largely driven by stronger domestic macro fundamentals and foreign fund flows, says a report. According to a Bank of Baroda research report, India's twin deficit and inflation are at a "far more comfortable position" than in 2013. Besides recent fall in oil prices and strong foreign portfolio investors' (FPI) inflows will also support the domestic currency. "While near-term volatility cannot be ruled out as the rupee is highly correlated with other Asian emerging market (EM) currencies, we believe the rupee should stabilise sooner than later," Sameer Narang, chief economist at Bank of Baroda said in a research note. He further said, "For FY19, we expect it to average at 69/USD". The rupee has fallen 8.9 percent this year, higher than the 4.6 percent fall in Asian emerging market currencies amid global uncertainties and concerns over inflation. The rupee ended below the 70-mark against the US dollar for the first time ever on August 16. According to the report, the policy divergence between the US Fed, the European Central Bank (ECB) and Bank of Japan (BoJ), coupled with an improving US economy, has resulted in widening interest rate differentials between the US and other currencies. But going forward, other central banks are looking at normalising their monetary policies and this will narrow the interest rate differential and put a lid on further appreciation of the US dollar, the report said. The recent decline in oil prices is positive for the rupee. In addition, FPI inflows have also resumed and should put an end to the $24.6 billion intervention by the Reserve Bank of India (RBI). Some of the key risks to the rupee include a contagion in emerging market currencies, any geo-political risks to oil prices and prospects of trade wars driving global growth lower, the report added. Summarise this report in a few sentences.
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rupee likely to average at 69 per US dollar this financial year, report says. rupee has fallen 8.9 percent this year amid global uncertainties and concerns over inflation. recent fall in oil prices is positive for rupee. report: other central banks looking at normalising monetary policies. a contagion in emerging market currencies, trade wars and trade wars could affect rupee.
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The recent entry of the Covid-19 antigen diagnostic test has provided much excitement, but little understanding. How does it compare with the standard ‘real-time RT-PCR’ test? How should the test results be interpreted? What actions should flow from a negative result? Who should be preferentially tested? These questions need examination as we set out to determine how this test is best used in our setting, and the caveats that accompany its interpretation. The RT-PCR test is a nucleic test that detects the replication of viral RNA. The sample is usually collected from a throat or nasal swab. The antigen test looks for viral proteins from a similar specimen. Both tests look at different parts of the virus. The former takes several hours for processing and reporting while the result is available for the latter within a few minutes. This makes the antigen test seem an attractive option as we ramp up testing. How does the antigen test compare with RT-PCR in terms of accuracy? Here, we look for sensitivity (ability to pick up infected cases) and specificity (ability to exclude uninfected cases). The specificity of the antigen test is reportedly around 99%. That means a positive test result can be highly relied on to diagnose an infection. Sensitivity, on the other hand, is reported to be between 50-80%. That means the antigen test can miss several Covid19 cases. Therefore, the guidelines issued by the Indian Council of Medical Research (ICMR) recommend that a positive antigen test should be taken as definitive evidence of the viral presence in the person tested. However, a negative test should be followed by a further verification test in the form of an RT-PCR, which has a higher sensitivity. This is meant to reduce the number of truly infected persons who are missed by a less than perfect test. How accurate is the RT-PCR test itself? Reported sensitivity from China, for identifying truly infected cases was 72% for sputum samples, 63% for nasal swabs and 39% for throat swabs. The sensitivity varies according to the efficiency of the sampling technique, which determines the ability of the healthcare worker to collect an adequate sample. Another factor that influences test sensitivity is the time of sampling, as the viral load is low very early in the infection and also late in the infection when the person has recovered. Because of these reasons, clinical assessment, X-Rays and, on occasions, CT scans of the chest are often used to make the diagnosis when the RT-PCR test is negative. The lead agency for the test in the US, Laboratory Corporation of America clearly states: “Negative results do not preclude SARS-CoV-2 infection and should not be used as the sole basis for patient management decisions. Negative results must be combined with clinical observations, patient history and epidemiological information”. If RT-PCR itself has a relatively low sensitivity (compared to a composite clinical diagnosis) and the antigen test has a lower sensitivity than RT-PCR, are we likely to end up with many false negatives when we use the antigen test initially? With RT-PCR, we may be looking at a 60-70% true positive case detection rate in a good sample yield scenario. If the antigen test picks up only 60% of those, we are likely to miss more than half of the true positive, virus-afflicted cases. More important is the need for verification testing with RT-PCR in all cases who have a negative antigen test result. Test positivity rates with RT-PCR, among all persons who are tested on the basis of current criteria of eligibility for testing, vary widely among states and between high intensity and low-intensity areas in a state. A test positivity rate of 15% in a population with RT-PCR would mean that the test has detected 15 infected cases out of 100 tested on suspicion. An initial antigen test would pick up 6 to 8 of 100 tested since it is less sensitive than RT-PCR. The remaining (over 90 out of 100) would need an RT-PCR verification test, according to the present guidelines. The antigen test does cut short the time to diagnosis and can be used in persons with a strongly suspect clinical profile of harbouring Covid-19 infection. It may also be used for quick assessment in persons requiring emergency medical care, though many are likely to test negative. As a confirmatory RT-PCR test will take time, it may be better to proceed with all precautions, without delaying treatment, even as the RT-PCR test is under process. With a multiplicity of tests, a problem will arise with the reporting and interpretation of total testing numbers. Officials, as well as media, are now reporting daily testing numbers, with the same avidity and urgency as stock markets report the rise of Sensex and NASSCOM indices. Even now, we do not know how many of the daily reported RT-PCR tests are first time tests and how many are repeat tests. With over 90% of antigen tested individuals having to undergo further testing with RT-PCR, we will see a huge rise in overall test numbers. These numbers should not be confused with the number of people tested, as many would be tested twice—once with the antigen, and again with RT-PCR. Even though the specificity of the antigen test is reported to be around 99%, does this high true positivity rate invariably mean active infection? It was thought regarding RT-PCR too. Then came a series of reports from South Korea, China and Europe that repeat RT-PCR tests were puzzlingly positive for long in some persons with good clinical recovery and documented immune response. A detailed evaluation led to the conclusion that these are false-positive test results arising from the detection of ‘dead viruses’. Will the antigen tests also yield such false positives due to detection of dead viral fragments? We do not know as yet, as the antigen tests have only recently entered the Covid-19 diagnostic arena. One more puzzle to be solved in the still-evolving story of this intriguing virus which could well be the Riddler of the microbial world. The author is President, Public Health Foundation of India. Views are personal Summarise this report in a few sentences.
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the recent entry of the Covid-19 antigen diagnostic test has provided much excitement, but little understanding. how does it compare with the standard ‘real-time RT-PCR’ test? how should the test results be interpreted? who should be preferentially tested?.. how does the antigen test compare with RT-PCR in terms of accuracy?.
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US and Asian equities end the year 2017 on a mixed note US stocks closed lower Friday, the last trading day of the year, with no S&P 500 sectors ending higher. Major markets in Asia closed narrowly mixed on the last trading day of the year. On the whole, however, most regional markets have recorded strong gains year-to-date. PNB hikes interest rate on term deposits by up to 1.25% Public sector Punjab National Bank has announced raising interest rates by up to 1.25% on domestic term deposits of up to Rs10 crore for different tenures, effective 1 January 2018. Indian Oil looks to supply LPG to northeastern states via Bangladesh State-owned Indian Oil Corp. Ltd is planning to adopt a new way of supplying cooking gas to the far-flung northeastern states by first exporting it to Bangladesh in a move that will drastically cut the refiner’s freight cost and help in integrating the energy markets in the two Asian nations, chairman Sanjiv Singh said. Honda wary of electric tech, emission norms India’s efforts to move to an all-electric fleet by 2030 and graduate vehicles to the stricter Bharat Stage VI (BS-VI) emission norms by 2020 have put Honda Motorcycles and Scooters India Pvt. Ltd in a spot of bother. It does not have the technology for electric two-wheelers, and the BS-VI norms will increase two-wheeler costs, leading to an overall decline in sales. Read more Banks to refer 25 firms on RBI’s second list to NCLT Lenders have decided to refer 25 of 28 companies on the Reserve Bank of India’s second list of large corporate defaulters to the National Company Law Tribunal (NCLT) for initiation of insolvency proceedings. Shriram Transport Finance raises Rs400 crore by issuing bonds Shriram Transport Finance Co. has raised Rs400 crore by issuing bonds on private placement basis. DoT to issue notices to five telcos to recover Rs2,578 crore The Department of Telecom (DoT) will issue notice to five telecom operators, including Tata Teleservices, Telenor and Reliance Jio, to recover Rs2,578 crore, in the wake of the CAG red-flagging understatement of revenues by the firms. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Summarise this report in a few sentences.
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major markets in Asia closed narrowly mixed on the last trading day of the year. on the whole, most regional markets have recorded strong gains year-to-date. a new way of supplying cooking gas to northeastern states via Bangladesh is planned. a new way of exporting it to Bangladesh will drastically cut the refiner’s freight cost. a new e-commerce platform is expected to be launched in the coming months.
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As the part of an economic package to mitigate the economic impact of the coronavirus crisis and the nationwide lockdown the government will provide special credit facility to support nearly 50 lakh street vendors, free food grain supply to 8 crore migrants for next 2 months and launch a scheme for affordable rental housing complexes (ARHC) for migrant workers and urban poor to provide ease of living at reasonable rent. Read for more top stories from the world of business and economy: 1. Rs 5,000 crore special credit facility to support 50 lakh street vendors: FM The government will launch a special scheme within a month to facilitate easy access to credit to street vendors, says FM Sitharaman. 2. Free food grain supply to 8 crore migrants for next 2 months, says FM About 8 crore migrants will be provided 5 kg of wheat or rice or 1 kg of chana for next 2 months, says FM Sitharaman. 3. Coronavirus crisis: What is 'One Nation, One Ration Card'? By August 2020, 67 crore beneficiaries in 23 states, which is 83 per cent of all the PDS population, will get covered by this 'One Nation, One Ration Card', FM Sitharaman said. 4. Coronaviru crisis: Here's what FM Sitharaman said about urban poor Nirmala Sitharaman press conference: The Finance Minister further added that 12,000 SHGs have produced 3 crore masks and 1.20 lakh litres of sanitisers amid the lockdown. 5. Govt to launch affordable rental housing for migrants and urban poor: FM The scheme will be launched under the PMAY by converting government-funded housing in the cities into Affordable Rental Housing Complexes under PPP mode through concessionaire. Summarise this report in a few sentences.
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government to provide special credit facility to support nearly 50 lakh street vendors. free food grain supply to 8 crore migrants for next 2 months. 67 crore beneficiaries in 23 states will get covered by this 'one nation, one Ration Card', says finance minister. 12,000 SHGs have produced 3 crore masks and 1.20 lakh litres of sanitisers amid the lockdown.
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MUMBAI: India’s central bank plans to come up with market abuse regulations after some participants were seen to be unduly influencing daily trading over the past one or two years.“It is proposed to introduce regulations, in line with the best global practices, to prevent abuse in markets regulated by the Reserve Bank,” the central bank said in its monetary policy statement.The Reserve Bank of India RBI ) has cited a few examples that are aimed at bringing transparency in market transactions.For instance, the Fixed Income Money Market and Derivatives Association of India (FIMMDA), an industry body, has developed a fair practice code (FPC) for voluntary adoption by banks and other members.Similarly, the Foreign Exchange Dealers’ Association of India (FEDAI) has also adopted a global code of conduct for the wholesale forex market.It sets out principles to “promote a robust, fair, liquid, open and appropriately transparent market, underpinned by high ethical standards.”The central bank will issue draft regulations by August end this year after due consultations.Earlier in January last year, the government bond market faced criticism amid allegations of cartelisation against some banks by traders and dealers who accused the lenders of breaking an unwritten covenant.Although banks had refuted such accusations, saying they were merely acting in their own defence, the bond market rallied and a sudden shortage of sovereign bonds pushed up prices. The matter was resolved after the RBI had intervened. Summarise this report in a few sentences.
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the central bank said it will introduce regulations to prevent abuse in markets regulated by the Reserve Bank. the fixed income money market and derivatives association of india has developed a fair practice code. the foreign exchange dealers’ association of india has also adopted a global code of conduct for the wholesale forex market. the central bank will issue draft regulations by august end this year after due consultations.
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The Maharashtra state onion growers’ association (MSOGA) has urged the central and state governments to procure onions directly from farmers at Rs 2,000 per quintal. The demand has been made as several market committees in the state are still shut and the wholesale prices of onions have dropped to Rs 500-600 per quintal. The association has been highlighting the issue on Twitter, according to Bharat Dighole, president, MSOGA. Around 1,500 farmers have tweeted tagging Prime Minister Narendra Modi, CM Uddhav Thackeray, Union ministers Nitin Gadkari, Piyush Goyal and Prakash Javadekar. The association reached out to farmers to use Twitter as physical agitation was not possible and is even educated them on how to reach out to the government using Twitter. Dighole said the average price of onion in Maharashtra was at Rs 500 per quintal but as most of the market committees of the state are closed due to the coronavirus, the central government should, therefore, buy onion directly from farmers at Rs 20 per kg. The cost of production of onions is more than Rs 1,000 per quintal and farmers are ending up with losses as they are selling below this price, he said. Onion auctions at Lasalgaon have come to a halt for an indefinite period following three cases of Covid-19 reported last week. Most other markets in Nashik district are also shut due to their proximity to Malegaon, another Covid-19 hotspot. The National Agricultural Co-operative Marketing Federation of India (NAFED) has also commenced procurement of onions at prevailing market rates of Rs 500 per quintal. Nafed is purchasing onions to create a buffer stock for the Centre with target of 50,000 tonne. Out of this, 40,000 tonne will be procured in different markets in Maharashtra and remaining 10,000 tonne from Gujarat. Nafed officials said that that although about 650 tonne has been procured so far, they are facing problems due to the closure of Lasalgaon. The rates at Lasalgaon and Pimpalgaon are applied by NAFED as standard but since these mandis are closed and the rates of rest of the mandis are lower, farmers are not happy with what we are offering, officials said. Due to lockdown, there is a labour issue as well. The agency is waiting for all the mandis to open on a regular basis so that the market rates stabilise and farmer expectations on rates are fulfiled. Summarise this report in a few sentences.
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onion growers' association urges government to buy onions directly from farmers. demand made as market committees in state are still shut. around 1,500 farmers have tweeted tagging prime minister and others. cost of production is more than Rs 1,000 per quintal and farmers are losing. auctions at Lasalgaon have come to a halt for an indefinite period.
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This is what occurred in March 2020. The spike in volatility would also have forced investors to cut the overall size of risk-adjusted positions. Gold’s high liquidity makes it an attractive component of a portfolio to sell in times of urgent need for cash, such as when meeting margin calls. The generally held belief is that gold is negatively correlated to equities during extended bear markets, but it is not unusual for gold, and other putative safe havens, to retreat in unison on big down days in the broader market. However, it is worth reviewing this performance and considering what demand drivers may influence gold prices over the coming months. Much has been made of the relative performance of gold since the start of the global COVID-19 pandemic. The S&P GSCI Gold gained 10.2 percent on a year-to-date (YRD) basis through April 7, 2020, highlighting its safe-haven status. It is worth remembering that gold had already enjoyed a surge in investor interest prior to the current crisis, on the back of low to negative interest rates across the globe and a myriad of geopolitical flare-ups. As for the demand side of the equation, there is plenty of uncertainty in the near term. Jewellery demand, which accounted for approximately 50 percent of all demand for gold in 2019, has undoubtedly fallen since the start of the year, but it is too early to say by how much. The World Gold Council estimated that Chinese consumer demand fell 30%-50% year-over-year in Q1 2020. Many also expect that jewellery demand in the West will not perform as strongly in the current economic climate. Central bank buying is even more uncertain, with oil-rich nations negotiating the impact of a collapse in energy prices and other global sovereigns looking to fund large stimulus packages to mitigate the impact of the current economic downturn. Investor demand for gold is expected to remain strong, although, from portfolio construction and diversification standpoint, there will be a point at which large investors choose not to add to their gold holdings. The massive fiscal and monetary response by governments to manage, and hopefully lessen, the financial impact of the pandemic has triggered inflationary concerns among some investors. As a hedge against inflation, gold is still viewed by many market participants as the “currency of last resort”. The supply-side implications should not be ignored. Disruptions in the flow of physical gold between London and New York has already caused some disturbances to the usually stable differential between London Spot and COMEX futures price and led to the launch of a new futures contract that allows for the delivery of a wider choice of gold bars. There has also been a notable disruption to mine supplies that will flow through to the market. (The author is Global Head of commodities, S&P Dow Jones Indices) Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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gold is an attractive component of a portfolio to sell in times of urgent need for cash. it is not unusual for gold, and other putative safe havens, to retreat in unison on big down days in the broader market. gold is still viewed by many market participants as the “currency of last resort”. the massive fiscal and monetary response by governments to manage the impact of the pandemic has triggered inflationary concerns among some investors.
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By Urvashi Valecha & Malini Bhupta The Securities and Exchange Board of India’s recent guidelines to curb risk in derivative markets have resulted in volumes halving almost in the futures and options (F&O) market. Against daily volumes of Rs 10-15 lakh crore, volumes in the F&O market have come down to between Rs 3-5 lakh crore this week. The cash market volumes have also been impacted, said brokerages, following the lockdown this week. Last week, the capital markets regulator announced a slew of measures to curb volatility in the market. By reducing the position limits in equity and debt derivatives, Sebi has made it very hard for speculators. The regulator halved the market-wide position limits in F&O stocks, sought to raise margins for non-F&O stocks in a phased manner and capped institutional exposure to index futures at Rs 500 crore. Following the regulator’s announcement last week, FE has learned that smaller brokers are not allowing retail investors take fresh positions in F&O or even roll over earlier positions ahead of expiry. Ambareesh Baliga, independent market expert, said that after Sebi introduced measures to curb volatility, it was natural for trading volumes in F&O segment to come down. This also indicates that currently the buyers are more long-term, which would bring stability to the market. One of the reasons for the volumes coming down sharply is also because of the sharp rise in options premium. Aamar Deo Singh, head-advisory, Angel Broking, said that as premiums have risen traders have turned cautious. “Premium for options contracts have shot up. The uncertainty in the markets has made people cautious. The swings in the market have been very sharp, which has made people turn cautious,” Singh said. Typically, volumes fall or reduced number of trades under normal circumstances is not good but, under these extraordinary circumstances, lower volumes would help reduce volatility and provide the much- needed stability in the market. Ajit Mishra, VP-research, Religare Broking, said: “Market volumes tend to come down usually during uncertain circumstances, due to unwinding of positions by the participants, including the foreign investors. However, this isn’t likely to continue for a prolonged period of time and volumes would return once stability returns.” Summarise this report in a few sentences.
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volume in the futures and options market has come down to between Rs 3-5 lakh crore. the cash market volumes have also been impacted following the lockdown. the regulator halved the market-wide position limits in equity and debt derivatives. it also sought to raise margins for non-F&O stocks in a phased manner. capped institutional exposure to index futures at Rs 500 crore.
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On Monday, when Mahesh Jadhav walked into chief minister Devendra Fadnavis’ chamber at Vidhan Bhavan in Mumbai, he was both hopeful and anxious. Jadhav, president of the Marathi Kamgar Sena (MKS), had been at the forefront of an unusually resilient strike by drivers of Uber and Ola , online ride-hailing services that have become integral to big city life.Jadhav was anxious as the drivers had gone on strike for 11 days in October — the third-longest by public transporters in a major city in recent memory, after the inconclusive 13-day strike in Delhi-NCR in February 2017. They took a break during the peak festival fortnight, before taking their cabs off the roads again last week, demanding an increase in fares — base, per kilometre and waiting — across all services offered by Ola and Uber. “Strike karneka, matlab solution nikalne ke liye. Tension toh hota hai (A strike has to end in a solution. It is stressful),” Jadhav told ET.Fadnavis promised to get the transport secretary and commissioner, unions and representatives from Ola and Uber at one table to thrash things out. Almost immediately after, drivers returned home and logged on to their devices. “We will wait for the meeting before deciding on future course of action,” Jadhav said.Though not uncommon or India-specific, the back-to-back strikes put firms on the back foot, perhaps for the first time. Drivers and their unions have been claiming their protests have been a success, with most demands, including a pay hike, likely to materialise. As the cut-throat ecommerce model often results in progressively decreasing incomes, the growing number of dissatisfied drivers and delivery boys presents a vote-bank opportunity to unions and political parties. Sometimes, they just want to be seen as offering solutions.Fadnavis, for instance, is considering a universal app for hiring cabs in Mumbai. Likely to be called the City Taxi App, it would host the traditional kaali-peeli (black and yellow) cheek by jowl with new-generation operators, he told Jadhav.In March, the Raj Thackeray-led Maharashtra Navnirman Sena was at the forefront of a similar, ‘indefinite’ strike against what they felt were “low-profit margins” for Ola and Uber drivers. That stir ended in three days. There have been more in Delhi, Chennai and Bengaluru but cab companies have never relented.In Mumbai, however, not only did they agree to restore fares for the festival fortnight during which the drivers went back to work, but also to link the drivers’ returns to a fuel price index, which increased fares by Rs 1 per km for riders.An Uber statement of November 16, says, “Given the impact of rising fuel prices to their net earnings, independent driver partners on the platform have recommended, and Uber has agreed to, the institution of a fuel price-linked fare mechanism.” Ola declined to comment.Unrest began after Mumbai diesel prices shot up from Rs 72.96 in August to Rs 77.32 in September. Uber and Ola cut fares, squeezing what drivers took home. Uber, sources say, slashed fares in that period to generate demand. A senior Ola executive, on condition of anonymity, says, “Our prices over the past two years have been fairly in sync with the elasticity of fuel prices.”A senior Uber executive says on condition of anonymity that the company paid liberal incentives during the festival period, higher in Mumbai than elsewhere. “We wanted to give them a Diwali cushion. November 2 onwards, these incentives were of the 2014-15 variety, when Uber had just entered India,” adds the executive.The per-km fares are not static. “Constant corrections were being made to fares. We burnt some money in the short term,” says the executive quoted above. “Unions think in (terms of) the taxi playbook, a straightjacket per kilometre.”The fuel shock was the last straw that broke the axle. But drivers claim that within five years of operations, Uber and Ola had already drastically shrunk payouts to partner drivers. Some owner drivers used to making Rs 80,000-Rs 1 lakh a month now see half as car volumes rise exponentially. The earlier incentives have all but vanished as targets inch up and rides fall.Nitin Nandgaonkar of the Maharashtra Navnirman Kamgar Sena, trade union wing of MNS, says, “This is just the beginning. We are looking at other sectors too.”At the heart of this mushrooming conflict is the rapid rise of the incentives economy, where companies use a discounts offensive to acquire customers. They also lure in an army of employees with unsustainably high incentive-linked incomes akin to white-collar jobs to run this cranked-up sales engine. This model, unions allege, is primarily flawed and gamed to deceive.“The question is, are Uber and Ola kaalipeeli on steroids or call centres on diet? There is not much difference in the productivities of the driver of a kaali-peeli and an Uber. Uber drivers earn more primarily because shareholders are writing the cheques,” says Manish Sabharwal, chairman of staffing firm Teamlease Services. “We don’t live in an economy. We live in a society. You cannot have organisations without responsibility,” Sabharwal says about the business-partner model.“No one is insulated anymore,” says a Delhi-based policy consultant, on condition of anonymity because of the nature of his work. “These companies should be aware that over the next year and a half, more such disruptions are likely.” He says there is noticeably heightened activity around collective bargaining in the socalled blue collar economy over the past eight months. Every single ecommerce service — be it food tech or online shopping — has been affected.Back in 2015, when user adoption for these products was just about picking up, over 400 logistics executives of Flipkart and Myntra, backed by the MNS’ union, went on strike. Demands included better pay and improved working conditions, including access to proper bathrooms.Last year, this hit food tech. In November 2017, over 500 delivery executives from Swiggy went on a strike, demanding better pay. Media reports claimed that a similar number of delivery executives, backed by the MNS-affiliated union, recently went on a brief strike again.Political parties front their trade unions to tap into worker disgruntlement, more so in the run-up to next year’s elections. The Mumbai cab drivers’ strike, for instance, featured the NCP, MNS and Congress. “The closer we get to election day, we expect another strike,” says the Uber executive cited earlier. “Visibility matters and the political climate allows for it.”Trade unions backed by the BJP, CPI(M) and Congress see an opening. “We have started Uber, Ola drivers’ unions in some places,”says CK Saji Narayanan, president, Bharatiya Mazdoor Sangh, sibling of BJP. “We believe commissions charged by these companies are exorbitant.”The CPI(M)-affiliated CITU has also entered what is often referred to as the gig economy. There are efforts to unionise ride-hail cab drivers in Chennai, according to AK Padmanabhan, its vice-president. “We want to expand to every sector. We’re already building up in the IT sector and are mobilising in different centres,” Padmanabhan says. This is despite businesses in the unorganised sector having their own set of problems.Trade unions say food tech delivery executives are underrepresented. The Jadhavled MKS claims to have 4,400 members contracted to Swiggy in Mumbai. “While workers are contracted to platforms like Swiggy, we want them to be treated as employees with facilities like a provident fund account,” says Jadhav.Companies such as Swiggy, unions alleged, lure delivery executives with a basic pay of Rs 15,000 and facilitate purchase of the ubiquitous motorcycle. They incentivise them on the basis of orders delivered, time spent online and distance covered. However, a few months on, that basic salary reduces substantially and incentives dry up in a typical cost-cutting move.This may, in large part, be an exaggeration, given the increase in competition and tweak in business models with increased offerings. “Everyone is essentially vying for the same supply… prices will only increase,” says a serial entrepreneur in internet-based businesses.As per a July media report, Swiggy and Zomato delivery executives can potentially earn Rs 25,000-50,000 on a monthly basis, inclusive of base salary and incentive-based payouts. “Someone earning a salary of Rs 50,000 should be ready for a salary of Rs 30,000 at some time,” says the entrepreneur. “That expectation setting has to come from the company. But in a hyper-competitive sector, it’s unrealistic.”Swiggy declined comment for this story.To be fair, there are some who are looking at a deeper engagement with their teams. Swiggy, for instance, has initiated medical and accident insurance for its delivery boys; medical checkups and scholarship programmes for their family members and even help in personal loans for the staff. Uber Eats has added women to its delivery force to give them economic independence.BMS’ Narayanan says supply chains moving out of the formal industry has created unforeseen issues. Although these were dealt with by the International Labour Organization (ILO) at its meeting three years ago, organising is still difficult because of the nature of modern contracts and overlapping jurisdictions.Typically, new age entrepreneurs build business models first and think about the law later, says the entrepreneur quoted earlier. In their model, there is no employee; only an individual who chooses to be on the platform as a vendor of sorts.At the 104th International Labour Conference in Geneva in July 2015, the ILO adopted a resolution on ‘Transition from the informal to the formal economy recommendation’ dealing with informalisation of formal jobs, respecting fundamental rights and ensuring opportunities for income security, livelihoods and entrepreneurship.The recommendation refers to all workers and economic units — including enterprises, entrepreneurs and households — in the informal economy. It specifically includes “those in the informal economy who own and operate economic units.”That effectively means that a driver who owns a cab and is registered as a business partner of a company would be recognised as a worker globally. CITU’s Padmanabhan points out that street vendors own their businesses but are organised under trade unions. This, however, would not apply to aggregators (or fleets) who are considered principal employers.For a typical delivery executive, there is a feeling that odds are stacked against him. “Unlike cab drivers, who can do other things if they aren’t on the platform, like run a private tourist business, what is on the other side for these executives? If he doesn’t stay in the delivery business, where does he go?” says the entrepreneur.Algorithms of these venture-backed companies are designed to maximise income and returns for investors at the expense of human cost and damage to the larger ecosystem. “This system is based on the enterprising self,” M Vijayabaskar, professor at Madras Institute of Development Studies, who studies labour and industrial relations, told ET over phone. “The big difference is earlier work was given to you; now the worker has to share business responsibility. That’s how new companies are extracting labour.”Vijayabaskar says worker-entrepreneurs just know that the more they work, the more they earn. So, it is difficult to regulate health conditions or working hours. But, he warns, these businesses tend to be monopolistic. So when their workers turn against them, they are in for a rough ride.In the old valuations versus values battle, empathy always gives better mileage. Summarise this report in a few sentences.
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drivers of Uber and Ola went on strike for 11 days in October. it is the third-longest by public transporters in a major city in recent memory. they took a break during the peak festival fortnight, before taking their cabs off the roads again last week. drivers and their unions have been claiming their protests have been a success.
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Digital payments platform Razorpay plans to move its parent firm to India through a cross-country merger that may entail a tax payment of $250-300 million in the US, where it is currently domiciled, according to multiple people aware of discussions. Indians have become the largest real estate investors in the Dubai property market, playing a pivotal role in shaping the city’s real estate market. The Income Tax (I-T) Department is investigating the Indian units of Apple, Google and Amazon over possible non-payment of tax. In connection with a probe that began in 2021, the authorities have sought detailed explanations from the tech behemoths on their transfer pricing (TP) practices, according to people aware of the matter. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live Summarise this report in a few sentences.
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the company is currently domiciled in the us and may be forced to pay $250-300 million in tax in the us. the Indian units of Apple, Google and Amazon are being investigated over possible non-payment of tax. the tax department is investigating the tech behemoths over possible non-payment of tax. the u.s. government is investigating the companies' transfer pricing practices.
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Top American lawmakers have urged President Donald Trump to revoke the temporary suspension of H-1B and other non-immigrant visas. "I'm deeply disappointed by President Trump's misguided order to suspend these key work visa programmes. I urge him to reverse this decision to help ensure our health care system and broader economy are ready to combat the next phase of (coronavirus) pandemic and to create the jobs we need for our economic recovery," Indian American Congressman Raja Krishnamoorthi said. The H-1B programme in particular plays a crucial role in addressing dangerous shortage of health care professionals while also providing other key sectors of our economy with talent from around the world to not only fill jobs, but create new ones, he said. "Suspending this programme will only weaken our economy and our health care workforce at a time when the need to strengthen both is as clear as ever," Krishnamoorthi said. This is not the right approach, said Senator Democratic Whip Dick Durbin and Congressmen Bill Pascrell and Ro Khanna after Trump's decision to bar H-1B and other work visas through the end of the year. "We need to mend the H-1B programme, not end it. Instead of suspending H-1B visas, the Trump Administration should ask Congress to pass the H-1B and L-1 Visa Reform Act of 2020, which reforms the H-1B program with a scalpel, not a sledgehammer," the three top American lawmakers said. They have introduced a bipartisan legislation, which they said would protect American workers and end the abuse of the H-1B programme to outsource American jobs and exploit workers, while ensuring employers could still hire talented immigrant workers when no qualified American is available to do the job. Congresswoman Donna E Shalala alleged that Trump is now attacking American businesses - and jeopardising the economic recovery - in service of xenophobia. "America will be poorer and less competitive because of it," she said. "This Executive Order is yet another example of President Trump using the coronavirus pandemic to advance a hateful and extreme anti-immigrant agenda," said Congresswoman Chellie Pingree. "There's no question that employers should hire out of work Americans whenever possible, but Maine businesses have said repeatedly they need H-2B, J-1, L-1 visa holders to operate and continue to reopen... This ban will make our economic recovery more difficult," she said. Click here for our entire coverage of the H-1B visa ban Summarise this report in a few sentences.
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top american lawmakers urge president to revoke temporary suspension of non-immigrant visas. they say the decision to suspend visas will only weaken our economy and health care workforce. they say the administration should ask congress to pass legislation to end abuse of the program. the legislation would protect american workers and end abuse of the H-1B programme. a congresswoman alleges that Trump is attacking american businesses in service of xenophobia.
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WASHINGTON: U.S. Vice President Mike Pence said the jobs report released on Friday was a sign the U.S. economy was beginning to recover from the deep hit caused by the novel coronavirus outbreak, but said President Donald Trump is still in favor of a payroll tax cut."We're going to do what needs to be done to bring this economy all the way back," Pence said in a CNBC interview on Friday. Summarise this report in a few sentences.
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vp says jobs report is a sign the economy is beginning to recover. but he says president is still in favor of a payroll tax cut. he says he's "going to do what needs to be done" to bring economy back. he says he's still in favor of a payroll tax cut. a novel coronavirus outbreak caused the deep hit.
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The world’s biggest oil exporter Saudi Aramco has said it is focusing its downstream investments in high-growth nations such as India as it negotiates a deal to buy up to 20 per cent stake in Reliance Industries’ USD 75 billion oil-to-chemical business. In its latest annual report, Aramco said it is looking at investment opportunities in high-growth markets as well as nations that rely on importing crude oil. India is the world’s fastest-growing energy market with fuel consumption rising at 4-5 per cent annually. It also relies on imports to meet its 83 per cent of oil needs. Saudi Arabia is its second-biggest oil supplier, exporting close to a fifth of India’s oil sourced from abroad. “Saudi Aramco is focusing its downstream investments in areas of high growth, including China, India and Southeast Asia, material demand centers such as the United States, and countries that rely on importing crude oil, such as Japan and South Korea,” the firm said in its annual report. Besides, the integration of the firm’s upstream and downstream segments provides a unique opportunity for Saudi Aramco to secure crude oil demand by selling to refineries designed specifically to economically process Arabian crude oil. “Furthermore, Saudi Aramco intends to enhance its domestic and global marketing businesses to support the position of its upstream business in key, high-growth geographies, including China, India and Southeast Asia, which are integral to Saudi Aramco’s existing business and future expansion strategy,” it said adding the firm intends to maintain its presence in key large countries that rely on importing crude oil. Billionaire Mukesh Ambani had in August last year announced initial agreements to sell a 20 per cent stake in the oil-to-chemical business to the Saudi national oil company. Also, a 49 per cent interest in fuel retailing business was sold to the UK’s BP plc for Rs 7,000 crore. Morgan Stanley in a March 19 research note stated that Aramco had in a conference call stated that it is still conducting due diligence on a potential investment in RIL’s oil to chemicals operation. “Once evaluation is complete, it will move to the next stage of the approval process,” it said. Refining and petrochemicals are a cash cow for Reliance. As part of the August deal, Saudi Aramco will supply 500,000 barrels per day of crude (25 million tonnes per annum) on a long-term basis to Reliance’s Jamnagar refinery complex (40 per cent of the refining capacity). Market analyst firm Bernstein in a recent report had stated that Reliance’s partnership with Aramco signals expansion rather than retreat as growth opportunities are expected to boost the petrochemical and refining vertical. Stating that India has significant secular expansion (that is, unaffected by short-term trends) ahead in refined products and petrochemicals, it had said with the lowest demand per capita of 1.3 barrels per person, demand for refined products will grow by 5 million barrels per day over the next two decades, more than any other major market. Ethylene demand could grow ten-fold from 5kg per person per annum to 50-60kg pp/pa as consumer demand rises. India is estimated to be the fastest-growing refined fuels market over the next 20 years (faster than China) and will also one of the fastest-growing markets for petrochemicals given the per capita demand which will grow with the GDP. The single largest asset within Reliance’s refining and petrochemical business is the Jamnagar complex, which is one of the world’s largest refining hubs. The Jamnagar complex was built in 2000 with a capacity of 0.67 million barrels per day. After upgrades in 2008, Jamnagar’s crude processing capacity has more than doubled to 1.24 million bpd. Not only is Jamnagar the largest refinery hub in the world, but it is also one of the most complex refineries globally, allowing RIL to process discounted heavier crude oil into oil products. Summarise this report in a few sentences.
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the world's biggest oil exporter is focusing its investments in high-growth markets such as India. it is negotiating a deal to buy up to 20 per cent stake in the oil-to-chemical business. the firm intends to maintain its presence in key large countries that rely on importing crude oil. india is the world's fastest-growing energy market with fuel consumption rising at 4-5 per cent annually.
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India is a source of growth for the global economy for the next few decades and it could be what China was for the world economy, the IMF said today, as it suggested the country to take steps towards more structural reforms. "India now contributes, in purchasing power parity measures, 15 per cent of the growth in the global economy, which is substantial," Ranil Salgado, International Monetary Fund's mission chief for India, told PTI. This is next to only China and the US, he said. Salgado said spillovers from India are not that big because it is not a very open economy. "But of total global growth in Purchasing power parity (PPP) terms, it's 15 per cent of total global growth. Trading is not as high as China trade levels," Salgado said as the IMF Executive Board released the report of its annual consultations with India. He said the IMF views India as a "long-run source of global growth". "India has three decades before it hits the point where the working-age population starts to decline. So that's a long time. This is India's window of opportunity in Asia. It's somewhat only a few other Asian countries have this," he said. "For the (next) three decades, it (India) is a source of growth for the global economy and could be even longer. But three decades where India can be almost what China was for the world economy for a while," Salgado said. In its report, the IMF Executive Board has forecast India's growth to rise to 7.3 per cent in FY2018/19 and 7.5 per cent in FY2019/20, on strengthening investment and robust private consumption. "The Indian economy is recovering from the two shocks that started in late 2016: demonetisation and then the kind of implementation issues related to the GST. We see growth recovering. Generally, India is benefiting from good macroeconomic policies; stability-oriented policies as well as some important reforms that have been done in recent years," he said. Although there are short-term issues, the IMF views that as a long-term major gain for India by implementing a national GST. "It's something that's difficult to do. Other countries have struggled. In India, it's much more complex because you have 29 states and union territories and you need an agreement. I think that that was a great achievement," he said. Insolvency and the bankruptcy code is the other big achievement, he said. "We are seeing certain positive steps there and we hope that can continue," he said. "The third (big achievement) from an economist's point of view is the inflation targeting framework that you now have in the Reserve Bank of India, formally adopted in 2016 but informally even earlier. We have seen the benefits of that have lower inflation and inflation expectations," he said. And then there are some of the key smaller steps like things to improve the business climate, steps to further liberalised FDI. "In the near term, it's just to make sure that effective implementation of those are ongoing. If you think of the insolvency and bankruptcy code, it's a difficult change. Basically, the underlying system to resolve bad assets from the corporate sector side is something new. It takes time and experience has to be gained. And we're seeing some of the hitches along the way there, but generally things seem to be moving in the right direction," the senior IMF official said. Noting that the government is taking steps to "streamline and simplify" the GST, he said the IMF believes that this is important. "Overall we're seeing efforts to improve the balance sheet of banks as well as corporate sector. In our view, these are all important things that need to continue," he said. Salgado said that for India, things are relatively positive. "India has a young population. It has the potential for a demographic dividend of the next three decades," he said but quickly cautioned that demographic dividend is not automatic. "It takes good policies to create jobs, to create even stronger economic growth. Seven to eight per cent growth is very good. It's one of the best in the world. But for India, which is appropriately aspiring to quickly catch up with the richer advanced countries, you need even stronger growth," he said in response to a question. "So if you think about China, China had double-digit growth for many years and that's how we quickly caught out and that's something we should aspire to as well. Because if that doesn't occur, there is the risk that India could grow old before it becomes rich," he said, noting that the IMF is now suggesting India to take steps towards structural reforms. "The second message we are saying that steps to structural reforms have to continue and, in some ways, have to even take a step further up," he said identifying labour reforms, improving the business climate, and enhancing infrastructure as key areas for continued reforms. And finally, it is important to finish the cleanup of banking and corporate sector balance sheets, he said. Summarise this report in a few sentences.
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india contributes 15 per cent of global growth, the IMF says. it could be what China was for the world economy for a while, it says. the IMF views India as a "long-run source of global growth" it says it will implement a national GST in the next few decades. a new report has forecast India's growth to rise to 7.3 per cent in FY2018/19.
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In a fresh plea to Sebi, stock brokers’ association Anmi on Tuesday requested the regulator to curtail trading hours for equity and derivatives market on account of the nationwide lockdown due to coronavirus outbreak. The Association of National Exchanges Members of India (Anmi), which represents over 900 stock brokers, has urged to revise market hours to 10 am to 2 pm. At present stock markets trade between 9:15 am to 3.30 pm. The fresh request comes days after the markets regulator reduced the timings of commodity markets till 5 pm. The commodity market was trading till midnight earlier. A 21-day nationwide lockdown is in force in the country to contain the spread of coronavirus pandemic. In its letter to Sebi, Anmi said the stock broking industry, including market infrastructure institutions, have traditionally operated from offices with work from home practically unheard of. However, the broking industry has rose to the challenge quite well by adapting to the new environment. “Inspite the best efforts by all financial institutions to minimise disruption of services, it has met with partial success due to host of factors,” the letter said. Giving rational for its demand for reduced trading hours, Anmi said not all state governments have declared stock brokers as essential service providers in their lockdown notifications, making it difficult for issuance of curfew passes to critical staff to reach their offices. The truncated hours, if implemented, will result in trade or margin files being received on time and work can be wrapped up quickly. “Currently, due to late receipt of files and erratic settlement schedules, staff have to stay back till 10 pm in office, making it difficult to reach home in absence of transport and curfew harassment from law enforcing agencies. Timely leaving office ensures staff to reach home early that minimises the panic in the minds of their families ensuring safety of health against COVID-19,” the brokers’ association noted. Besides, due to disruptions in settlement schedules of clearing corporations, the system is strained and considerably stretched due to lack of adequate staff at depositories and clearing houses. Moreover, these agencies have limited option to work from home for their type of operations, it added. It further said the suggested timings capture the US, Asian and few European markets, thereby covering their impact if any on the Indian markets. Considering these factors, Anmi said there exists a strong case for change in timings of equity and derivatives markets to tide over the temporary challenges of lockdown. Last week, Anmi had urged Sebi to allow systematic closure of the stock markets till the nationwide lockdown is in force. Prior to this, it had requested the markets regulator to close stock exchanges for at least two days, which would give brokerage firms time to close their entire outstanding positions, in case all states do not declare stock broking as an essential service. Summarise this report in a few sentences.
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anmi, which represents over 900 stock brokers, has urged the regulator to curtail trading hours. the fresh request comes days after the markets regulator reduced the timings of commodity markets till 5 pm. a 21-day nationwide lockdown is in force in the country to contain the spread of coronavirus pandemic. a truncated hours, if implemented, will result in trade or margin files being received on time and work can be wrapped up quickly.
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By PRANJUL BHANDARI & AAYUSHI CHAUDHARY In a surprise press conference earlier today, RBI unveiled a detailed stimulus plan, ticking all the three boxes, namely, rates, liquidity, and regulatory easing. It arguably exceeded market expectations, given bond yields rallied by 30-35bps on the short end, and 15bps on the long end after the announcement. Policy repo rate cut by 75bps; effective easing even higher. RBI brought forward its MPC meeting (which was to be held in early-April) and cut the policy repo rate by 75 bps to 4.40%. Four members of the MPC voted for this quantum of cut. The remaining two voted for 50bps easing. The interest rate corridor was widened from 50bps to 65bps. At 4.65%, the MSF rate remains 25bps above repo rate. But, the reverse repo rate was lowered by 90bps to 4.00%. The reverse repo rate will now be 40bps below the repo rate (instead of the previous norm of being 25bps lower). This step was taken to incentivise banks to lend out to the market, rather than park excess liquidity with RBI. Given abundant banking sector liquidity, the reverse repo rate could become the more effective one, and as such, the de-facto easing was more than 75 bps, perhaps between 75 bps and 115 bps (if the effective lending rate falls from the previous repo rate of 5.15% to the current reverse repo rate of 4.00%). Given the uncertainty around COVID proliferation in India, RBI refrained from providing forecasts of inflation and growth, which it generally does after the MPC meets. Impact: The repo rate was cut by 75bps. But the effective easing could be of a higher quantum, between 75 bps and 115 bps. Liquidity infused, both targeted and system-wide Targeted Long Term Repo Operations (TLTRO) of up to Rs 1tr, for a c3- year tenor, at the overnight policy repo rate, was announced. Banks will have to deploy this in investment-grade corporate bonds, commercial paper and nonconvertible debentures. These can be both from the primary or secondary markets, including from mutual funds and non-banking finance companies. Investments made by banks under this facility will be classified as held to maturity (HTM). Cash reserve ratio cut by 100bps to 3.0%, for a period of one year. This will infuse primary liquidity of Rs 1,370bn across the banking system. Marginal Standing Facility was increased from 2% of the statutory liquidity ratio (SLR) to 3%, for up to June 30, 2020. This amounts to Rs 1,370bn of additional liquidity. Impact: The three measures relating to TLTRO, CRR and MSF will inject total liquidity of Rs 3.7tr into the system. The HTM status given for the TLTRO investments are likely to take away the fear of mark-to-market losses of domestic banks,making this intervention successful, in our view. The CRR cut will help bank profitability (recall that funds parked under the CRR requirement earn no interest income). Regulatory forbearance likely to help banks and borrowers alike A 3-month re-payment moratorium for all term loans outstanding, as on March 1,2020, was announced. Deferment of interest to be paid on working capital loans (cash credit/overdraft) outstanding as on March 1,2020 for three months, was also announced. Working capital financing norms were eased. Lending institutions will be allowed to recalculate drawing power by reducing margins and/or by reassessing the working capital cycle for the borrowers. Implementation of Net Stable Funding Ratio (NSFR) norm has been deferred by six months to October 1, 2020. Last Tranche of Capital Conservation Buffer has also been deferred by six months to September 30, 2020. Impact: RBI clarified that the regulatory forbearance steps on loan and interest payment will neither result in an asset class downgrade, nor have an adverse impact on the credit history of the beneficiaries. Pushing forward the last tranche of the capital conservation buffer will free-up capital for the banking system. Steps to curb select financial market volatility (i) Domestic banks will be permitted to deal in offshore rupee NDF markets with effect from June 1, 2020. Impact: This will provide liquidity to the NDF market, and help curb volatility. As mentioned earlier, we think the RBI delivered more than was expected, and touched upon each of its functions – setting rates, infusing liquidity, and overseeing regulation. Some benefits of these steps are likely to show up immediately while others could help in the reconstruction process once the 21-day lockdown, and more broadly the COVID proliferation is behind us. We expect growth to halt in 1HFY21, but rise sharply in 2H as inventory restocking demand kicks in. If the stress in the financial sector continues, there are a few exceptional instruments that RBI can still use. For example, giving liquidity directly to certain sectors as per Section 18 of the RBI Act. Over the next few months, the fiscal picture will become clearer. We believe that the welfare measures announced yesterday were only a part of the overall fiscal package. We believe that a combination of a fiscal stimulus, lower tax buoyancy and weak disinvestment receipts will lead to a substantial widening of the fiscal deficit. The markets will keenly eye the OMO programme that the central bank unveils for FY21. It would also look for indications whether the RBI will resort to direct monetization of the deficit (i.e. buying bonds in the primary market), given these unprecedented times. Edited excerpts from HSBC Global Research’s India’s RBI thunders, March 27,2020 Bhandari is chief economist, India & Chaudhary is economist, HSBC. Views are personal Summarise this report in a few sentences.
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RBI unveiled detailed stimulus plan, ticking all three boxes. rate cut by 75bps; effective easing even higher. reverse repo rate lowered by 90bps to 4.00%. RBI refrained from providing forecasts of inflation and growth. ayuta sagar: RBI's stimulus plan is a "failure"
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3:30 pm Market at Close: Equities have ended the day on a strong note, with the Sensex gaining over 300 points, while the Nifty ended just below 10,500. The Sensex is up 322.65 points or 0.95% at 34142.15, and the Nifty is up 108.30 points or 1.04% at 10491.00. The market breadth is positive as 1894 shares advanced, against a decline of 829 shares, while 208 shares are unchanged. Sun Pharma, Tata Steel, Yes Bank and UPL gained the most on both indices, while Asian Paints, Infosys, and GAIL were the top losers. 3:15 pm NBCC signs MoU with Ministry of Finance: NBCC has signed a Memorandum of Understanding (MoU) with Department of Economic Affairs, Ministry of Finance, Government of India for construction of housing project for India Economic Services (IES) officers at Deen Dayal Upadhaya Marg, New Delhi, wherein NBCC will work as project management consultant at 7 percent fees. 3:05 pm Market extends gain: The benchmark indices extended the gains in the afternoon trade with a 1 percent gain on each indices. The Sensex was up 329.65 points at 34149.15, and the Nifty was up 109.70 points at 10492.40. About 1839 shares have advanced, 762 shares declined, and 213 shares are unchanged. 2:55 pm SREI Infra signs MoU: SREI Infrastructure and Uttar Pradesh government has signed MoU for development of Agra. 2:45 pm Sun Pharma gets 3 observations: Shares of Sun Pharmaceutical Industries added 5.3 percent intraday Friday as the company received 3 observations from USFDA. United States Food and Drug Administration (USFDA) has issues Form 483 with 3 observations to the company's Halol unit. The USFDA had conducted a Good Manufacturing Practices (GMP) inspection at Halol facility, Gujarat, India from February 12-23, 2018. 2:33 pm D-Mart gains: Shares of Avenue Supermarts, the operator of D-Mart, gained around 5 percent intraday after Goldman Sachs raised the target price on the stock. The global research firm has maintained its buy call on the stock and raised target to Rs 1,672 from Rs 1,611. This implicates an upside of 4 percent. Goldman expects the company to open 24/28/30 stores in FY19/20/21 against 18 earlier. It observed that there was steady progress on Premia and DMart Ready. 2:20 pm Market Check: The Sensex is up 289.42 points or 0.86% at 34108.92, and the Nifty up 98.80 points or 0.95% at 10481.50. The market breadth is positive as 1800 shares advanced, against a decline of 775 shares, while 197 shares were unchanged. 2:10 pm Expert view: Trump’s administration has made H1B visa approval a tad bit tougher. This is likely to have some kind of impact on IT stocks. In an interview with CNBC-TV18, Sandip Agarwal of Edelweiss Financial Services and Apurva Prasad of HDFC Securities discussed what is going on in the IT index and will it materially impact IT companies. I think there is no impact because about 2-3 percent people in my view goes through this, this is just another rhetoric, Agarwal said. Firstly, I think it will be a relatively small number. Secondly, the dependence on H1B is also reducing, I don’t think it is something which should be a concern, said Prasad. 1:58 pm PNB fraud update: The Enforcement Directorate, CBI and I-T department have started a probe in a string of LLP firms created by billionaire diamond merchant Nirav Modi and his uncle Mehul Choksi in the Rs 11,400 crore Punjab National Bank (PNB) fraud case. The agencies are investigating whether or not the web of these Limited Liability Partnership (LLP) firms that Modi and Choksi used to run over the last two decades were used to funnel black money. Moneycontrol accessed the list of these companies and found that in many of these companies both Modi and Choksi have exited as directors/partners over the last few years. In a few cases, they have exited as late as 2016, in one case in November 2017. 1:44 pm Market Check: The Street is now picking up momentum as gains are visible across sectoral indices. Nifty Auto, Nifty Bank and Nifty Energy are all up around 1 percent along with metals and pharma, which are up over 2 percent. Midcaps, too, have extended their gains. Tata Steel and Sun Pharma are the top gainers, while Asian Paints, Coal India, and GAIL have lost the most. HDFC Bank and Reliance Industries are up over 1 percent and are pushing both the indices higher. Shares of IT companies have recovered after witnessing a dip on the back of visa policy concerns in the US. The Nifty IT index is currently up around 1 percent. 1:30 pm IT stocks recover: Information technology (IT) stocks pared some losses after witnessing some pressure on the back of cautiousness on the US’ visa policy. The Nifty IT index had fallen over half a percent before witnessing a recovery. TCS as well as Infosys had also made it to the Sensex top losers’ chart, before cutting these losses. 1:15 pm Gold update: Gold prices slipped on Friday and were headed for their sharpest weekly drop in 2.5 months as the dollar strengthened during the week. Spot gold was down 0.2 percent at USD 1,328.90 an ounce as of 0338 GMT, heading for a fifth session of fall in six. It has shed 1.4 percent so far this week, its biggest since the week ended December 8, 2017. US gold futures were down 0.1 percent at USD 1,331.2 per ounce. "We remain somewhat cautious on gold over the short-term given that we think the dollar rally is still not over, especially in the light of US Treasury yields remaining elevated," said INTL FCStone analyst Edward Meir. 12:55 pm Buzzing Stock: Shares of Siemens declined more than 3 percent intraday Friday as global broking houses maintained sell rating on the stock. The company's board in its meeting held on February 21 has approved to sell its mobility division and rail traction drives business Siemens AG or its subsidiary. The mobility division accounts for 10.46 percent of the turnover and 2.82 percent of the capital employed of the company for the year ended September 30, 2017. 12:40 pm Management Speak: Federal Bank has bought 26 percent stake in Equirus Capital, in a bid to broaden their product offerings to corporate & small and medium enterprise (SME) clients. In an interview to CNBC-TV18, Ajay Garg, MD of Equirus Capital spoke about the latest happenings in the company. Garg said that we will help Federal Bank bring in equity products to its customer base. He further said that we will benefit from the geographical presence of Federal Bank. 12:15 pm IPO update: Sembcorp Energy India, an independent power producer, today filed draft papers with capital markets regulator Sebi to float an initial public offering (IPO). The company, which has thermal and renewable power assets in India, is promoted by the Singapore Exchange-listed Sembcorp Industries. The IPO comprises fresh issue of shares worth up to Rs 4,095 crore and an offer for sale (OFS) of up to 146,774,194 equity scrips by the existing shareholders, draft papers filed with Securities and Exchange Board of India (Sebi) showed. This includes sale of 128,941,129 shares by Sembcorp Utilities and up to 17,833,065 equity scrips Gayatri Energy Ventures. Proceeds from the issue will be utilised towards repayment of certain indebtedness, and for other general corporate purposes, the company said. 11:55 am Seizure: Patanjali Ayurved has moved the Delhi High Court against the seizure of a consignment of red sandalwood by the Directorate of Revenue Intelligence (DRI), which was being exported to China, reports The Economic Times. The Customs Department and DRI seized more than 50 tonnes of red sandalwood logs along with documents and a passport belonging to a Patanjali representative, sources told the paper. Although the firm said it had the permission to export Grade C sandalwood, the consignment was seized on suspicion that it may contain better-quality grade A or grade B red sanders wood. 11:35 am Jubilant Life falls: Shares of Jubilant Life fell around over 10 percent intraday on Friday after the stock witnessed a block deal. Around 59.8 lakh shares of the company were traded in six blocks on the NSE at the price of Rs 914-940.05 per share. This makes up around 3.8 percent of the equity and the deal value is seen at Rs 554.3 crore. 11:25 am IPO plans: Vectus Industries, a Noida-based manufacturer of water storage products, is exploring a Rs 500-crore initial public offering and is currently in talks with merchant banks to help it list on the exchanges, officials from two different investment banks told Moneycontrol. Private equity firm Creador has around 20 percent stake in the company and is expected to at least partially monetise it, one of the officials said. “The company is eyeing a valuation of around Rs 2500 crore. The merchant banker is yet to be selected. Most of the issue will comprise fresh shares with the PE encashing some of its stake,” the second official said. According to the information available on the company’s website, the more than two-decade-old company has 15 manufacturing plants in India and a manufacturing facility in Kenya. It makes water storage tanks like loft and moulded tanks as well as underground tanks. It also makes plumbing, column pipes, water piping systems and garbage bins for public use. 11:05 am Market Check: Strength in the market continued through the morning, with the Sensex and Nifty holding on to the gains. The Sensex is up 137.80 points or 0.41% at 33957.30, and the Nifty up 48.10 points or 0.46% at 10430.80. The market breadth is positive as 1699 shares advanced, against a decline of 584 shares, while 166 shares are unchanged. Tata Steel and Yes Bank are the top gainers on both indices, while TCS, Infosys, and GAIL have lost the most. 10:55 am Metals chart: Metals are one of the top gainers among all sectoral indices. Here's a look at the heatmap of that index. (Image source: NSE) 10:45 am Buzzing Stocks: Shares of Merck, KSB Pumps and ITD Cementation India added 3-5 percent intraday Friday on the back of strong third quarter numbers. Merck has posted 42 percent increase in its Q3FY18 net profit at Rs 27 crore and revenue was up 22 percent at Rs 304 crore. 10:30 am Market Outlook: The year 2018 is unlikely to see a repeat performance of 2017 when benchmark indices rose by about 29 percent and mid & smallcap stocks outperformed by a wide margin, Sandeepa Arora, President, IIFL Institutional Equities said in an interview with CNBC-TV18. “The trajectory looks a lot more volatile this year. Unlike 2017 which had a clear up run, that’s not going to be the case in the year 2018. Considering we are sitting in a pre-election year, things are likely to remain volatile amid challenging macro environment,” she said. 10:15 am PNB Investigation: Punjab National Bank (PNB), which is reeling under a major financial fraud, has appointed auditor PwC to conduct an investigation into the alleged Rs 11,300-crore fraud involving luxury jewellers Nirav Modi, Mehul Choksi and their companies. A report in The Economic Times stated quoting sources that the auditing company has been asked to gather evidence against Nirav Modi and his associates so that it can be presented in court. 10:00 am Market Check: Shares have extended their gains from the opening bell, with the Sensex trading around 150 points higher, while the Nifty is comfortably trading above 10,400. The Sensex is up 147.45 points or 0.44% at 33966.95, and the Nifty up 40.70 points or 0.39% at 10423.40. The market breadth is positive as 1412 shares have advanced, 483 shares declined, and 140 shares are unchanged. Sun Pharma and Tata Steel are the top gainers on both indices, while Asian Paints, M&M, GAIL and Eicher Motors lost the most. 9:55 am Management Speak: Ministry of Commerce has recommended anti-dumping duty on import of dimethylacetamide. This is a product that Balaji Amines manufactures. In an interview to CNBC-TV18, D Ram Reddy, JMD of Balaji Amines said that we are seeing support for dimethylacetamide post anti-dumping duty imposition. He further said that anti-dumping duty on dimethylacetamide won't add to revenue but will improve bottomline. 9:40 am Federal Bank gains: Shares of Federal Bank gained 4.5 percent in the early trade on Friday as the company is going to acquire stake in Equirus Capital. The board of directors of the bank has approved acquisition of significant minority stake of up to 26 percent of the paid-up share capital of Equirus Capital, a financial services company. The said acquisition is subject to statutory and regulatory approvals and satisfactory completion of the financial and legal due diligence. 9:25 am Rupee Update: The Indian rupee opened higher by 9 paise at 64.95 per dollar on Friday versus previous close 65.04. Bhaskar Panda of HDFC Bank said, "Worries of US rate hike, consequent rally in US yields, coupled with uncertainties due to the PNB episode has brought back pressure on the INR." "The USD-INR pair has broken through crucial 64.80 levels and traded above 65 yesterday. Today, I expect the pair to consolidate in a range of 64.85-65.15 given the dollar fall overnight." "The 10-year benchmark bond yield has been rallying higher after the latest MPC minutes. I expect the trend to sustain while today's range would be 7.72-7.78 percent," he added. The dollar sagged broadly after its recovery this week faded as US treasury yields declined from their recent peaks. The dollar index against a basket of six major currencies was little changed after bouncing from a three-year trough of 88.253 late last week. 9:15 am Market Opens: Equities have begun the day on a positive note, with the Nifty clocking 10,400 in the first few minutes of the trade. The Sensex is up 98.71 points or 0.29% at 33918.21, and the Nifty is up 36.40 points or 0.35% at 10419.10. The market breadth is positive as 554 shares have advanced, 216 shares declined, while 94 shares are unchanged. All sectoral indices have commenced trade in the green, while, in the broader market, midcaps are up around half a percent. Sun Pharma has continued its gain from the previous sessions and is the top gainer on the Sensex. Along with it, Tata Steel and Aurobindo Pharma were the other gainers. Meanwhile, Hero MotoCorp, Coal India and Asian Paints were the top losers. Among global markets, Asian shares rebounded as comments from a Federal Reserve official eased worries that the central bank might raise rates more aggressively this year, while the safe-haven yen held on to its gains amid heightened volatility across markets. Financial markets have fluctuated wildly this month as investors fretted about how fast the Fed might raise rates in the wake of data showing a pick up in US inflation. That in turn has stoked anxiety that many central banks will start to tighten policy in a hit to earnings, which have boomed thanks to a synchronized uptick in global growth. MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.4 percent, but was still on track to end the week barely changed. US stocks advanced, putting major indexes on track to snap a recent spate of declines, buoyed by gains in industrial and energy shares as US Treasury yields eased. The Dow and S&P dropped for a second consecutive session and the Nasdaq fell for a third straight on Wednesday after minutes from the US Federal Reserve's January meeting showed the central bank's rate-setting committee grew more confident in the need to keep raising rates. Concerns about a faster pace of rate hikes from the central bank were eased by comments on Thursday from St. Louis Fed President James Bullard that expressed concerns a "bunch of hikes" could turn Fed policy restrictive, and benchmark 10-year US Treasury yields retreated from the more than four-year highs hit on Wednesday. Summarise this report in a few sentences.
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Sensex gains over 300 points, while the Nifty ends just below 10,500. a total of 1894 shares advanced, against a decline of 829 shares. NBCC signs MoU with ministry of finance for housing project. sunpharma gets 3 observations from the usfda. d-mart gains 5 percent after goldman raises target price.
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Representative image With most people continuing to work from home (WFH), many tenants working in offices located in central business districts (CBDs) and secondary business districts in Mumbai and Bengaluru are now taking up larger apartments on rent in peripheral areas. In Delhi-NCR, people residing in Delhi and working in Gurugram and Noida are now moving to larger apartments in these two cities due to problems faced on account of borders being sealed during the lockdown. Real estate consultants in Mumbai told Moneycontrol that they have been receiving requests from people currently residing in Kala Nagar and working in Bandra Kurla Complex to shift to residential developments in Matunga and Chembur which have better facilities and offer larger spaces as their current dwellings are surrounded by slums and are facing COVID-related challenges. Also, with many of them now having to WFH temporarily, moving a few km away is not a problem. “Several people have started disqualifying these properties due to health reasons. Several slums around their current place of residence are containment zones. This has impacted demand in Kala Nagar area and leasing activity has now shifted to Matunga and Chembur, which is about 3 to 4 km away,” the consultant 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 “The Chunabhatti Flyover has changed the contours of the city’s business district: BKC. It has decreased commute time to Matunga and Chembur. If it was 30 minutes earlier, it has now gone down eight to nine minutes. Due to the coming up of the flyover and the health hazard being faced by people on account of COVID-19, people are now considering Chembur and Matunga as an alternative destination to buy or rent a house compared to Kala Nagar near BKC,” he said. Kala Nagar commands capital values of around Rs 50,000 per sq ft whereas prices in Chembur and Matunga are between Rs 35,000 and Rs 45,000 per sq ft. A 3 BHK in Kala Nagar rents for around Rs 2.2 lakh per month whereas a 4 BHK in Chembur and Matunga would set a tenant back by Rs 1.8 lakh a month. The size of the units too would be bigger. A 3 BHK in Kala Nagar is generally of 1,000 to 1,300 sq ft, whereas a 4 BHK unit in Chembur and Matunga would be around 1,500-1,800 sq ft (carpet). In Bengaluru, tenants are upgrading. Tech workers residing in a 2 BHK close to their workplace and paying a rent of around Rs 35,000 have moved into a 3 BHK for the same amount a few kms away after being informed that they would have to WFH, brokers said. “These is especially true if the husband and wife are working from home and both require a larger space,” the property consultant said. In Delhi-NCR, with several people have to face problems with their commute due to borders getting sealed during the lockdown, many corporates are now scouting for residential options for their staff (currently residing in Delhi) in Gurugram or in Noida. “People have approached us with this requirement during the lockdown. Many of them currently reside in Delhi and are exploring opportunities in housing societies located in Gurugram’s Sohna Road or New Gurugram as they do not wish to face similar problems in case there is a lockdown and borders are sealed,” says a property consultant who did not wish to be named. As for the rent differential – a 3 BHK in Delhi commands a rent of Rs 40,000, a bigger apartment in Gurguram’s periphery would cost around Rs 30,000 or less and would have more amenities thrown in. In Noida too, a corporate recently rented four apartments for its employees at Rs 25,000 per month. “Several of their employees were facing problems due to the border being closed,” the property consultant said. ANAROCK said in a recent report that with a rise in WFH, prospective homebuyers will see the sense in shifting to city peripheries and take up larger homes at affordable prices and the 'walk-to-work' concept may lose some sheen. The previous 'gold standard' of Indian housing -- the walk-to-work/short drive to work, by definition only in and around central corporate workplace hubs -- may shed some its popularity for the middle class. "Millennials' new-found preference for buying rather than renting homes are among the most prominent new residential real estate trends of the COVID-19 era. With the rise of the WFH culture, many may now prefer to live in more spacious and cost-effective homes in less central areas. Bigger homes, affordable prices and more generous open spaces in the peripheral areas will draw demand from tenants and buyers alike," said Anuj Puri, Chairman, ANAROCK Property Consultants. Apart from changing real estate consumer preferences in a strengthening WFH environment, affordability is an enduring concern especially in the backdrop of a faltering economy and job loss/uncertainty. The peripheral areas are more affordable both from a rental and purchase perspective. ANAROCK has analysed the cost difference for India's three largest economic dynamos - MMR, NCR and Bengaluru. In MMR, the micro-markets within city limits include Andheri, Vile Parle, Goregaon, Malad, Kandivali, Chembur, Wadala, Ghatkopar, Vikhroli, Powai, and Mulund. Peripheral areas include Kalyan, Bhiwandi, Dombivli, Mira Road, Vasai, Virar, Thane beyond Kasarvadavali and Owale Panvel, Ulwe, and Taloja. The average monthly rent for a standard 2BHK home in areas within city limits is approximately Rs 45,800 against Rs 12,500 in the peripheries. In NCR, micro-markets within city limits include Vaishali, Vasundhara, Indirapuram, Noida, Golf Course Ext. Road, Sushant Lok, Dwarka Expressway, New Gurugram and Dwarka. Peripheral areas include Ghaziabad-Rajnagar Extension, Faridabad, Greater Noida, Sohna, Bhiwadi and Bahadurgarh. The average monthly rent for a standard 2 BHK home in areas within city limits is approximately Rs 22,000 against Rs 9,500 in the peripheries, the report added. Summarise this report in a few sentences.
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many tenants are now taking up larger apartments on rent in peripheral areas. in Delhi-NCR, people residing in Delhi and working in Gurugram are moving to larger apartments. 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.
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Amid Boardroom Feuds, Spotlight Falls on Women As more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. In a clear break from the past, women are playing key roles in several ongoing boardroom conflicts, or family disputes that may extend into the boardroom, reflecting the rise in the number of women in positions where they can have their say. Tesla Ready to Drive in up to $2B, But With Riders US electric carmaker Tesla is willing to invest up to $2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. Summarise this report in a few sentences.
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women playing key roles in boardroom conflicts, or family disputes. rise in visibility in boardroom conflicts reflecting the number of women in positions. Tesla willing to invest up to $2 billion for setting up a local factory. government approves 15% duty on imported vehicles during first two years of operations. if government approves, Tesla will invest up to $2 billion for setting up local factory.
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