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Prime Minister Narendra Modi will on Thursday launch the auction of coal mines for commercial mining via video conferencing at an event here. As many as 41 coal blocks will be put up on sale for commercial mining, according to sources. The virtual auction event will be centred on the theme "Unleashing coal: New hopes for Aatmanirbhar Bharat", the coal ministry said. Coal Minister Pralhad Joshi had earlier said that by allowing commercial mining, the government has completely opened up the sector for investments. Terming the commercial coal mining as one of the biggest-ever reforms in the sector to boost ease of doing business, the minister had said several restrictions have also been removed, promoting free trade of coal. As India has recently embraced the Aatma Nirbhar Bharat Abhiyan, the coal and mining sector has started gearing up to make the country self-reliant in coal mining through structural reforms, according to the coal ministry. The commercial coal mining auction is completely different from the earlier regime of restricted sectors, use and price. Now there are no such restrictions at all. The proposed auction has business-friendly terms and conditions, including reduced upfront amount, adjustment of upfront amount against royalty and liberal efficiency parameters to encourage flexibility to operationalise the coal mines. Besides, 100 percent FDI through automatic route has been allowed and there are reasonable financial terms and revenue sharing model based on National Coal Index. The successful bidders will also have flexibility in coal production unlike the past and have provision for incentives for early production and coal gasification. The mines to be put on auction would be in three categories -- small, medium and large. Some of the mines would come into production within a year of being auctioned, a source had earlier said. The government had last month approved a methodology for commercial mining of coal on revenue sharing basis. The decision was taken during a meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister. Finance Minister Nirmala Sitharaman, while announcing the stimulus package for the coronavirus-hit economy last month, had said coal mines would be auctioned to the private sector for commercial mining to end reliance on imports and improve local production. The methodology approved by the CCEA provides that bid parameter will be revenue share, the government had said, adding that bidders would be required to bid for a percentage share of revenue payable to the government. Summarise this report in a few sentences.
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as many as 41 coal blocks will be put up on sale for commercial mining, sources say. the virtual auction event will be centred on the theme "Unleashing coal" the government had last month approved a methodology for commercial mining of coal. the government has also backed the privatisation of the sector. a spokesman for the government says it is "very optimistic" about the prospect of commercial mining.
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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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Proposed mega trade deal RCEP would be incomplete if the norms to promote services sector are not sufficiently liberalised by the member countries, Commerce Secretary Rita Teaotia today said. She said the sector holds immense importance as it contributes more than 50 percent of the GDP of all the RCEP (Regional Comprehensive Economic Partnership) countries. "The area of concern is that an FTA (free trade agreement) cannot be one-sided and focus only on goods. Comparative advantages, sensitivities and ambitions of member countries will have to be given due recognition in order to achieve a balanced agreement," she said. The Secretary was speaking at the Tenth Edition of Delhi Dialogue here. The RECP agreement, negotiations for which started in the Cambodian capital Phnom Penh in November 2012, aims to liberalise trade in goods and services besides investments and technical cooperation, competition and intellectual property rights. Teaotia said a balanced agreement will help promote economic growth and development of the region. "We stand committed to constructively engage in early and satisfactory conclusion of the negotiations," she said adding the 23rd round talks are underway in Bangkok. Lower level of ambitions in services and investments does not augur well for the agreement that seeks to be comprehensive in nature. "RCEP would be incomplete if services sector is not sufficiently liberalised since services contribute more than 50 percent of the GDP of all the RCEP countries," she said. Teaotia said liberalisation of services is also imperative at a time when the world is going through a sluggish phase of recovery and trade war on tariff (duty) front. "I think the way forward is to collectively ensure that RCEP achieves a balanced and equitable outcome for all 16 member countries," she added. RCEP includes 10 Asean members -- Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam -- and their six FTA partners - India, China, Japan, South Korea, Australia and New Zealand. Of these nations, India has trade deficit with as many as 10 countries, including China, South Korea and Australia, among others. Talking about the challenges facing global trade, the Secretary said trade war would severely impact all countries and it would have consequences on the recovery of global economy. On increasing trade deficit with China, she said: "Has China begun to open up? So far, I think we still have to wait because while lines are open, the access is dependent on approval of actual sides". The trade gap with China has increased to $63.12 billion in 2017-18 as against $51.11 billion in the previous fiscal. Summarise this report in a few sentences.
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RCEP would be incomplete if services sector is not sufficiently liberalised, secretary says. a balanced agreement will help promote economic growth and development of the region. a trade war would severely impact all countries and have consequences on recovery of global economy. a sluggish phase of recovery and trade war on tariff (duty) front is a major concern, she says.
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Agencies The week gone by began with a bang and on a positive note, with the Nifty50 showing signs of hope after the massive carnage in the previous week. Everyone had a consensus view that Nifty will break the 10,000 level on the back of continued FII selling and short rollovers in the new series.But markets are unpredictable, and seldom follow consensus. When everything turns negative, that is exactly when the market reverses. The mid-week rift between RBI and the government created extremely bearish narratives, but if Mr Market wants to rise, nothing can stop it. Indian indices were so deeply oversold that they had to rise. The rally should continue for some more time. However, it could prove to be a dead-cat bounce. But let’s wait for further evidence.One of the barometers to measure the health of an economy is auto sales. In the past few months, the numbers have not been encouraging, which shows feeble health of the economy. Such muted growth could have been due to increasing fuel prices, inflationary tendencies or decreasing purchasing power. Whatever may be the reason, this is not good for the stock market.While the second quarter earnings season is entering its last leg, some companies have done extremely well. Century Textiles reported a 114 per cent increase in bottomline and Tata Power delivered 85 per cent PAT growth whereas certain companies have faced a hard time as the macros cast a shadow over their margins. BPCL is one of them, having delivered 48 per cent degrowth in PAT compared with that in the previous year. Dabur reported flattish PAT growth at just 4 per cent. Overall, the results were a mix bag last week.The Nifty indeed took support at 10,000 and swiftly bounced back from the deep oversold levels. Such sharp upward moves will be followed by intermittent pullbacks. The market can reasonably be expected to touch the 10,650 level, which is the 38 per cent retracement, and 10,850 level, which is the 50 per cent retracement.For traders, buy-on-dips should be the strategy. At the same time, they should avoid stocks that have run up sharply after the quarterly earnings.The festive euphoria may keep the market elevated, but there are fewer confirmations as of now that the Nifty will touch new highs before the end of this calendar. Nonetheless, the indices have seen a good correction and many stocks are available at cheaper valuations. It seems to be the right time to cherry-pick the market leaders across sectors, as they will glide through the political tide with fewer headwinds. HDFC Bank , Bajaj Finance and HDFC Life are three names in the financial services space whereas TCS and Biocon could be momentum bets. A government booster to infrastructure will bode well for Asian Paints.Consumer durables and FMCG players such as Hindustan Unilever and Avenue Supermarts would be safer bets to maintain sufficient portfolio diversification. Auto and chemicals leaders Maruti and Pidilite can also be good picks from a one-year perspective.We recommend investing a part of liquid assets in these 10 stocks at least with one-year perspective till next Diwali.Nifty50 ended this week 5.21 per cent higher at 10,553. Wishing everyone a Happy Diwali and a Prosperous New Year. Summarise this report in a few sentences.
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the rally should continue for some more time, but it could prove to be a dead-cat bounce. the rally should continue for some more time, but let’s wait for further evidence. the second quarter earnings season is entering its last leg, some companies have done extremely well. BPCL is one of them, having delivered 48 per cent degrowth in PAT compared with that in the previous year.
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Former RBI governor Duvvuri Subbarao said that country's economy is likely to decline by 5 percent in the current fiscal but may expand by around 5 percent in the next financial year. Leading rating firm Crisil on May 26 stated the Indian economy may shrink by 5 percent in fiscal 2021, adding this recession could be the country's fourth since Independence and perhaps the worst to date. "I do believe that getting up to 5 per cent next year (FY22) is quite probable. The reason I say that is because this (COVID-19) is not a natural disaster. Our factories are still standing, our infrastructure and transport systems are still there," Subbarao said. He was speaking at a webinar on 'Indian Economy - Navigating through a Crisis', organised by the Centre for Financial Studies (CFS) at Bhavan's SPJIMR business school. "Once the lockdown is lifted and the economy is given a green signal to restart, I am sure that we can ramp up pretty soon and reach at least 5 per cent (growth rate)," 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 Speaking at the same webinar, former deputy chairman of the erstwhile Planning Commission, Montek Singh Ahluwalia, also said there is a possibility of 5-6 per cent growth in fiscal 2021-22. "But it would be mistake to treat that as recovery because if you are down 5 per cent this year (FY21) and you are up 6 per cent from that level then what it means is that during FY21-22 you will be at the same level as you were in 2019-20," Ahluwalia pointed out. According to him, the country is going to face its worst recession in the current fiscal. Subbarao further said a sharp decline in growth would mean a disruptive adjustment even for a rich country. "For a poor country like us, it would mean enormous pain and hardship for millions of low income persons, firms and enterprises, especially in the informal sector, going bankrupt and it could mean our financial stability becoming vulnerable," he added. Amid this grim situation, the former RBI governor said he sees two silver linings -- relative stability of the external sector and bumper agricultural crop production, which would support the economy. Commenting on the over Rs 20 lakh crore fiscal stimulus package announced by the government, Subbarao said, "Within the fiscal constraints of the government, they have done a good job." He also lauded the government's decision of additional borrowing in this fiscal. "I, for one, believe that the government should borrow more in order to spend more. That is a moral and political imperative. But I don't support the view that the government should resort to open ended borrowing," Subbarao said. The government has increased its market borrowing programme for the current financial year by more than 50 per cent to Rs 12 lakh crore from the Rs 7.8 lakh crore estimated in the budget. Subbarao added that the stress in the country's financial system could deepen post the coronavirus crisis. "In January, before the COVID crisis hit us, we were extremely worried about our financial sector, health of our banks, NBFCs, NPA levels, trust deficit in private sector banks. All those parameters are going to get worse as we come out of this crisis," he said. According to Ahluwalia, there is a need to undertake serious tax reforms that are long overdue. "We should now set up a truly high level multi-disciplinary committee of people advising the kind of tax policy to be announced in the next budget. It should include a serious re-examination of the GST where there are huge leakages taking place for a variety of reasons," Ahluwalia said. The session was moderated by Ananth Narayan, associate professor (finance) at Bhavan's SPJIMR. Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.
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former RBI governor says country's economy is likely to shrink by 5 percent in fiscal 2021. he said that if economy is given a green signal to restart, he may expand by around 5 percent. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic.
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Towards the end of Reliance Industries’ FY19-20 earnings presentation last week, an interesting information nugget popped up. In the last 10 years, three global technology giants – Amazon, Apple and Microsoft have each notched up trillion dollar market caps while all S&P energy companies put together are not worth more than $582 billion. These asset light technology companies have created more value than legacy businesses and investors have lapped them up.There is a reason why this data point finds a place in the presentation of a predominantly energy and petrochem company. There was a time when RIL and its founder Dhirubhai Ambani wanted to emulate the exploits of global energy super giants like Exxon and Royal Dutch/Shell and RIL’s own journey from a small textile firm to a global energy and petchem major is testimony to that.But today, as tastes, preferences and habits change, data is the new oil and digital technology the new superhighway to trillion dollar success. Mukesh Ambani , Dhirubhai’s eldest son, clearly wants the same story to play out in his business empire. Facebook ’s $5.7 bln investment two weeks back and Silver Lake Partners’ 1.15% stake buy for Rs 5655.7 crore on Monday have created third party valuation benchmarking ahead of the proposed $100 billion mega listing of Reliance Jio a few years down the line. More importantly, it underpins the pivot away from hydrocarbons and energy towards new economy.As the world battles a pandemic, oil demand will remain lukewarm for months and a sector that is already battling refining overcapacity, would see recovery to muted at best. This will only make RIL’s non-oil income go up and the shift towards technology more pronounced.A few months back, Bernstein Research described RIL as India’s answer to Exxon, AT&T and Amazon all rolled into one. Its clearly becoming the other way round.Based on Monday’s announcement, Silver Lake has valued Jio at $65 billion excluding $3.3 billion of debt. That is at a 12.5% premium to the value implied by the Facebook investment, signed just two weeks back. So on the back of this benchmarking, Jio is single handedly contributing 53% of RIL’s total market capitalisation of $121 billion. Reliance will own 90% of the business once both these deals get consummated.In retail, as yet no external investor has logged in even as speculation of dialogues with Amazon and Google keeps surfacing time and again. RIL owns 94.4% of the business. Last December’s share swap scheme for the unlisted Reliance Retail shareholders did offer a sneak peek at valuations, which came to about Rs 2.5 lakh crore ($35 billion taking rupee at Rs 70 levels to the dollar). At current levels it would come to $33 billion.Most foreign and domestic brokerages attribute the $30-40 billion to the retail business while calculating the sum of the parts valuation. This includes debt and is based on the average multiple of the listed universe of home grown retail companies like Trent, Avenue Supermarts (D-Mart), Future Retail among others.The consumer pieces therefore cumulatively is contributing at least $95 billion or 78% of the market capitalisation, if not more.Even if one looks at another key data point – EBITDA, its clear from where the incremental growth is coming from. The share of the consumer business (telecom and retail) has been consistently growing when compared with its historical core operations. They constituted 36% of consolidated operating profit in the March 2020 qaurter compared with 17% beginning of FY19, RIL presentation shows.The profit contribution of the consumer facing segment can be gauged from the fact that operating profit of the digital services is just Rs 162 crore lower than refining segment in March 2020 quarter.Reliance Jio and Reliance Retail are market leaders and the fastest growing companies in their respective fields. According to estimates by CLSA, telecom and retail business will constitute 54% of RIL’s consolidated EBITDA in FY22 compared with 36% in FY20.Morgan Stanley, bankers to Reliance for the two tech deals, estimated that FY2019 EBITDA from oil and gas (including India upstream and US shale) and petrochemicals was Rs 623 billion or Rs 62,300 crore ($8.2 billion at current rupee rate) while Rs 21,300 crore ($2.81 billion) was the EBITDA generated from Jio and retail. Keeping current oil industry trends in mind, these numbers in FY20 are estimated to be $7.46 billion and $4.1 billion respectively while in FY22, they are pegged at $10.2 bn and $7.85 billion. The company’s intent is to make it 50:50 by FY22.However, it needs to be kept in mind that the rupee has appreciated close to 7% against the dollar in last 5 months and that also would play its part in impacting the financials of an export centric business-like refining.It’s evident that worldwide, refining and petchem demand environment has materially worsened and the sharp crude price fall is detrimental for Reliance. Singapore gross refining margins (GRMs) -- a key indicator for the region -- are at a 15 year low as global petchem companies cut down on operations, shut down old plants or advance maintenance. This if prolonged, might force Aramco to reassess its deal with Reliance, or the deal maths, even at the cost of access to a high growth market like India. In comparison, most would conservatively put a 15-25% hike in ARPU for Jio over the next two years.The storied House of Tatas often gets portrayed as a software-to-salt conglomerate. But while the $84 billion TCS remains the undisputed flagship for India’s largest and most diversified business group, contributing 75% of the entire group’s profit, the definition of Reliance’s core or mainstay has undergone a paradigm shift – something very few corporations of this heft have managed globally. Refining crude is fast giving way to refining data as Ambani braces to take on Amazon’s Jeff Bezos in the multi-billion dollar battle for the Indian consumer. Summarise this report in a few sentences.
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in the last 10 years, three global technology giants – Amazon, Apple and Microsoft have each notched up trillion dollar market caps. all S&P energy companies put together are not worth more than $582 billion. a few months back, Bernstein Research described RIL as India’s answer to Exxon, AT&T and Amazon all rolled into one.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit IIM Lucknow IIML Chief Executive Officer Programme Visit Yes, I think the recovery that we have seen from the lows of 7,500 is largely led by some kind of incremental global flows. At that point in time, when it was touching 7,500, the valuation had gone quite low. So there is a little bit of a revival but I do not see conditions yet for a full fledged recovery. We are still in the phase of a lockdown. So I would still expect the markets to consolidate at current levels and I do not expect a runaway rally here because we are yet to see the full impact of the lockdown on the earnings as well as on the outlook.We have broadly divided it into three parts. The first is obviously the sectors which are relatively insulated from Covid. I think the two-three sectors stand up; one is pharmaceuticals , second is utilities and the third is FMCG but largely on the food part.The second one is sectors where valuations have kind of corrected significantly but yes, the near term outlook is very hazy as there is no timing as to when the outlook will change or when the recovery will happen. These are probably auto and cement and to certain extent financials but they are not fully priced in.The last one is probably where I think while the valuations have corrected from the peak, but Covid will still have an impact on them; this would largely be discretionary where I think the valuations are still quite expensive especially in the consumer pack as well as consumer durables. I think here or even building materials, things will take some more time before it can recover but the first two ones I am quite positive on or rather that is what we are betting on.Yes, when you have a lockdown for 45 days, it would be very unfair to expect any kind of a GDP growth that has already built in into the numbers and probably that is why the market has also corrected 25% from the peak. So what approach we are using is probably not looking at an immediate FY21 estimate or even 22% but just see what the current prices are implying in terms of long-term growth. If we believe that can be achieved, then yes, it probably makes sense for us to invest. And at the same time, we are also taking cognisance that this kind of an event also brings in lockdown winners and losers; so probably make a list of both and then identify sectors which could benefit in the long run because of this pandemic.I would say the biggest credit which we have had is that we have been able to control the pandemic much better than any of the other emerging markets or even developed markets. I think the global market is taking cognisance of that. Secondly, yes, there has been a delayed consumption. We are an inherent consumption country. So yes, for the next couple of months, there would be some pressure on consumption but my guess is that it will eventually revive and it will revive in a very big way.If I go back to history in 2009-10 after GFC, there was a massive revival in consumption which lasted for more than 18 months; so the possibility of that repeating is also quite high. And thirdly, today what I see as a bigger trend emerging is that globally, people are looking at markets away from China. They are looking to build a reliable second global supply chain. So in industries where we can benefit such as pharma, chemicals, there is a very good longer term opportunity there as well. Electronics and other industries where we do not have the capability as of now, there is still some kind of an opportunity which can be represented. But definitely in pharmaceuticals and chemicals, there are certain long term opportunities which can come in a lot of export-oriented sectors which can benefit us in the longer run. And obviously, there is a lot of confidence that we will tide over this because we have been far less impacted than other countries.I am not sure on the V-shaped part; it may be a little delayed but eventually my guess is once the numbers peak and lockdown is gradually lifted, we would see some amount of recovery but about a V-shaped part, I am not too sure. Summarise this report in a few sentences.
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cxo courses are offered at a range of colleges across the globe. the recovery is largely led by incremental global flows. the lockdown is still affecting the markets and the outlook. the u.s. is a major player in the global economy. cxo courses are offered at a range of colleges across the globe.
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At this point of the year, Motorola is randomly coming up different variants of the Moto G8 series in different markets. The US market got a pair of new Moto G models, one focusing on battery life whereas the other one bringing a stylus. India got the Moto G8 Plus last year at a fairly affordable price while just a week ago, it came up with the Moto G8 Power Lite. Just as you assume Motorola may run out of new Moto G models, there's new one teased. The US market is going to get another new Moto G model based on the G8 and Motorola is calling it the Moto G Fast. Yes, the phone is called the Fast and as you hope, Motorola says it is all about the performance. As spotted by PusleMouse, the teaser states that the G Fast will use an octa-core Qualcomm processor but it's unknown as to which chip will the phone be relying on. What's surprising is that for a phone that's called Fast, Motorola has only given it a mere 3GB of RAM, which as we all know isn't enough for an Android phone to be fast these days. Motorola may say that its optimised stock Android experience should help with fast performance but we will have to wait for the official specifications to see whether that could be possible. The Moto G Fast also has a display that looks similar to the Moto G8 Plus. There's a triple camera setup at the back, with one of them being a macro camera. Motorola is also teasing a long 2-day battery, which means it could stuff in a big 5000mAh battery. Moto G Fast At this point, it seems that Motorola is simply mixing stuff from its parts bin for new Moto G models. Most of Motorola's budget smartphone have started to look identical and in terms of features, they don't have much to offer. The company took off in a positive direction with the One series of phones last year but it seems that Motorola may not be pursuing that way anymore. In India, Motorola recently announced the G8 Power Lite and offers it as an entry-level smartphone that focuses on battery life primarily. The G8 Power Lite also has a triple camera setup to offer. Should Motorola keep introducing new version of the G8 or focus on getting the next generation G9 right? There are two midrange Motorola smartphones coming soon in the form of Moto One Fusion+ and Motorola Edge. Summarise this report in a few sentences.
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the new Moto G Fast is based on the octa-core Qualcomm processor. the phone will be called the Moto G Fast and has a 2-day battery. the phone is priced at around $199. the company is focusing on the battery life of its budget phones. a stylus is also coming to the phone. a new version of the phone is expected to be released in the next few weeks.
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In the post pandemic world, India is slated to be the only other major economy alongside China to grow and flourish and to get a step closer to that goal, India needs a standardised property rights system to solve its current land record-keeping conundrum. A centralized land records system and reforms in land laws are thus the need of the hour – to ward off internal constraints, local agitations, and speculative increase in land prices. The GIS land bank system launched by the government recently is a potent step towards actualizing this clamour for change by addressing issues like transparency and credibility directly. A slingshot to a better Real Estate future India for long needed a single-window land records and allied system that could serve as a one-stop digital platform to obtain central and state clearances and approvals, needed to kickstart business operations. The development of the National GIS-enabled land bank system by integrating Industrial Information System (IIS) with the State GIS systems has spearheaded this cause for an effective and transparent mechanism of land identification and procurement. Currently a pilot project, the system has been launched for six states that will map more than 3,300 industrial parks across 31 states and UTs covering a whopping 4,75,000 hectares of land. The GIS land bank system will serve as an information window for investors providing access to an array of details on various industrial belts, eliminating the need to visit various offices and platforms for land information and obtain clearances. The land bank system will also push the approach of “One District One Product”, in line with the AtmaNirbhar Bharat vision, boost employment opportunities and attract investments from abroad by showcasing the improving ease-of-doing-business. Future adaptations into real estate and a Digital National Register of land records It’s surprising that the real estate sector that contributes almost 5-6% to the country’s GDP still does not have access to an electronic public register of land records. This leads to litigations, scams, and property disputes over land ownership, keeping local and NRI investors away from property transactions. The GIS-enabled land bank system will serve as a perfect mechanism for maintenance of land records in a centralized database that can be accessed from anywhere under the sun, improve transparency in land record maintenance system, make acquisition of land easier for development projects and minimise scope of land disputes. Also, giving banks and non-banking financial institutions access to this database will help institutional lenders verify the validation of title of the property and earmark it as mortgaged to a particular bank. Deals and registration from anywhere For a majority of Indian households’ wealth invested in real estate, accessing land records and other details of encumbrances including mortgage, liability or claim against a property, is often difficult. Investors too face the drudgery of visiting public land record departments and Registrar’s office to verify land records and register land agreements. With the arrival of GIS-enabled one-stop digital land bank platform, land records would be just a click away and can be accessed from anywhere around the world, enabling seamless and credible property registrations online, doing away with the need of any authorised intermediary. Extreme Transparency Unclear land titles, and lack of transparency in real estate transactions due to opacity of land data and mismanagement have made the real estate sector sluggish for long. With the digitization of land records, a clear picture of land data, starting from the first owner of the land to its present status, including image of property and landowner will be available. This will eradicate confusion between government land and private land, usher transparency, and speed up land acquisition; the use of reliable digital land records will add considerable impetus for India’s rapid economic growth through better functioning of land markets and boost investment too. Hallmark of a Developed Real estate market and the Opportunity The digitization of land records will mark an epoch in the history of real estate and amplify the potential of the country’s real estate. The property sector which had for long been plagued by land issues that snowballed into complex litigations and disputes, will breathe a sigh of relief at this renaissance. GIS technology will help real estate professionals to evaluate sites, research parcels of land, strategize marketing plans, and optimize tenant management strategies. With the aid of information from multiple cloud databases, real estate developers can assess the value of a land parcel and speculate about its future developments. What’s more, this fluidic, modern land records system provides access to powerful data, templates, and tools that leverage land records management and value analysis of a particular area. Using analytical capabilities of GIS, one can see year-on-year trends, do cost-per-square-foot comparisons, and do neighbourhood analysis on a single platform. With 24/7 availability of data online, it will become easily for buyers and sellers to scrutinize property data online and check the authenticity of a land or property. As rapid further advances in technology add more firepower to the pilot GIS-enabled land records system, a full spectrum rollout in the near future will help organizations and decision makers to gain a deeper understanding of property economics, make faster decisions and take advantages of property developments in future – essentially, what we often call a ‘game changer’. (By Vivek Agarwal, Co-Founder & CTO, Square Yards) Summarise this report in a few sentences.
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the national land bank system has been launched for six states. it will map more than 3,300 industrial parks across 31 states and UTs. the system will also boost employment opportunities and attract investments from abroad. it will also push the approach of “One District One Product” in line with the AtmaNirbhar Bharat vision. the real estate sector contributes almost 5-6% to the country’s GDP.
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Excess liquidity, attractive valuations and weakness in the US dollar propelled foreign investors to flock to the Indian stock market in a big way with the highest-ever net inflow of Rs 1.4 lakh core in 2020, but they also dumped debt securities worth a record amount amid pandemic-driven stress in the economy.The foreign portfolio investors (FPIs) have made a net outflow of a little over Rs 1 lakh crore in 2020 so far, though hybrid instruments witnessed a net inflow of more than Rs 10,000 crore, as per the latest data available with depositories.The market men expect a similar trend to continue for a few months unless there is a major change in the overall investment scenario."With some major developments on COVID-19 vaccine front, India stands to benefit. Also, growth in the economy will improve investor sentiments and their outlook towards India. From the risk-reward profile perspective, these aspects make India a good investment destination," said Himanshu Srivastava, Associate Director - Manager Research, Morningstar India.However, if the economy remains weak for a longer period of time, that could be a big deterrent. Also, if there is another wave of the coronavirus pandemic resulting in re-implementation of lockdown measures, that could dampen sentiments and turn foreign investors risk-averse, he added.As the year 2020 draws to a close, the FPIs have so far made a net inflow of Rs 1.42 lakh crore -- the highest level of such investment in a calendar year since 2002.This is the fifth time in history when net investment by foreign investors in equities has crossed Rs 1 lakh crore mark in a year. Prior to this, the feat was achieved in 2019, 2013, 2012 and 2010, when overseas investors infused a net sum of Rs 1.01 lakh crore, Rs 1.13 lakh crore, Rs 1.28 lakh crore and Rs 1.33 lakh crore respectively.On the other hand, debt markets have seen FPIs turn net sellers in 2020 as they withdrew a massive amount of Rs 1.07 lakh crore from debt, however, they invested a net amount of Rs 23,350 crore in debt-VRR. The voluntary Retention Route (VRR) channel was introduced by the Reserve Bank of India (RBI) in March 2019 to attract long-term and stable FPI investments into debt markets.Broadly, investments through this route are free of macro-prudential and other regulatory norms applicable to FPI investments in debt markets, provided FPIs voluntarily commit to retaining a required minimum percentage of their investments in India for a certain period.The year 2020 marked the biggest outflow by foreign investors from debt markets since 2002, when bifurcation of net investment data became available.The previous record outflow was in 2013, when FPIs pulled out a net sum of Rs 50,849 crore from debt markets. Also, an exodus to the tune of Rs 47,795 crore was seen from such instruments in 2018.Taking all asset classes together, FPIs have made a net investment of Rs 68,200 crore (USD 9.3 billion) in the Indian capital markets (equity, debt, debt-VRR and hybrid) so far in 2020, while a few days of trading is yet to take place.While FPIs have made gross purchases worth Rs 20.7 lakh crore so far this year, they have sold securities worth Rs 20 lakh crore across all instruments.In comparison, the net inflow into Indian capital markets was at Rs 1.36 lakh crore in 2019. This comprised a net investment of Rs 1.01 lakh crore in equities, Rs 25,880 crore in debt and around Rs 9,000 crore in hybrid securities.Experts said availability of excess liquidity in the global financial market, attractive valuation compared to developed markets, and weakness in the US dollar have supported buying in Indian equities.Nirali Shah, Senior Research Analyst at Samco Securities, said that 50 per cent of foreign inflows in India have been through qualified institutional placements (QIPs) and strategic stake sales such as the HUL-Glaxo deal and the remaining half have been through secondary market purchases.A large factor for the massive inflows could be the weakening of the dollar which has caused a shift in money towards emerging countries given their interest rates are at the lower end and the inflation-adjusted return is much higher, she added.According to Morningstar's Srivastava, one of the primary reasons for investment in equities is the availability of excess liquidity in the global financial markets with major central banks announcing stimulus packages to bring their economy back on track.India is not the only emerging country to experience a gush of foreign inflows and other emerging markets have also witnessed robust investments in proportion to their weights in the world economy."India has attracted more than a fair share of emerging market inflows due to stronger than expected economic recovery, moderation in active COVID-19 cases since mid-September and a supportive policy framework in terms of an accommodative monetary policy and a fiscal push on promoting manufacturing sector," said Gaurav Dua, Senior Vice President - Head Capital Market Strategy & Investments, Sharekhan by BNP Paribas.Also, FPI flows got a boost from a positive surprise in second-quarter corporate earnings and some structural reforms in labour, agriculture and financial sectors, said Alok Agarwala, Chief Research Officer of Bajaj Capital."The government initiatives to attract FPI/FDI investors through hosting investor conferences, making structural changes to provide ease of doing business, announcing long-term measures like Production Linked Incentives (PLI) under AatmaNirbhar Bharat have resulted in positive flows into India," said Divam Sharma, co-founder at Green Portfolio.On the other hand, foreign investors do not appear positively inclined towards Indian debt securities in the current scenario. In fact, a massive shift has been seen from debt to equities as stock markets have witnessed a higher than expected recovery rate."Debt market has been in turmoil lately due to the rising credit risk. Given the stress in the economy and limited scope for further rate cuts, equity markets offered much better opportunity post the sharp correction earlier this year and that resulted in an outflow from debt markets," Dua said.Green Portfolio's Sharma said the spread of government securities (G-Secs) with corporate bonds has narrowed, resulting in the selling of debt instruments by FPI.Further, the cost of funds of government and corporates has moderated on the back of RBI's monetary easing and liquidity infusion, making the debt markets less attractive due to falling yields.Sector-wise, banking, financial services, IT and FMCG have attracted higher inflows from FPIs.According to Sharma, there is an increasing conviction to invest in technology solutions as people continue to work from home, consume more online and reduce physical contact.When it comes to investing in equities, it was a good year to start with as FPIs put in nearly Rs 14,000 crore in stocks during January-February. They went on a selling spree in March as they sold net assets worth Rs 62,000 crore, largely a result of the coronavirus outbreak and ensuing risk-averse environment.Uncertainty over the gravity of the pandemic's impact on the global economy and financial markets worldwide triggered a flight to safety among foreign investors as they rushed to exit from relatively riskier investment destinations, such as emerging markets like India.The sell-off continued in April, although the pace of net outflow came down significantly on measures announced by the government and the RBI periodically to revitalise the sagging economy.FPIs made a comeback in May and the positive momentum continued till August as they pumped in a net amount of Rs 91,000 crore during the period under review.This could be attributed to an attractive valuation of the Indian equities after the sharp correction in March and significant depreciation of the Indian rupee against the US dollar, which provided FPIs a rather good entry point.Furthermore, the lifting of lockdown curbs and the government's efforts to kickstart economic activity in the country also garnered positive response from foreign investors.Certain technical factors including the over-subscribed rights issue of Reliance Industries also attracted significant foreign flows.The scenario, however, reversed in September as FPIs turned net sellers in equities. The outflow was triggered largely by concerns over the country's economic growth and rising border tensions between India and China.The country's gross domestic product contracted by a huge 23 per cent for the quarter ending in June 2020, denting the investor sentiments. Foreign investors also stayed on the sidelines as COVID-19 cases in Europe and other countries renewed fears of a possibility of new lockdowns, thus dashing hopes of any swift economic recovery.However, the opening of the domestic economy, resumption of business activities, better-than-expected quarterly results and a fall in India's COVID-19 active case count helped bring back the foreign investors into Indian equities in October, November and December.Going ahead, Bajaj Capital's Agarwala said the pace and sustainability of earnings recovery (as displayed in Q2FY21) and global liquidity situation are the key factors that will determine FPI flows in Indian equities in 2021.He further said FPI flows in Indian bonds are likely to recover once real interest rates turn positive, which is unlikely to happen before the fourth quarter of the current fiscal. Summarise this report in a few sentences.
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foreign portfolio investors (FPIs) have made a net outflow of a little over Rs 1 lakh crore in 2020. hybrid instruments witnessed a net inflow of more than Rs 10,000 crore. this is the fifth time in history when net investment by foreign investors has crossed Rs 1 lakh crore in a year. the equities market is undergoing a 'pandemic' of stress and uncertainty.
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New Delhi: India’s solar power sector may benefit from the US President Donald Trump’s decision on Monday to levy tariff on imported solar panels. In what will impact Chinese module manufacturers, Trump whose presidential campaign and term has been built around growing American manufacturing, imposed a 30% tariff on imported solar cells and module in the first year, with the duties declining to 15% in the fourth year. However, Trump allowed tariff-free imports of 2.5 gigawatt (GW) of unassembled solar cells annually. Modules account for nearly 60% of a solar power project’s total cost. Interestingly, India is also conducting an anti-dumping investigation on solar equipment from China, Taiwan and Malaysia. Additionally, India is exploring to levy a 70% provisional safeguard duty on imported solar panels and modules from China and Malaysia, as recommended by the directorate general of safeguards. A final government decision is awaited. “US Trade Representative Robert Lighthizer announced today that President Trump has approved recommendations to impose safeguard tariffs on imported large residential washing machines and imported solar cells and modules," office of the US trade representative said in a statement. The USITC in a unanimous vote in September last year concluded that cheap imports are hurting US manufacturers. Prime Minister Narendra Modi in his speech at Davos raised the issue of reducing sheen of globalization and said that as opposed to globalization, protectionism is gaining traction, resulting in new tariff and non-tariff barriers. The US President’s decision to impose protectionist measures comes in the backdrop of US’s withdrawal from the Paris climate agreement. Monday’s decision may result in Chinese manufacturers further reducing their solar module prices to drive sales in India because they may not have a significant US market left any longer. Indian developers are upbeat about the development. “I am looking at this as a positive development. With Chinese exports to US reducing, prices shall fall for the Indian markets," said Sunil Jain, chief executive officer, Hero Future Energies Pvt. Ltd, a company promoted by the Munjal family. Of China’s solar module manufacturing capacity, estimated to be around 70GW per year, the major markets are the US, India and China itself. With green energy activity expected to slow down in the US, China’s solar equipment makers may adopt a more competitive stance on pricing to drive demand. This will help India’s plan to add 100GW of solar power capacity by 2022. However, some believe that the real impact on the US decision will be felt on India’s trade investigation process. “The decision is largely in line with market expectation. We don’t expect any major impact on international demand-supply or prices. US accounts for only about 12% of global solar demand. Even a 15-20% volume reduction would mean just about 2% fall in global demand. From an Indian point of view, a far more interesting issue is how will this decision affect the Indian trade investigation and decision process," said Vinay Rustagi, managing director at consulting firm Bridge to India. “US duty on solar panels may not have much impact on India, as the US does not import much from China," added Debasish Mishra, partner with Deloitte Touche Tohmatsu India LLP. Major Chinese solar module manufacturers include Jinko Solar, JA Solar Holdings, ET Solar, Chint Solar, GCL-Poly Energy Holdings Ltd and Trina Solar Ltd. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Summarise this report in a few sentences.
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the tariffs will impact Chinese module manufacturers. the tariffs were imposed in the first year of the president's term. but the tariffs were dropped to 15% in the fourth year. modules account for nearly 60% of a solar power project's total cost. the tariffs are expected to impact the solar power sector in india. the decision may result in Chinese manufacturers further reducing their solar module prices to drive sales in india.
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As India announced a further extension of the coronavirus-induced lockdown from Monday onwards, there has been some easing of the restrictions that would allow the least affected areas to return to near-normalcy.But analysts and economists are worried that it would accentuate the supply disruptions and lead to demand destruction.The government has designated 130 districts as red zones, including most of the metropolitan cities, which will remain under stringent lockdown. About 284 districts have been classified as orange zones, and the remaining 319 districts as green zones.Orange and green zone areas will be allowed significant but graded relaxations on the level and kind of economic activity undertaken. However, inter-state transport via trains, flights and roads remains barred.“It is worth noting that urban areas and economically more relevant cities such as Mumbai, Delhi, Pune, Chennai, Bengaluru, Hyderabad and Kolkata are all red zones, hence economic normalcy will take longer to emerge,” said Barclays.The global research house maintained its India outlook, adding it had factored in an extension in lockdown till June 6 in its previous forecast. “We had also factored in a shift to a partial lockdown scenario from end-April in our last GDP forecast change. While acknowledging some downside risks from a lockdown extension in urban areas beyond June 6, we maintain our 0 per cent GDP growth projection for calendar 2020, and 0.8 per cent for fiscal 2021,” Barclays said.Some economists expect a near-term contraction in the economy before a gradual pick-up in demand. Though, a lot still depends on how the situation pans out in six months from here on.“We will have to see how this extension really pans out. There will be some supply side disruptions. We don’t expect activities to pick up immediately. Q1 and Q2 will remain significantly under stress. From the third quarter, we can see a gradual return towards normalcy. Even that will be slower than last year,” said Upasna Bhardwaj, Senior Economist at Kotak Mahindra Bank.India’s economy grew at 4.7 per cent during the October-December period of 2019, i.e., before any Covid cases were detected in the country. The numbers for the January-March quarter are likely to be released in the last week of this month, which may give a glimpse into early effects of the lockdown which came into force from March 25.A recovery of some sorts is expected now but it will be a slow and grinding process, warned analysts.“A V-shape recovery is not possible as several sectors will have a long-lasting impact. Since there has been so much demand destruction, consumer discretionary items, which contribute a fair amount towards GDP, are not going to pick up early. It will be prolonged U-shaped recovery with some contractions in the first two quarters of fiscal 2021,” said Bhardwaj.She said a recovery in Q3 will also depend on government’s policy response. Dalal Street has long been waiting for some economic stimulus from the government.Vinod Nair, Head of Research at Geojit Financial Services, said it was not a big surprise for the market since it was expecting phase-wise reopening of the economy which is mostly in-line with the latest protocol. "The extension will have a mere impact since the main thesis of the market that the economy will open effectively post June 2020 is largely maintained. But more than that the market has realized a concern, based on latest economic & corporate data, that the cascading effect on the domestic economy & corporate earnings is much more than anticipated. Global markets look worried about deglobalisation and trade war, which will further impact economies, raise unemployment and trigger possible bankruptcies in the future," he said. Summarise this report in a few sentences.
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government has designated 130 districts as red zones, including most of the metropolitan cities, which will remain under stringent lockdown. about 284 districts have been classified as orange zones, and the remaining 319 districts as green zones. about a third of the country's population is under the age of 65. the lockdown is expected to last until the end of the year.
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live bse live nse live Volume Todays L/H More × Emkay Global Financial's report on Bandhan Bank Bandhan reported PAT of Rs9.2bn, significantly beating the estimate of Rs6.6bn, mainly due to lower opex and contained provisions as the heavy-lifting in terms of Covid-19-related provisions has largely been done. After additional Rs3bn Covid-19 provisions in Q2, the cumulative provisioning buffer stands strong at Rs17.4bn (2.3% of overall AUM/3.5% of MFI AUM). Overall collection efficiency (CE) in value terms improved to 91% in Oct’20 from 68% in Q1, and in customer terms to 95% vs. 67%, but improvement from Sep’20 levels has been relatively moderate due to some drag in Assam/WB. It expects CE to improve further in Nov/Dec’20 and believes that the current provisioning buffer should be largely sufficient to offset residual pain. The bank has unveiled a5-year asset diversification plan, with the share of MFI at 30% (vs. 62% now) and SME/mortgages each at 30%, which may affect blended loan yields. However, the bank has built a strong CASA base and is expanding in non-eastern markets to tap low-cost retail deposits, which should help protect margins in the long run. Outlook We like Bandhan Bank for its strong liability franchise, steady asset diversification strategy, recent moves to deepen management bandwidth and ability to manage asset quality disruptions across cycles with proactive provisioning strategy. Retain Buy/OW in EAP with a revised TP of Rs425 (based on 2.7x Dec’22 ABV). 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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bandhan reported PAT of Rs9.2bn, significantly beating the estimate of Rs6.6bn. the cumulative provisioning buffer stands strong at Rs17.4bn (2.3% of overall AUM/3.5% of MFI AUM) overall collection efficiency (CE) in value terms improved to 91% in Oct’20 from 68% in Q1. the bank has unveiled a5-year asset diversification plan, with the share of MFI at 30% (vs. 62% now) and SME/
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Microsoft Corp. will invest in cloud services infrastructure in Greece, a boon to the country's economy that has been weakened by a decade-long debt crisis and the coronavirus pandemic, senior executives of the technology giant said on Monday. "We are investing today in research and technology in Greece," Microsoft President Brad Smith said. "There will be benefits for Greece given our commitment to training for thousands of people." Greek Prime Minister said the data centre investment will bring financial benefits of 1.0 billion euros to the country in the long term. Summarise this report in a few sentences.
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Microsoft will invest in cloud services infrastructure in Greece. the investment will bring financial benefits of 1.0 billion euros to the country. the country has been weakened by a decade-long debt crisis and the coronavirus pandemic. the country has been weakened by the debt crisis and the coronavirus pandemic... the data centre investment will bring financial benefits of 1.0 billion euros to the country in the long term.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Marketing Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit IIM Lucknow IIML Chief Operations Officer Programme Visit Future prospects of MSME job creation will depend on how the final demand pans out, says Sonal Varma , Chief Economist, India and Asia ex-Japan.The measures announced yesterday worth almost Rs 5.9 lakh crore is about 3% of the GDP. The net cash outgo from the government’s side is quite small and bulk of the measures are in the form of higher contingent liabilities for the centre; whether it is the MSME guarantee or the partial credit guarantee. But in this particular situation it is actually these kinds of liquidity support measures that become very important because as you know, the Covid-19 shock is a big cash flow shock and the policy response has to ensure that the lack of liquidity does not lead to insolvency. So it is in that context that the liquidity and financial support measures sort of dominated the announcement made yesterday and I think they are the right steps at this stage. Overall, I am quite happy with the measures that have been announced. We do not think this is going to lead to any immediate growth rebound because the multiplier effects are less. It is more about helping companies with the liquidity line to stay solvent.In terms of what more should be done; clearly there are other sectors which will be under cash flow problems for a lot longer because of social distancing; whether it is airline, tourism, etc. So it is more direct support for those sectors. The government could look to share some of the fixed cost of these entities. There is more cash transfer support that is required for the more vulnerable segments of the society. We need more reform measures in the agriculture and farming sector. But I think yesterday’s measure obviously is first in the series of fiscal and financial support measures to prevent downside risk in the medium term.We need to look at this current Covid shock and policy response in different stages. When more than 30% of India is still in lockdown, one cannot expect a demand stimulus because people will save it rather than consume. So the bang for buck that you will get from demand stimulus will anyway be low at this stage. The priority right now has to be to ensure cash flow support and liquidity support which is what the government is doing right now. I think that is the right step to do. Once the virus effects are over, that is when we need to start thinking about what kind of demand stimulus the economy needs.My view is we do need more investment demand-driven stimulus. Which is where this national infrastructure pipeline and getting that going becomes important. However, we also need to simultaneously think about the financial sector and the impact on the asset quality cycle of NBFCs and the banking sector and a more comprehensive solution to address the bad assets of the financial sector will also need to be done. There is a sequencing in terms of the policy announcements that need to be done.In terms of funding for these announcements, the guarantees of course add more to liability; so it is not really an issue of additional borrowing from this year. In fact, the bulk of the fiscal slip that is going to come through this year will be because of revenue disappointment and only a small portion will actually be because of additional new spending that the government is doing. So at this stage what we can reasonably expect from the government given the cash flow situation is more of these liquidity support measures. More demand-driven stimulus I think will need to come at a later stage.We will need to go into the nitty-gritty of what exactly is inside these packages to assess the real impact and see what kind of MSMEs are actually able to get the liquidity line. There are lots of hopes to jump over to arrive at a conclusion of the impact on the job market. From whatever has been announced, it does look to my mind an important announcement which should help a good portion of the MSMEs benefiting from these liquidity lines. Now this is what I would call a survival capital for them.For them to start functioning again and hiring again, they need to have visibility on future revenues and I think that will be driven by how the underlying demand situation plays out. So at this stage, it is hard to link this directly to what the future prospects will be. What we can say confidently is at least the degree of loss on the job side perhaps can be prevented given the liquidity line that is being given to MSMEs, which is quite important. The future prospects on job creation though will depend on the final demand and how that pans out. Summarise this report in a few sentences.
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future prospects of MSME job creation will depend on how demand pans out. the measures announced yesterday worth almost Rs 5.9 lakh crore is about 3% of the GDP. the priority right now has to be to ensure cash flow support and liquidity support which is what the government is doing right now. 'we need more reform measures in the agriculture and farming sector' says sonal.
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Team Personal Finance Lightning has struck twice. In a short span of around six months, bank depositors have been at the receiving end of the short circuit as it were. Punjab and Maharashtra (PMC) Co-operative Bank’s depositors faced restrictions imposed by the Reserve Bank of India (RBI), in September 2019. Last week, turbulence hit YES Bank, which is in the process of being rescued by the central bank and State Bank of India (SBI). Not surprisingly, the two events have shaken the confidence of retail depositors in banks, considered failsafe so far. While such events cannot be predicted, you can draw some lessons to protect yourself against such risks. How many bank accounts should you have? We thought only equity markets were risky. Who would have thought our neighborhood bank, where we keep our life’s savings through our accounts, fixed deposits, lockers and so on, would go bust? But such events have indeed occurred. “Spread the money across more than one bank account to get the benefit of the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover (of up to Rs 5 lakh),” says Joydeep Sen, Founder, Wiseinvestor.in. You can segregate your funds in these accounts according to your needs. “I think two bank accounts should be just enough. For example, your salary account can be used to pay your equated monthly installments (EMI), while another account can be used for investments, including systematic investment plans (SIP),” says Amol Joshi, Founder, PlanRupee Investment Services. The ‘investment’ account should also be used to route your life insurance and health insurance premiums, apart from your SIP money into mutual funds and receiving redemption proceeds and income tax refunds. “If the bank where you maintain your salary and EMI accounts is affected, the investments in the other account can be redeemed to keep your EMI payments going. Conversely, if the ‘investment’ account is affected, your cashflows will not be under pressure and the EMIs can continue,” explains Joshi. Too many bank accounts also can be a headache because you need to monitor them, make sure you file interest income in your annual tax returns and keep complying with know-your-customer norms. Customers should park an amount equal to least three months’ household expenses, including equated monthly instalments, in one of the bank accounts. Excess money (that you are likely to need in the short term, over and above emergency needs) can be parked in overnight or ultra short-term funds,” suggests Viresh Patel, Founder, Lifestyle Financial Planner. Choose safety over convenience Many depositors of PMC Bank preferred it over other, bigger banks due to the convenience the former offered – timings, availability of branches the neighborhood and friendly staff. However, the bank’s management was allegedly embroiled in fraudulent deals, leaving unsuspecting depositors in the lurch when the RBI suspended its operations. Moreover, the dual control structure of co-operative banks also created hurdles in successful and quick resolution of its woes. Now, this is not to say that you should not deal with co-operative banks, as they do have an important role to play in the banking system. But opening an account with one just because it is in the neighborhood could be costly. It’s always better to stick to reliable names even if you have to walk an extra distance. Guaranteed returns, really? The one sales pitch that was made to all individual and large retail investors who were mis-sold Yes Bank’s Additional Tier I (AT1) bonds was that they offered high and guaranteed returns. In reality, ‘high’ and ‘guarantee’ fly against the basics of finance. Guarantee does not come for free. How high can guaranteed returns go? “Anything above what the State Bank of India (SBI) offers for its one-year deposits is bound to come with an element of risk. That is the threshold you need to keep an eye on,” advises Joshi. Avoid products that you do not understand. And know what you’re signing up for. Many of those who invested in AT1 bonds did so on the premise of the guarantee peddled by smooth-talking Yes Bank relationship managers, as publicized all over social media these past few days. If the instrument seems fancy and the fine-print complicated, it’s best to stay away. “If the returns on deposits or schemes recommended by bank representatives are too good to be believed, then there is definitely high risk involved. There are no short-cuts to wealth generation,” says Anuj Kakkar, Partner, Vriddhi Advisors. Link multiple bank accounts to MF investments When a bank account gets frozen, your SIP payments stop. And, any redemption that comes in gets locked in too. Soon after the RBI imposed a moratorium on YES Bank, several fund houses proactively decided not to disburse their investors’ redemption proceeds to YES Bank accounts. However, you would do well to link more than one bank account to your folios; fund houses offer the option of linking up to five bank accounts to a single folio. Fill up the ‘bank accounts registration form,’ get all investors to sign on it and submit it to your fund house or to the registrar and transfer agent’s office. Within seven working days, the addition of the account is effected and the investor is intimated. Of all the accounts you register, you need to designate one as your primary account. The others act as back-ups. You can even add bank accounts at a later date. You could choose the account in which you want your redemption proceeds at the time of selling of selling units. For offline sale, some fund houses provide the option of choosing from the bank accounts registered. Do not panic Diversification helps, but avoid doing so mindlessly. “The rationale is the same as that of diversifying across, say, several large-cap equity funds – there is no point over-diversifying across several scheduled commercial banks. What has happened with YES Bank is a very rare event. In the last 15 years, no scheduled commercial bank has been allowed to fail,” notes Joshi. The PMC Bank fiasco remains unresolved due to the dual control structure; the state government also has a say in the regulation of co-operative banks’ affairs. “In the case of commercial banks, the RBI has complete regulatory control and we have seen how swiftly they acted to safeguard YES Bank depositors’ interests. It was mentioned in the first communique, which was the not the case with PMC Bank,” points out Joshi. Opening and managing multiple accounts will be an unwieldy affair. Several text and WhatsApp messages have been doing the rounds of social media and messaging apps, ‘cautioning’ accountholders and asking them to withdraw funds from ‘vulnerable’ banks. Not only are these messages misleading, but also put banks that are not facing any crisis in trouble. On Saturday, SBI chairman advised accountholders to stick to their existing banks. "By and large, India's banking system is robust. In general, depositors need not fear. They can continue to maintain accounts with their existing banks," he said. Summarise this report in a few sentences.
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depositors at Punjab and Maharashtra co-operative bank faced restrictions imposed by the Reserve Bank of India (RBI) last week, turbulence hit YES Bank, which is in process of being rescued by the central bank and State Bank of India (SBI). if you have too many bank accounts, you need to monitor them, file interest income in your annual tax returns and comply with know-your-customer norms.
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Industrial Growth Slows to 3-month Low in Sept India’s industrial growth dropped more than expected in September to 5.8% from a 14-month high of 10.3% in the preceding month, hit by an unfavorable base effect magnified by a shift in the festival calendar. Excess rainfall in September also disrupted output, impacting growth. Pai Cuts ₹1,400 crore Cheque for DK Debt, Books Aakash Seats Manipal Education and Medical Group chairman Ranjan Pai has invested Rs 1,400 crore (around $168 million) in Aakash Institute, a subsidiary of troubled edtech major Byju’s. Summarise this report in a few sentences.
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industrial growth dropped more than expected in sept. it was 10.3% lower than 14 months earlier. rainfall disrupted output, impacting growth. manipal education and medical group chairman Ranjan Pai has invested Rs 1,400 crore (around $168 million) in a subsidiary of troubled edtech major byju’s. he has also invested Rs 1,400 crore (around $168 million) in aakash institute.
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Sudip Mandal The liquid fund category is most widely looked upon as a vehicle for creating a contingency corpus. While I agree with the assumption, strategizing the fund allocation in liquid or other debt instruments or in equity is of utmost importance. We’ve all heard that the stock market cannot be timed. And I am a firm believer of that too. In which case, how are we preparing for it? In the recent steep market correction, there was mayhem amongst investors – some were confused, and some scared about losing their money. As a result, recency bias set in and the panic led to people redeeming or stopping their SIPs. Reason for an SIP When one starts a Systemic Investment Plan (SIP) in an equity fund, it is to leverage rupee-cost averaging. Rupee-cost averaging is an investment technique applied to your SIP in a mutual fund scheme that can help you to navigate through market ups and downs. As the investment amount is fixed and regular, you buy fewer units when the unit price of the scheme is high and more units when the NAV is low, for the same amount of money. When you buy at a low NAV, it is almost like buying the units at a discounted price. This is where you have the real opportunity to make the most of your investments. To benefit from rupee-cost averaging and take it a step further, I recommend starting an SIP for an amount that is 10 per cent of your overall monthly instalment, in an equity fund to be deployed in a liquid fund. To give you an example, if you are planning to start an SIP of Rs 10,000 in an equity fund, I’d say you invest Rs 9,000 in the equity fund and park Rs 1000 in a liquid fund (that is 10 per cent of Rs 10,000). This SIP of Rs 1000, which is otherwise earmarked to equity, can help you in rupee cost averaging during steep market corrections and can then be deployed into your existing Equity mutual fund through a systematic transfer plan over a short period of time, maybe 30-60 days. This works because timing the market to catch it at its bottom is extremely difficult. And psychologically, you have created this corpus by taking the money out from equity SIPs so there won’t be any hesitation in investing it back to your equity mutual funds when units are available at a discounted price. Historically, we have seen investments made during market lows have the potential to give you high returns in the future. This strategy will help you create a corpus that you can invest in equity markets and take advantage of them when the market is at lower levels without having to worry about where to arrange the funds from. Lack of surplus at opportune times Unfortunately, most investors have reduced spending power or no disposable income to be able to take advantage of the lower NAVs at that very opportune time. This could be due to job loss, pay-cuts or medical emergencies. We’ve witnessed this situation arise for many investors during the recent market correction. They have missed out on the opportunity, as they didn’t have the capacity to invest more in their existing mutual fund schemes and take advantage by buying more units at lower NAVs and averaging out their losses. To put the whole thought succinctly, when there is an economic downturn, and the markets see a sharp fall, it is the best time when one should be investing more in equity to take advantage of buying more units at a lower cost. If we create a corpus with liquid funds using the strategy I explained, the corpus could then be deployed in equity when the market faces a sharp correction. This would be particularly advantageous in the future when the market eventually goes up. This requires investors to reorient their view of liquid funds as not just vehicles for creating a contingency fund, but one that could also can be used to take advantage of market corrections or market lows. Investors would do well to strategize their systematic investment plans such that they park 10 per cent in a liquid fund and deploy it in the existing equity mutual fund schemes when the markets corrects Try it, and you may get an opportunity to smile in the face of market corrections. (The writer is VP & Head – Distributor Marketing, DSP Investment Managers) Summarise this report in a few sentences.
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sudip Mandal is a firm believer in the importance of a contingency fund. he says that a liquid fund is a vehicle for creating a contingency corpus. he says that a liquid fund is a vehicle for a contingency corpus. he says that a liquid fund is a vehicle for a contingency corpus.
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Consumer electronics maker Micromax today announced its foray into the air cooler category with products priced between Rs 5,990-16,990.Micromax will have a full-fledged range of room air coolers including personal, tower, desert and window, the company said in a statement.The company entered the consumer electronics category in 2012 with the launch of LED televisions and is also present in the AC segment."We have already established ourselves in the LED TV and AC segments. With our foray into the room air cooler segment, we are all set to reinforce our consumer electronics portfolio and will be foraying into other categories as well in 2018," Micromax Informatics co-founder Rajesh Agarwal said.The range of coolers will be available at leading counters across markets from next month.Micromax Informatics is the tenth largest mobile brand in the world, as per Counterpoint Research and the brand's product portfolio range includes smartphones, tablets, smart televisions, air conditioners and laptops. Summarise this report in a few sentences.
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Micromax will have a full-fledged range of room air coolers. the company entered the consumer electronics category in 2012. the range of room air coolers will be available at leading counters across markets. the company is the tenth largest mobile brand in the world.. the range includes personal, tower, desert and window...
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Vice President Venkaiah Naidu on Sunday said that Atmanirbhar Bharat is a launchpad for fostering entrepreneurship, nurturing innovation and creation of an ecosystem for rural-urban symbiotic development. He was speaking at the virtual launch of made in India social networking app Elyments. Calling for the creation of an ecosystem of innovation and entrepreneurship, Naidu urged people to adopt the Atmanirbhar Bharat campaign to transform ‘local’ India into ‘global’ India. He emphasized that India’s call for the self-reliant economy wasn’t for protectionism or isolationism “but for adopting a pragmatic development strategy that would enable the country to recognize and capitalize on its inherent strengths,” a statement by the Vice President’s Secretariat cited Naidu as saying. PM Modi had launched the Atmanirbhar Bharat Abhiyaan in May this year for India’s economic self-reliance as Covid relief package worth Rs 20 lakh crore. The prime minister had also urged people to adopt made in India products to benefit domestic businesses and that “every Indian must become vocal for our local,” Modi had said in his address to the nation in May. Also read: PM Modi roots for startups to promote innovation in agriculture; suggests hackathons to solve problems Under Atmanirbhar Bharat campaign, Modi had also launched Atmanirbhar Bharat Innovation challenge on Saturday to identify Indian apps that have potential to go global across various categories along with creating new apps in India that are “world-class”. “To help our start-up and tech community achieve this objective, Ministry of Electronics & Information Technology along with Atal Innovation Mission are coming up with the Aatmanirbhar Bharat Innovation challenge. This shall run in two tracks: Promotion of Existing Apps and Development of New Apps,” Modi wrote in a LinkedIn post on Saturday. The eight broad categories for the challenge are office productivity & work from home, social networking, e-learning, entertainment, health & wellness, business including agritech and fintech, news and games. The government had recently announced the banning of “malicious” 59 Chinese apps including TikTok, Helo, WeChat, Club Factory, Shareit, UC Browser, Cam Scanner and more to ensure safety to sovereignty and integrity of India. As a result, multiple Indian apps including Mitron, ShareChat, Roposo, Chingari, Rooter and more have sprung into action to tap into the Atmanirbhar call and boycotting import and use of Chinese goods. Summarise this report in a few sentences.
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vp says atmanirbhar bharat is a launchpad for fostering entrepreneurship. he was speaking at the virtual launch of made in india social networking app. he urged people to adopt the atmanirbhar bharat campaign to transform ‘local’ India into ‘global’ india. he emphasized that India’s call for the self-reliant economy wasn’t for protectionism or isolationism.
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While the lockdown has given Prabhtej Singh Bhatia , CEO, Simba , to have a little more free time on his hands, working from home can get taxing.But his family and sunny home office make up for it.My workstation at home is at the corner of the house by the window, overlooking the greens, and away from the hustle-bustle. The window allows the right amount of sunlight for me to soak in, leaving me refreshed and energized.Lockdown has given me the opportunity to put my health first. My day starts early with exercise followed by a cup of tea. Thereafter, work takes over. During the first half of the day, I connect with all my teams such as finance, sales, regional and our team back at the brewery to share feedback, timely updates which help me stay on top of things on real-time basis. In the second half, the focus shifts to troubleshooting and strategy building with a focus on the financial health and new markets amongst other things. By assessing a little everyday over our previous performance, we are building on strategies for the near future with the aim of yielding more successful results.Increased family time is something that I have come to cherish. Work from home has given me the opportunity to revive my hobby of reading books. The Kindle is now my newfound love. But a major drawback has been not being able to meet new people. The conversations have been limited to only video and audio calls. When we meet people physically, we get to know them better, learn more about them resulting in solidified bonds and stronger relations. I miss the energy of such meet-ups.My family and my teams have played a huge role in shaping my positive outlook with their constant support, optimism and enthusiasm. Additionally, on days when the workload is heavy or I am feeling low, an episode or two of 'Modern Family' can never go wrong.I cannot wait to travel. I am really looking forward to going out, meeting new people and exploring new places. I also cannot wait to get back on the field along with all my colleagues/teams so that we can all put our heads together and pave the way ahead. Summarise this report in a few sentences.
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simba's CEO, prbhtej Singh Bhatia, has a little more free time on his hands. but his family and sunny home office make up for it. he is looking forward to going out, meeting new people and exploring new places. he is also looking forward to a trip to a new country.
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Empower Your Corporate Journey with Strategic Skill Courses Offering College Course Website University of Western Australia UWA Global MBA Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit New Delhi: Greater Pacific Capital GPC ) has bought a $100 million stake in Enzen , a consulting and engineering company set up by former Wipro executives a decade ago that boasts of top-tier clients such as London's main water suppler and electricity distribution company.This is the first investment from the UK-headquartered PE firm’s second fund of $700 million that it raised in August last year. Though the exact quantum of stake bought by GPC could not be ascertained, a well-placed source said it was in the range of 15-20%. “The investment in Enzen is in line with our strategy focused on partnering with scaled and fast growing Indian businesses that operate in or are looking to expand into international markets,” said Ketan Patel, GPC’s chief executive officer.Patel, a former Goldman Sachs executive, started GPC along with his colleague Joe Sealy almost 11 years ago. The investment firm has raised $1 billion worth of funds since inception. “We are delighted to partner with GPC as we embark on the next phase of our growth journey,” Enzen’s chairman Satheesh Kumar said. Kumar, a former Wipro technologies executive, founded Enzen with agroup of colleagues, including Dileep Viswanath, Harsha Anand and Kutty Prabakaran. The Bengaluru-headquartered company derives a bulk of its revenues from international markets and has operations in 26 countries.Its largest customers are based in the UK and Australia though it also provides services to electricity, water and gas distribution companies in the US, Latin America and parts of Europe and Asia. The company posted sales of over $200 million in the previous financial year and employs around 3,600 people worldwide.Enzen has hardly any debt and has used its profits to expand its business over time, a person close to the company said. Most of its contracts are long-term deals with work being carried out over a period of several years.The type of contracts it carries out includes operational turnarounds of electricity and water utilities by preventing losses arising out of leakages or implementing technological enhancements to make the operations more eco-friendly. Summarise this report in a few sentences.
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the investment is in the range of 15-20%, a well-placed source said. the company boasts top-tier clients such as London's main water suppler and electricity distribution company. it is the first investment from the UK-headquartered PE firm’s second fund of $700 million that it raised in august last year. the company posted sales of over $200 million in the previous financial year and employs around 3,600 people worldwide.
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ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk We are exposed to market risk in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of fluctuations in foreign currency exchange rates and interest rates. We do not hold or issue financial instruments for trading purposes. Foreign Currency Risk The majority of our sales and contracts are denominated in U.S. dollars, and therefore our net revenue is not currently subject to significant foreign currency risk. As part of our international operations, we charge customers in British Pounds, European Union (“EU”) Euro, Canadian Dollars and Australian Dollars, among others. However, this impact has not been significant in 2019. Our operating expenses are generally denominated in the currencies of the countries in which our operations are located, which are primarily in the U.S., and to a lesser extent in Canada, Europe, and Asia-Pacific. The functional currency of our foreign subsidiaries is generally the local currency. Our consolidated results of operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected in the future due to changes in foreign currency exchange rates. To date, we have not entered into any hedging arrangements with respect to foreign currency risk. During fiscal 2019, a hypothetical 10% change in foreign currency exchange rates applicable to our business would not have had a material impact on our consolidated financial statements. As our international operations continue to expand, risks associated with fluctuating foreign currency rates may increase. We will continue to reassess our approach to managing these risks. Interest Rate and Investments Risks As of December 31, 2019, we had cash and cash equivalents of $343.6 million, a majority of which are held in money-market funds. We hold our cash and cash equivalents for working capital purposes. Declines in interest rates would reduce future interest income. During fiscal year 2019, a hypothetical 10% increase or decrease in overall interest rates would not have had a material on impact our interest income. The carrying amount of our cash equivalents reasonably approximates fair values. Due to the short-term nature of our money-market funds, we believe that exposure to changes in interest rates will not have a material impact on the fair value of our cash equivalents. As of December 31, 2019, we had $386.9 million outstanding of our 0% convertible senior notes due 2023 (the "Notes"). We carry the Notes at face value less unamortized discount on our balance sheet, and we present the fair value for required disclosure purposes only. The Notes have a zero percent fixed annual interest rate and, therefore, we have no economic exposure to changes in interest rates. The fair value of the Notes is exposed to interest rate risk. Generally, the fair value of our fixed interest rate Notes will increase as interest rates decline and decrease as interest rates increase. In addition, the fair values of the Notes are affected by our stock price. The fair value of the Notes will generally increase as our common stock price increases and will generally decrease as our common stock price decrease in value. As of December 31, 2019, we had long term investments in convertible and redeemable preferred stock of $132.2 million. These equity investments are subject to market related risks that could decrease or increase the fair value of our holdings. These equity investments are adjusted to fair value based on market inputs at the balance sheet date, which are subject to market-related risks that could decrease or increase the fair value of our holdings. A fluctuation in the investee's stock price could have an adverse impact on the fair value of our investment. A hypothetical adverse stock price change of 10% could have resulted in a potential decrease of up to $7 million in the fair-value of our investment as of December 31, 2019. ITEM 8. Summarise this report in a few sentences.
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Financial Statements and Supplementary Data
This text discusses the market risks that the company is exposed to in the ordinary course of its business. These risks include fluctuations in foreign currency exchange rates and interest rates. The majority of the company's sales and contracts are denominated in U.S. dollars, so its net revenue is not subject to significant foreign currency risk. The company does not hold or issue financial instruments for trading purposes, and has not entered into any hedging arrangements with respect to foreign currency risk. As of December 31, 2019, the company had cash and cash equivalents of $343.6 million, a majority of which are held in money-market funds. It also had $386.9 million outstanding of its 0% convertible senior notes due 2023, and long term investments in convertible and redeemable preferred stock of $132.2 million. These investments are subject to market related risks that could decrease or increase the fair value of the company's holdings.
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Empower Your Corporate Journey with Strategic Skill Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit Close to 30% of India Inc was functioning at high levels of capacity utilisation of 70% and above with just under half expecting to operate at these levels in the near term, results from an industry survey showed on Monday.Aimed at capturing the improvements in business operations and expectations since the Unlock phase began in June, the Federation of Indian Chambers of Commerce & Industry ( FICCI ) survey revealed firms saw positive growth in exports, cashflows and supply chain functioning.The survey titled ‘Rebooting The Indian Economy’, conducted with Dhruva Advisors, saw participation of 100 company chiefs from across sectors. It found 22% of respondents witnessed increased exports in June while a fourth reported improvements in the number of orders since the lockdown.In comparison, only 5% of surveyed firms in the April edition of the survey expected improvements in exports and 7% had reported increased orders. In terms of cash flows, just 10% had anticipated an improvement in April versus 21% who saw better cash flows in June.“These numbers are on expected lines and underscore the nascent recovery that is currently underway,” said Sangita Reddy , president of FICCI, adding that, “Given the evolving situation, it is important that we continue to take measures that are supportive of businesses enabling them to tide over the current crisis as well as prepare well for the long-term opportunities.”However, a significant proportion still faced issues on these fronts. While about 60% firms cited cash management, weak demand and liquidity as key issues impacting business post-unlock, around two in five firms said they still faced supply chain and labour shortage issues.Although the government’s stimulus measures were slowly taking effect, the survey found it had not had the desired effect yet. Only one in five companies reported being able to take advantage of the Emergency Credit Line Guarantee Scheme. Also, barely a quarter of the respondents said interest rates had been reduced by banks. In terms of income tax refunds, 36% said they had started receiving the refunds.“The survey is a clear indicator that we are on a revival path and should now address the key challenges confronted by India Inc i.e. managing costs, weak demand, financial liquidity and also, India Inc’s overwhelming expectation from the government such as tax relief or incentives, ease of compliances,” said Dinesh Kanabar, CEO, Dhruva Advisors.A significant 70% of companies were looking for tax relief and incentives from the government while about 60% expected further easing in compliance norms. Apart from these, firms also expected the government to facilitate transport, food and shelter for migrant workers returning to work.As for the risks going forward, industry was weary of a second wave of Covid-19 infections disrupting business again and a sudden stop in imports from China, according to the survey. Summarise this report in a few sentences.
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survey titled ‘Rebooting The Indian Economy’ saw participation of 100 company chiefs from across sectors. found 22% of respondents witnessed increased exports in June while a fourth reported improvements in the number of orders since the lockdown. only 5% of surveyed firms expected improvements in exports and 7% had reported increased orders. around two in five firms said they still faced supply chain and labour shortage issues.
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India may be Asia’s best-performing major market this year, but not everyone is rejoicing the return of the nation’s benchmark gauges into record territory. A peek under the hood of the S&P BSE Sensex gauge’s 7.3 percent gain this year shows it’s being dominated by three stocks — Tata Consultancy Services Ltd., Reliance Industries Ltd. and HDFC Bank Ltd. A little over half of the 30 Sensex stocks are trading higher than their 200-day moving average price, down from 94 percent in January when the gauge peaked. Gains have been lopsided as investors sought safety in the biggest stocks amid headwinds from a brewing trade conflict and elevated prices of oil, India’s top import. A sell-off in mid- and small-cap stocks — made worse by stringent margins imposed in June — has left smaller firms trading near the biggest price discount to the Sensex since July 2016, data compiled by Bloomberg show. “Sensex at a new high while the broader market is nowhere near suggests that the market has been very discerning in picking winners,” said Sanjiv Bhasin, an executive vice president at Mumbai-based brokerage India Infoline Ltd. The Sensex has jumped 12 percent from its March low to become the first among major benchmark Asian equity gauges to rebound from a correction this year. The recovery has been fueled by the persistent buying by local mutual funds and optimism about corporate earnings for the June quarter. The S&P BSE MidCap Index, in contrast, is down 13 percent this year after hitting multiple records in 2017. Big Bracket Shares of Reliance have risen more than 19 percent this year to a record, helping company helmed by billionaire Mukesh Ambani reclaim the $100 billion milestone for market value last week after more than a decade. Asia’s top software exporter Tata Consultancy Services, which crossed this threshold in April, has surged 47 percent since Jan. 1. HDFC Bank has rallied 16.5 percent in 2018 to a record, valuing the world’s most expensive major lender at $83 billion. Gains in the large caps should soon spread out to the broader market, now that oil prices have begun to decline, India Infoline’s Bhasin said. Foreign outflows of about $700 million from domestic shares this year have been “relatively better” than the billions of dollars that have been pulled from markets including Indonesia, Malaysia, Philippines and South Korea, he said. “After a correction, the rally starts thin and then spreads out as conviction builds,” he said. “Flows will strengthen after oil falls further. As soon as we see stability, midcaps will join the party. It is typical of a bull market.” Summarise this report in a few sentences.
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the Sensex gauge's 7.3 percent gain this year shows it's being dominated by three stocks — Tata Consultancy Services, Reliance Industries and HDFC Bank. a little over half of the 30 Sensex stocks are trading higher than their 200-day moving average price, down from 94 percent in January when the gauge peaked.
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Wall Street advanced on Tuesday as the prospect of additional stimulus and a record jump in retail sales suggested the U.S. economy could bounce back sooner than expected, five months into its pandemic-inflicted recession. All three major U.S. stock indexes posted their third consecutive daily gains. The Dow and the S&P remain about 11% and 8% below their respective record closing highs reached in February, while the tech-heavy Nasdaq hovers about 1% below its all-time closing high reached on June 10. Data released by the Commerce Department showed retail sales jumped by a record 17.7% in May, blowing past the 8% increase analysts expected. Investor risk appetite was given a further boost by the Trump administration's anticipated $1 trillion dollar infrastructure package aimed at jump-starting the economy. "The retail sales numbers is the story that's driving markets higher," said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina. "But the smell of stimulus in the air is adding to today's gains for sure." Amid a resurgence of new COVID-19 cases in China and the United States, along with unabated progression of the pandemic in Latin America and elsewhere, a UK-led drug trial showed low doses of generic steroid drug dexamethasone reduced COVID-19 death rates among the most severe cases. "We got potentially more positive news in the fight against COVID-19," Detrick added. "But while COVID is in most peoples' minds, in the stock market's view it is all about reopening and the strong data suggest the recovery is happening and faster than most expected." At the beginning of his two-day testimony before Congress, Federal Reserve Chairman Jerome Powell said, "Until the public is confident that the disease is contained, a full recovery is unlikely." The Dow Jones Industrial Average rose 526.82 points, or 2.04%, to 26,289.98, the S&P 500 gained 58.15 points, or 1.90%, to 3,124.74 and the Nasdaq Composite added 169.84 points, or 1.75%, to 9,895.87. All 11 major sectors of the S&P 500 ended the session well in the black, with energy and healthcare leading the charge. The upbeat retail sales data helped push S&P 500's Retail index 2.3% higher, led by Nordstrom Inc and Kohls Corp , which surged by 12.9% and 9.0%, respectively. Much stronger than expected homebuilder sentiment data helped home improvement retailer Home Depot Inc provide among the biggest boosts to the blue-chip Dow. Its shares rose 3.6%. Shares of Eli Lilly and Co surged 15.7% after announcing its breast cancer therapy's success in a late-stage study. Oracle Corp was up 2.5% after Wells Fargo hiked its price target on the company's shares ahead of its earnings release expected after the bell. Streaming platform Roku Inc rose 12.4% in heavy volume, with no clear impetus, and the company declined to comment. Advancing issues outnumbered declining ones on the NYSE by a 4.42-to-1 ratio; on Nasdaq, a 3.05-to-1 ratio favored advancers. The S&P 500 posted seven new 52-week highs and no new lows; the Nasdaq Composite recorded 97 new highs and seven new lows. Volume on U.S. exchanges was 12.87 billion shares, compared with the 12.95 billion average over the last 20 trading days. Summarise this report in a few sentences.
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all three major stock indexes post their third consecutive daily gains. the Dow and the S&P remain about 11% and 8% below their respective record highs. retail sales jumped by a record 17.7% in may, blowing past the 8% increase analysts expected. the fema says a full recovery is unlikely until the disease is contained.
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Answer: Volvo Completing 20 years of its operations in the country, Volvo Group in India today said it is looking at a compound annual growth rate (CAGR) of 10 per cent to 15 per cent over the next seven to ten years. The company also said it will continue to invest in technology and talent in the days to come. "The last two years have been phenomenal for us; we have grown by 40 per cent in our top line and also in rofits, which is very good," Volvo Group India Pvt Ltd President and MD Kamal Bali said. Speaking to PTI here, he said "...I can say that we are looking at between 10 to 15 per cent growth rate CAGR over the next seven to ten years, and that is the rate at which this industry will comfortably grow." Pointing out that all the segments that the company caters to were connected with the real economy, whether it is urbanisation which needs buses, constructing roads which need construction equipment or transportation of cargo which needs trucks, he said "all of these are going to grow." In 2018, the company should grow between 10 and 12 per cent, he said, adding, that the Goods and Services Tax (GST) has been "very positive." Volvo Group in India includes multiple business areas and brands such as Volvo Buses, Volvo Penta Engines, Volvo Construction Equipment, UD Buses, Volvo Trucks and Eicher Trucks and Buses, among others. Eicher and Volvo trucks are sold via a joint venture company - VE Commercial Vehicles Ltd. The company said it has already invested in its facilities and capacity for the next 5 years, and would continue to invest in technology and headcount addition. "Over the last twenty years we have invested close to Rs 2,500 crores between us and our joint venture with Eicher... in the last two to three years we have invested another about Rs 300 crore in India," he said in response to a question about investment. Stating that as far as investments are concerned in plant, machinery and capacity, they are already there for the next five years, he said "but, of course there will be investments in technology and hiring new people." More than 400 people were added last year by Volvo, which will raise its headcount close to 4,000 excluding the joint venture company. "We will continue to hire...similar number; about 400 people will be added this year as well," Bali said. Asked about technology related investment, he said it could be on embedded electronics, telematics or connected solutions at the company's group technology center here where about 1000 engineers are working on design of bus and trucks for the global organization. Stating that India will become a major hub for medium duty engines, he said, "we will build all engines which are 8 liter and medium duty and supply it across the world." "We have already setup the plant and have started to supply these engines to Sweden and France. These are Euro VI engines," he added. Stating that between electric and hybrid there were about 5000 Volvo buses that are plying globally, Bali said in India they had brought in two hybrid buses in Navi Mumbai two years ago and "they are doing exceedingly well." He said "We are already observing between 30-35 per cent lower fuel consumption compared to standard diesel bus. This is a process which will happen....we are looking at next steps in this journey." "Our strategy was to start with hybrid which does not need much infrastructure around" whereas government's stated approach is to go straight away electric. "...we are ready for both." Bali said the company exports buses and construction equipment from India to South East Asia, ASEAN countries, Latin America, South Africa, Middle East and also France. Noting that the company has two brands Volvo and Eicher, one top end and the other mainstream brand, he said, "we are trying to bring in UD brand for buses, which you will see very soon. UD comes under semi luxury category. Summarise this report in a few sentences.
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Volvo Group in india is completing 20 years of operations in the country. it is looking at a compound annual growth rate (CAGR) of 10 per cent to 15 per cent. the company also said it will continue to invest in technology and talent in the days to come. the company has already invested in its facilities and capacity for the next 5 years. a joint venture company has also invested in technology and hiring new people.
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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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From smartphones, laptops to LED TVs, Xiaomi's list of products is pretty much endless. Now, add an internet browser, called the 'Mint Browser' to this list. Xiaomi's main purpose behind creating a browsing app is to offer a responsive experience to the owners of underpowered Android phones - especially in the developing markets. Along with options like Chrome, Firefox, Micosoft Edge, Safari, Android users can now add one more option in the form of Mint Browser. The USP of the browser is its low memory and storage requirements. The size of the Mint browser is only 11 MB and it is ad-free. Additionally, Mint Browser manages to pack in most features one could expect from a mobile browser. The browser offers a multi-tabbing web browsing experience alongside providing an Incognito Mode. There is also an inbuilt Dark Mode that inverts the colours of your webpages to provide you with a comfortable web browsing experience under low light. The moment you open the Mint Browser, you are greeted with a list of pre-selected websites. These can be modified and the new ones can be easily added. There is also a search bar where you can pick the search engine you want from the options like Google, Bing etc. Mint Browser renders the web pages quickly and also has an option to minimise the data consumption. Xiaomi has promised to keep Mint Browser as an ad-free offering but going by the company's track record, there are chances that it would introduce some form of ads at an unspecified time in the future. Meanwhile, Google Play has described the app as "one of the best web browsers for Android phones". Xiaomi has said that, with Mint Browser, it has prioritised user experience over pricey specs. Summarise this report in a few sentences.
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the browser is ad-free and has a low memory and storage requirement. it offers a multi-tabbing web browsing experience alongside an Incognito Mode. there is also an inbuilt dark mode that inverts the colours of your webpages. the app is available for free on ios and android devices. it is expected to be released in the coming weeks.
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China has begun the mass testing of hundreds of people who had visited a Beijing wholesale market which sparked a fresh bout of coronavirus cases even as the country reported 67 new COVID-19 infections including 42 in the capital. In a bid to stem the spread of the contagion, the authorities in Beijing have conducted the nucleic acid test on 29,386 people who had visited the Xinfadi wholesale market since May 30, Gao Xiaojun, spokesman for the Beijing Health Commission, said on Monday. The market became a hotspot after it reported several new COVID-19 cases. Out of all the samples, 12,973 came negative and the rest are awaiting results, Gao told the media. The National Health Commission (NHC) in its daily report on Monday said that 49 new confirmed COVID-19 cases and 18 asymptomatic cases were reported on Sunday. Also read| Check Coronavirus latest updates here: As of Sunday, 112 people with asymptomatic symptoms were still under quarantine. Asymptomatic cases, also known as silent spreaders, are the patients who have tested COVID-19 positive but develop no symptoms such as fever, cough or sore throat. However, they pose a risk of spreading the disease to others. The Beijing Municipal Health Commission on Monday said that the city reported 36 new confirmed domestically-transmitted COVID-19 cases and six new asymptomatic cases. The official media on Sunday said that eight people tested positive in the capital. By Sunday, Beijing has reported 499 confirmed domestically-transmitted COVID-19 cases since January, including 411 who have been discharged from hospitals after recovery and nine deaths, the commission said. There were still 79 patients receiving medical treatment and seven asymptomatic cases under medical observation, the state run-Xinhua news agency reported. So far, 174 imported COVID-19 cases have been reported in the capital, with one still hospitalised. The NHC said that three cases were reported in Hebei province on Sunday. It said that 3,852 close contacts were still under medical observation after 392 people were discharged from medical observation on Sunday. As of Sunday, the overall confirmed cases in China reached 83,181, including 177 active cases, with two in severe condition. Altogether 78,370 people have been discharged after recovery and 4,634 people died of the disease, the NHC said. On Sunday, the Beijing Centre for Diseases Prevention and Control (Beijing CDC) said that the genome sequencing of the strain of the coronavirus, which caused the new COVID-19 outbreak in the Chinese capital at the Xinfadi wholesale food market, shows it originated from the imported cases from Europe. The country’s civil aviation regulator on Sunday said that China Southern Airlines’ flight from Dhaka to Guangzhou would be suspended after 17 passengers had tested positive for COVID-19 on a June 11 flight, Xinhua reported. So far, the local government has closed six wholesale markets and made alternate arrangement for vegetable supplies to the retail stores. Meanwhile, the local government has closed six wholesale markets and made alternate arrangement for vegetable supplies to the retail stores. Yang Peng, a researcher from Beijing CDC, told state-run CCTV that it has been preliminarily determined that the virus found on the samples from the market is related to strains China has seen from imported cases. The genome sequencing showed that the coronavirus came from Europe. Thousands of overseas Chinese are currently returning with a number of them testing positive for the coronavirus. As all the new cases in Beijing were linked to the Xinfadi market in south Beijing’s Fengtai district, health officials appealed to the people, who had visited the market since May 30, to undergo nucleic acid tests. The sudden increase in cases has sparked concern that China may be on the cusp of a rebound of COVID-19, belying experts’ predictions that a second wave may hit the country during the winter starting from October. All the hospitals in Beijing have been ordered to perform nucleic acid and antibody tests, a omputed tomography scan and a routine blood test on patients with fever, Gao Xiaojun, spokesperson of Beijing’s health commission told the media on Sunday. So far, the local government has closed six wholesale markets and made alternate arrangement for vegetable supplies to the retail stores. The Beijing local government earlier said that health workers detected the virus in 40 samples collected at Xinfadi, including from cutting boards used to prepare imported salmon. Wu Zunyou, the chief epidemiologist at the Chinese Centre for Disease Control and Prevention, said that the source of the latest outbreak could be either contaminated seafood or meat from the market, or a visitor or worker who contracted the virus unknowingly. Summarise this report in a few sentences.
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china conducts mass testing of hundreds of people who visited a wholesale market. market became a hotspot after it reported several new COVID-19 cases. china has reported 67 new COVID-19 infections including 42 in the capital. china has reported 499 confirmed domestically-transmitted COVID-19 cases since January. 78,370 people have been discharged from medical observation in the country.
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Grant Thornton, which has conducted a forensic audit of IL&FS Securities Services Ltd (ISSL), has found what it alleged multiple operational lapses and high-value trade anomalies in the company’s transactions with a client, Allied Financial Services Pvt Ltd (AFSPL).In an interim report on the company that provides capital markets services, Grant Thornton said it identified 65 instances where intraday benefits totalling Rs 2,417.87 crore were extended to AFSPL, thereby increasing the risk for ISSL. Citing purported text messages among ISSL executives, the auditor said those indicated incorrect data were provided to exchange.ET has seen the interim report, which has been submitted to the National Company Law Tribunal ISSL, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS), provided professional clearing services to AFSPL as per an agreement entered between the two in 2007.The government-appointed IL&FS board has lodged a complaint with the Mumbai Police against AFSPL and some others. Police officials said in all likelihood they would forward the complaint to the federal agencies that are already probing alleged irregularities at IL&FS and its group companies.Referring to the deal with AFSPL, Grant Thornton said: “It appears that such benefits were agreed by the then business development head … the head of futures and options (FNO) initially highlighted the risk, but he ultimately appears to agree with the strategy.”ISSL had sent disassociation notice to AFSPL in January this year. However, the forensic audit has allegedly found email exchanges that showed ISSL had opened its trading terminal for AFSPL to let the client roll over open position which were expiring that month. “Further, it appears that without adequate collateral in place, AFSPL was allowed to trade by ISSL,” it alleged.The report identified 27 instances where securities worth Rs 243 crore were withdrawn and Rs 242 crore were bought back by AFSPL on the same day. The auditor also found four alleged transactions worth Rs 735 crore where AFSPL had withdrawn securities on a weekend. “There were (also) half a dozen instances where securities worth Rs 101 crore were withdrawn and bought back in the same week,” the report said.“During our review of the email conversation between the employees of ISSL, it was noted that AFSPL was potentially allowed to execute trade on the stock exchange against the collateral which were not deployable at the exchange. Further AFSPL was also provided with intraday benefit for trading without receiving any collateral,” it alleged.“Based on WhatsApp conversation, it was noted that in certain instances, margin limit of AFSPL was increased without the corresponding inflow of collateral,” it said, adding that this was in violation of the rules of exchanges.The auditor has also found alleged anomalies in the onboarding process and KYC documents of AFSPL.Based on WhatsApp conversation among employees of ISSL, it was observed that a few of them were providing incorrect data to exchanges as well as HDFC Bank , the report said.The report quoted a message that the auditor said was retrieved from the phone of a former business development head. It reads: “We have to have long chat with comp officer today and seek his views on the current development. Shud seek his advice also. Frankly I feel very very worried. It’s mess, exch inspc, exch gaze, whistleblower letter, allied scam. Its a cocktail of disaster (sic).”In May, IL&FS had approached the Securities Appellate Tribunal (SAT) seeking annulment of all the trades that were under question. SAT ordered the National Stock Clearing Corporation to give a hearing to ISSL. As this didn’t happen, the company went to the Securities and Exchange Board of India and the Supreme Court. Last month, the top court directed the market regulator to hear the matter as it had investor interest and was related to stock exchanges. Summarise this report in a few sentences.
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forensic audit of IL&FS Securities Services Ltd (ISSL) has found what it alleged multiple operational lapses and high-value trade anomalies. it identified 65 instances where intraday benefits totalling Rs 2,417.87 crore were extended to a client, thereby increasing the risk for ISSL. the government-appointed IL&FS board has lodged a complaint with the Mumbai police against AFSPL and some others.
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Policy makers can debate about whether the slide in the Rupee is good or bad for the economy, but the recent meltdown is the most unfortunate for the young generation that’s headed to overseas university to skill themselves.They bear this brunt almost every year. Data since 9/11 shows that with the exception of 2016, 2010 and 2002, the rupee tends to weaken against the dollar during the July-September quarter when students are buying dollars to fund their studies and then strengthens in the subsequent quarters.The extent of rupee’s weakness has varied depending on economic conditions. Estimates are that two to three lakh students go abroad, mostly to United States every year.Studies have shown that the number of Indian students going abroad has risen sharply post the IT boom in the late nineties. The period also co-insides with the period since the US universities started cutting on aid and scholarships to foreign students forcing the students to fund their own education. Summarise this report in a few sentences.
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data since 9/11 shows that with the exception of 2016, 2010 and 2002, the rupee tends to weaken against the dollar during the July-September quarter. estimates are that two to three lakh students go abroad, mostly to the united states every year. the number of Indian students going abroad has risen sharply post the IT boom in the late nineties. the period also co-insides with the period since the US universities started cutting on aid and scholarships to foreign students forcing the students to fund their own education.
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NEW YORK: Oil prices fell $2 a barrel on Wednesday, as investors worried about record high crude inventories and feared that a second wave of the coronavirus pandemic could stall the reopening of global economies and cut fuel demand. Brent crude was down $2.04, or 4.8 per cent, to $40.59 a barrel by 11:03 a.m. EDT (1503 GMT), a day after hitting its highest since prices started plunging in March. US West Texas Intermediate ( WTI ) crude fell $2.04, or 5.1 per cent, to $38.33 a barrel.US crude oil inventories swelled last week by 1.4 million barrels, far exceeding analysts' expectations in a Reuters poll for a 299,000-barrel rise, the Energy Information Administration said, citing rising production.US gasoline stocks fell by 1.7 million barrels to 255 million barrels, the EIA said."Because of the increase in production and the increase in crude supplies, we're going negative," said Phil Flynn, senior analyst at Price Futures Group in Chicago. "But if you want to look for the silver lining in the report then it's definitely gasoline demand is coming back."Mounting coronavirus cases in the United States, China, Latin America and India have unnerved investors and pressured oil prices."These are all important oil demand centers. A second wave of infections and lockdowns will derail the global economic recovery and with it, oil demand and prices," said Stephen Brennock of broker PVM.Upbeat European manufacturing surveys offered some support, but European Central Bank chief economist Philip Lane cautioned that the euro zone economy still needed a long time to recover.India's oil imports in May hit the lowest since October 2011 as refiners with brimming crude inventories cut purchases.China, the world's top crude importer, is also expected to slow crude imports in the third quarter, after record purchases in recent months. Summarise this report in a few sentences.
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oil prices fall $2 a barrel as investors worry about record high crude inventories. coronavirus cases in the u.s., china, Latin America and india have unnerved investors. a second wave of infections and lockdowns could derail global economic recovery. ecb chief economist warns euro zone economy still needs a long time to recover.
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US_China_Trade_Trade war_Tariff European capital goods companies are starting to show the strain of Washington's trade conflicts with China and other countries, as tariffs push up costs for machine parts and raw materials and threaten to worsen supply bottlenecks. Makers of machines that rely on thousands of small parts from around the world - from Swedish lawnmower maker Husqvarna to wind-turbine manufacturer Siemens Gamesa - are feeling the effects on their supply chains. Carmakers, directly in the firing line with tariffs on cars built in the United States for export to China hiked to 40 percent, have already raised the alarm on profits and price hikes. But analysts estimate that between 65 and 80 percent of the $34 billion of affected goods shipped from the United States to China are not sold directly to consumers but are rather key components used in other products. "While some of the 'direct' financial exposures are quite limited, we believe that it is the 'indirect' effects that could be more meaningful," Morgan Stanley capital goods analysts Ben Uglow and Lucie Carrier wrote in a note published this week. "So far, most companies have not provided much details regarding the risks related to these tariffs whether this is in terms of their supply chain or direct exposure - and we see this situation as an overhang to our sector currently." Investors in European capital goods companies, which have been riding a wave of global economic growth, have not really flinched so far. After the US announced steel and aluminium tariffs on March 8, investors fled industrial funds during March and April. But they made a U-turn and returned in May, Thomson Reuters Lipper data showed. Furthermore, the Dow Jones European industrial goods and services index has outperformed the wider European stocks index by 2 percent since the latest tariffs were imposed on July 6. RISK RISING Michael Nicol, European equities investment manager at Scottish asset manager Kames Capital, is an outlier, having significantly cut exposure to the industrial sector over the past nine months, also due to already-full valuations. "It is impossible to accurately predict the final outcome of the various proposed tariffs but for the portfolio manager clearly market and stock specific risk has increased," he said. Morgan Stanley estimates that machinery, engineering and lighting groups are most vulnerable to tariffs among European capital goods companies. It singled out Wartsila, Siemens, GEA, Kion, IMI, Rotork, Osram, Weir, Senvion, Schindler, Signify and Zumtobel The new US tariffs impose duties of up to 25 percent on 818 categories of Chinese goods ranging from plastic tubings and parts used for connectors to printed circuit boards and medical imaging equipment. Supply for electrical goods firms is most at risk, Morgan Stanley says, as China makes nearly half of the world's printed circuit boards, used in computers to transformers to medical equipment, and a fifth of all electronics. German industrial group Siemens said on Thursday it saw a risk that its customers would slow spending because of supply-chain issues. "We see potential clouding on investment dynamics due to geopolitical tensions in some areas," finance chief Ralf Thomas told analysts. "In particular, threats to free trade by tariffs are an area of concern. The global supply chains are deeply interconnected, and it's of utmost importance to have reliable framing conditions to foster confidence and economic growth," EARLY SIGNS A few firms have started to indicate how they may handle the new reality. Medical technology company Siemens Healthineers is changing its supply routes to ship parts from its European factories instead of its Chinese factories to the United States, where it assembles final goods. "We have the ability to redirect supply from China via Europe to US so (that) we do not see a significant impact from the tariffs topic," CFO Jochen Schmitz told journalists on a results call on July 30. For example, Healthineers has two sites where it manufactures the superconducting magnets used in its MRI systems: one in Oxford in England and one in Shenzhen in China. Husqvarna is seeking to switch sourcing for lawnmower components and engines that it imports from China and other Asian countries, while food-processing equipment maker GEA said it would look at reshuffling its procurement of Chinese parts used in its new equipment and service units. The most common response so far, however, is raising prices, especially among those who require large amounts of steel and aluminium, which have become more expensive in the United States because of tariffs on Chinese and European metals. Lighting maker Signify, lock maker Assa Abloy, construction equipment and trucks maker AB Volvo, steel wire maker Bekaert and Scottish engineering company Weir have all said they will adopt this strategy. Electrical equipment maker Schneider Electric flagged some shortages of electronic components in its secured power business and forecast that first extra costs linked to US tariffs could reach 20 million euros. "We have inflation popping up everywhere in our procurement... and we need to make sure that we absorb the impact of tariff increase," Deputy CEO Emmanuel Babeau told analysts. "We are going to accelerate further on price increases." But that is a dangerous strategy with a risk of hurting demand. Siemens Gamesa, already hit by the phasing out of government subsidies, said it was unlikely to be able to pass on the higher steel costs for wind turbine generators. "We are operating in very competitive markets," CFO Miguel Angel López told analysts during an earnings call last week. "The likelihood that we can pass through the effects into prices - I would consider this one rather low." Summarise this report in a few sentences.
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makers of machines that rely on thousands of small parts from around the world are feeling the effects on their supply chains. carmakers are directly in the firing line with tariffs on cars built in the united states for export to china hiked to 40 percent. analysts estimate that between 65 and 80 percent of the $34 billion of affected goods shipped from the united states to china are key components used in other products.
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Gujarat Co-operative Milk Marketing Federation (GCMMF), which owns the iconic Amul brand of milk and dairy products, will have to pay Rs 2 as TDS for every Rs 100 worth of cash payments it will make to new dairy farmers joining its network on request of Gujarat and Maharashtra governments. Amul has been asked to procure milk from these non-members by state governments of Gujarat and Maharashtra after their normal supply sources - local dairy firms and sweet shops - either shut down during the lockdown or failed to procure enough quantities. While all of Amul's regular suppliers are paid via electronic, cashless transfers, the new farmers require payments in cash. Amul's cash withdrawal from banks to pay these farmers incurs a 2 per cent TDS. As a result, every Rs 100 worth of milk procured in cash is costing Amul Rs 102. "Payment for non-members is by way of cash, and that is a problem. If you withdraw more than Rs 1 crore, there is a 2 per cent TDS that you need to pay. We are requesting the government to keep this limit in abeyance for the lockdown period because we do not have bank facilities everywhere, and our staff is limited," R S Sodhi, managing director of Amul says. Thousands of new diary farmers, who have temporarily joined its supply ecosystem during the ongoing lockdown Due to lockdown-linked restrictions, GCMMF is finding it difficult to get non-members on e-payment platforms and, thus, looking to reimburse them in cash. None of these farmers, who require cash payments, are the members of milk cooperatives from whom GCMMF sources milk on a normal business day. Amul is procuring 35 lakh litres of milk from farmers every day during the lockdown period. The direct payouts to farmers due to the additional milk procurement itself could amount to Rs 600 crore for the last 40 days, Sodhi says. In Union Budget 2019-20, the government announced levying 2 per cent TDS on cash withdrawals above Rs 1 crore. This was done in a bid to discourage cash transactions and move towards cash-less economy. The change came into force in September 2019. Also Read: Coronavirus lockdown 3.0: India sees biggest jump with 3,900 new cases, 195 deaths in 24 hours Also Read: Indian retail sector lost Rs 5.5 lakh crore in 40 days of lockdown: CAIT Also Read: IPO not necessary, Jio Platforms eyes Rs 1.4 lakh crore strategic investment Summarise this report in a few sentences.
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every Rs 100 worth of milk procured in cash is costing Amul Rs 102. the new farmers are members of milk cooperatives from whom they source milk. the government has asked the association to procure milk from non-members. the move comes after local dairy firms and sweet shops shut down during the lockdown. the government has announced a 2% TDS on cash withdrawals above Rs 1 crore.
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Punjab Government on Monday took the initial steps towards formulating the state’s post-COVID revival strategy, with the Montek Singh Ahluwalia led Group of Experts setting up five sub-groups, even as former Prime Minister Dr Manmohan Singh accepted Chief Minister Captain Amarinder Singh ’s request to provide overall guidance to the state government to restore the state’s growth and economy.The Group of Experts, headed by Montek Singh Ahluwalia, had its introductory meeting, through Video Conference, with the Chief Minister, who disclosed that he had written to Dr Manmohan Singh to guide the state government along with the Group of Experts, and he had kindly accepted. “We have been working hard to steer Punjab to the path of economic growth & post Covid19, we will again focus on same,” he also tweeted.The Chief Minister also thanked the Group members for “coming to our aid’. Given the grave global situation, “I wanted the best for the state and could not think of a better group,” he added.Montek informed the VC that the Group of Experts, which had co-opted two more members to the original 20, had held its first meeting. Five sub-groups – Finance, Agriculture, Health, Industry and Social Aid - had been set up to further streamline the Group’s working, he said, adding that the chairpersons of each of these Groups would mobilise workers to take the agenda forward.Even as the Chief Minister stressed the need for the Government of India to come up solutions as Punjab was in dire state, Montek said the task before the Group was momentous but “we will definitely come out with some solutions” to steer the state’s recovery.Captain Amarinder told the Group that the state’s financial situation was grim, with monthly revenue losses to the tune of Rs 3360 crores. This includes losses on account of GST (Rs 1322 cr), State Excise on Liquor (Rs 521 cr), Motor Vehicle Tax (Rs 198 crore), VAT on Petrol & Diesel (Rs 465 cr), Electricity Duty (Rs 243 cr), Stamp Duty (Rs 219 cr) and Non-tax Revenue (Rs 392 cr).The state’s cash inflows had completely dried up, said the Chief Minister, adding that Power consumption had declined by 30 percent with a daily loss of Rs. 30 crore in collection of electricity tariff to the Punjab State Power Corporation Ltd. Punjab’s industry has been shut down, with less than 1% of then working. In addition, State’s GST arrears of Rs 4365.37 crore are yet to be paid by the Government of India, he lamented.Group member and industrialist SP Oswal said the state and the industry were facing a hard time, necessitating hard decisions and sacrifices.The Chief Minister said Agriculture was currently offering the only bright side to the situation, with the state having a bumper wheat crop, which will be followed by Cotton and Paddy. His government proposed to further reduce the Paddy cultivation to protect the depleting water resource, he said, but added that with the Centre’s stand on MSP still not clear, the situation was ambiguous. Summarise this report in a few sentences.
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the group of experts set up five sub-groups to streamline its work. chief minister captain amarinder said the state's financial situation was grim. he said the state's cash inflows had completely dried up. the group's chairman said the state would come up with'some solutions'. the group's chairman said the state's cash inflows had completely dried up.
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ELSS (equity linked saving scheme) mutual funds are something which usually excites anyone who is willing to save income tax by investing in stock markets. ELSS mutual fund generally gives higher returns as compared to the traditional schemes as they primarily invest in equity markets. Investing in ELSS allows you to save income tax under section 80C along with a capital appreciation of your money. Investors attention towards mutual fund schemes have been invariably increasing since last year. The reason being the extended bull run in Indian equities and the religious campaigning by AMFI (Association of Mutual Funds in India). ELSS have a lock-in period of 3 years to avail tax benefits and one can invest an amount of as low as Rs 1,000. With ELSS mutual fund in focus, we take a look at top 5 ELSS mutual funds which have returned up to 38% in last one year. BOI AXA Tax Adv Fund-Reg(G) This scheme had returned about 38% in the last one year and has net assets to the tune of Rs 141.86 crore. IDFC Tax Advt(ELSS) Fund-Reg(G) This scheme had returned about 36% in the last one year and has net assets to the tune of Rs 1,012.2 crore. Principal Tax Savings Fund This scheme had returned about 30% in the previous 12-month period and has net assets to the tune of Rs 397.9 crore. Mirae Asset Tax Saver Fund-Reg(G) This scheme had returned 30% in the last one year term and has net assets of Rs 856.62 crore. Aditya Birla SL Tax Relief ’96(ELSS U/S 80C of IT ACT)(D) This scheme had returned about 29% over the course of the last one year and has net assets of Rs 4,949.08 crore. The Association of Mutual Funds in India (AMFI) had launched several media campaigns in India in the beginning of 2017. All of the campaigns are designed in such a manner that they should educate and promote mutual fund among the people who are willing invest. Mutual fund investments are generally considered less risky than direct stock investment, reason being — periodic rebalancing, professional management by fund experts. Summarise this report in a few sentences.
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ELSS (equity linked saving scheme) mutual funds generally give higher returns as compared to the traditional schemes. Investing in ELSS allows you to save income tax under section 80C along with a capital appreciation of your money. ELSS have a lock-in period of 3 years to avail tax benefits and one can invest as low as Rs 1,000.
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UNITED NATIONS: About 400 million people working in the informal economy in India are at risk of falling deeper into poverty due to the coronavirus crisis which is having "catastrophic consequences", and is expected to wipe out 195 million full-time jobs or 6.7 per cent of working hours globally in the second quarter of this year, the UN's labour body has warned.The International Labour Organization (ILO) in its report titled 'ILO Monitor 2nd edition: COVID-19 and the world of work', describes coronavirus pandemic as "the worst global crisis since World War II"."Workers and businesses are facing catastrophe, in both developed and developing economies. We have to move fast, decisively, and together. The right, urgent, measures, could make the difference between survival and collapse," ILO Director-General Guy Ryder said on Tuesday.Worldwide, two billion people work in the informal sector (mostly in emerging and developing economies) and are particularly at risk, the report said, adding that the COVID-19 crisis is already affecting tens of millions of informal workers."In India, Nigeria and Brazil, the number of workers in the informal economy affected by the lockdown and other containment measures is substantial," ILO said."In India, with a share of almost 90 per cent of people working in the informal economy, about 400 million workers in the informal economy are at risk of falling deeper into poverty during the crisis. Current lockdown measures in India, which are at the high end of the University of Oxford's COVID-19 Government Response Stringency Index, have impacted these workers significantly, forcing many of them to return to rural areas," it said.The report said the disruption to the world's economies caused by the COVID-19 pandemic is expected to wipe out 6.7 per cent of working hours globally in the second quarter of this year – the equivalent of 195 million jobs worldwide."This is the greatest test for international cooperation in more than 75 years. If one country fails, then we all fail. We must find solutions that help all segments of our global society, particularly those that are most vulnerable or least able to help themselves," said Ryder."The choices we make today will directly affect the way this crisis unfolds and so the lives of billions of people. With the right measures we can limit its impact and the scars it leaves. We must aim to build back better so that our new systems are safer, fairer and more sustainable than those that allowed this crisis to happen," he said.Large reductions are foreseen in the Arab States (8.1 per cent, equivalent to 5 million full-time workers), Europe (7.8 per cent, or 12 million full-time workers) and Asia and the Pacific (7.2 per cent, 125 million full-time workers), it said.Huge losses are expected across different income groups but especially in upper-middle income countries (7.0 per cent, 100 million full-time workers), far exceeding the effects of the 2008-9 financial crisis, the report warned."The COVID-19 pandemic is having a catastrophic effect on working hours and earnings, globally," it said.The agency said sectors most at risk include accommodation and food services, manufacturing, retail, and business and administrative activities.The eventual increase in global unemployment during 2020 will depend substantially on future developments and policy measures. There is a high risk that the end-of-year figure will be significantly higher than the initial ILO projection of 25 million, it said.More than four out of five people (81 per cent) in the global workforce of 3.3 billion are currently affected by full or partial workplace closures, it said.According to the report, 1.25 billion workers are employed in the sectors identified as being at high risk of "drastic and devastating" increases in layoffs and reductions in wages and working hours. Many are in low-paid, low-skilled jobs, where a sudden loss of income is devastating.Looked at regionally, the proportion of workers in these "at risk" sectors varies from 43 per cent in the Americas to 26 per cent in Africa.Some regions, particularly Africa, have higher levels of informality, which combined with a lack of social protection, high population density and weak capacity, pose severe health and economic challenges for governments, the report cautions.Large-scale, integrated, policy measures were needed, focusing on four pillars: supporting enterprises, employment and incomes; stimulating the economy and jobs; protecting workers in the workplace; and, using social dialogue between government, workers and employers to find solutions, the study says. Summarise this report in a few sentences.
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coronavirus pandemic expected to wipe out 195 million full-time jobs. global economy is at risk of falling deeper into poverty. lockdown measures in india have impacted 400 million workers. global economy is at risk of falling into poverty. global economy is at risk of falling into poverty. global economy is at risk of falling into poverty. global economy is at risk of falling into recession.
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Online bus ticketing platform redBus on Wednesday announced resumption of services of 12 private bus operators on its platform in West Bengal , thus opening up the routes which would connect cities such as Kolkata , Asansol, Siliguri, Raniganj and Durgapur The resumption of intra-state bus travel will effectively end the long and anxious wait for thousands of travellers who were looking to travel during the past few months amidst the lockdown, said a press statement issued by the company.More than 75 private buses will now ply on these routes with a daily capacity of 2200 plus seats, expecting a high demand for travel to big cities as thousands of people hope to return to work at the earliest, the release stated.In order to help travellers tide over the confusion of opening up of specific bus routes, redBus recently introduced the concept of pre-registration on its platform. This helps users to keep track of the opening up of their desired bus routes by giving some basic information such as phone number and email id along with the route. The users are then subsequently notified when the buses become available on redBus on their desired routes.redBus has also launched, ‘Safety+’, a unique certification for bus operators who meet the highest standards of safety and sanitisation.Founded in 2006 in India, redBus has also launched operations in Singapore and Malaysia in 2015 and acquired a majority stake in Peru based bus ticketing platform Busportal (now redBus.Pe) in the subsequent year. With this acquisition, redBus launched operations in Latin America markets, Peru and Colombia.redBus is now part of the MakeMyTrip group, one of the largest travel aggregator in India. Summarise this report in a few sentences.
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redBus has reopened services of 12 private bus operators in west Bengal. more than 75 private buses will now ply on these routes. the company expects a high demand for travel to big cities. thousands of people hope to return to work at the earliest. redBus has also launched 'Safety+', a unique certification for bus operators who meet the highest standards of safety and sanitisation.
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There are many factors that usually influence the demand for residential units — some of which are builder’s reputation, pricing of housing units, household income, government policies, mortgage availability and interest rates, among others. However, apart from these, better connectivity and proximity to commercial hubs are also the key factors which drive the demand for housing. Industry experts say that better connectivity is perhaps one of the most important drivers of demand as far as real estate is concerned. Take, for instance, the Noida real estate market. The launch of the Aqua Line in January this year has positively impacted the home rental markets in neighbourhoods, which are now connected through the Metro network. The extended Blue Line is also seen as boosting the prospects of the rental real estate market in the city. “This co-relation between connectivity and demand for residential real estate was also seen in the Jewar airport case. Rates of land near the planned airport, which is expected to create millions of jobs, have increased manifold. As against Rs 4-5 lakh in 2015, rates have gone up to Rs 25 lakh a bigha now. Farmers whose land is being acquired for the project are also being offered three times the circle rate. While the prevalent land rate in the area is Rs 900 per square metre (psm), the government is offering Rs 2,300 psm,” says Dhruv Agarwala, Group CEO, PropTiger.com/ Housing.com/ Makaan.com. Similarly, sales of affordable homes increased in Gurgaon’s affordable pockets after the completion of the peripheral expressways this year. Data available with PropTiger.com show that about 60 per cent of the units sold in Gurugram during the April-June quarter were homes priced within Rs 25 lakh that are located in peripheral areas. “In a city such as Gurugram, which is primarily known for properties being pricey, this could happen only because of improved connectivity to far-flung pockets,” adds Agarwala. Property developers believe that residential and commercial developments go hand-in-hand. “They both complement each other as they both are necessity for a better living. Home seekers have always preferred residential projects which have close proximity to commercial hubs and are also well connected. A buying decision is based on 3 primary factors — how good the developer & project is, how well connected it is, and how close to commercial hubs is it. In fact, rental market is more influenced by such factors as a rentee doesn’t look at future returns, but is more concerned by immediate benefits of connectivity and commercial developments,” says Manoj Gaur, MD, Gaurs Group, & Chairman, Affordable Housing Committee, CREDAI. Presence of social infrastructure is another factor which buyers take into account while opting for a piece of property. Uddhav Poddar, Director & CEO, Bhumika Group, says, “Proximity to good-quality social infrastructure is a key factor for any buyer while making a decision to buy his house. Hence residential projects which have a close proximity to good malls, schools and hospitals or residential projects which are part of mix use projects are likely to sell out much faster as compared to stand-alone residential projects which are not in close proximity to social infrastructure.” Ashish Bhutani, CEO, Bhutani Group, also says that except for some luxury and themed projects that sell solitude as the USP and are meant for the HNIs who want a quiet place away from the maddening crowd, all other projects have to provide proximity to commercial developments. “If not offices, at least malls, hospitals and schools should be in the vicinity or at a comfortable distance from the project,” he says. Some developers, however, believe that although schools and hospitals are a necessity, they shouldn’t be too close to one’s home. Pradeep Aggarwal, Co-Founder & Chairman, Signature Global and Chairman, ASSOCHAM National Council on Real Estate, Housing and Urban Development, says, “In commercial, the most important thing that has to be near a project is the marketplace. Without it the projects will not take off. The commercial development has to be close to the project so that the daily and weekend needs of homebuyers can be met. In case of schools, it is suggested that they should be at a distance from the residential projects as in many cases having a school nearby leads to traffic jams and residents want to avoid it. So, hospitals and schools have to be in the vicinity, say, at a distance of 5-10 km, that can be easily covered.” Summarise this report in a few sentences.
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better connectivity and proximity to commercial hubs are also key factors which drive the demand for housing. the launch of the aqua line in January this year has positively impacted the home rental markets in neighbourhoods. sales of affordable homes increased in Gurugram during the April-June quarter. about 60 per cent of the units sold in Gurugram during the April-June quarter were homes priced within Rs 25 lakh.
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MUMBAI: Vehicle registrations across segments declined by 70 per cent in April over the year-ago period as most of the businesses remain shut during the month amid the nationwide lockdown in the wake of coronavirus pandemic , a report said on Tuesday. Wholesale volumes were lower than registrations as dealers have been focusing on clearing existing inventories, and original equipment makers (OEMs) are yet to ramp-up operations, Emkay Global Financial Services said in its report on the auto industry.Vehicle registrations in April stood meagre at around 21,000 units for the passenger vehicles (PV) and 19,000 units for commercial vehicles (CVs).Besides, 3.14 lakh units for two-wheelers and 10,000 units of three-wheelers were also registered during the month, the report said, quoting from the government's Vahan database.The number of tractors that got registered in April stood at 5,000 units, it said.Passenger and commercial vehicle makers, two- and three-wheelers and OEMs clocked zero sales volumes in the domestic market during the month, it said adding in comparison, tractor OEMs such as Mahindra & Mahindra and Escorts registered domestic volumes of 4,716 units and 613 units, respectively, it said.These volumes were lower by 83 per cent and 88 per cent on year-on-year-basis, as dealers recommenced registration from April 20 onwards, the report said.However, dispatches to overseas markets have been higher than that in the domestic market for most segments, due to pending order-book and re-commencement of major ports in Mumbai, Chennai and Mundra, it said adding that the OEMs and ancillaries have received permissions and are working toward commencement of operations at most of their plants.But, the ramp-up of plant operations for OEMs would depend on supplies from ancillaries and labour availability as dealers are gradually re-commencing operations in green and orange zones, post obtaining permissions from local authorities, Emkay Global said in the report.In Red zones, most dealers expect to commence operations from May 18, it added.The auto sector has endured tough times over the past six quarters due to a cyclical downturn across segments. Near-term volume performance is expected to remain under pressure, but we expect a rebound in the second half of FY2021, led by a low base, pent-up demand and better rural sentiment, the report stated. Summarise this report in a few sentences.
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wholesale volumes were lower than registrations as dealers have been focusing on clearing existing inventories. original equipment makers (OEMs) are yet to ramp-up operations. auto sector has endured tough times over the past six quarters due to a cyclical downturn across segments. 'near-term volume performance is expected to remain strong', says report.
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Chinese Premier Li Keqiang said the country's economy could grow this year, state radio reported on Sunday, despite the impact of the COVID-19 pandemic. The world's second-biggest economy grew 3.2 percent year on year in the second quarter, recovering from a record contraction as coronavirus lockdown measures ended and policymakers stepped up stimulus to combat the shock from the crisis. Li also said the government expects more than 9 million new urban jobs to be created this year. Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.
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china's economy grew 3.2 percent year on year in the second quarter. the country is recovering from a record contraction as policymakers stepped up stimulus. the premier says the government expects more than 9 million new urban jobs to be created this year. the world's second-biggest economy grew 3.2 percent year on year in the second quarter.
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COVID-19 safety: Want to know the significance of why the world celebrates the World Day for Safety and Health at Work on April 28? The UN’s tweet on April 28 pays tribute to the courage, commitment and the heroic efforts of all those workers on the frontlines of the global COVID-19 fight. The day which holds much significance in the lives of the employees and workers across the world was first celebrated by the International Labour Organisation (ILO). ILO celebrated April 28 as the World Day for Safety and Health for the first time in history in the year 2003. The primary motto behind the labour body celebrating this day was its emphasis on the prevention of accidents and other mishappenings at the workplace. Pitiable working conditions of the blue collar workers across the world along with life and safety hazards involved in their work constituted the main idea behind the celebration of the day. With passing years, the day has embraced different strands of labour issues which have emerged over the years. Be it harassment of women at the workplace or gender pay gap between female and male workforce, the day has come to represent all these issues. With the Coronavirus pandemic engulfing every part of the world, the adversities in the lives of employees have already arrived and are expected to wreak much havoc in the lives of those workers who are at the margins of their workplace. Within two months of the crisis, millions of employees are working without pay and another million have been rendered jobless. The World Day for Safety and Health at Work comes at a time when the global economy is staring at its worst crisis it has encountered over several decades. With governments around the world providing financial stimulus to the economy and technology mitigating the crisis to some extent, one can only hope that the tide of Covid-19 gets turned sooner rather than later. The theme of safety will also resonate through the next months as safety of the workforce from the spread of the infection at their work place will be paramount. Employers and governments will have to leave no stone unturned to sail through the crisis Summarise this report in a few sentences.
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the day holds much significance in the lives of the employees and workers across the world. it was first celebrated by the international labour organisation (io) in 2003. the theme of safety will also resonate through the next months as safety of the workforce from the spread of the infection at their work place will be paramount. within two months of the crisis, millions of employees are working without pay and another million have been rendered jobless.
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ITI has bagged one of the two packages of BharatNet Phase II Tender of Gujarat issued by Gujarat Fiber Grid Network. The company has won Package A of the tender with a bid value of Rs 1612 crore. The work includes supply of optical fiber, HDPE duct, trenching and laying of fiber, extending broadband from state headquarters through optical transport network equipment up to block level and extending from block to Gram Panchayats using Optical Line Terminals (OLT) and Optical Network Terminals (ONT). The package A also includes setting up of Network Management System (NMS) at Ahmedabad to manage both Package A and Package B network elements, including fiber management, GIS, ERP etc. and connecting the NMS to the BBNL’s central NMS at Bangalore. At 14:28 hrs ITI was quoting at Rs 75.00, down Rs 3.10, or 3.97 percent on the BSE. Summarise this report in a few sentences.
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ITI has won package A of the BharatNet Phase II Tender. the work includes supply of optical fiber, HDPE duct, trenching and laying of fiber. package B also includes setting up of a network management system at Ahmedabad to manage both Package A and Package B network elements. at 14:28 hrs ITI was quoting at Rs 75.00, down Rs 3.10, or 3.97 percent on the BSE.
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NEW DELHI: Shares of Marico rose 6 per cent in Tuesday's trade as a host of brokerages stayed positive on the counter, even as the FMCG firm clocked 51 per cent plunge in March quarter profit.While analysts have cut earnings estimates for FY21, they said the company's performance was relatively better than FMCG peers, thanks to strong growth in Saffola. Analysts also said the company's portfolio is better-placed to deal with Covid-19 led slowdown. They expect fall in raw material cost to help firm revive volume growth in coming quarters.The stock jumped 6.05 per cent to hit a high of Rs 301.65 on the BSE.Antique Stock Broking has a target of Rs 318 on the stock, Emkay Edelweiss Securities Rs 324, Sharekhan Rs 325, Nirmal Bang Institutional Equities Rs 345, Motilal Oswal Securities Rs 350 and Kotak Institutional Equities Rs 350.Marico on Monday posted 51.12 per cent year-on-year (YoY) fall in consolidated net profit at Rs 194 crore for the quarter ended March 2020. This profit, however, included Rs 10 crore exception one-time loss of Rs 10 crore.Marico’s year-ago consolidated profit of Rs 399 crore, on the other hand, was aided by one-time tax adjustment of Rs 188 crore. If we exclude the exceptional items from both the periods, the profit fall for March quarter stood at just 3 per cent.Consolidated revenue fell 7 per cent YoY to Rs 1,496 crore.The company saw improvement in performance in January and February but witnessed a big hit in March, which led to a 4 per cent drop in volumes. This was the worst volume growth in 10 quarters, and secondly a quarterly de-growth.As per the management, adjusting for the Covid-19 disruption, the company would have delivered mid-single-digit volume growth."Going ahead with subsiding of the impact of Covid 19 coupled with a low base, Marico is expected to witness improvement in performance in its core categories like coconut oil and value-added hair oil. The company's strong focus on improving direct distribution should drive growth in a scenario where wholesale could get further impacted," said Antique Stock Broking.The company management said a mild deflation in prices of copra and crude based raw materials should aid gross margins or provide the opportunity to cut prices to drive volume growth.For the quarter, Parachute volumes declined 8 per cent YoY, primarily impacted by the disruption in the supply chain. Saffola edible oils posted 25 per cent YoY volume growth, aided by a jump in demand prior to the lockdown.Healthy foods segment saw 22 per cent YoY, due to Saffola oats portfolio. In the case of value-added hair oils (VAHO), volumes fell 11 per cent YoY, due to lockdown in the second half of March.Operating margin for March quarter improved to 22.80 per cent for the domestic market over 21.5 per cent YoY. The company aims to maintain Ebitda margins at over 20 per cent in the India business over the medium term."Marico’s Q4 print was decent in the context of Covid-led disruption and weakness in the previous quarters. Operations are up at 70-80 per cent of FY2020 monthly run rate. We like the clarity in strategy. We trim FY2021-22 earnings by 2-4 per cent, roll over and maintain DCF-based fair value at Rs 350," Kotak said.Motilal Oswal Securities said that Marico has a more resilient portfolio of products than its peers to withstand the Covid 19-led earnings decline in FY21."This is possible on account of recovery in Parachute volumes, successful turnaround and strong growth witnessed in Saffola edible oils and foods, and a better outlook for the international business compared to peers. Further, outlook on material costs is also better than the earlier expectation of possible inflation," Motilal said.The shares of the company closed 4.10 per cent higher at Rs 296.05 on BSE. Summarise this report in a few sentences.
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analysts have cut earnings estimates for FY21 but said the company's performance was relatively better than FMCG peers. the stock jumped 6.05 per cent to hit a high of Rs 301.65 on the BSE. the stock jumped 6.05 per cent to hit a high of Rs 318 on the bSE. the stock jumped 6.05 per cent to hit a high of Rs 301.65 on the bSE.
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RBI Governor Shaktikanta Das is of the view that continuing economic slowdown requires an all-out effort to strengthen private consumption and investment. The central banker feels the recent measures announced by the government should help create demand in the economy, and drive investment.According to the minutes of the Monetary Policy Committee ’s policy review held on October 1-4, released on Friday, Das told the panel that private investment has lost traction due to the corporate sector's reluctance to make fresh investment even though capacity utilisation in the manufacturing sector has operated close to the long-term average in recent times.He said the government has initiated several measures in recent months which, together with monetary easing by RBI, are expected to work their way through the real economy.“The unsettled global environment in the face of rising trade tensions has impacted India’s exports, besides delaying the revival of private investment by creating uncertainty. In this environment, it is important to focus on strengthening domestic demand,” the governor said as he pushed for a 25 basis points rate cut.RBI slashed the policy repo rate by 25 basis points in the latest review, cumulatively lowering it by 135 basis points in eight months. One MPC member Ravindra H Dholakia voted for 40 basis point rate cut, while other five including Das, Chetan Ghate, Pami Dua, Michael Debabrata Patra and Bibhu Prasad Kanungo voted for a 25 basis point rate cut.“I also vote for persevering with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target. This enhanced forward guidance on the stance of monetary policy should strengthen monetary transmission and support the real economy,” Das said.He said systemic liquidity has been in surplus since June 2019 and the introduction of lending rates linked to an external benchmark should result in better monetary transmission.Making his case for a 40 basis points rate cut, Dholakia said external benchmarking of the lending rates by the banks would result in better transmission now. Corporate bond market reforms by allowing entry to corporates with lower rating than AAA, encouraging issuance of long term bonds and creating a proper yield curve for the government bond market to serve as a benchmark can go a long way to deepen the market and improve the transmission.“While such reforms are urgently required, they should not constrain the rate action by RBI. Enough space exists for a 40 bps reduction in the policy repo rate now with space still existing for future till growth recovers. Hence, I vote for continuing with accommodative stance and cut the policy repo rate by 40 bps now,” he said.He also highlighted that high frequency data on indicators for estimating quarterly growth suggest that growth slowdown may continue in the second quarter of 2019-20. Any substantial recovery is likely only in the Q3 of 2019-20. This is because, the impact of corporate tax cut particularly for the new enterprises and good monsoon will be kicking off from the third quarter of the current year.“As a result, the output gap would continue to be negative for at least next 3 to 4 quarters leading to downward pressures on the CPI excluding food and fuel,” said Dholakia.Key highlights from other MPC members:1) Since the last review, economic activity has continued to weaken.2) External demand conditions have worsened. Geopolitical risks remain unresolved. There has been a resurgence of trade policy tensions, and global growth has continued to weaken. Exports contracted in Q1 FY19:20.3) Domestically, sentiment remains weak.4) Consumer confidence fell for the 3rd consecutive round.5) The Business Expectation Index (BEI) also dipped. However, sales growth remained steady for the non-IT services sector. Weak sentiments may become self-fulfilling, which will complicate the job of monetary policy.1) Private consumption and investment activity are weak, and business and consumer sentiment are somewhat downbeat.2) Given the slowdown in growth on the domestic and global fronts, along with benign headline inflation and the expectation that it will remain below target, there is policy space to further cut the policy repo rate to boost domestic growth, within the flexible inflation targeting mandate.1) Inflation continues to trail below target and is projected to remain so over the 12 months ahead horizon.2) The outlook is fraught with downside risks, but the prospects for agriculture have brightened and along with industry’s inventory restocking requirements in the festival season, scope opens up for reviving spending.1) The slowdown of GDP growth in the recent period has been underpinned by deficient domestic demand. The recent measures initiated by the government should be helpful in supporting domestic demand, especially investment.2) While the impact of past policy rate cuts by the MPC is expected to transmit to the real sector gradually, there is a need to reinforce the past monetary policy measures and the recent steps taken by the government in supporting domestic demand. As inflation is projected to remain below the target of 4 per cent till the first quarter of 2020-21, policy space is available to support growth. Summarise this report in a few sentences.
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RBI slashed the policy repo rate by 25 basis points in the latest review, cumulatively lowering it by 135 basis points in eight months. Das believes the recent measures announced by the government should help create demand in the economy, and drive investment. he said private investment has lost traction due to the corporate sector's reluctance to make fresh investment.
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Covid-19 has affected countries, global markets and individuals on varying levels. Many measures have been taken by regulators and governments in response to this crisis to ensure that their respective economies survive. With the weight of sustaining livelihood becoming more critical as compared to reducing the pace of COVID-19 spread, governments across the globe are now heading towards gradual unlocking of the economies. In turbulent times like these, it needs no reiteration that investors should be very disciplined with their personal finance decisions. As Warren Buffet puts it, “we don’t have to be smarter than the rest but disciplined than the rest. You need a reasonable amount of intelligence but the temperament is 90% of it”. Unprecedented situations like these can lead to hasty decision making, some of which might yield sub-optimal results, and hence investors should try to avoid the following mistakes: 1. Inadequate rainy day fund: The importance of having an emergency fund is critical during the current pandemic situation with a lot of uncertainties relating to businesses and job continuity. It is advisable to keep at least 3 to 6 months of your expenses as an emergency fund and putting those funds in highly liquid instruments such as liquid funds or fixed deposits. Having all your savings into financial instruments which have lock-in periods would be unwise going forward. 2. Taking your eye away from expenditure management: It would be prudent to postpone large expenditures that are discretionary in nature till such time that things become normal, in order to maintain adequate liquidity and savings. Avoid spending money on big ticket items during online sales from e-commerce companies until it is of utmost necessity. 3. Shifting your investments from beaten-down asset classes to those where prices are elevated: History has shown that the best returns are always made when investing in bear markets. However, investors have shown tendencies of pulling out money from these asset classes and shifting the same to less beaten or safe asset classes. Such behaviour leads to investors not participating in any upside once the dust settles. It’s imperative to adhere to your long term asset allocation. 4. Stopping your SIPs/investments: After witnessing a bear market in equities, investors usually get cold feet in deploying new money to beaten down strategies. Instead of timing the markets one should continue their investments based on existing financial plan. 5. Taking fresh debt/leverage: It is advisable to not take new loans during a pandemic situation, as there is very less income security with possible salary cuts, job losses on account business slowdown. Any default in the repayment of loans could negatively impact your credit score and future borrowing ability. On the contrary, you should try to repay your liabilities starting with higher interest loans such as credit card debts to reduce your financial burden. 6. Not reassessing your financial plan: Periods like these give opportunity to reassess risk tolerance appetite and rebalance the portfolio to the desired levels. Risk assessments done during sunny days have chances of being wrong mainly due to overestimating the risk appetite. 7. Not consulting your financial adviser: It is the right time to have your financial planning done from your financial advisor and sticking to the same. Any impulsive calls without such consultation could again be detrimental to financial health of your portfolio. In summary, it would be prudent to draw up your own Investment Charter, which is a vision document that lays down the philosophy, framework and process of managing your portfolio, while also aiming to understand broadly, the purpose of investment, horizon, liquidity and risk appetite. (By Ashish Shanker, Head of Investments, Motilal Oswal Private Wealth Management) Summarise this report in a few sentences.
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covid-19 has affected countries, global markets and individuals on varying levels. many measures have been taken by regulators and governments in response to this crisis. investors should try to avoid the following mistakes: 1. inadequate rainy day fund. 2. shifting your investments from beaten-down asset classes to those where prices are elevated. 3. Taking fresh debt: a big mistake in investing in a bear market.
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Representative image live bse live nse live Volume Todays L/H More × Royal Enfield, the niche motorcycle brand of Eicher Motors, said it will commence local assembly of motorcycles in Argentina in partnership with Grupo Simpa, a local distributor in the country since 2018. This is the first time in Royal Enfield’s modern history that motorcycles will be assembled and produced outside the company’s manufacturing facilities in Chennai. This development comes as a surprise since Thailand was set to host the first assembly plant of Royal Enfield outside India in mid-2019. The company had also spoken about having a completely knocked down plant in Vietnam too. Royal Enfield set up retail operations in Argentina in March 2018, with its first store in Vicente Lopez, Buenos Aires. Since then the company has expanded its retail network in the market and now has five exclusive stores in that country. Overall, Royal Enfield has 31 exclusive stores and 40 other retail touch points in all of Latin American countries. The local assembly unit in Argentina will be based at Grupo Simpa’s facility located in Campana, Buenos Aires. To begin with, the plant will locally assemble three motorcycle models - the Royal Enfield Himalayan, the Interceptor 650 and the Continental GT 650 - starting this month. Vinod K Dasari, CEO, Royal Enfield, said, “Over the last couple of years, we have grown our international presence significantly and now have retail presence across 60 countries. With a strategic view to cater to growing demand and to gain significant market advantage, we have been pursuing our plans to set up local assembly units across specific markets in the Asia Pacific region and across South America." Brazil, Argentina and Colombia are among the three most important markets for Royal Enfield in Latin America. Outside of India Royal Enfield 660 dealerships and 82 exclusive brand stores in cities such as Milwaukee, London, Paris, Madrid, Barcelona, Melbourne, Sao Paulo, Bogota, Medellin, Mexico City, Buenos Aires, Dubai, Bangkok, Jakarta, Manila and Ho Chi Minh City. Summarise this report in a few sentences.
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the company will begin local assembly of motorcycles in Buenos Aires. this is the first time motorcycles will be assembled outside the company’s manufacturing facilities in Chennai. Thailand was set to host the first assembly plant of Royal Enfield outside India in mid-2019. the company has 31 exclusive stores and 40 other retail touch points in all of Latin American countries.
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The Seductive Illusion of Hard Workby Utkarsh Amitabh Is hard work enough for success? According to Utkarsh Amitabh, the author of this provocatively named book, it isn’t. In fact, the whole book is based on this contention. The author says hard work is necessary, but not sufficient. Too much hard work may in fact even lead to burnout or disillusionment with oneself or one’s career. The book contains strategies that, as per the author, do work to obtain success in one’s career. Many of these strategies are taken from research articles in the realm of social sciences, some strategies are gleaned from the author’s personal experiences and bolstered with secondary research, while others are learned from the mentoring network that the author founded. The author is the founder of Network Capital, which he describes as a ‘career intelligence community’; it is a worldwide mentoring network focused on work. The author is also a Chevening Fellow at Oxford. And he writes a weekly column for Mint, among numerous other accomplishments. This book targets millennials, those who are young adults in the early 21st century (as per Oxford Dictionary). Millennials are now part of the workforce across the world. The author says many millennials bear the brunt of poor but well-meaning advice such as ‘follow your passion’ and ‘be yourself’. As a result, many millennials are stressed out, overworked, and disappointed with their work and perhaps themselves. Through text and subtext, the author draws a portrait of the millennial worker as one looking for meaningful work that makes a difference in the world, to make friends at work, prone to quit a job that does not work for him or her, “busy, stressed and distracted”, and afflicted by fear of missing out (FOMO). The book contains advice that millennials, as per the author, need to get ahead in their careers. The book is divided into multiple sections: one explains ‘principles of shaping a meaningful career’, the second, ‘building a tribe of mentors’, the third explains how to work in an organization, the fourth deals with enhancing personal productivity, the fifth has case studies of successful people, and the sixth section deals with cognitive biases and explains mental models that enhance clear thought. Running throughout is the thread of counterintuitive thinking. At numerous points in the book I had ‘a-ha’ moments that made me think, “Why didn’t I reach this conclusion by myself?” The author busts several common workplace myths. He writes, “Usually we don’t discover our passions by sitting under a tree and waiting for the metaphoric apply to fall. (Carol) Dweck and Greg Walton published a paper in Psychological Science where they argue that passions aren’t found, they are nurtured and developed over time with the help of micro-experiments, grit and resilience. If we quit every time we find a stumbling block and blame it on a lack of passion, we are in for a rough ride”. The point, the author says, is that “… passions, likes and dislikes can change over a period of time”. Other myths that the author busts include the ones saying that intelligence is inborn, that early specialisation is good, and that confusion about what to do with one’s life is bad. The author is unafraid of technical jargon, and ably explains it and makes it accessible for us. For instance, we are introduced to the concept of ‘Adaptability Quotient’, “… the ability to change course and repivot in response to unanticipated changes”. Another such concept is the “passion economy”, “… where micro-entrepreneurs… monetize their individuality and creativity”. We are also peppered with such names as Dunning Kruger Effect and Matthew Principle. I would urge you not to be daunted by the names; the concepts to which these refer are explained clearly and simply. The last section of the book is devoted to ways of improving one’s thinking – we are treated to eye-opening (and all too brief) explanations of common cognitive biases that come into play when we are forming opinions, negotiating salaries, debating our opinions, considering and ignoring available facts and opinions while making decisions. We are also told of ways through which politicians and companies can manipulate our decision making. The book is structured into bite-sized chapters that will fit the smallest of attention spans. Some chapters are only a couple of pages long. This strategy works well for most chapters. There were places where I felt more explanation was needed. For instance, a chapter deals with the importance of rebels in the workplace. The author speaks of the ‘positive deviance rebel’, who “[breaks] rules in such a way that [creates] a net positive change in their organizations and in the world”. This rebel’s characteristics are mentioned in a single sentence, meaning that the reader is expected to do further research on his/her own. There is much to like about this book, provided you know what you’re getting into. The book is not meant as a deep dive into any subject; it is a survey, a sampler, a buffet of ideas. Clearly, the author expects the reader to do his/her further research into topics that interest him/her deeply. If you read this book, I recommend taking notes about things that strike you forcefully, and then delving into other sources for deeper information. This book is of course meant for the millennials in our workplaces, and I recommend it to them. Because the book is basically a list of things that millennials should consider in order to be satisfied and happy at work, I also recommend the book to companies that want to retain millennials in the workforce. Suhit Kelkar is a freelance Journalist. He is the author of the poetry chapbook named The Centaur Chronicles. Summarise this report in a few sentences.
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author says too much hard work may lead to burnout or disillusionment. he says many millennials bear the brunt of poor but well-meaning advice. he says many millennials are stressed out, overworked, and disappointed. the book is divided into multiple sections. one explains ‘principles of shaping a meaningful career’, the second, ‘building a tribe of mentors’, the third, ‘enhancing personal productivity’, the fourth explains how to work in an
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Sugandha Sachdeva Amidst this global disruption and vertical declines in almost all asset classes caused by the coronavirus-induced crisis, even the most favoured asset of this year - gold - has not been spared. Earlier, concerns about the economic blow from the coronavirus acted as a catalyst behind the stellar rally in gold for the year, where prices at the beginning of this month soared to seven-year highs at COMEX and record highs of close at Rs 45,000 per 10gms at domestic bourses, owing to the steep decline in the domestic currency. Investors were seen fleeing away from risky assets and flocking on to the safety of gold, which remained in limelight amid the dark clouds of uncertainty enveloping the global economy. But, eventually, the heightened volatility in financial markets and its ripple effect pushed investors to liquidate their positions, even in gold amid a massive wave of exiting leveraged positions, and scramble for cash. Gold seems to have fallen prey to the "Ides of (leveraged) March", losing almost 12% from its highs seen earlier in the month, even though the fundamental drivers still remain positive. Amidst this mayhem and concerns of the global economy being pushed back into recession, money was only seen chasing the dollar, the global reserve currency, which has soared to three-year highs. To arrest the incessant declines in asset prices, many central banks and governments have proactively come out with several monetary and fiscal stimulus measures to boost liquidity in the markets and help their economies weather the economic toll from the virus. Ranging from the PBOC, US Fed, ECB, BOE, BOJ, and Bank of Australia - all of them are taking unprecedented steps to shore up their economies, but still, these measures seem to have fallen short in soothing market nerves. Heading back to gold, prices seem to remain in a corrective stage at least from a near term perspective. As long as the precious metal is not able to nudge past the immediate hurdle of Rs 41,500 per 10 gms mark (or $1,570 per ounce), this current rough terrain will stretch further. It is likely to lead to a downwards drift in prices towards levels of close to Rs 37,500-37,000 per 10gms ($1,370 per ounce), a strong cushion area from where it will again forge ahead on the uphill journey. As the dust settles and the coronavirus imprints fade away, gold will be back in demand. The landscape of ultra-low interest rates, along with the economic disorder caused by the Covid-19 virus would eventually make gold; a traditional safe-haven asset, quite attractive at lower levels. Rather, once this corrective phase is over, it should be construed as an opportunity by the investors to accumulate gold from a one-two year’s perspective. After all, it has stood the test of time as a wealth creator. (The author is VP-Metals, Energy & Currency Research, Religare Broking) Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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gold has fallen 12% from its highs seen earlier in the month. gold has fallen to seven-year highs at COMEX and record highs at domestic bourses. gold is now trading at a close of Rs 37,500 per 10gms. gold is expected to be able to nudge past the immediate hurdle of Rs 41,500 per 10gms.
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India Economy Noting that impact of sustained structural reforms is now being felt on the ground, CII president Rakesh Bharti Mittal today said GDP growth at 7.5 per cent plus was a very healthy and positive sign for Indian economy. "I am very happy that in the last quarter, GDP growth at 7.5 per cent plus is a very healthy and very positive sign for Indian economy. The trends and signals (of the economy) are on the recovery path," Mittal said in a media interaction here. "If you look at IMF, World Bank and other multi-lateral agencies including CII's own projection, we are looking at GDP growth of 7.3-7.7 per cent in 2018-19. So, USD 2.6 trillion economy growing at that rate .. If we are going to grow at a healthy rate of 8-9 per cent year-on-year in future years, then by 2030, we are looking at India becoming a 10 trillion economy." For next year, the CII is looking at 8 per cent growth, he said. Mittal said the impact of sustained structural reforms is now being felt on the ground as a mammoth economy is turning around. The industry chamber had recently highlighted eight key areas where reform measures have unlocked growth forces. These include India's biggest reform Goods and Services Tax (GST), emphasis on ease of doing business, Insolvency and Bankruptcy Code, liberalisation in foreign direct investment (FDI) policy and high infrastructure spending. Mittal today said sectors like consumer non-durables, two-wheelers and tractors are witnessing strong rural consumption. "On Indian industry and Indian trade, we are seeing a healthy picture and this also is because rural consumption has started moving up," he said. He said structural reforms are settling down including GST regime. "We have suggested to the Finance Ministry to start now looking at rationalising the tariff lines as well as rationalise the rates, which are in five brackets. I personally feel and believe that in India we cannot have single GST rate, but probably 2-3 rates should be good enough," he added. Mittal, who took over as CII president in April this year, said another recommendation which the industry body has made to the Centre is to bring four sectors which are left out--petroleum, power, alcohol and real estate-- under the GST regime. "The idea basically stems from that if we are talking of GST as one nation-one tax then everything needs to be part of that basket. It also helps the industry..," he said. Replying to a question on interest rates, he said, "when I took over as the CII President, my immediate reaction and response was that interest rate needs to be soft. For simple reason that now we are seeing the economy moving, now we are seeing the private sector investing into capital expenditure, they need support today...what we are saying is that RBI should consider the economic growth on one end, job creation opportunity which will come up and if they can be benign on interest rate". Touching upon another issue, Mittal said that India has always stood for free global trade. "And if you see in the past few decades free global trade has been the norm and has benefitted most stakeholders... India has the opportunity now to start bilateral treaties on sectoral basis. While India is moving ahead on Free Trade Agreement discussions including the UK and I think post Brexit that will be a great opportunity for Indian businesses," he said. Summarise this report in a few sentences.
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CII president says growth of 7.5% plus is a healthy sign for india economy. he says structural reforms are settling down including GST regime. he says four sectors which are left out should be brought in. he says a single GST rate would be good enough. he says a single tax rate would be too high for rural consumption.
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Mumbai Police has imposed Section 144 in the city as coronavirus cases continue to increase. The Section 144 order has been passed by Commissioner of Police Pranaya Ashok. The Mumbai Police has, with this order, prohibited the movement of one or more persons in public places, as well as gatherings, except for essential services. The order will be effective from July 1 to to July 15 "unless withdrawn earlier", the police said. This order comes after Maharashtra government extended the lockdown till July 31. "It is apprehended that there is a likelihood of spread of the COVID-I9 virus through gatherings of persons in public or private areas and that there is a grave danger to human life, health or safety due to the same. There are sufficient reasons/grounds for passing prohibitory orders under section 144 of (CrPc)," the order stated. "All movement persons in the areas designated as 'Containment Zone' by the Municipal Authorities is prohibited, except for essential activities, a supply of essential goods, and medical emergencies," said the Mumbai Police. Unless a medical emergency, all movement of one or more people in the city has been prohibited from 9pm to 5am. Essential services such as food, vegetables, groceries, hospitals, clinics, telephone and internet services, banking, stock exchange, SEBI registered participants, IT and IT enabled services, media, ports, home delivery of food and groceries, e-commerce, water supply and maintenance, godowns and warehousing have been exempted from this restriction. For non-essential services such as visit to shops, markets, barber, outdoor physical activities, movement will be allowed within neighbourhood. Long-distance travel would not be permitted. Violators will be punished according to the Section 188 of the Indian Penal Code. Also read: Coronavirus impact: 60% hotel operators feel revenue recovery to take 2 years Also read: Dr Reddy's to manufacture Avigan, also known as Favipiravir; signs deal with Japan's FUJIFILM Summarise this report in a few sentences.
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Mumbai Police has imposed Section 144 in the city as coronavirus cases continue to increase. the order will be effective from July 1 to to July 15 "unless withdrawn earlier" this order comes after the government extended the lockdown till July 31. the order comes after a spate of cases of the virus have been reported in the last year. the u.s. government is considering a plan to expand surveillance in the city.
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London: Oil prices rose on Thursday after news of another drawdown in US crude inventories and on signs that OPEC may not raise production enough to compensate for the loss of Iranian exports hit by US sanctions. Benchmark Brent crude was up 20 cents at $79.60 by 0740 GMT, its third day of gains. US light crude oil was 40 cents higher at $71.52 a barrel, after rising nearly 2 percent on Wednesday. US crude oil stockpiles fell for a fifth straight week to 3-1/2-year lows in the week to Sept. 14, while gasoline inventories also showed a larger-than-expected draw on unseasonably strong demand, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.1 million barrels, compared with expectations for a decrease of 2.7 million barrels. “The bulls are back in charge," said Stephen Innes, head of trading for Asia-Pacific at brokerage OANDA. US sanctions on Iran’s oil exports come into force on Nov. 4 and many buyers have already scaled back Iranian purchases. It is unclear how easily other producers such as Saudi Arabia, Iraq and Russia can compensate for lost supply. The Organization of the Petroleum Exporting Countries and other producers including Russia meet on Sunday in Algeria to discuss how to allocate supply increases to offset the loss of Iranian barrels. “The current market betting line suggests price levels rather than global supply levels will be the key determinant on turning on the oil taps," Innes said. OPEC sources have told Reuters no immediate action is planned and producers will discuss in Algeria how to share a previously agreed output increase. Reuters reported two weeks ago that Saudi Arabia wanted oil to stay between $70 and $80 a barrel for now, as it sought a balance between maximizing revenue and keeping a lid on prices until US congressional elections. But on Tuesday, Bloomberg cited unnamed Saudi sources as saying the kingdom was comfortable with oil above $80 per barrel, at least for the short term, helping push prices higher. Brent has been trading below the psychologically important $80 level for the last week but could now move higher, Reuters markets analyst Wang Tao said. If Brent can break resistance at $79.68, it could climb towards $81.06 or even higher, he said, citing wave analysis on price charts. 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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crude inventories fell by 2.1 million barrels, compared with expectations for a decrease of 2.7 million barrels. OPEC and other producers including Russia will discuss how to allocate supply increases to offset the loss of Iranian barrels. if Brent can break resistance at $79.68, it could climb towards $81.06 or even higher. a soaring price for crude oil is expected to continue to rise.
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The new range comes with a warranty of 3 years / 3 lakh kilometres and also offers Sampoorna Seva 2.0 and Tata Samarth – the company’s commitment to commercial vehicle driver welfare, uptime guarantee, on-site service and customised annual maintenance and fleet management solutions. Tata Motors has unveiled its new Light Commercial Vehicle (LCV) namely Ultra T.7. The new Tata Ultra T.7 range comes with a modular platform with variants of various deck lengths and in 4-tyre and 6-tyre combinations. The Tata Ultra T.7 is powered by the 4SPCR engine that offers 100hp of power along with 300Nm of torque from 1,200 to 2,200rpm. The truck has underpinnings of a strong modular chassis design for better durability and radial tubeless tyres, all thanks to which the company is claiming an increased fuel economy. The new Tata Ultra T.7 has been designed keeping in mind Tata Motors’ ‘Power of 6’ philosophy that promises superior fleet profitability, vehicle performance, driving comfort, convenience and connectivity, along with safety – all with a lower total cost of operations (TCO). Tata Motors says that it is the only Indian commercial vehicle manufacturer offering the power of choice of three unique and distinct cabin options to its I&LCV customers – Ultra, SFC and LPT range of trucks. The truck is equipped with a crash-tested cabin and powerful air-brakes for better safety, adjustable seating positions, tilt-and-telescopic power steering and a dash-mounted gear shifter for comfort. Furthermore, the truck comes with standard fitment of a music system, USB fast charging port, ample storage space and also, Tata Motors’ next-gen connected vehicle solution that enables fleet management, the Fleet Edge. The truck also features clear-lens headlamps along with LED tail-lamps. The new Tata Ultra T.7 also comes with a comprehensive set of fully-built solutions, offering customers a one-stop solution with multiple benefits like better financing terms, nationwide service support and higher resale value, thus making a much better value proposition for customers. The new range comes with a warranty of 3 years / 3 lakh kilometres and also offers Sampoorna Seva 2.0 and Tata Samarth – the company’s commitment to commercial vehicle driver welfare, uptime guarantee, on-site service and customised annual maintenance and fleet management solutions. Commenting on the occasion, Mr. V Seethapathi, Vice President, ILCV Product Line, Tata Motors said, “With the introduction of the latest Ultra T.7, Tata Motors furthers its commitment to scale new heights of innovative automotive manufacturing to provide a variety of products for diverse applications at minimum operation costs. The Ultra T.7, with its pioneering and award winning design, possesses the ability to bring the best of both worlds – comfort and agility – while aiming to offer the highest profitability for its owners. With the industry best operating economics, superior fuel efficiency and power, longer tyre life, it makes the best product in the category.” Summarise this report in a few sentences.
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the new range comes with a warranty of 3 years / 3 lakh kilometres. it also offers Sampoorna Seva 2.0 and Tata Samarth. the new truck is powered by the 4SPCR engine that offers 100hp of power along with 300Nm of torque from 1,200 to 2,200rpm. the truck is equipped with a crash-tested cabin and powerful air-brakes for better safety.
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live bse live nse live Volume Todays L/H More × Based on FY19 and FY20 EPS estimate, the target for Nifty for March 2019 is 12,620, Shailendra Kumar, Director & CIO, Narnolia Financial Advisors said in an interview to Moneycontrol's Sunil Shankar Matkar. In terms of risks for the market, he pointed out that the key concern is the rise in crude price accompanied by the fall in rupee. Beyond a threshold, this combination is going to push current account deficit to a point where it becomes highly inflationary for the economy and can disturb the fiscal balance. Edited excerpt: Do you see the Nifty heading towards 11,800-12,000 or is the market overvalued at present? Year-to-date Nifty has been the best performing index in the emerging market basket. If we look at the recent past of the current bull market, Nifty makes a cyclical high once it starts trading at 24 times trailing 12 quarter earnings and it makes a bottom around 18 times one year forward earning. So, using the current consensus estimate, the immediate trading range for Nifty is 10,980-12,089. Here, it is important to know that every quarter this range needs to be adjusted mostly upward, based on reported earnings. Presently, based on FY19 and FY20 EPS estimate, the target for Nifty for March 2019 is 12,620. Can we call these valuations multiple overvalued depends on, whether fundamental parameters like net profit margin and asset turnover ratio are going to dip or rise from here on? And these parameters have just started inching up from multi-year lows so we can very well see Nifty trading within these valuation ranges for few more years. A bull market ends only when valuation and fundamental parameters like NPM are all at a multi-year high. At the same time, we may witness some changes in the range due to liquidity impacting events like elections even in a structural bull market. What factors are actually driving the market higher? Any risks going forward that one should keep in mind? Rising domestic fund flows to equity, economy getting more organised, efficiency gains and strong consumption are various factors adding to buoyancy on domestic bourses. In terms of risks – the key risk is a rise in crude price accompanied by a fall in rupee. Beyond a threshold, this combination is going to push current account deficit to a point where it becomes highly inflationary for the economy and can disturb the fiscal balance. The recent rise in bond yield is indicative of the same and that surely implies the possibility of both earning downgrades and valuation multiple ranges shifting downward. The Indian economy has been growing at over 7 percent rate. Is it sustainable and do you expect GDP growth to hit the 8 percent mark soon? 7 percent is pretty sustainable growth for the Indian economy. We had slipped below 7 percent post two large disruption demonetisation and implementation of GST. For FY19, our estimate for GDP growth is 7.3 percent. For 8 percent growth to happen investment needs a strong comeback. We do not see that happening before FY21. The dollar-rupee is close to record lows while crude oil prices have started to inch up again. Where do you see them heading? Rupee traded in the range of 63-68 almost for 5 years. So some depreciation in rupee is fundamentally justified looking at inflation differential and movement in other currencies. Recently, some extra pressure is also there on rupee due to India being current account deficit country primarily due to large oil import. But I think some depreciation in rupee if happens with lower volatility it's largely positive for Indian equity. Though as in past, rupee would be settling in a new range that could be 69-74 a dollar. Crude is a real issue for us. With rapidly changing dynamics, oil is a difficult call but structurally in long-term sense with so much work happening in terms of efficiency gains and alternatives I am not a long-term oil bull but in the short term this is the biggest risk to the Indian market and so is a very important trackable. Do you expect more populist measures like farm loan waivers ahead of state and general elections? I do not see the fiscal deficit target being grossly violated by current government owing to elections ahead. The risk to the fiscal deficit as of now comes more from current account deficit side. Rising crude and falling rupee beyond a point may see some excise duty cuts leading to lower tax collections. Banking and financials have rallied the most in the last couple of months and has been the key market driver? Do you feel all negatives are priced in? Retail lenders were already doing extremely good with names like Bajaj Finance, HDFC Bank, it is the corporate lenders that were not doing well. And we have seen a catch up lately by names like Axis Bank, ICICI Bank, and some PSU Banks. I think retail lenders will continue doing well as the credit penetration has a long way to go in India and also successful private retail lenders are enjoying the benefit of value migration from state-owned lenders. But selectively one should accumulate good quality corporate lenders now as we are near the peak of NPA cycle and once the investment cycle turns, these corporate lenders will generate higher returns. The Nifty Pharma and IT indices have been on a tear of late. Do you expect the run to continue in both sectors? Pharma and IT were the two sectors that were underperforming during 2015-17 due to adverse macro in the US, their largest market. With 2018, their fortunes have changed their target market has stabilised particularly for IT companies and depreciating rupee implies rising margin ahead. But we need to be stock specific particularly among pharma companies as run-up in valuation is not justified for most of the names. What are your top five bets for next 1 year? Some of the stocks where one can make investments are: Larsen & Toubro: Buy | Target: Rs 1,734 | Return: 22% Management plans to double its revenue to Rs 2 lakh crore by FY21 and improve margin from 10 percent to 11.6 percent. Management also looks committed to improve return ratio. Order inflow is up by 36 percent YoY mainly led by domestic infrastructure projects. Our near term target is Rs 1,734. Axis Bank: Buy | Target: Rs 710 | Return: 10% We believe that rating downgrade cycle has now normalised. Pool BB and below (potential stress pool) portfolio has declined to 2.1 percent against 7 percent in FY16 which shows most of the pain has been recognised. Advances have grown at an average rate of 17 percent in past 4 quarters with increasing share of retail advances to 48 percent. RoE/RoA is expected to improve to 16 percent/1.4 percent in FY20. Our near term target is Rs 710. Marico: Buy | Target: Rs 430 | Return: 18% Promotion and Modern Trade problems that Marico was facing over last two years are getting solved. Gradual recovery in Saffola’s business is expected. The company targets for double digit growth for Value Added hair oil in FY19. International business is also expected to clock in double digit constant currency growth in the next 3 quarters. The company should report better margin in the second half of FY19 on account of softening of copra prices. Our near term target is Rs 430. Infosys: Buy | Target: Rs 840 | Return: 13% After a long time Infosys management issue looks sorted out. Focus is all on volume growth. Infosys signed $1.1 billion TCV of deals recently and cited a strong pipeline, deals and digital to drive growth ahead. Digital is growing strong at 8 percent QoQ CC (28 percent of revenue) and now even financial service is expected to improve from Q2 onward. Our near term target is Rs 840. Dixon Technologies: Buy | Target: Rs 3,350 | Return: 16% The company is in the niche segment of contract manufacturing. Revenue growth is expected at 25 percent for FY19 driven by capacity additions, new client acquisition in TV while backward integration to help margins where electronics faced cost pressures recently. Our near term target is Rs 3,350. Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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the target for Nifty for March 2019 is 12,620, says a senior analyst. the key risk is a rise in crude price accompanied by the fall in rupee. a bull market ends only when valuation and fundamental parameters like NPM are all at a multi-year high. a cyclical high once it starts trading at 24 times trailing 12 quarter earnings.
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New Delhi: Property brokerage firm Anarock has clocked 36 per cent growth in its revenue at Rs 256 crore during the last fiscal year despite demand slowdown in Indian real estate market, a top company official said on Thursday.The Mumbai-based firm had posted a revenue of Rs 188 crore in financial year 2018-19."We have achieved a gross revenue of Rs 256 crore during the last fiscal. The bulk of revenue came from housing brokerage with contributions from other consultancy services that we provide to our clients in retail and capital markets segments," Anarock Chairman Anuj Puri told PTI.Out of the total revenue, around Rs 220 crore came from the housing brokerage business. The company had become profitable during the 2018-19 fiscal year.Puri said the company's revenue grew on the back of improved housing demand for residential projects being developed by branded developers and marketed by organised brokerage houses."Home buyers are largely gravitating towards ready-to-move-in inventory or near completion projects," he added.Asked about the revenue outlook for this fiscal year, Puri said the company has set a target of 30 per cent growth despite the outbreak of coronavirus."We remain confident that we will come very close to this target despite COVID-19 as our digital sales platform has already outperformed our estimates.“End-users are actively on the market and we will align our efforts with the dynamics of this demand as consumer behaviour unfolds over the next 8-10 weeks," he added.Housing segment has been facing a multi-year demand slowdown because of high prices and default in execution of projects by many builders, particularly in the national capital region.The pain in the sector has been further aggravated due to nationwide lockdown, which has brought construction and marketing activities to a grinding halt.To mitigate the impact, real estate developers and brokerage houses are adopting digital tools to achieve new sales bookings.Anarock was formed by Puri in April 2017 after quitting global property consultant JLL India where he worked for a decade as chairman and country head. He bought the residential brokerage arm of JLL to start his business.The company currently 1has ,800 employees across 14 offices in major cities of India and two facilities in UAE to tap non-resident Indians looking to buy real estate in India. Summarise this report in a few sentences.
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property brokerage firm Anarock has clocked 36 per cent growth in its revenue. the bulk of revenue came from housing brokerage with contributions from other services. the company has set a target of 30 per cent growth despite the outbreak of coronavirus. the pain in the sector has been further aggravated due to nationwide lockdown. the company has 14 offices in major cities of india and two facilities in UAE.
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A year from now, with the caveats of no mass outbreaks will augur well. The markets are a microcosm of the society at large and this pandemic has infected the former at a global level. The markets are alternately reflecting the human sentiment of fear and hope, Prathit Bhobe, CEO & MD, Tata Asset Management said in an interview to Moneycontrol's Sunil Shankar Matkar. Q) Do you think the Rs 20 lakh crore stimulus package announced by the government will revive the economy if the outbreak is kept under control? A) The measures announced will definitely prime up the MSME sector in the near term. Taking off the differentiation between manufacturing and services while classifying MSME will bring more enterprises to the fore. Doing away with global tenders for government tenders upto Rs 200 crore may speed up the evaluation and execution of projects. Relief to tax payments, real estate, construction etc. may get them moving and distribution companies which are the arteries to the economy could also get relief from the immediate funding support at a lower cost. The onus will be on banks to act in tandem to these measures and provide support. It is a great opportunity for a large section of the Indian entrepreneurs to seize the moment and build momentum. One can't predict the timing and the frequency of any relapse but one can definitely be self-conscious and not end-up becoming an inadvertent carrier, eventually a victim of the illness. Q) Will the market will get its mojo back? A) Alphabetically speaking the mojo won't look like a V, there could be stirrings in certain sectors and flat to unfortunately a down south trajectory for a while. A year from now, with the caveats of no mass outbreaks will augur well. The markets are a microcosm of the society at large and this pandemic has infected the former at a global level. The markets are alternately reflecting the human sentiment of fear and hope. Q) After a liquidity booster to NBFCs, MSMEs, MFIs etc by the government as well as RBI, do you think financial space is worth buying along with banks at this point of time? A) Banks and Financial Services are leveraged plays to the economy so any slowdown (during and post-COVID) will continue to weigh on fundamentals and valuation. However, the present environment will favour large banks with strong liability franchise which can weather the slowdown and the COVID-related NPL cycle. Q) Inflow into equity funds dropped significantly in April and there was a moderate decline in SIPs too. How do you see May panning out? A) It is difficult to predict flows. Three things which drive markets are sentiments, liquidity and fundamentals- in that order. For flows to improve, sentiments need to pick up. In that context, the string of announcements can help improve sentiments. Flows will be a function of buoyancy of markets and whether sentiments are improving. Fundamentals will be the slowest to improve but markets have the ability to sniff and discount both good or bad news very quickly. Q) Analysts say every crisis creates new themes and new stocks which can create wealth in coming years. Have you spotted any new themes for investment in current COVID-19 crisis and why? A) Pharma and Chemicals are the key sectors which will benefit in the post-COVID world as supply chain logistics get redrawn. In addition, there are likely tailwinds for certain sub-sectors like General insurance and Life insurance as consumer acceptance will improve for these product segments. India's expenditure on healthcare at 3.6 percent is one of the lowest; we expect Government to focus on healthcare infrastructure in the next 10 years more as much as they have focused on physical infra (roads, ports, airports) in the previous 10 years. Q) After these measures, do you think earnings and economic growth estimates for FY21-FY22 will change significantly in the coming days? A) The current Fiscal package considers the limited space the government has given the need to protect the sovereign credit rating. The various scenarios can be simply summarized in the picture below. As can be seen, the range of outcomes is very wide depending on the trend of COVID cases, the pace of normalisation and the extent of fiscal/monetary support over the next few weeks. Note: The fiscal deficit figures shown above exclude credit guarantees/ contingent liabilities and other liquidity measures Q) As broader markets traded in line with benchmarks, is it still a great opportunity to pick midcap and smallcaps or should one stay on sidelines? A) Midcap valuations are again at 5-10 percent discount to largecap and adequately capture the inherent risks. We would be somewhat indifferent to large versus midcap debate at the present moment with the caveat of staying away from midcaps with excessive leverage and or dependence on the economic cycle. Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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a year from now, with the caveats of no mass outbreaks will augur well. the markets are alternately reflecting the human sentiment of fear and hope. measures announced will definitely prime up the MSME sector in the near term. a year from now, with the caveats of no mass outbreaks will augur well. a spokesman for the sabha says the market is "not ready" to react to the pandemic.
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The farm sector, which contributes around 17 percent to India's GDP, has helped in arresting a much deeper fall in economic growth. According to the data released by the Central Statistics Office on August 31, the agriculture sector, aided by good rains, grew 3.4 percent in the first quarter of 2020-21 against 3 percent during the same period last year. The first quarter agricultural GDP includes production from the rabi season, which ends with harvesting in April-June. The Agriculture Ministry has pegged the output of wheat, chana and other rabi food grains 5.6 percent higher than last year. During the lockdown period, the Food Corporation of India launched a massive operation to complete procurement and make payments to farmers. For farmers, agricultural growth in nominal terms, after adding inflation, assumes importance. According to Sreejith Balasubramanian, Economist — Fund Management, IDFC AMC, the government's spending on the rural economy, sale of tractors and support through MGNREGA have all been positive but it is probably still a case of over-optimism. A report by India Ratings said the government needs to have a well-crafted strategy in place, both to continuously monitor the progress of the kharif crop and prevent its distress sale, with harvesting expecting to begin in a month's time. The government is confident that the 2020-21 crop year would report an all-time record output of food grains and cross the target of 298 million tonnes. While the industrial and services sectors are still struggling from disruptions caused by the coronavirus, the agriculture sector can become an engine for recovery. Besides agricultural output, it is believed that many factory workers who returned to their native places in the aftermath of the nationwide lockdown will add to the rural demand. Follow our coverage of the coronavirus crisis here Summarise this report in a few sentences.
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agriculture sector grew 3.4 percent in the first quarter of 2020-21 against 3 percent last year. government spending on rural economy, sale of tractors and support through MGNREGA have all been positive. agriculture sector can become an engine for recovery, says nadine. rabi food grains output is 5.6 percent higher than last year. nadine: "the government is a pillar of the country's economic recovery"
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The Cabinet Committee on Economic Affairs (CCEA) on Tuesday gave its approval to plans to monetize state-run Power Grid Corp. of India Ltd’s (PGCIL) transmission projects that were won through a bidding process. As part of the new disinvestment playbook, the public sector unit will start with monetizing five such tariff-based competitive bidding (TBCB) assets valued at around ₹7,164 crore, held in existing special purpose vehicle (SPVs), through an infrastructure investment trust (InvIT) in the current fiscal year. This comes against the backdrop of the coronavirus pandemic forcing an unprecedented economic disruption. InvITs are trusts that manage income-generating infrastructure assets, typically offering investors a regular yield and a liquid method of investing in infrastructure projects. “In the first block, Powergrid would be able to monetize 5 TBCB assets of gross block of ₹7,164 crore (as on September 2019)," the government said in a statement. Mint reported on 20 May about PGCIL’s plans to file a draft prospectus for a $1 billion InvIT, in the first such InvIT offering from any state-owned company. According to the government statement, the approval has been given to, “Power Grid Corporation of India Ltd (POWERGRID) to monetize through InvIT, its other TBCB SPVs including those which are either under construction or shall be acquired by the company in future, as per the directives and targets fixed by the Government of India." This will also lead to a change in the central public sector enterprise (CPSE) character of Maharatna SPVs and follows the new public sector enterprise policy articulated by the government earlier. The InvIT was proposed by the government as an alternative fundraising route for state-owned companies to manage their funding requirements without having to depend on government support. The National Highways Authority of India is also preparing to raise funds through this route. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. ABOUT THE AUTHOR Utpal Bhaskar "Utpal Bhaskar leads Mint's policy and economy coverage. He is part of Mint’s launch team, which he joined as a staff writer in 2006. Widely cited by authors and think-tanks, he has reported extensively on the intersection of India’s policy, polity and corporate space. Read more from this author Summarise this report in a few sentences.
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the cabinet committee on economic affairs (CCEA) on Tuesday gave its approval to plans to monetize state-run power grid corp. of india's (PGCIL) transmission projects. this will start with monetizing five such tariff-based competitive bidding assets valued at around 7,164 crore. this comes against the backdrop of the coronavirus pandemic forcing an unprecedented economic disruption.
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Sensex, Nifty Updates: Benchmarks Sensex and Nifty closed higher on Friday, tracking bullish rally from overseas as investors shook off weak economic data and focused on upcoming earnings and stock specific action. Market indices were off day's high, closed on a bullish note on the last day of trading in the week. Reversing from losses after two straight sessions, Sensex climbed 199 points higher at 31,642 and Nifty rose 52 points to 9,251. Yesterday, Sensex closed 242 points lower at 31,443 and Nifty fell to 9,199, down 71 points. US indices turned green as investors turned optimistic over following a clutch of upbeat earnings reports and looked past the weak economic data due to lockdowns to combat the virus spread. Asian and European markets were also tracking bullish trend from overseas. Here's a look at the updates of the market action on BSE and NSE today 3.45 PM: Closing bell Benchmarks Sensex and Nifty closed higher on Friday, tracking bullish rally from overseas as investors shook off weak economic data and focused on upcoming earnings and stock specific action. Market indices were off day's high, closed on a bullish note on the last day of trading in the week. Reversing from losses after two straight sessions, Sensex climbed 199 points higher at 31,642 and Nifty rose 52 points to 9,251. Expressing views over the market trend today, Vinod Nair, Head of Research at Geojit Financial Services said,"Nifty fluctuated around 150 points in another day of volatile trades, tracking uncertainty in the markets. Gains were led by Reliance, which succeeded in another round of fundraising even in this adverse scenario. Global market trends were also positive following attempts to defuse tensions around the US-China trade talks. While the earnings season has been lacklustre, markets seem to be awaiting announcement of a stimulus package from the government". 3.32 PM: SBI Cards share price falls 3.66% lower post results SBI Cards share price, that earlier opened with a gain of 2.45% fell 3.66% lower intraday to Rs 552.8 after the company reported its quarterly results. The company reported 66% drop (YoY) in consolidated net profit to Rs 83 crore during the quarter ended March 31, 2020 as against Rs 248 crore, recorded in a year-ago period. Its total income rose 20% (YoY) to Rs 2510 crore in the January-March quarter of the current fiscal as compared to Rs 2076 crore in the same period last financial year. 3.25 PM: Market update Market indices were off day's high, although traded on a bullish note on the last day of trading in the week. Reversing from losses after two straight sessions, Sensex climbed 220 points higher at 31,661 and Nifty rose 59 points to 9,258. 3.18 PM: Lloyds Metals and Energy shares climb 10% Lloyds Metals and Energy share price climbed 10% intraday to Rs 7.75 on BSE after the company board approved MoU for JV. Company has entered into the MoU with Thriveni Earthmovers Private Limited (TEPL) to incorporate a new joint venture company in the state of Maharashtra for carry mining operations in Maharashtra & neighbouring states but starting with the iron ore mining operations of Lloyds Metals Energy Limited (LMEL). 3.07PM: IIFL share price falls 3.6% IIFL Finance share price touched an intraday low of Rs 69, falling 3.63% on BSE after the company said its board has approved allotment of 1000 NCDs 2.55 PM: Result announcements Orient Abrasives: May 11, 2020 Saurashtra Cement: May 18, 2020 2.36 PM: Adani Gas share price gains over 9% post result Adani Gas share price opened with a gain of 2.4% today and later touched an intraday high of Rs 113.8, rising 9.27% after the company reported its March quarterly numbers. The company reported 5.2% rise (YoY) in consolidated net profit to Rs 121 crore during the quarter ended March 31, 2020 as against Rs 115 crore, recorded in a year-ago period. Its total income fell 5% (YoY) to Rs 121 crore in the January-March quarter of the current fiscal as compared to Rs 115 crore in the same period last financial year. 2.22 PM: Market Update Market indices were off day's high, although traded on a bullish note on the last day of trading in the week today. Sensex climbed 326 points higher at 31,770 and Nifty rose 76 points to 9,275. US indices turned green as investors turned optimistic over following a clutch of upbeat earnings reports and looked past the weak economic data due to lockdowns to combat the virus spread. Asian and European markets were also tracking bullish trend from overseas. 2. 10 PM: European markets open higher European markets opened higher today tracking the bullish rally from overseas, with FRSE, CAC and DAX each gaining over 1%. 1.51 PM: P&G Healthcare rises 1.5%. Shares of P&G Healthcare gained 1.5% to the day's high of Rs 10313.85 on BSE after the company reported its March quarterly results. The company reported 1.1% rise (YoY) in consolidated net profit to Rs 91 crore during the quarter ended March 31, 2020 as against Rs 90 crore, recorded in a year-ago period. Its total income fell 6% (YoY) to Rs 656 crore in the January-March quarter of the current fiscal as compared to Rs 699 crore in the same period last financial year. 1.44 PM: BASF share price declines 2% BASF India share price fell to 1.9% to the intraday low of Rs 971 on BSE after the company said it received demand notices from Commercial Tax Department, Karnataka for commercial papers worth Rs 85 crore inclusive of penalty and interest, by treating the stock transfers of its Mangalore Plant as interstate sales to dealers. 1. 35 PM: Coronavirus toll Globally, there are 39.17 lakh confirmed cases and 2.7 lakh deaths from the coronavirus COVID-19 outbreak. India has reported more than 3,500 cases in the last 24 hours taking the tally of total cases to 52,953, including 15,266 recoveries and 1,783 deaths. Coronavirus India Live Updates: Maharashtra lockdown may extend to May-end, hints CM Thackeray; cases-17,974 1.22 PM: Biocon share prcie up 3% Biocon shares touched an intraday high of Rs 360.05, rising 2.97% on BSE after the company said it has received the Establishment Inspection Report (EIR) from the US Food and Drug Administration (FDA) for the Pre-Approval and GMP inspection of its small molecules api manufacturing facility at Biocon Park SEZ, Bommansandra, Bengaluru 1.18 PM: Dr Reddy share price rises 7% Dr Reddy share price touched an intraday high of Rs 4099.9, rising 6.93% on BSE. The company has received the Establishment Inspection Report (EIR) from US FDA, for the aAPI manufacturing plant at Srikakulam, Andhra Pradesh (CTO VI), indicating closure of the audit and the inspection classification of this facility is determined as Voluntary Action Indicated (VAI). With this, all facilities under warning letter are now determined as VAl, the filing added. 1.09 PM: RBL Bank share price gains 3.5% RBL Bank share price touched an intraday low of Rs 124.15, falling 3.69% on BSE after the company reported its quarterly results. The company reported 49% drop (YoY) in consolidated net profit to Rs 114 crore during the quarter ended March 31, 2020 as against Rs 227 crore, recorded in a year-ago period. Its total income rose 24% (YoY) to Rs 2782 crore in the January-March quarter of the current fiscal as compared to Rs 2243 crore in the same period last financial year. 1.05 PM: ICICI Securities share price gains 13.8% post result ICICI Securities share price opened with a gain of 13.81% today and touched an intraday high of Rs 429 after the company reported its quarterly results. The company reported 10.45% rise (YoY) in consolidated net profit to Rs 542 crore during the quarter ended March 31, 2020 as against Rs 490 crore, recorded in a year-ago period. Its total income fell 0.12% (YoY) to Rs 1724 crore in the January-March quarter of the current fiscal as compared to Rs 1727 crore in the same period last financial year. ICICI Securities board recommends final dividend of Rs 6.75 per share. 12.36 PM: Gillete shares drop 2% Gillette share price dropped 2% intraday to the day's low of Rs 4990 on BSE after the company reported its March quarterly results. The company reported 40% drop (YoY) in consolidated net profit to Rs 45 crore during the quarter ended March 31, 2020 as against Rs 176 crore, recorded in a year-ago period. Its total income rose 2.9% (YoY) to Rs 1073 crore in the January-March quarter of the current fiscal as compared to Rs 1105 crore in the same period last financial year. 12.13 PM: SKF India share price gains 6% SKF India share price gained 6% intraday to the high of Rs 1479.35 on BSE today after the company reported its March quarterly numbers. The company reported 8% drop (YoY) in consolidated net profit to Rs 75 crore during the quarter ended March 31, 2020 as against Rs 82 crore, recorded in a year-ago period. Its total income fell 15% (YoY) to Rs 656 crore in the January-March quarter of the current fiscal as compared to Rs 777 crore in the same period last financial year. SKF India board recommended a special dividend of Rs 130 per share. 12.03 PM: Bajaj Consumer Care shares gain 2.5% The share price of Bajaj Consumer Care gained 2.5% intraday to the day's high of Rs 144 on BSE after the company announced that it has launched Bajaj Nomarks hand sanitizers. 11.56 PM: Cigniti Technologies share price locks lower circuit Cigniti Technologies share price was locked at 5% lower circuit of Rs 293 after the company reported weak quarterly results yesterday. The company reported 8% drop (YoY) in consolidated net profit to Rs 75 crore during the quarter ended March 31, 2020 as against Rs 82 crore, recorded in a year-ago period. Its total income fell 15% (YoY) to Rs 656 crore in the January-March quarter of the current fiscal as compared to Rs 777 crore in the same period last financial year. 11.47 PM: Nifty's outlook Expressing views on Nifty's near term outlook, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said, "We remain hopeful as long as a key support zone of 9100-8900 is not violated. On the upside, intraday resistances are seen at 9277 followed by 9350. A sustainable move beyond this would trigger a good upmove to test the sturdy wall of 9450 - 9550." 11.32 AM: Tata Motors share price gains 2.8% Tata Motors share price gains 2.8% to the intraday high of Rs 84.85 on BSE after the company said it has decided to withdraw the Rs 1,000 crore NCD issue due to tight money market conditions. The company board plans to consider the issue once the situation returns to normal. 11.24 AM: Tata Consumer Products share price gains 2.8% Tata Consumer Products share price gains 2.8% to the intraday high of Rs 351 on BSE after the company said it has strengthened its direct distribution model by partnering with India's most popular food delivery applications such as Domino's Pizza and Zomato. 11.15 AM: SBI Cards shares up 2% ahead of results SBI Cards and Payment Services share price gained 2.44% to Rs 587.80 compared to the previous close of Rs 573.80 on BSE. This was ahead of its March quarterly results scheduled to be released today. SBI Cards share price rises over 2% ahead of Q4 earnings today 11.10 AM: Oil gains today Brent crude futures, the international oil benchmark was trading 1.29% higher at $29.84 per barrel. 11.07 AM: Top gainers/Losers IndusInd Bank, Kotak Bank, Hindustan Unilever and Axis Bank and Reliance Industries were among the top gainers on Sensex today. On the other hand, PowerGird, HCL Tech, Asian Paints and NTPC were among the top losers. 10. 45 AM: Cyient share price gains 8.5% Cyient share price opened with a loss of 5.48% and later fell 8.5% to an intraday low of Rs 212 on BSE after the company reported its March quarterly numbers. The company reported 74% fall (YoY) in consolidated net profit to Rs 45 crore during the quarter ended March 31, 2020 as against Rs 176.6 crore, recorded in a year-ago period. Its total income rose 2.9% (YoY) to Rs 1073 crore in the January-March quarter of the current fiscal as compared to Rs 1105 crore in the same period last financial year. 10.35 AM: Rupee opens at 75.27 per dollar Rupee on the interbank forex market opened 45 paise higher at 75.27 against US dollar. Rupee vs dollar: Rupee rises 45 paise to 75.27 amid weak dollar, fund inflows 10. 30 AM: Expert oulook on gold Anuj Gupta, DVP-Commodities & Currencies Research, Angel Broking said, "Yesterday gold prices increased almost 1.74% and closed above 46100 levels . In international market, gold is also trading on a positive note. This is due to weakness in dollar due to dovish US economic data and expectation of negative interest rates in the next year in US. Today, Gold may trade on a positive side. Traders can buy gold at 45900 levels with the stop loss of 45650, for the target of 46500 levels. In international market, Gold may test $1730 levels." 10.20 AM: Tata Motors share price gains 2.85% Tata Motors share price opened with a gain of 2.67% today and climbed 2.85% to the intraday high of Rs 84.85 on BSE after the company said that it has decided to withdraw the Rs 1,000 cr NCD issue due to tight money market conditions. The company board plans to consider the issue once the situation returns to normal. 10: 10 AM: Positive global cues Asian markets traded positive led by Nikkei tracking overnight gains made in US. US markets closed in green led by tech heavy Nasdaq as investors focused on reopning of economy. European markets had closed higher led by retail stocks as investors digested easing restriction by many EU states. 10.07 AM: Market Update Benchmarks Sensex and Nifty rose higher on Friday, tracking bullish rally from overseas as investors shook off weak economic data and focused on upcoming earnings. Reversing from losses after two straight sessions, Sensex climbed 450 points higher at 31,892 and Nifty rose 103 points to 9,307. 9.50 AM: News Alert - US jobless claims rose 3.17 million taking 7 week total to 33.5 million. -Bank of Australia in its statement said that global GDP is expected to fall shaply in H1 2020. -Bank of England kept rates at 0.1% but hints at its preparedness to fight. 9. 40 AM: RIL gains 2.83% Shares of RIL rose in early trade today after the company announced today that VistaEquity Partners will invest Rs 11,367 crore into Jio Platforms. This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, the filing added further. Index heavyweight RIL's market cap touched 10 lakh crore after today's deal with Vista. Following the update, the share price of Reliance Industries rose 2.83% to the intraday high of Rs 1550 on BSE. Reliance Industries share gains over 4% as Vista Equity Partners to invest Rs 11,367 crore into Jio Platforms 9.31 AM: Why markets rising today US indices turned green as investors turned optimistic over following a clutch of upbeat earnings reports and looked past the weak economic data due to lockdowns to combat the virus spread. Asian indices were also tracking bullish trend from overseas. 9.20 AM: Opening bell Sensex and Nifty opened sharply higher today, tracking bullish rally from overseas. Reversing from losses after two straight sessions, Sensex climbed 510 points higher at 31,954 and Nifty rose 131 points to 9,340. 9.10 AM: Stock in news on May 8 SBI Cards, ICICI Securities, RBL Bank, P&G Hygiene, Gillette, Cyient, Cadila among others are the top stocks to watch out for in Friday's trading session Stocks in news: SBI Cards, ICICI Securities, RBL Bank, P&G Hygiene, Gillette, Cyient, Cadila and more 9.00 AM: Pre-open session today Market indices Sensex and Nifty pre-opened sharply higher today. Sensex climbed 650 points higher at 32,085 and Nifty rose to 9,442, up 244 points. 8. 50 AM: Global cues US indices turned green as investors turned optimistic over following a clutch of upbeat earnings reports and looked past the weak economic data due to lockdowns to combat the virus spread. The Dow Jones Industrial Average climbed 0.89%, the S&P 1.15% and the Nasdaq Composite added 1.41%. Yesterday, Sensex closed 242 points lower at 31,443 and Nifty fell to 9,199, down 71 points. 8. 45 AM: Earnings Q4 SBI Cards and Payment Services, Adani Gas, Shree Cement, Procter & Gamble Hygiene & Health Care, Reliance Power, Reliance Infrastructure, Reliance Home Finance, Reliance Capital, Valiant Organics, Uttam Galva Steels, TCI Express, Swaraj Engines, R Systems International among others will be reporting their March quarterly results today. SKF India, HCL Technologies, Cyient, Gillette India, RBL Bank, 5paisa Capital, Cigniti Technologies, ICICI Securities, Solara Active Pharma reported their quarterly results yesterday. 8.40 AM: SGX Nifty positive today SGX Nifty traded 95 points higher at 9,294 level, indicating a positive start in domestic grounds today. 8. 30 AM: Rupee closing on Wednesday On Wednesday, Rupee ended 13 paise higher at 75.75 per dollar as against the last closing of 75.62 per dollar. 8. 20 AM: FII/ DII action on Thursday FIIs bought Rs 19,056 crore and DII too bought for Rs 3,818 crore worth in equities on Thursday, taking the total net buy in the equities today to Rs 22,874.9 crore 8. 10 AM: Coronavirus toll Globally, there are 39.17 lakh confirmed cases and 2.7 lakh deaths from the coronavirus COVID-19 outbreak. India has reported more than 3,500 cases in the last 24 hours taking the tally of total cases to 52,953, including 15,266 recoveries and 1,783 deaths. 8.00 AM: Closing bell on Thursday Benchmarks Sensex and Nifty closed on a bearish note on Thursday, backed by weak global cues as investors globally fretted over the weak economic data and rising COVID-19 cases. Sensex closed 242 points lower at 31,443 and Nifty fell to 9,199, down 71 points. Share Market Update: Sensex ends 242 points lower, Nifty at 9,199; BPCL, ONGC, NTPC top losers Summarise this report in a few sentences.
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Sensex and Nifty closed higher on friday, tracking bullish rally from overseas. yesterday, Sensex closed 242 points lower at 31,443 and Nifty fell to 9,199, down 71 points. gains were led by Reliance, which succeeded in another round of fundraising. global market trends were also positive following attempts to defuse tensions around the US-china trade talks.
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Taking note of the increased foreign investment limits for public listed companies in India, FTSE Russell has decided to rejig the investability weighting of its Indian constituents, which will see India’s weightage increase in the headline FTSE global indices. The move could see foreign investors rush to invest in Indian stocks, resulting in healthy inflows for the stock markets. FTSE could soon be joined by MSCI (Morgan Stanley Capital Investment) in changing India’s weightage on its global indices, a move that according to Morgan Stanley research could flood Indian stock markets with more than Rs 52,000 crore. FTSE will look to change India’s weightage in the June 2020 quarterly review, effective from June 22, said FTSE in a press release. “Indian index constituents, with a headroom adjustment, which are impacted by this update, will have their respective FOL increased in two 50% tranches, subject to the headroom remaining at 20% or above, in accordance with Foreign Ownership Restriction and Minimum Headroom Requirement policy,” FTSE said. The projected change in weightage would see India’s weightage jump to 1.18% in the FTSE Global All Cap index, while the FTSE All World index is projected to see India’s weightage go up to 1.17%. On the emerging market index, India is projected to jump up by 1.43% to increase its weightage to 10.38%. FTSE Emerging All Cap index will see India’s weightage reach 10.56% from the current 9%. FTSE has invited feedback from index users on the proposed changes, that will also see China’s weightage in the FTSE All World index go over 5.06%, till May 1. The final change in the index will be confirmed by FTSE by May 8. The move comes after National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL) published the new foreign investment limits for Indian companies, earlier this month. The published change is in accordance with an announcement made by the Ministry of Finance in October 2019. Earlier last month, MSCI had steered clear of changing India’s weightage on its global indices saying, it would “wait for the practical implementation of these changes and the systematic publication of the new sectoral limits applicable to Indian securities before making any changes to the MSCI Indexes.” Talking to Financial Express Online, Sajiv Bhasin, Director IIFL Securities said, “The bounce-back for India will be imminent considering the fact that the lockdown was very fast. On the macro front, I think India remains overweight on indices.” Bhasin did not pin a number on how much inflows India could witness due to the expected change in the FTSE index, however, he pointed out that FII’s have been buying since yesterday. Summarise this report in a few sentences.
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move could see foreign investors rush to invest in Indian stocks. FTSE will look to change India’s weightage in the June 2020 quarterly review. move could flood india stock markets with more than Rs 52,000 crore. move comes after NSDL and CDSL published new foreign investment limits. FTSE Emerging All Cap index will see India’s weightage go up by 1.43% to 10.38%.
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In an exclusive interview with Moneycontrol’s Vandana Ramnani, Union Minister for Housing and Urban Affairs Hardeep S Puri, talks at length about Smart Cities, challenges in the implementation of RERA and the progress on the rental housing scheme. Reacting to the Parliamentary Committee on Urban Development’s criticism that only about 21% of the Rs 36,400 crore allocated have been spent on the flagship programmes so far, he says that he welcomes Parliament scrutiny and claims the schemes are roaring. The problem is to find money for these schemes. As for bridging the trust deficit between homebuyers and the Centre, Puri agrees that it was the absence of a regulator that gave an upper hand to the real estate developer but is quick to state that even homebuyers are to be blamed for signing one-sided contracts. He also tells Moneycontrol that he will be meeting Delhi CM Arvind Kejriwal on Friday and that the rental housing policy is work in progress. Here's teh full transcript of the interview: The Parliamentary Committee on urban development has raised questions about the on-ground implementation of flagship schemes such as PMAY and Smart Cities wherein they have noted that only 21 percent on an average have been spent so far out of the Rs 36,400 crore allocated? Do you think that the utilisation should have been much higher? I welcome parliamentary scrutiny not only because I am a member of parliament but that is the essence of democracy. Having said that I would urge some caution in looking at different reports. For instance, and I do not want to focus on only one report. The progress of flagship schemes has to be assessed in terms of delivery on the ground and that delivery on the ground is empirically measurable. Let me give you an example. If you are looking at the Swatch Bharat scheme and I deal with the urban part of the Swachh Bharat Scheme. If you are looking at the number of toilets to be built, the number of toilets to be built has a defined target in terms of individual household units and also in terms of community toilets. If you look at the total number of toilets to be built under the Swachh Bharat scheme which has a deadline of October 2019, again out of the 67 lakh we have already built 52 lakh. So, it is not only doing well, it is doing very well. For the smart cities project, it is not that the smart cities project started in June 2015 and therefore we should have had the smart cities in place. It is not how it works. A total of 100 cities have to be designated as smart cities through a process of competition. By May 2016 we had only declared 20, the last nine were declared only a few weeks ago. There is a usual time lag of 15 to 18 months before the smart cities, once the title has been conferred, sets up what is called the special purpose vehicle (SPV). I judge progress differently. Out of 99 smart cities how many have special purpose vehicle? The answer is 89. After a special purpose vehicle is set up, you need a consultant maybe earlier or later and this is again through a competition, the consultant takes some time to come on, then they start preparing individual projects for tendering. In one of the schemes which I refer to, the figure that we utilised was based on the utilisation certificates. Anyone who has a nodding acquaintance with how the government functions, utilisation certificates are sometimes sent two years later. I welcome scrutiny etc but my job as minister for housing and urban affairs is to see whether the schemes are working. I have a slightly different take on this. I think the schemes are roaring. My problem is to find the money. For instance, under Pradhan Mantri Awas Yojana (PMAY) we have to ensure that every Indian has a home which he or she can call their own by 2022, the title will be in the name of the lady of the house giving gender empowerment, dignity of the girl child. I think we have to build something like 11 million units or 12 million units by 2022. I am required to sanction 300,000 to 500,000 every month. We do not have the money for that. We have just set up an affordable housing fund. This cannot come from the government budget. There are four verticals and each of the verticals is doing well. My major issue now is to find the money for these schemes. We are being innovative. We have just got Rs 8000 crore out of the Rs 60,000 crore we had required. We just got that money because we owe the states that money. They are working well. Will we see higher figures on spending next year? Figures are already very high. I am not worried about the figures. Even on smart cities, the scheme started in June 2015 and it takes 18 months. You started it only in May 2016. If to May 2016 you add 18 months, where does it bring you? That is when it starts. You are actually looking at a situation where things are now beginning to roll off. So you need to look at the progress in terms of the tendering which is under process, preparing tenders, what is already been tendered etc. So, if you look at the overall figure, it is one of the fastest scheme implementation anywhere in the world. What about the smart cities mission? When do we see actual smart cities hitting the ground? You see out of the total of 99, 91 are brownfield projects where the city is there and you are redeveloping the same city. Many of them now have command and control centres. We have established an apex body of smart cities and we are holding the first meeting of the apex body sometimes towards the end of April or May. There will be 300 to 400 people there, they will be sharing experiences, you will have civil society, you will have private sector. Once that comes, you will get the buzz. That is when people will realise. Otherwise people will say, I live in such and such place, what’s smart about it? What is a smart city, it is supposed to improve and provide ease of living for the aged people, for the younger people, for the differently abled. You are supposed to build more cycle tracks, more footpaths, more greening, more public transport, have cities which are not completely congested and reaching a choking point etc through design, through technology. Ration the use of water, electricity, make sure that as a result of technology, women feel safer. In the last meeting on the standing committee on parliament when the presentations were taking place, I was delighted to find the project manager from Surat saying that as a result of the technology that they are using in the smart cities project, crimes against women have come down sharply. What about issues with West Bengal when it comes to smart city mission? Have those been ironed out? There is a project that was included in the first list. What do I say? I have not seen any progress. So, I will be writing to the chief minister again. I think we have taken this up with the state government. But all that I can do is to encourage them to take advantage. You know because the selection of that city had taken place based on an application. But if there has been no action on that application, then we are at a loose end. We do not know what to do with it. As I said, I have been encouraging the government of West Bengal to move on this. RERA was implemented last year and many states are yet to set up a websites. Many states have also diluted the provisions of the model act. We have also had some issues with North Eastern states where there were issues with land laws that were posing to be a constitutional challenge. Has something been done on all these fronts? Are we pursuing the matter in a manner that we can resolve all the outstanding issues? The answer is yes. Let me start with what is a major mindset change. For 70 years, we have dealt with this sector without having a regulator. Which meant that you had a free for all. Unsuspecting buyers were conned into signing one-sided contracts. I don’t think they read the contracts which is a very poor sign. (It sends a) Poor message that unscrupulous builder or promoter was able to take money from them in installments and siphon the money off and invest it in land banks. And now you have these people screaming. So, are you better off with RERA or are you worst off? The unambiguous answer is that you are better off and RERA is wonderful from my point of view. That is why the unscrupulous builders and promoters challenged it. They took the challenge and the Supreme Court asked the Bombay High Court to hear it and Bombay High Court has thrown it out. So, having a regulator is a great thing. I mean, you cannot run this sector without having a regulator. It took us eight years or so to resurrect it as it was languishing. Now it is only a few months old. In the process of implementing it, some state governments tweaked its provisions to leave the ongoing projects out of its ambit. But courts have taken cognizance of that. We have done whatever we could and we are willing to do more. And now we have a situation where the courts are actively stepping in. But RERA is not the only development. If you look at the real estate sector, between GST, demonetisation, RERA, fiscal incentives, that we provided in two successful budgets, our push to affordable housing, I think the sector is being cleaned up. I am reluctant to answer the question when will it be totally cleaned up, that is an answer anybody will find it difficult to provide. No sector anywhere in the world is totally cleaned up. There are always weaknesses, distortions, but the more I look at it, we are now dealing with a situation where the kind of pre RERA world will no longer be possible. Now people will have the protection which the Act provides and the developer or the promoter is liable as he has assumed certain obligations. People who had black money, if you can call it that, instead of keeping it in gunny bags, they would go to a builder and tell him to keep it and say next time you launch a project, book two units in my name. So it created bubbles, it created artificial pricing in the real estate sector. Now with demonetisation, GST, RERA, insolvency bill, our giving infrastructure status to affordable housing, GST rates on affordable housing coming down, I think you will see a turnaround. Some unscrupulous guys will choose not to be in the business or they will be driven out. But you will have a more rationalized market. And I don’t know whether we can ever get away with the 80:20:60:40:50:50 division between legitimate white and black but we are reaching a situation where we will see tremendous improvement in the sector. Anything specific on the northeastern states? Where there are genuine issues on land ownership and title, we need to resolve those. But if you have to look at the entire length and breadth of the country, the fact of the matter is that it is moving, I think everybody is coming under its ambit. What is the government doing about the trust deficit that has built up between the homebuyers and the Centre? This is partly on account of the fact that the absence of a regulator gave an upper hand to the promoter and developer. Under RERA that entity is liable now. I think they will now have to think twice before doing that. So you now have a legislative backup. Plus the courts are really dealing with focused and forensic. I was reading the paper today and one of the developers has been told by the apex court to deposit Rs 100 crore by a particular date and another Rs 100 crore by another date. So, I mean the homebuyers certainly realise that there is a Central government and a state government which is actually not only sympathetic to their (concerns)…but is willing along with the courts to create an enabling framework … you know mistakes have been made by homebuyers, make no mistake. You did not advise them to sign one-sided contracts. Nowhere in the world is it done that you give money and you get a house 10 years later or 15 years later. It is because the whole thing was anchored in the informal or the parallel economy. People were also in no hurry and there have been speculative black market operations there also. So, I think now with all these developments, these initiatives the government has taken we will see a distinctive improvement. So, there is hope for homebuyers? Yes, absolutely. What about the Metro fare hike issue? Were you to have a meeting with the CM of Delhi? I keep meeting him all the time. I think he is coming for lunch on Friday. But look, when the CM is with me, he perhaps shows understanding but neither he or I have control or decisive say on fare fixation. I have said this many times and happy to repeat it again on your programme, it was a very wise decision to keep the fare fixation away from the Central government and the state government. And this was a very good insurance policy to insulate the fare fixation scheme and process from the temptations of populist politics. People say after you raised the fare, ridership went down. Wait a minute.. ridership goes up and down on account of a number of factors. Actually, the ridership has not gone down. In May 2017 it went down a little and then went up. In October you had the next one, January February again it is rising. But is ridership the only measure of success in a scheme? Let’s say you made the Metro completely free what would happen? Who would pay the money back with capital money borrowed? I look at a project from whether it is financially viable? If you don’t do that due diligence, then you have the situation that you are having in Delhi. (Take the bus fleet issue) 11,000 is the size of the bus fleet, 7000 buses short, who is responsible for that? They are going to buy 1000 buses a year now, it has taken them three years to buy 1000 buses. It will take them 21 years to buy 7000, by that time the previous fleet would have run aground. Look, either you can govern in a mature, professional manner or make a big thing about ridership is not coming… who measures ridership? There are seasons when ridership comes down, Today, I saw an interesting graph in one of the papers, which is about the amount of distance that you travel. Now people are travelling much long distances. Earlier when the fare was very low, people were taking short rides, now when you are travelling much longer distances paying slightly higher fares, the metro is serving its purpose. I attended a meeting of COMET which is an international organization that deals with the Metros and Delhi Metro is a member of that. First, let’s get the figures right, Delhi Metro is going to be the world’s fourth-largest metro. It has already crossed 252 km. I think another week we will be inaugurating another stretch. What happens? You look at the capacity utilisation? I was appalled by the people who said that ridership has fallen! Delhi Metro has the highest capacity utilisation in the world. If it has the highest utilisation in the world, people are using it. How can you say that ridership has fallen? You are adding routes, there is exploitation. I had said in response to a parliament question that you have to charge fares according to the cost of money, what you borrowed, the kind of services that you provide. The overall objective is to provide a first-class global facility which it is. For which you have to charge people. For eight to nine years there was no increase in fare. What I said in parliament is that what I could do is to be able to find a special dispensation for students and for senior citizens. I was told that was difficult because there is the ethics factor. Somebody takes a concessional student pass, somebody else uses it. What I said is that you put it on the Aadhaar. I have requested DMRC to work it out but I am very hopeful. If you are clear about what you want, you can work out a system where this is operational. This is one way but let them work out the technology. I don’t want a situation where if we are providing a 25 percent to 30 percent concession rate for students or senior citizens, I don’t want the non-entitled people to use it, it makes a mockery of fare fixation structure. What about the rental housing scheme? It is work in progress. We have already had some consultation. We need to do another meeting. Tell us about the global housing challenge? I made an announcement on it at the World Urban Forum in Kuala Lumpur in the beginning of February. I think in a few months’ time we will be completing that. It will be an opportunity provided to all global participants to come and showcase their green technologies in the construction industry. And then those who decide to contribute to that, we will find ways of seeking their participation in this massive planned urbanization effort which is underway. Do you subscribe to the view that land prices are indeed very high across the country and is something being done about it? Whether I subscribe to the view or not. You know what the reality is. Why is it so? I also have my theories. I think it is incumbent on governments to follow a policy which leads to rational pricing that the markets will ensure. We have a peculiar situation you have, on the one hand you have a 2011 study that says that we are 18 million houses short, when we do the validation through the state governments and the union territories, the figure comes down from 18 to 11 or 12 and then at the same time you have some 11 million houses or even more vacant. Why do people not give them on rent? Because there are complications. We are building affordable housing to make do the deficit. We are coming out with a rental policy. Once you have that happy equilibrium, this will again become more rational. Much of pricing thing on land is speculative. That is why people went on investing in land banks thinking that prices will always go up and suddenly the prices drop. And then they are stuck with this mess. Where are we when it comes to linking Aadhar with property purchase? Somebody asked me this question and I gave an answer on my own. Somebody suggested I had deliberately floated a trial balloon. The honest truth is that I was speaking on my own behalf. But a few days later PM was addressing the HT Summit (function) and he also mentioned it. Then they thought that perhaps there was coordinated talk. No, I personally think it is the logical flow of events. If there are benami transactions, I think technology is the only way to discovering those, incidentally it is the only way you can fight corruption. And that is why you get resistance on technology. But in the end it is technology that wins over. I remember many years ago, when they were trying to computerize the income tax department. There was a big hue and cry. No, no jobs will be lost. Technology sometimes results in displacement of jobs. It also produces other jobs. And if you get a more rational market or land or other things, I think you will get more jobs. For the year 2019, what will be the top focus areas for you? I am very clear in my mind. Delivery, implementation; delivery, implementation and delivery, implementation. When you go to buy a house, you look at location, location, location. Want to develop a country – education, education, education. When I come to my flagship programmes – implementation, implementation and we are implementing well. [email protected] Summarise this report in a few sentences.
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Hardeep puri says the flagship schemes are roaring. he says even homebuyers are to be blamed for signing one-sided contracts. he says he will be meeting CM arvind kejriwal on friday. he says the rental housing policy is work in progress. he says he welcomes parliamentary scrutiny.
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Indigenously developed social media platform ShareChat has acquired Kae Capital backed meme-sharing app Memer and is looking for more buyouts, the company said on Monday. The deal size was however not disclosed by the company. ShareChat claims to have around 6 crore monthly active users and aims to cross the 12-crore mark by the end of 2020. "We are on an active lookout for startups that complement our product capabilities and share the vision of serving diverse content and social needs of Indian masses. Memer happens to be the first step towards this approach," Manohar Charan, vice president for corporate development and strategic finance, ShareChat said in a statement. The integration of Memer into ShareChat will help it bring more variations to content, a better user experience that may lead to enhanced user engagement and retention. "ShareChat is on a rapid growth path, and it's really important to keep a sharp focus on product innovation and faster execution. Therefore, we are looking for inorganic opportunities to complement our organic efforts and power the growth engine," Charan said. ShareChat is available in 15 Indian languages including Hindi, Gujarati, Tamil, Punjabi, Marathi, Malayalam, Telugu, among others. Memer CEO and co-founder Amit Singh said Memer was started with a vision to enable original content creation among young Indian internet users and gained traction from Hindi-speaking markets with healthy hyper local communities. "Gradually we discovered memes to be an excellent content format to stimulate hyperlocal communities across the country. However, we needed a larger platform to supercharge the distribution of our product features. We were looking for a larger player who shares our passion for regional India, to take our innovation to the next level . We could not think of anyone better than ShareChat," Singh said. Summarise this report in a few sentences.
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sharechat has acquired meme-sharing app Memer. the deal size was not disclosed. the company claims to have around 6 crore monthly active users. it is available in 15 languages including Hindi, Gujarati, Tamil, Punjabi, Marathi, Malayalam, Telugu. amit Singh: "we could not think of anyone better than ShareChat"
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Growth in bank credit may decelerate sharply to 8-8.5 percent during 2019-20 from 13.3 percent last fiscal, mainly due to decline in incremental credit in first half of the current financial year, rating agency Icra said in a report. "Moreover, with the bond markets remaining risk averse towards NBFCs, the YoY growth in the volume of bonds outstanding is expected to moderate to about 4 percent in FY2020 from 12 percent in FY2019," it said. Additionally, the recent changes in mutual funds regulations are likely to result in a decline in the volume of commercial paper (CP) outstanding by March 2020, it said. Considering these three domestic sources of funding, that is bank credit, corporate bonds and CP outstanding, Icra expects year-on-year credit growth to decline to 6.2-6.8 percent in FY20 from 13.5 percent in the last financial year. A shift of large borrowers such as NBFCs and housing finance companies (HFCs) to the banking system for their funding requirements had boosted bank credit growth in FY19, it said. However, factors such as muted economic growth, lower working capital requirements of various borrowers, as well as risk aversion among lenders, have compressed incremental credit in first half of the current fiscal, it said. "Incremental bank credit has declined by Rs 0.19 trillion during H1 FY'20, in contrast to the rise of Rs 0.81 trillion during H1 FY'18 and Rs 3.51 trillion during H1 FY'19," it said. The recent data on bank credit released by the Reserve Bank of India (RBI) reveals that the contraction in incremental credit outstanding to the services as well as the industrial segments, offset the entire growth in credit to the retail segment during H1 FY20, it said. Within services, the credit outstanding to NBFCs increased. However, the decline in trade credit and other services (which also includes HFCs) resulted in the overall contraction in credit outstanding to the services segment in H1 FY20. Summarise this report in a few sentences.
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growth in bank credit may decelerate sharply to 8-8.5 percent during 2019-20. growth expected to be mainly due to decline in incremental credit in first half of current fiscal. recent changes in mutual funds regulations likely to result in a decline in CP. NBFCs and housing finance companies (HFCs) have boosted bank credit growth in FY19.
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The stock price of Muthoot Finance has just hit its lifetime high. For a lending business in the midst of a global pandemic, this seems downright bizarre – most lenders worldwide are being crushed under the weight of expected credit losses. You’d be forgiven for thinking Muthoot’s stock market performance is a fluke, but you’d also be overlooking a key differentiator: gold. Along with China, India is one of the two largest end-use consumers of gold in the world. In India, gold is considered auspicious – families buy gold for and on festive occasions, and treat it as an absolutely essential commodity for their daughters’ weddings. This is true even (if not particularly) for those living in rural areas. According to a recent article in the Economic Times, rural India accounts for 65 percent of household gold. Gold is passed down through generations (often in the form of ‘streedhan’) and there is an emotional attachment to it that isn’t found elsewhere in the world. The pandemic has not slowed our appetite for buying gold. A prominent jewellery business reports that although the wedding season has been deferred, people have been buying gold coins to exchange for jewellery at a future date. People are looking to lock in current prices despite the 30 percent year-to-date appreciation of gold already - the underlying assumption is of course that people expect prices to rise further. This is consistent with studies showing that gold prices have positive price elasticity. A boon from credit squeeze Gold finance businesses such as Muthoot are currently benefitting from a combination of Indians’ affinity for gold and banks’ pandemic-induced risk aversion. In this time of low confidence and high uncertainty, banks and more traditional lending businesses (outside of gold finance) have been struggling with credit losses and provisions, and have committed to their shareholders that they will institute more stringent underwriting standards to maintain strong asset quality levels. This is resulting in a difficulty in accessing credit, particularly for those at the bottom of the pyramid. During this time, particularly where other sources of income have dried up, borrowers are seeking loans against their gold. Gold loans are easy to take out, can be availed fairly quickly, and the rise in gold prices globally means borrowers can get better value for their gold. They’re particularly useful as bridge loans and towards financial inclusion as the loan amounts and tenor are restricted by the RBI. Gold financiers are protected too, as they must maintain a loan-to-value ratio (LTV) of 75 percent on the loan amount, which serves as a buffer against any major price fluctuations. In any case, gold is perhaps the strongest security at the moment – arguably stronger than houses or cars in the current environment. At the moment, repossession of a house or car is far more cumbersome and saleability is far lower than that of gold. Gold is often referred to as a ‘safe haven’ given its proven track record as a store of value and hedge against inflation, particularly in times of uncertainty. More traditional lenders are recognising the potential to profit off Indian household gold. Indeed, reports of various universal banks and small finance banks exploring this market have started making the news recently. And according to recent RBI data – they need to. In April 2020, the RBI reported that banks’ aggregate retail loan book shrank by the biggest month-on-month margin in 13 years. A commodity stockpile In India’s ‘unlocking’, it is the green and orange zones which are reopening first. Many of these are in rural or semi-urban areas, as urban areas have been worst affected by the pandemic. If lenders are able to seize the opportunity of leveraging gold loans to rebuild their retail loan books, they may be able to jump-start retail spending which, along with the lenders themselves benefitting, could be instrumental to India’s recovery story. The stockpile of gold in India could be successfully monetised to benefit lenders, borrowers and the economy at large. But it is important to note that gold does not typically move in tandem with other asset classes, the economy, or anything in particular. Right now, gold is the preferred mode of diversification for bearish savers, but this may well shift as global economies reopen with a stronger risk appetite than many previously envisioned since it has a negative/low correlation with other asset classes. Even if demand continues to remain strong in India, the price of gold in India is a function of global prices. If the price falls sharply, gold loan providers may no longer be willing to lend at attractive LTV levels. As the economic effect of the lockdown slowly wears off, there may be a revival in other asset classes which could pose a risk to going long on gold or gold finance companies. For traditional lenders, however, a calibrated approach to increasing exposure to gold lending might be the best way to bring their retail loan book back up -- a golden opportunity, if you will. Stuti Johri is an investment analyst at Trivantage Capital Management India Private Limited. The views are personal. Summarise this report in a few sentences.
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the stock price of Muthoot Finance has just hit its lifetime high. it is a lending business in the midst of a global pandemic. a combination of Indians’ affinity for gold and banks’ pandemic-induced risk aversion. borrowers are seeking loans against their gold. a rise in gold prices globally means borrowers can get better value for their gold.
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Representative image The coronavirus crisis is hurting exports of apparels, textiles, gems, and jewelry and could lead to at least 50 percent loss of orders, Federation of Indian Export Organisations (FIEO) told CNBC-TV18. Orders for many consumer goods have been fully canceled or deferred and there is an expectation of 50 percent loss in Q1 of FY21. There is no reason to not allow exporters to work at 50 percent capacity and the government needs to come out with a stimulus package for exporters soon, the organisation said. Pointing out that Bangladesh had already given an $8.6 billion package to its industry, FIEO said it has also requested the government for a Rs 25,000 crore stimulus package and relief on GST and employee salaries. Summarise this report in a few sentences.
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coronavirus crisis hurting exports of apparels, textiles, gems, and jewelry. there is an expectation of 50 percent loss in Q1 of FY21. FIEO: there is no reason to not allow exporters to work at 50 percent capacity. FIEO has requested the government for a Rs 25,000 crore stimulus package. a spokesman for the sri lanka-based organisation said the government needs to come out with a stimulus package soon.
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Extending gains from the previous session, domestic equity market benchmarks Sensex and Nifty opened higher in Wednesday’s trade. However, the headlines indices are trading volatile after a gap-up opening as government has announced a 21-day countrywide lockdown to contain the fast spread coronavirus (COVID-19). The 30-share index Sensex was trading 112 points or 0.42 per cent higher at 26,786, while the broader Nifty 50 index was ruling at 7849, up 48 points or 0.62 per cent. “The announcement of relaxation of regulatory deadlines today is definitely positive, however, markets would be keenly awaiting a stimulus package from the government. Nonetheless, we believe the update on the spread of Coronavirus cases would be the single biggest factor dictating the market trend,” Ajit Mishra, VP – Research, Religare Broking Ltd said. RIL top Sensex gainer– As many 15 stocks out of 30 Sensex stocks were trading in green, with Reliance Industries as top gainer, up 6.46 per cent, followed by Maruti, Nestle India and Bharti Airtel. Conversely, ITC and IndusInd Bank were top Sensex loser, down over 6 per cent each. Sectoral indices trade mix– Sectoral indices were trading mix in Wednesday’s session with Nifty Bank index down over a per cent, dragged by weakness in Punjab National Bank, IndusInd Bank and ICICI Bank. While Nifty Pharma index was trading higher led by gains in Piramal Enterprises, Cipla and Biocon. 21-day country wide lockdown- PM Narendra Modi has announced a 21-day country wide lockdown to contain the novel fast-spreading coronavirus. All trains, flights, and bus services have been cancelled as India is trying hard to disinfect itself from the clutch of deadly Coronavirus COVID-19. PM Modi has urged people not to panic as he stressed that all “essential commodities” will be available in the market during this ‘lockdown’ phase. Where will markets move from here- “We could see some pause in relentless selling but we are still to see fresh buying. So, in near term we could see declining volatility and market’s move should also be getting narrower than witnessed earlier,” Narendra Solanki, Head Fundamental Research-Investment, Anand Rathi Shares and Stock Brokers. $2 trillion package to fight coronavirus- US policymakers are close to clearing a $2 trillion stimulus package to fight against fast-spreading coronavirus. This boosted investor sentiment in global markets. However, Indian stock market remained unaffected as government has imposed 21-day lockdown in the country. Coronavirus cases cross 550-mark in India– As per the latest updates provided by the Ministry of Health on March 25 at 9.15 AM, total confirmed cases for Indian nationals are 519, total confirmed cases for foreign nationals are 43, and 41 have been diagnosed and cured. Summarise this report in a few sentences.
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Sensex and Nifty opened higher in the week-long gap-up opening. but headlines indices are trading volatile after a 21-day countrywide lockdown. government has announced a countrywide lockdown to contain the fast spread coronavirus (COVID-19) all trains, flights, and bus services have been cancelled. 'we could see some pause in relentless selling but we are still to see fresh buying,' says ajit.
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Launched in April 2017, Sony YAY! is Sony Pictures Networks Ltd’s only kids’ entertainment channel. It is also the only Kids’ TV channel which is available in seven languages such as Hindi, Tamil, Telugu, Bangla, Marathi, Malayalam and English. The channel has launched 6 original IP’s including Honey Bunny Ka Jholmaal- A slapstick adventure Comedy show of a cat duo, Paap-O-meter- which is a ghost comedy, Kicko and Super speedo- A tale of a super-kid and his futuristic gadget car who are out to save funcity and Guru Aur Bhole- a musical comedy. Despite being a late entrant in the category, the channel has already jumped to join top 5 in a short duration of 2.5 years. Financial Express Online talked with Leena Lele Dutta – Business Head, Sony YAY! about the channel’s growth and future plans. Excerpts: Why kids entertainment sector? The space is already so crowded, what is your differentiator? Sony YAY! was launched at a time when the kids entertainment space was in a state of inertia. There was no freshness, no novelty in terms of the offerings to the kids. At such time, to complete the SPN bouquet by adding on a kids’ channel was opportune. Even though we are the last to enter the category, we looked at it from a perspective to engage with the kids and give a channel which is by them; for them. We’ve always maintained that our content will be the key differentiator in the category and 2.5 years later, it still holds valid. We are the only channel that launched with 6 homegrown shows with a key focus on creating content for Indian audience. Right from the characters to the storylines, there is a conscious effort to have a desi connect that creates direct relevance with the young fans. Not just that, we are the only National Kid’s TV Channel to be present in seven different languages (Only one in Bangla, Marathi and Malayalam) and that helps us penetrate deeper in the regional markets. We are glad that our belief on creating home grown content has taken us into a leadership position in such a short span of time. How does Sony YAY! build the relatability with kids and their characters? Sony YAY! offers a wide range of content within the kid’s animation space. Our characters and shows are built keeping the preferences and palates of young Indian audience in mind.We have slapstick comedy with Honey-Bunny ka Jholmaal, a superhero kid in the form of KicKO, wisecracks through Guru Aur Bhole and a ghost comedy through Paap-O-meter. Not just that, we have content in multiple formats as well, be it on TV, movies or even short snackable content for our digital video platforms. This helps us build characters and retain audiences while maintaining a strong engagement across multiple platforms. We aim to construct a strong connect by being present at multiple touch-points through our extensive on ground activations across India. The idea is to associate ourselves with kid’s at all relevant platforms. So be it malls, schools or our canters in smaller towns, we aim to be present wherever the kids are.This strong bond has translated into a huge growth in viewership and has propelled us to the number 3 position across urban and rural markets in the kids entertainment genre in just 2 years. Is it just entertainment or also about infotainment? The core essence of Sony YAY! is pure entertainment. Our shows and initiatives are designed to facilitate kids to enter the world of YAY!that brings their imagination to life with power packed dose of entertainment. However, our stories lend themselves to subtly display the key values for the kids like friendship, kindness, courage etc. which is well embedded into the storylines of our shows. What is the importance of creating regional content and Sony YAY!’s efforts in the same? There is a huge gap in regional markets and hence we have been consciously working in that direction. Sony YAY! is the first kids’ TV channel which is available in 7 languages – Hindi, Tamil, Marathi, English, Telugu, Bengali, Malayalam and the only national kids’ TV channel to have a Marathi, Bangla and Malayalam feed. With this we aim to strengthen our positioning in the kids’ genre by offering content in viewers’ preferred languages, thus guaranteeing a worthwhile experience and intensifying our connect in regional markets. We have already attained a leadership position in markets like Maharashtra, Kerala and West Bengal with our regional content offerings. In you view, is the shift from TV to digital affecting the sector? Which OTT platform/s you’ll be coming on? Our goal at Sony YAY! is to be present at every instance of a child’s day in one form or another. As such, we endeavor to create an ecosystem where our viewers can experience the toons on any platform of their choosing. As a part of this endeavor, we have even released a ‘Merge SuperSpeedo’ mobile game and another will be available shortly. Even on YouTube, our content has been tailored as snackable short format content through ‘Lapet te raho’ and many more. Given the fact that snack-able content is available on our YouTube channel, we clocked over 1 million subscribers in just 8 months! We are present on the kids section of Sony LIV app and owing to popular demand, some of our episodes and movies are also available to view on Amazon Prime Video and Netflix. What are your marketing strategies/campaigns that assist in giving kids a 360-degree YAY! experience? As I mentioned earlier, we aim to be present at as many touch-points as possible. Our aim is to give kids a YAY-experience round the clock and hence we constantly associate with brands that will amplify our reach. For one of our more popular shows – KickO & SuperSpeedo – we roped in rap sensation Badshah to sing the title track. This is one of the first such associations in the category. The association was carefully thought through and we zeroed in on Badshah basis the similarities he and KickO have. Their hairstyles and talents in singing and dancing made it a perfect fit and also something that would connect with the kids. One of the largest mall and canter activations was undertaken by us spanning across 15 malls and 126 cities respectively. All these activities go a long way in helping the growth of viewership and we’ve seen it paying off really well. Our efforts go beyond the traditional on ground activations for example we experimented in the F&B sector as well, when we teamed up with Gelato Italiano to introduce two special flavors of the month across 12 cities during the summers. Along with this, we also associated with various television shows from our network.Our toons were part of SET’s Super Dancer, Sony Marathi’s Hasya Yatra & H.M Bane T.M Bane and Sony SAB’s My name ijjLakhan. Your new shows, festival marketing, content line-up for the future? We have geared up towards giving our viewers an exciting mix of content this festive season. From this diwali channel has set to expand its content bank through a host of fresh episodes and movies. Fans of Paap-O-Meter are in for a treat as new episodes of the unique ghost comedy is surely going to bowl them over. The channel will also showcase a host of movies wherein Honey Bunny will be leading in not one, but three offerings in the form of Honey Bunny in Gangs of Filmcity, Honey Bunny & The Cricket Gang and Honey Bunny in a Crazy family adventure. Honey and Bunny have grown to be two of the most-loved characters on Sony YAY! and these movies are going to give kids the same lovable pair in brand new avatars. What in your view is the way forward for the kid’s entertainment space – Trends, mediums, activities that will drive the sector? The kid’s category is at a very interesting juncture. While there is a lot of home grown content we still need to see ecosystem being built around the IPs that have been or will be created.We are keen on building a robust ecosystem around our content portfolio for our young viewers. One of the key initiatives towards this is becoming the only National Kid’s TV Channel in India with 7 languages – Hindi, Tamil, Telugu, Bengali, Marathi, Malayalam and English. From toys to stationery, from apparel to food, the channel brings alive its endearing characters and make them a part of kids’ lives wherever they are. This is a natural progression and extension of our IPs. Satiating the needs of this tech savvy generation will hold the key to being relevant with the TG. While seamlessly building the characters through engagements and interactivity through various on-air and online platforms will allow the characters to build not just visibility but a strong connect as well. Summarise this report in a few sentences.
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Sony YAY! is the only kids’ TV channel available in seven languages. the channel has launched 6 original IP’s including a slapstick adventure comedy show of a cat duo. the channel has already jumped to join top 5 in a short duration of 2.5 years. the channel is the only kid’s channel to be present in seven different languages.
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US President Donald Trump has signed an order, temporarily suspending employment-based visas. Trump administration has suspended and limited the entry into the US of H-1B, H-2B, and L visa-holders and their dependents till December 31, 2020. It also includes certain categories of J visas like an intern, trainee, teacher, camp counselor, or summer work travel programme. The new rule would apply only to those who are outside the US, do not have a valid non-immigrant visa and an official travel document other than a visa to enter the country. According to Trump, the move is to help millions of Americans who have lost their jobs amid the coronavirus pandemic. In fact, the decision is expected to free up to 5,25,000 jobs in the US, senior administration officials said after Trump issued a proclamation in this regard. The announcement has come as a shock for a large number of Indian IT professionals and several Indian as well as US firms who were issued H-1B visa for the fiscal year 2021 beginning October 1. With this announcement, all these people will now have to wait till the end of the current year before approaching the US diplomatic missions to receive the stamp. The proclamation also extends till the end of the year his previous executive order that had banned issuing new green cards of lawful permanent residency. "Under ordinary circumstances, properly administered temporary worker programmes can provide benefits to the economy. But under the extraordinary circumstances of the economic contraction resulting from the Covid-19 outbreak, certain non-immigrant visa programmes authorising such employment pose an unusual threat to the employment of American workers," Trump said. The announcement does not have an impact on lawful permanent residents of the US and foreign nationals who are spouses or child of an American citizen. Besides, people involved in essential services like food supply chain or medical workers, especially involved in COVID-19 research are also exempted from the latest proclamation. Donald Trump said, between February and April 2020, more than 1.7 crore United States jobs were lost in industries in which employers are seeking to fill positions tied to H-2B nonimmigrant visas. "During this same period, more than 2 crore United States workers lost their jobs in key industries where employers are currently requesting H-1B and L workers to fill positions," Donald Trump said. "Also, the May unemployment rate for young Americans, who compete with certain J non-immigrant visa applicants, has been particularly high -- 29.9 per cent for 16-19-year-olds, and 23.2 per cent for the 20-24 year old group," Donald Trump said. "The entry of additional workers through the H-1B, H-2B, J, and L nonimmigrant visa programmes, therefore, presents a significant threat to employment opportunities for Americans affected by the extraordinary economic disruptions caused by the Covid-19 outbreak," Donald Trump said. Meanwhile, the US Chamber of Commerce has opposed Trump's move, calling it a "sweeping attempt", adding, "restrictive changes to our nation's immigration system will push investment and economic activity abroad, slow growth, and reduce job creation". Also read: Donald Trump holds China responsible for coronavirus deaths, says White House Also read: How India can reduce trade deficit with China by FY21 itself Summarise this report in a few sentences.
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the new rule would apply only to those who are outside the US. it also includes certain categories of J visas like an intern, trainee, teacher. the move is expected to free up to 5,25,000 jobs in the us. the announcement comes as a shock for many indian IT professionals. a recent u.s. executive order banned issuing green cards of lawful permanent residency.
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live bse live nse live Volume Todays L/H More × The all-new Land Rover Discovery Sport that makes up half of CJLR’s (China joint venture of JLR) business will be tested when the best-seller hit showrooms after parent Tata Motors warned that the lethal coronavirus would most certainly impact financials of the on-going quarter. The UK-headquartered luxury auto brand has nearly cancelled a formal physical presentation of the SUV in the wake of the outbreak of the deadly virus and has instead decided to go for a virtual online launch. A decision, however, has not yet been finally made, a top company executive informed. Speaking to analysts Adrian Mardell, Chief Financial Officer - Jaguar Land Rover Automotive plc, said, “The virus will certainly impact Q4 results. To what extent, we'll know over the coming weeks.” Though retail JLR volumes in China picked up in January, the spread of the coronavirus and counter measures taken by the authorities including imposition of restricted movements have crippled demand in the last few weeks. JLR’s plant in Changshu remained shut though the official holidays are long over and workers were expected to restart production at the plant. “JLR China & CJLR staff will return to work in accordance with government guidance”, the British brands stated in a presentation. The company further warned that, if the disruption in production continued, it could hit supply chains outside of China as well. “Expect Q4 sales to be impacted but too early to quantify and if disruption continues, supply chains outside China could also be impacted,” the presentation further added. In the December quarter JLR wholesales in China jumped 36 percent to 12,300 units, outperforming all other markets. CJLR wholesale also jumped 34 percent to 15,400 units. Retail volumes were also up 24 percent to 27,400 units during the quarter as compared to the same quarter last year. “The Discovery Sport is due to go on sale on February 20. It's half the volume for the CJLR business. Of course, with the sad event in China at the moment, that launch will be impacted. We're thinking about doing as a virtual online launch rather than a physical presentation initiative which we normally do, but that decision has yet not been finally made,” added Mardell. China made up 17 percent of the JLR’s worldwide sales by the end of December while the US remained the biggest market for the two brands with a share of nearly 29 percent. By the end of December the China JV business recorded a loss of 49 million Pound, which was higher than the 31 million Pound loss recorded during the same quarter in FY19. A statement released towards the end of January stated that the JV had made a donation of RMB 8 million ‘for the control of the new coronavirus pneumonia and the future prevention of epidemic diseases at primary and middle schools’. Summarise this report in a few sentences.
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the all-new Land Rover Discovery Sport will be tested when it hits showrooms. the launch of the all-new vehicle will be impacted by the deadly coronavirus. the company has decided to go for a virtual online launch instead. the decision has not yet been made, a top company executive informed. the company warned that disruption in production could hit supply chains outside of china as well.
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Rank 7 | Washington DC, USA | Score - 87.6 (Image: Reuters) The Trump administration may deny green cards to immigrants who have availed or may avail government benefits including food and cash assistance under new rules which could negatively affect hundreds of thousands of Indians living in the US. The proposed rule signed by the Homeland Security Secretary on September 21 and posted on the website of the Department of Homeland Security (DHS) was slammed by the Silicon Valley-based tech industry and political leaders. According to the rule, foreign immigrants who "seek adjustment of status or a visa, or who are applicants for admission, must establish that they are not likely at any time to become a public charge" unless determined by Congress. Public charge means receiving government benefits. The latest move to crack down on immigration comes days after the Trump administration told a federal court that its decision to revoke work permits to H-4 visa users, a significant majority of whom are Indian-Americans, is expected within the next three months, a move which will have a major impact on Indian women as they are the major beneficiary of the Obama-era rule. The DHS proposes to require all immigrants seeking an extension of stay or change of status to demonstrate that they have not received, are not currently receiving, nor are likely to receive public benefits as defined in the proposed rule. "Under long-standing federal law, those seeking to immigrate to the United States must show they can support themselves financially," said Homeland Security Secretary Kirstjen Nielsen. "The department takes seriously its responsibility to be transparent in its rulemaking and is welcoming public comment on the proposed rule. "This proposed rule will implement a law passed by Congress intended to promote immigrant self-sufficiency and protect finite resources by ensuring that they are not likely to become burdens on American taxpayers," she said. Expressing its opposition to the proposed rule, FWD.US, which represents companies like Facebook, Microsoft, Dropbox, Yahoo and Google, said it "is a backdoor" administrative end-run to substantially reduce legal immigration that, if implemented, will hurt the entire country. "This policy will cost the United States in the long run by limiting the contributions of hardworking immigrants who could become legal residents, and no one is better off because of it," FWD.us president Todd Schulte said. It would create a subjective criteria and overly-bureaucratic process when making a public charge determination. It is "another underhanded attempt to force cuts to legal immigration, ultimately hurting our communities and country," Schulte said. The proposed public charge rule is nothing less than a public disgrace – and a direct attack on the health, housing, and economic security of American children, said Los Angeles Mayor Eric Garcetti. "Our federal government should not be in the business of penalising low-income parents, punishing kids, or targeting immigrants who work hard, strengthen our economy, pay taxes, and play by the rules," Garcetti said. The legislation could have a major impact on Indians, mostly from the tech industry working in the US. As of April, there were 632,219 Indian immigrants and their spouses and minor children waiting for green cards. According to US Citizenship and Immigration Services, in all 306,400 primary Indian applicants are waiting for their green cards. Clubbed with their spouses and children numbering 325,819; as many as 632,219 Indians in all are waiting for their green cards. People have 60 day-time to comment on the proposed rule, which will mainly impact legal immigrants as illegal immigrants are not eligible for any government benefits. There is possibility of changes in the proposed rule before it is being promulgated. The DHS said the proposed regulation defines a public charge to be a person who receives certain public benefits above certain defined threshold amounts or for longer than certain periods of time. In making this determination, the DHS is proposing to consider current and past receipt of designated public benefits above certain thresholds as a heavily weighed negative factor. The rule would also make non-immigrants who receive or are likely to receive designated public benefits above the designated threshold generally ineligible for change of status and extension of stay. Summarise this report in a few sentences.
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the proposed rule was signed by the Homeland Security Secretary on September 21. it is slammed by the tech industry and political leaders. the move comes days after the administration revoked work permits for H-4 visa users. the rule would require immigrants seeking an extension of stay to show they can support themselves financially. if implemented, the rule would cost the entire country, if implemented.
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live bse live nse live Volume Todays L/H More × I would recommend investors accumulate SBI Life Insurance in this downtrend for better than market returns in the next 5 years, VK Sharma, Head PCG & Capital Markets Strategy, HDFC Securities, said in an interview with Moneycontrol’s Kshitij Anand. edited excerpts: Q) Another volatile week for Indian markets – with 8,055 as a base. What is causing panic in the markets? A) Rising numbers of infections in the US, the fall of the US Indices, fear arising out of the super spreader event of Nizamuddin, is making the markets sulk. We have handled the virus issue better than the US, UK or any other European countries and would have been celebrating the fall in the new infections after April 6 but that was not to be. Our vigil has now been extended. Q) India’s Mcap-to-GDP ratio has now slipped below 2008 financial crisis levels – do you think the bottom is near? What is a good multibagger opportunity for the next 5 years if someone wants to invests now? A) This is very interesting. 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 Yes, the market cap to GDP ratio today is around 0.53, which matches that of December end 2008. While the Nifty, in the current bear market has fallen 39.57 percent to its low, in 2008 it had fallen as much as 61 percent. I would recommend investors accumulate SBI Life Insurance in this downtrend for better than market returns in the next 5 years Q. What are your views on the month of April? Will we be able to see some green on the screen? Earnings will be delayed what are other data points to look for? A) The results would obviously be delayed and will not be good. The only thing going for the markets is that the positions are very light in the April series. In fact, we have started the April series with an Open Interest (OI) of just 240 crore shares in stock futures. This is the lowest since October 2015. The number is 54 percent lower than the all-time high seen in February 2018 and 43 percent lower than the last series. In fact, the Nifty50 has fallen in all the past four series, something that only happened way back in 2002. But when that happened, the 5th series closed in positive. The main data to be diced and sliced are the new infection numbers. As and when we see a plateauing out of those numbers, markets should bounce back. Q. What is your take on the auto sales numbers-do you think the pain is likely to continue in the sectors, and it is best to stay away? A) The auto sector numbers were worse than expected, even counting the lockdown. The sector has had no reprieve from the courts on liquidating their BS-IV inventory. They will get only 10 days after the lockdown is relaxed to sell their ware. Q) Experts have suggested sticking with cash-rich companies. Do you agree with the statement, if yes, how will it help in dodging the COVID-19 bullet? A) Cash-rich companies are great companies to back in uncertain times. As they do not carry the baggage of the interest on the debt, they will fare better in tough times. Usually, they are available at a higher end of the PE spectrum but the current downturn has lowered all boats. So it’s a good time. Q) What should be the trading strategy of the coming week? A) For the coming week, unless the tide turns in the infection numbers, one should stick to what is working and that is Pharma. There are trading plays possible in the sector. Q) What are your views on the financial space? Does it look like the smart money is moving from financials towards defensives' names? A) Yes, the money is moving to Pharma and FMCG sector. Pharma stocks, which had lost the tag of "safe" stocks, have partially got it back, courtesy of the virus. While the finance boys have been hit badly, but the better-managed ones will emerge stronger after the turmoil settles. So, there is still a lot of time for these stocks to turnaround. Top banks with low NPAs and good margins should be picked again when the tide turns. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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a vaccine works by mimicking a natural infection. a vaccine not only protects people from future COVID-19 infection, but also helps 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. 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.
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The domestic equity market had an extremely volatile session on Thursday, as the benchmark Nifty50 gave up nearly 100-odd points from the high point of the day to end with modest gains of 28.45 points, or 0.56 per cent. Though the market saw a gapup opening and scaled yet another life-time peak, the Nifty also tested its 24-month-long trend line of a rising channel on the weekly charts from which it reverted.You can expect a tepid start to the day on Friday. Though there are signs of some tiredness in the market, we do not see any significant decline. The 10,900 level will act as fierce resistance on Friday.The 10,865 and 10,900 levels will be key resistance in any upmove of the Nifty50, while supports will come in at 10,790 and 10,775 levels.The Relative Strength Index or RSI on the daily chart stood at 73.5869 and it marked a fresh 14-period high, which is a bullish signal. The RSI traded in a mildly overbought territory. The daily MACD continued to remain bullish, even as it traded above its signal line. A black candle emerged on the daily chart. However, in the present context, this formation holds no significance.Pattern analysis showed the market is taking a breather after breaking out of the 10,490-mark. However, with Thursday’s intraday high levels, the Nifty tested a 24-month-long trend line of a rising channel and faced resistance there.On Friday and in the coming days, no major downsides are likely, but volatility will remain ingrained in the markets as it is pushed into some more rangebound consolidation. We expect the Nifty50 to face some resistance at the 10,900 level on Friday and in the 10,900-10,975 zone in the coming week. As of now, there are no signs of exhaustion of the trend, but we expect volatility to remain ingrained in the market. We recommend staying away from creating any major short positions and select purchases with each volatile correction.Shorts were added in stocks like IDFC, Tata Motors, Federal Bank, Reliance Communication, Adani Power , UltraTech Cement, NHPC, PFC, Vedanta, DLF and SBI Summarise this report in a few sentences.
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domestic equity market had an extremely volatile session on Thursday. benchmark Nifty50 gave up nearly 100-odd points from the high point of the day. but the market also tested its 24-month-long trend line of a rising channel. the 10,900 level will act as fierce resistance on Friday. the RSI on the daily chart stood at 73.5869 and it marked a fresh 14-period high.
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In a push to Narendra Modi-led government’s 2022 clean energy target, India and the Asian Development Bank have signed a loan of $250 million earlier this week to promote clean and efficient energy. The move is aimed at expanding energy efficiency investments in India that will benefit agricultural, residential and institutional consumers. On top of it, $46 million financing will also be provided from the Clean Technology Fund (CTF), according to a statement by the Ministry of Finance. The entire loan is approved to Energy Efficiency Services Limited (EESL), which was previously approved a $200 million loan to focus on efficient lighting and appliances. “The project is expected to contribute to the mission of Government of India to promote energy efficiency and meet government’s commitments to reduce the energy intensity of the economy,” said Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs. The introduction of energy-efficient technologies in eligible states including smart meters, distributed solar photovoltaic systems and electric vehicles will also help to reduce electricity network losses and greenhouse gas emissions, he added. Also Read: Install solar power panels on rooftops for home appliances, not in large farms or power plants Especially the smart metering component, included in the project, is believed to be helpful in addressing billing and collection inefficiencies. Apart from curating the conventional sources of energy, the decision is also aimed to generate greater public demand for e-vehicles to support India’s current push for electric vehicles. Promoting other forms of renewable energy usage will also be one of its primary objectives. The project will organise various campaigns to make people aware of the benefits of using renewable energy, instead of the conventional forms of energy. Also Read: India’s solar, wind energy goal achievable? Govt tells how it will beat target, reveals roadmap Meanwhile, the government had said that India will not only meet but beat the seemingly impossible target of installing 175 gigawatts of renewable energy generation capacity by 2022-end. The Ministry of New and Renewable Energy has also put up a roadmap on how the country will cross 175 GW renewable energy capacity by 2022. Summarise this report in a few sentences.
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the loan is approved to energy efficiency services limited (EESL) the entire loan is approved to Energy Efficiency Services Limited (EESL) the initiative is aimed at expanding energy efficiency investments in India. the government has said that India will not only meet but beat the seemingly impossible target of installing 175 gigawatts of renewable energy generation capacity by 2022-end. the ministry of new and renewable energy has also put up a roadmap on how the country will cross 175 GW renewable energy capacity by 2022.
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Days after it was caught keeping tabs on Mi and Redmi users’ web browsing data, even in incognito, Xiaomi has announced MIUI 12 for global markets, with special emphasis on privacy. The tagline for MIUI 12, which is the next major iteration of MIUI aka software that powers all Xiaomi devices, is in fact this, “private things should stay private.” Though it’s still based on Android 10, this is the first time Xiaomi is bringing core Google privacy elements in their totality, to its devices with MIUI 12. It will be available for eligible devices in June, while beta testers can get early access as early as next week. MIUI 12 was first announced in China in April. MIUI 12 that has been announced on Tuesday, corresponds to software for global markets. Xiaomi is known to announce MIUI for India separately, with “specific” features relevant for this market. Xiaomi India is yet to reveal a tentative timeline for MIUI 12 launch. We will update this piece as soon as we get more information about this. MIUI 12 global does pack some new features, that Xiaomi also highlighted during its keynote event, including universal casting, ultra battery power saver and floating windows, but its key feature remains to be enhanced security controls, according to the company. Our enhanced privacy protection has been recognized by various privacy tests and certifications. MIUI is on the way to be your most powerful privacy guard! #MIUI12 #YoursAlone pic.twitter.com/PxgyBf08OM — MIUI (@miuirom) May 19, 2020 Xiaomi claims MIUI 12’s privacy features pass TÜV Rheinland’s “Android Enhanced Privacy Protection Test,” which essentially means that it has tighter privacy controls than its predecessor(s). The company is bringing in all the key privacy features that Android 10 is known for. MIUI 12 will keep an eye out on all the permissions a user has given to an app, flagging an alert every time these apps access the device’s camera and GPS. Users will be able to grant an app permission for x, y, or z settings, for a specific amount of time in MIUI 12. MIUI 12 will also allow users to manually define permissions on per app basis. They will be able to choose to grant access only once, every time or reject altogether. Privacy will extend beyond core software in MIUI 12. MIUI 12’s universal casting tool that will allow users to cast videos, images, games and apps onto a bigger screen will include a private mode for instance. It will also be possible to remove sensitive information such as location data from photos before sharing them with others in MIUI 12. Apart from an upgraded privacy system, MIUI 12 also brings with it an all-new look and design with a relatively flatter user interface and seemingly faster animations. There are new live wallpapers to explore from Mars and the Earth, as well as visual changes in Xiaomi’s always-on display mode. There’s also a new universal Dark Mode that’s more deeply integrated with the UI elements. Here’s the complete list of Mi and Redmi devices eligible for MIUI 12 update globally: With so many exciting things covered, you must want to know the rollout schedule! For further updates, please stay tuned with us. #MIUI12 #DecadesMasterpiece #YoursAlone pic.twitter.com/VXtRkVD8el — MIUI (@miuirom) May 19, 2020 [auto_also_read title=”Xiaomi will now let Mi, Redmi users decide if they want company to track their private incognito browsing data” url =”https://www.financialexpress.com/industry/technology/xiaomi-will-now-let-mi-redmi-users-decide-if-they-want-company-to-track-their-private-incognito-browsing-data/1947700/” ][/auto_also_read] Summarise this report in a few sentences.
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Xiaomi has announced MIUI 12 for global markets, with special emphasis on privacy. it will be available for eligible devices in June, while beta testers can get early access as early as next week. it will keep an eye out on all the permissions a user has given to an app, flagging an alert every time these apps access the device’s camera and GPS.
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India’s oil-product demand is set to slump to a five-year low this financial year, with a bleak outlook for diesel consumption as the nation’s truck operators idle vehicles and consider cutting the size of their fleets. About half of India’s trucks are parked up without work and the nation’s biggest operator is shunning new purchases and may downsize after demand crashed due to the pandemic. The workhorses of industry that haul goods all over the country are the biggest consumers of diesel, the most used transport fuel in India and a useful proxy for its economic health. The drag on diesel along with the plunge in jet fuel demand is set to weigh on India’s rebound from the coronavirus. Overall oil-product consumption including transport fuels in the financial year through March 2021 will be around 90% of last year, according to oil refinery executives. That would be the lowest level since 2016. Demand rebounded to about 70% to 80% of pre-virus levels after an initial nationwide lockdown was eased in June. It’s expected to climb to around 90% in the three months through March 2021, according to Hindustan Petroleum Corp. Refineries Director Vinod S. Shenoy. India’s truckers are facing multiples headwinds that are crimping diesel consumption and overall oil demand. Localized lockdowns after a flare-up in infections is slowing economic activity, while tax hikes on the industrial fuel over the past few years have eroded the transport companies’ profits. Idled Trucks “High diesel costs and forced lockdowns have indeed devastated the transport sector and the economy,” said Naveen Kumar Gupta, secretary general of the All India Motors Transport Congress, which represents almost 10 million truckers. “There is a remote chance of its revival in the current financial year,” he said, adding that about 50% of the country’s truck fleet is idle. Gasoline will be the fuel that comes closest to making a complete recovery as people stick to driving their own cars to avoid crowded buses and trains, according to the refinery executives who asked not to be named because they’re not authorized to speak to the media. The slowdown this year has decimated purchases of new trucks and buses, with sales by Tata Motors Ltd. through April to June at a 10th of what it sold in the same period last year. Sales by Ashok Leyland Ltd. and Mahindra & Mahindra Ltd. slumped more than 90% in the four months through July. VRL Logistics Ltd. won’t be purchasing new vehicles and may scrap about 700 of its fleet of 5,000 trucks to rein in costs, Chief Financial Officer Sunil Nalavadi said earlier this month. The nation’s biggest trucker is current operating at about 75% capacity. More than a third of its customers are small- and medium-sized firms, which have been hit hardest by the economic slump. “We expect that 2020 will be a lost year for earnings growth,” VRL Chairman Vijay Sankeshwar said in the company’s annual report. Summarise this report in a few sentences.
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oil-product demand set to slump to a five-year low this financial year. about half of india's trucks are parked up without work. fuel is the most used transport fuel in india. fuel is set to be the fuel that comes closest to making a complete recovery. fuel is set to be the fuel that comes closest to making a complete recovery.
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While the insurance companies in India have embraced the use of technology since the start of the ongoing pandemic, however domestic insurers need to look at global companies to further strengthen the technology in insurance. Robotic process automation (RPA) has been successfully implemented in several European countries to improve customer experience and minimize operational risk. In India, we have seen companies like HDFC Life have launched Ezra, the Google Assistant bot which offers intelligent services like handling dynamic queries and offering insights into policies. The bot can successfully answer more than 200 queries. Earlier in May 2020, the launch of Elsa, an Alexa bot, was one of the solutions provided for ease of policyholders. Bajaj Allianz Life Insurance launched a first-of-its-kind revolutionary technology service in the insurance industry called ‘Smart Assist’. The service will enable customers to connect with the insurance company, through a secure screen sharing feature, to avail real-time assistance on completion of their buy journey, anywhere. Smart Assist is designed to help customers know all about their product while enjoying virtual assistance, and maintaining the social distance protocol. Life, as well as non-life insurance companies, have been quick in adopting the technology in India, but global players are one step ahead as they have already introduced RPA for better claim processing and customer risk analysis. However, web aggregators have been quick to adopt the RPA technology in India. Web aggregator Probus Insurance brokers have been using the RPA during the time when our country was on lockdown to contain the spread of Covid-19. There are multiple benefits of using the RPA, streamlining the data process, increased compliance, and improved customer experience. RPA has helped the insurance aggregator in multiple ways. Firstly, insurance companies offering policy documents or renewal notices come in different formats and it becomes exceedingly difficult for the web aggregators to compile the data. But with the help of RPA, web aggregators can store all the data in no time. In several global markets use of software, robots had led to a reduction in processing time by 40-50 per cent. During the lockdown in India, several of the employees were not able to reach the office and RPA used to gather all the data which was done manually before the Covid-19. The use of technology has saved not only man-hours but even errors. Most importantly this has helped them in intimation of renewing the policy. Many times, when the insurance companies send the renewal letters, policyholders might have shifted to another place or they would get after data of renewal of the policy. But we have been able to send the renewal letters to our policyholders 30 days prior to the renewal data and also marked to the respective brokers. This ensures contact monitoring the renewal payment by the agents so that policyholders pay the amount before the due date. Even more important is data protection and everyone needs to stay updated with the laws that prescribe how privacy should be protected. RPAs can be used in a very fair manner in this area as the software generates all the details and it is much easier to track the process and ensure compliance with the regulations of that country. This is the right time for the insurance companies to expand their digital footprints and use the RPAs as they will be helped in better customer experience and integration of various systems along with saving costs. by Rakesh Goyal, Director, Probus Insurance, Insurtech Broking Company Summarise this report in a few sentences.
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insurance companies in india have embraced the use of technology since the start of the ongoing pandemic. but domestic insurers need to look at global companies to further strengthen the technology in insurance. robotic process automation (RPA) has been successfully implemented in several european countries. in india, companies like HDFC Life have launched Ezra, the Google Assistant bot which offers intelligent services like handling dynamic queries.
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live bse live nse live Volume Todays L/H More × Nifty is down about 30 percent from its recent record high of 12,430 hit on January 20, and about 90 percent of the companies hit their 52-week low in March. As many as 45 companies out of Nifty50 have hit their multi-year low amid the mayhem caused by the outbreak of COVID-19 virus across the globe. Foreign institutional investors (FIIs) have alone pulled out more than Rs 60,000 cr from the cash segment of the Indian equity market in March alone. Stocks that have hit their fresh 52-week low in March include prominent names like Shree Cement, Eicher Motors, Bajaj Finserv, Maruti Suzuki, UltraTech Cements, Bajaj Finance, TCS, and Hero MotoCorp, according to data collated on March 27. 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 Most of the companies which are part of the index are bluechip names and are leaders of their respective sectors. With the recent fall seen in the markets, many of the blue-chip names are trading at multi-year lows. The question now is – are these stocks good long-term buys? Moneycontrol spoke to experts on this and they said, not all stocks which have hit their 52-week lows are long term buys, but only a select few. Some of the stocks which are going through a turmoil are due to structural or industry-specific issues, hence, it does make sense to avoid while some of them are under pressure due to institutional selling. It makes a valid case for investors who are looking at an investment horizon of 2-3 years. Because the volatility is likely to continue amid the Coronavirus outbreak at least till the time a medically approved vaccine comes to light. “Investor, looking to build long term portfolio, can start investing in blue chips companies such as Reliance Industries, HDFC twins, Bajaj finance, Asian paints, Colgate, Britannia, Dabur, L&T, Axis Bank, Titan, Cipla, Infosys and TCS which are available at a reasonable valuation,” Ajit Mishra, VP Research, Religare Broking told Moneycontrol. “Though we do not rule out further downside in the stock price due to on-going virus concern and its impact on the economy, we would advise buying these fundamentally sound stocks in a phased manner for healthy returns over the next 2-3 years,” he said. Experts do advise caution on the part of investors before making a buy or a sell decision. Positions in quality stocks can be made in a staggered manner keeping in view the risk profile of investor(s) in order to avoid opportunity loss, suggest experts. “Markets are in grip of risk aversion due to the spread of coronavirus pandemic. Though the stocks have corrected significantly from their highs, the uncertainty involved in the markets has not abated given the escalation of new cases and causalities due to the virus esp. in the US and Europe,” Pankaj Bobade, Fundamental Research head, Axis Securities Limited told Moneycontrol. “If one has more than 3 years of investment horizon, one can look at investing in the corrected blue chips in staggered manner thereby averaging the cost of acquisition,” he said. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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45 companies out of Nifty50 have hit their multi-year low in march. 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 based on the whole virus. a vaccine is a vaccine that is based on a virus that is stable.
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Passive investing is gaining currency in India. Many investors are now convinced that investing in an index fund or ETF is the best cost-effective and hassle-free option to make wealth in the long run. The performance of large cap index funds and ETFs in the last two years seem to have convinced many investors about the invincibility of the passive strategy in India.It is true that many actively-managed large cap schemes struggled in the last few years, whereas their passively-managed counterparts topped the return charts. However, mutual fund managers and advisors point out that the performance is because of the narrow rally we have witnessed in the stock market. However, many investment experts believe that active funds will struggle to beat their benchmark increasingly in the coming years.These advisors point out that several actively managed funds, especially in the multi cap, mid cap and small cap segments, continue to beat their benchmark by a wide margin. They believe that many funds would be able to generate alpha or make more returns than their benchmark in India at least for a decade. This got nothing to do with the supernatural ability of fund managers, but it is the nature of a developing market like India where there are several under-researched and relatively unknown stocks that are discovered every year, they say.As you can see, one thing is very clear: it is only a matter of time before passive funds would become the preferred vehicle for regular investors. Let see what are the advantages of passive investment strategy? In other words, what are the pluses of index funds? One, you don't have to worry about the performance of the fund manager in these schemes. All you are looking for is to do as good or bad as the index. As you know, an index fund invests in the same set of stocks in the same weightage they have in an index. This means the scheme would move up or down in tandem with the index.Sure, there could be a small difference. That is called the tracking error in investment parlance. So, you should always look for an index fund with the lowest tracking error.The second advantage of index funds is the expenses incurred by these funds. That is why passive investing is called low-cost investing. A low-cost index fund allows you to benefit from the stock market in the most efficient manner. Actively managed funds mostly have higher expenses because the fund manager may be trying to buy and sell stocks based on his or her outlook.Do they have any disadvantages? Well, you let go of an opportunity to earn extra returns every year. If the claims of fund managers about the ability to develop markets to offer alpha are right, then it means you would be losing some returns every year. Over a long period, this could be quite sizable. Summarise this report in a few sentences.
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passive investing is gaining currency in india. many investors are convinced that investing in an index fund or ETF is best cost-effective option. passive funds are more expensive than active funds and are more efficient. passive funds are more efficient and have lower expenses. a low-cost index fund allows you to benefit from the stock market in the most efficient manner. a passive fund is a good investment vehicle for those who are a beginner.
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At a time when traditional brokers are struggling to continue their services due to nationwide lockdown to curb the spread of coronavirus pandemic, online brokerages, including Upstox, 5paisa.com and Angel Broking, have seen a spurt in business. The current crisis seems to be a blessing in disguise for these brokerages, as their number of clients, as well as orders, increased in March. Moreover, there has been a significant increase in trading volumes and demand for opening new accounts as well. "Currently our entire operations are being carried out smoothly without any hindrance. As 99.9 per cent of our turnover happens online there is hardly any impact on our business. Actually with markets being volatile client activity has increased and business has shown decent growth this month,” said Prakarsh Gagdani, CEO, 5Paisa.com. Though our customer support on the telephone is not working, the company is answering all client queries on emails and hence are able to manage everything properly, he added. Gagdani further said, in March, "the acquisition growth rate grew by over 60 per cent and revenues also saw a decent growth". 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 Angel Broking CMO Prabhakar Tiwari said, "the current crisis is a blessing in disguise to help showcase our digital brokerage services, as a much superior option in comparison to other traditional broking firms”. The brokerage saw more than one lakh new customers acquisition in March. Interestingly, a significant number of customers are from tier II and tier III towns. "Even our existing customers have rewarded us by doing more than two million trades in a single day creating a new record last month," he added. Upstox said it is witnessing an unprecedented increase in trading volumes and demand for opening new accounts. The online discount broker said it had witnessed about 55 per cent increase in the number of orders in March compared to the previous month. Further, it also expects to beat its earlier industry record of 1 lakh new client additions in a single month. It had registered an addition of 1 lakh new clients in December. Apart from these, investment platform Smallcase Technologies has also seen an increase in its new investor numbers in March. The platform has registered a 1.5 times increase in new investors in March compared to the previous month. It has seen a 3.5 times growth in its new accounts leads in March on a month-on-month basis. Even, orders have risen by 1.6 times in the month. Smallcase is an investment platform that allows Sebi registered professionals to efficiently share their research as investable “smallcases” to their clients. A 21-day nationwide lockdown is in force in the country to contain the spread of coronavirus pandemic. Stock markets across the world witnessed high volatility in March amid concerns of coronavirus pandemic and its impact on the global economy. In India, the stock market saw a massive decline in the month of March, including trading halt on two occasions last month. Last month, stockbrokers' association Amfi had urged the markets regulator Sebi to allow systematic closure of the stock markets till the nationwide lockdown remains in force. Summarise this report in a few sentences.
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online brokerages, including upstox, 5paisa.com and angel broking, have seen a spurt in business. 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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Shares of HDFC Bank fell nearly 8 per cent in intraday trade on the Bombay Stock Exchange (BSE) on Friday after brokerage firm Bernstein lowered the lender's rating, citing exposure to unsecured consumer loans due to coronavirus outbreak. The rating downgrade was also attributed to "the bank's non-proactive handling of the management succession so far." Bernstein downgraded HDFC Bank's rating to 'underperform' from 'market-perform', and also lowered the target price to Rs 750, from Rs 1,400 earlier, implying a 14 per cent downside. "In the current pandemic driven environment, we believe HDFC Bank carries certain idiosyncratic risks and unique management challenges," the brokerage said in its report. According to Bernstein, HDFC Bank's portfolio is most exposed to unsecured consumer credit risk versus peer private banks. The bank's subsidiary HDB Financial services also could pose challenges during this time, given the focus on weaker informal income segments, it added. "Further, the bank's non-proactive handling of the management succession so far, could impact the bank's preferred status amongst the investor community, the agency added. In September last year, the agency had downgraded HDFC Bank to 'Market-Perform', citing rising unsecured consumer risk in a maturing consumer cycle, challenges with management succession, and slowing operating leverage gains due to geographic expansion in the hinterland. HDFC Bank's impending CEO succession and lack of proactive planning, sets up the bank to lose its sheen with investors who would have preferred less uncertainty, the agency said, adding that an unsatisfactory outcome of the succession process increases risk of a multiple de-rating. Bernstein opined that COVID 19 will have a non-trivial impact on the Indian economy, even though the outbreak intensity so far does not point to a Europe or US like scenario. "But given the population size, density, community awareness, quality of infrastructure and global inter-linkages, Indian businesses will still undergo disruption," it said. As a result, banks are likely to face operational and credit quality challenges, it added. HDFC Bank, being the consumer finance market leader, has great sensitivity to its bottom line (24 per cent of earnings and 36 per cent of its earnings growth contributed by unsecured consumer finance). "It has the highest exposure to unsecured retail credit at 17 per cent of its loan book versus ICICI/Axis Bank (9% of their loan mix)," Bernstein said. Meanwhile, HDFC Bank shares ended at Rs 882.40 apiece, down 1.39 per cent, on the BSE against previous closing price of Rs 894.80. During the day's trade, the stock hit an intraday low of Rs 824.55. Also Read: Sensex gains 1,627 pts in a day, highest since September 2019 Also Read: Are Indian banks ready to absorb Covid-19 impact? Summarise this report in a few sentences.
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HDFC Bank's rating downgraded to 'underperform' from'market-perform' bank's subsidiary HDB Financial services could pose challenges during this time. bank's impending CEO succession and lack of proactive planning set up bank to lose sheen. bank's target price is lowered to Rs 750, from Rs 1,400 earlier.
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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Market Risk The Company is exposed to potential fluctuations in earnings, cash flows, and the fair value of certain assets and liabilities due to changes in interest rates and foreign currency exchange rates. The Company manages exposure to these market risks through regular operating and financial activities and, when deemed appropriate, through the use of derivative financial instruments for risk management purposes. As a result, the Company does not anticipate any material losses from these risks. The Company was not a party to any derivative financial instrument at December 31, 2019 or 2018. The Company discusses risk management in various places throughout this document, including discussions concerning liquidity and capital resources. Foreign Exchange Risk While the substantial majority of the Company’s business is conducted within the U.S., approximately 13% of the Company’s net sales in 2019 were earned outside of the U.S. The Company has operations internationally that are denominated in foreign currencies, primarily the British Pound and Canadian dollar, exposing the Company to foreign currency exchange risk which may adversely impact financial results. The exposure to foreign currency movements is limited in many countries because the operating revenues and expenses of the Company’s various subsidiaries and business units are substantially in the local currency of the country in which they operate. To the extent that borrowings, sales, purchases, revenues, expenses or other transactions are not in the local currency of the subsidiary, the Company is exposed to currency risk and may enter into foreign exchange spot and forward contracts to hedge the currency risk. The Company does not use derivative financial instruments for trading or speculative purposes. For the year ended December 31, 2019, a hypothetical 10% strengthening of the U.S. dollar relative to multiple currencies would not have a material effect on the Company’s earnings before income taxes. A hypothetical 10% strengthening of the U.S. dollar relative to multiple currencies at December 31, 2019 would have resulted in a decrease in total assets of approximately $7.4 million. Interest Rate Risk The Company assesses market risk based on changes in interest rates utilizing a sensitivity analysis that measures the potential loss in earnings, fair values and cash flows based on a hypothetical 10% change in interest rates. Using this sensitivity analysis, such changes would not have a material effect on interest income or expense and cash flows. A hypothetical 10% change in yield would change the fair values of the Notes at December 31, 2019 by approximately $9.0 million, or 3.0%. Credit Risk The Company is exposed to credit risk on accounts receivable balances. This risk is mitigated due to the Company’s large, diverse customer base, dispersed over various geographic regions and industrial sectors. No single customer comprised more than 10% of the Company’s net sales in the years ended December 31, 2019, 2018 or 2017. The Company maintains provisions for potential credit losses and such losses to date have normally been within the Company’s expectations. The Company evaluates the solvency of its customers on an ongoing basis to determine if additional allowances for doubtful accounts receivable need to be recorded. Significant economic disruptions or a slowdown in the economy could result in significant additional charges. Commodities The primary raw materials used by the Company are paper and ink. To reduce price risk caused by market fluctuations, the Company has incorporated price adjustment clauses in certain sales contracts. Management believes a hypothetical 10% change in the price of paper and other raw materials would not have a significant effect on the Company’s annual results of operations or cash flows as some of these costs are generally passed through to its customers. However, such an increase could have an impact on the Company’s customers’ demand for printed products, and the Company is not able to quantify the impact of such potential change in demand on the Company’s annual results of operations or cash flows. ITEM 8. Summarise this report in a few sentences.
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The Company is exposed to market risk due to changes in interest rates and foreign currency exchange rates. The Company manages this risk through regular operating and financial activities and, when deemed appropriate, through the use of derivative financial instruments. Approximately 13% of the Company's net sales in 2019 were earned outside of the U.S., exposing the Company to foreign currency exchange risk. The Company does not use derivative financial instruments for trading or speculative purposes. A hypothetical 10% change in interest rates or foreign currency exchange rates would not have a material effect on the Company's earnings before income taxes or cash flows. The Company is also exposed to credit risk on accounts receivable balances, which is mitigated by its large, diverse customer base. The primary raw materials
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Dheeraj Tiwari is a Senior Assistant Editor with The Economic Times and a firm believer of the Prospect Theory. In his writings he focusses on public policy making and its impact on financial markets. LESS ... MORE Hanoi is all set to host its first Grand Prix in 2020. On the other hand, India has not hosted the elite car racing event after 2013. According to some, this high-profile, high-adrenaline race is also an indicator of how the world sees you. That the then race organisers in India, the Jaypee Group, are fighting for survival in the insolvency courts cannot be a better reflection of the turmoil in the Indian economy. Today, Vietnam’s economy is in a sweet spot. The trade war between the United States and China is set to be a blessing for the Vietnamese. A recent report by DBS Bank states that Hanoi could grow as much as 6.5 per cent a year over the next ten years and exceed Singapore in size by 2029. India, on the other hand, has slowed down. With a brute mandate, Prime Minister Modi is expected take harsh steps to make the elephant dance. But can India do a Vietnam, which is punching far above its weight with almost 8 per cent plus growth in the last four years? THE ORIENT EXPORT TRICK A recent paper by a high level advisory group from India’s Commerce Ministry has suggested that India should follow the Vietnamese model of financial incentives to get more foreign investment. It projects that India can get an annual $100 bn of foreign direct investment (FDI) if it is able to make some changes. In 2018-19, FDI inflows into India declined by 1 per cent to $44.4 billion. Vietnam, on the other hand, has already received $10.8 billion in the first quarter of this year. Increasingly, most investments in Vietnam are from firms looking to shift base and get out of the China-US quagmire on trade issues. Vietnam has already emerged as one of the top electronics manufacturers in the region. India can’t hope to get a large chunk of such a trade shift in the short term, but perhaps this is the right time to identify the areas which can be developed to help us wean off imports that are not natural resources. In April 2019, India imported $4.3 billion in electronic goods, our desire for which, at times, even surpasses our lust for gold, the second highest import after crude oil. The first priority should be to take steps to encourage Indian companies to address this trade imbalance. Further, we should incentivise firms that are a part of the global value chain and want to set up a base in India. These sops can come in the form of bringing down the effective tax rate to around 20 per cent and setting up industrial parks that provide for the whole chain rather than fragmented operations. Unless we initiate some major reforms, India cannot compete with the likes of Vietnam, which, by the nature of their political functioning, have an advantage on land and labour issues. DIGITAL LEAP FOR FAST LANE A study back in 2006 by economics professor Peter Navarro estimated that wages, subsidies, network clustering and an undervalued currency contributed around 83.6 per cent of China’s price advantage over the US. The only way India can be more competitive than other countries is perhaps if we move our focus away from labour-intensive industries to production of higher value products and services. The low-cost model of value addition is not sustainable because global firms will always be on the lookout for cheaper destinations. A point in case is the outsourcing industry in India, which is facing headwinds from countries like the Philippines. Start-ups can be a major driver of such a transformational shift and regulatory requirements should be eased for such ventures. A government document seeks to facilitate 50,000 new start-ups in the country by 2024. If we are able to achieve even half of this, it will be India’s giant leap, to become a $5 trillion economy. BRIDGE THE SKILL DEFICIT If reports are to be believed, the younger population in China, even in rural regions, are not keen to work in a factory on a 12-hour shift. India, with its low employment rate, may buck the trend, but there is still a need for more skilled workers. Besides automation and robotics, cheap labour in other countries can shift the trade dynamics. A skill gap study conducted by National Skill Development Cooperation indicates that there is an additional net requirement of 11.92 crore skilled manpower in 24 key sectors by 2022. India can follow the South Korean model, where industry forecasts of promising sectors in a 5–10 year horizon are combined with labour force planning. Like Germany, we also need industry to be roped into vocational education as secondary education, where companies share 75 per cent of the costs of training, which allows apprentices and trainees to be paid a handsome salary. Their vocational education programme is also integrated, with students spending 1.5 days in school and 3.5 days at workplaces. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own. END OF ARTICLE Summarise this report in a few sentences.
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a recent report by a bank states that Hanoi could grow as much as 6.5 per cent a year over the next ten years. the trade war between the united states and china is set to be a blessing for the Vietnamese. but can India do a Vietnam, which is punching far above its weight with almost 8 per cent plus growth in the last four years?
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India Economy India has moved one notch higher, to the 44th place in terms of competitiveness, in the annual rankings compiled by International Institute for Management Development (IMD) which placed the US in the top slot. The US became the most competitive economy globally driven by its strength in economic performance and infrastructure, followed by Hong Kong and Singapore in the second and third place, respectively. The Netherlands and Switzerland were the other two nations in the top five slots. This year, though India has moved up to 44th position worldwide, up one rank from last year, it is ranked the 12th most competitive economy out of the 14 Asian countries on the list. Regarding India, the report said, "some of the challenges which India has to face for the year 2018 would be skilling of manpower and employment generation, streamlining the implementation of goods and services tax and balancing high growth with sustainable development goals". The report further noted that "digital literacy and adequate bandwidth at rural areas and mobilisation of resources for infrastructure development needs are few more key areas where the government needs to concentrate". The other top 10 countries include Denmark (6th), the UAE (7th), Norway (8th) and Sweden (9th) and Canada (10th). Meanwhile, China (13th) continued with its steady rise in rankings over the past five years, climbing 10 spots since 2014, fuelled by a strong economic performance of its domestic market and workforce employment. "Countries at the top of the rankings share an above average performance across all competitiveness factors, but their competitiveness mix varies. One economy, for example, may build its competitiveness strategy around a particular aspect such as its tangible and intangible infrastructure; another may approach competitiveness through their governmental efficiency," said Arturo Bris, Director of the IMD World Competitiveness Center. The IMD World Competitiveness Center, a research group at IMD business school in Switzerland, has published the rankings every year since 1989. This year 63 countries are ranked with Cyprus and Saudi Arabia making their first appearance. Summarise this report in a few sentences.
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the US is the most competitive economy globally, followed by Hong Kong and Singapore. the Netherlands and Switzerland were the other two nations in the top five slots. this year 63 countries are ranked with Cyprus and Saudi Arabia making their first appearance. the report also noted that digital literacy and adequate bandwidth are key areas. a strong economy in china continues to climb 10 spots since 2014.
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In a bid to maintain stability in the financial system in the wake of coronavirus pandemic, Reserve Bank of India (RBI) governor Shaktikanta Das on Friday said that Rs 3.74 lakh crore liquidity will be injected into system through various measures. Shaktikanta Das said that the RBI has already injected liquidity of Rs 2.8 lakh crore in the financial markets through various instruments, which equal to 1.4 per cent of GDP. "Along with today's measures liquidity measures equal to 3.2 per cent of GDP. RBI will take continuous measures to ensure liquidity in the system," Das said while announcing the decisions taken by the Monetary Policy Committee (MPC). As part of liquidity infusion measures, the central bank announced a massive 75 basis points cut in repo rates to revival economic growth which has been hit hard by the COVID-19 outbreak. The reverse repo rate has been slashed by 90 basis points to 4 per cent. Besides, the cash reserve ratio (CRR) of all banks has been reduced by 100 basis points to 3 per cent from 4 per cent, with effect from the fortnight beginning 28 March for a period of 1 year. This is expected to release Rs 1.37 lakh crore liquidity in the market, the RBI chief said. Also Read: Banks free to defer payment of EMIs by 3 months! RBI gives permission CRR is the percentage of deposits that banks have to mandatorily keep with the central bank. The reduction in CRR has been announced after seven year. It was last reduced in February 2013 by 25 basis points. The central bank will also conduct repo operation of up to Rs 1 lakh crore to infect liquidity into the market. Das said these measures will result in total liquidity injection of Rs 3.74 lakh crore to the system. This has been done to allow banks to lend more to business rather than deposit it with RBI. These measures will enable the RBI to have better control on the liquidity situation in the system and mitigate the negative effect of COVID-19 on the economy. Also Read: Shaktikanta Das Press Conference Live: RBI chief announces loan payment relief, Rs 3.7 lakh crore liquidity boost He also assured the public that the banking system in India was safe. Among others, the RBI announced that all banks, lending institutions may allow a three-month moratorium on all loans. Besides, banks lending institutions are allowed to defer interest on working capital repayments by three months. Summarise this report in a few sentences.
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RBI governor says liquidity measures equal to 3.2% of GDP. reverse repo rate cut by 90 basis points to 4%. RBI also announces three-month moratorium on all loans. meanwhile, banks may allow a three-month moratorium on all loans. RBI says it is a "very positive" decision. a spokesman for the RBI says the move is a "very positive"
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Yes Bank on Monday said its board will consider a proposal to raise funds via equity and bonds, at its meeting later this week. “The meeting of the board of directors of Yes Bank Ltd is scheduled for Thursday, March 26, 2020, at Mumbai to consider, amongst other agenda items, a proposal for raising funds by issue of equity shares/ depository receipts/ convertible bonds/ debentures/ warrants/ any other equity-linked securities, through permissible modes,” it said in a BSE filing. The fundraising plan will also include a qualified institutions placement, rights issue, and further public offer, among others, subject to such approvals, the bank added. The lender has already raised over Rs 10,000 crore from SBI and other key banks and financial institutions through sale of equity under its reconstruction plan approved by the government and the Reserve Bank of India (RBI). Additionally, the RBI has also extended a Rs 60,000-crore credit line to Yes Bank for meeting obligations, as per sources. According to Section 17 of the Reserve Bank of India Act, 1934, the central bank can provide liquidity support to any lender in the form of loans and advances against collateral such as stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by an Act of Parliament. According to the sources, the RBI’s assessment found that Yes Bank had liquidity issues but no solvency problem or any other issue. The line of credit, however, is first such exercise by the central bank. After witnessing decent recovery since the RBI superseding its board and planning out the reconstruction scheme, the stock of the bank closed over 13 per cent down at Rs 39.75 apiece on the BSE due to the coronavirus pandemic gripping the markets globally. Summarise this report in a few sentences.
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yes bank board to consider proposal to raise funds via equity and bonds. fundraising plan will also include qualified institutions placement, rights issue, and further public offer. bank has already raised over Rs 10,000 crore from SBI and other key banks and financial institutions through sale of equity. RBI has also extended a Rs 60,000-crore credit line to yes bank for meeting obligations.
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File image India's balance of payments this year is going to be "very very strong" on the back of significant improvement in exports and a fall in imports, Commerce and Industry Minister Piyush Goyal said on Monday. He said that "good" green shoots are visible in the economy and exports have shown a "good" turnaround. "We are in July at about 91 percent export level of July 2019 figures. Imports are still at about 70-71 percent level of July 2019. So, broadly our balance of payments this year is going to be very very strong, which is why we feel confident that Indian industry will see opportunities for themselves, will see opportunities of growth," he said at a FICCI webinar. India's exports fell for the fourth straight month in June as shipments of key segments like petroleum and textiles declined but the country's trade turned surplus for the first time in 18 years as imports dropped by a steeper 47.59 percent. The country posted a trade surplus of $0.79 billion in June. Summarise this report in a few sentences.
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India's balance of payments this year is going to be "very very strong" on the back of significant improvement in exports and a fall in imports. exports have shown a "good" turnaround and imports are still at 70-71 percent level of July 2019. the country's trade turned surplus for the first time in 18 years as imports dropped by a steeper 47.59 percent.
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Mumbai: Route Mobile dominated the bulk deals on Monday as investors such as Goldman Sachs and Kuwait Investment Authority stocked up shares of the company at its debut.The Vanguard Group continued with its buying spree of Indian stocks, and shopped for Tata Motors DVR and Deepak Nitrite.There was bloodbath in the market as global markets tumbled. The benchmark Sensex dropped 2.1 per cent to close at 38,034, while peer Nifty shed 2.2 per cent to close at 11,251.>> Goldman Sachs India Fund Limited, Goldman Sachs Trust Emerging Markets Equity Fund GS FDS Sicav GS Global Emg Mkts EQ Portfolio, Kuwait Investment Authority A/C Kuwait Investment Auth FD 225, lapped up shares of Route Mobile, which made its debut on the bourses on Monday.Shares of Route Mobile more than doubled on its debut and rose as much as Rs 735, up 110 per cent from its issue price of Rs 350. It pared some of the early gains, as sentiment soured in the secondary market, and closed at Rs 651.10.>> The Vanguard Group Inc A/C Vanguard Emerging Market Stock Index Fund A Series Of V I E I F bought 30,41,977 Tata Motors DVR at Rs 63.37 each.>> Indiabulls Housing Finance – Employees Welfare Trust bought 27,00,000 shares of Indiabulls Housing Finance at Rs 156.95 per share.>> The Vanguard Group Inc A/C Vanguard Emerging Market Stock Index Fund A Series Of V I E I F bought 12,02,981 shares of Deepak Nitrite at Rs 839.18 per share.>> Sundaram Mutual Fund bought 36,500 shares of Valiant Organics from promoter Jaya Chandrakant Gogri at Rs 2,751 per share. At the end of March, Gogri held 8.1 per cent stake.Last week, promoter Dilesh Roadlines sold 4,00,000 shares of Valiant Organics at Rs 2,749.10 per share, while Goldman Sachs India Fund bought 1,06,502 shares in the company at Rs 2,749 and Nippon India Mutual Fund lapped up 2,90,000 shares at Rs 2,749.02 per share.>> OJ Commodities Brokers bought 3,00,000 shares of Archies from Gentleman Products at Rs 12.07 per share. Summarise this report in a few sentences.
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goldman satan and goldman satan invested in the company. the company rose as much as Rs 735 on its debut. the company closed at Rs 651.10. the benchmark Sensex dropped 2.1 per cent to close at 38,034. the nifty shed 2.2 per cent to close at 11,251.
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LONDON: Britain approved Pfizer 's COVID-19 vaccine on Wednesday, jumping ahead of the US and Europe to become the West's first country to formally endorse a jab it said should reach the most vulnerable people early next week.Prime Minister Boris Johnson touted the medicine authority's approval as a global win and a ray of hope amid the gloom of the novel coronavirus which has killed nearly 1.5 million people globally, hammered the world economy and upended normal life.Britain's Medicines and Healthcare products Regulatory Agency (MHRA) granted emergency use approval to the Pfizer-BioNTech vaccine, which they say is 95% effective in preventing illness, in record time - just 23 days since Pfizer published the first data from its final stage clinical trial."It's fantastic," Johnson said. "The vaccine will begin to be made available across the UK from next week. It's the protection of vaccines that will ultimately allow us to reclaim our lives and get the economy moving again."The world's big powers have been racing for a vaccine for months in an attempt to be first to begin the long road to recovery.The approval of a vaccine for use almost exactly a year since the novel coronavirus emerged in Wuhan, China, is a triumph for science, Pfizer boss Albert Bourla and his German biotechnology partner BioNTech China has already given emergency approval for three experimental vaccines and has inoculated around 1 million people since July. Russia has been vaccinating frontline workers after approving its Sputnik V shot in August before it had completed late-stage testing on safety and efficacy.But the European Union's drug regulator said on Wednesday that its longer approval process for COVID-19 vaccines was safer, as it was based on more evidence and checks that the emergency procedure chosen by Britain.British leaders said that, while they would love to get a jab themselves, priority had to be given to those most in need - the elderly, those in care homes and health workers.The U.S. drugmaker said Britain's emergency use authorization marks a historic moment in the fight against COVID-19. Pfizer announced its vaccine breakthrough on Nov. 9 with stage III clinical trial results."This authorization is a goal we have been working toward since we first declared that science will win, and we applaud the MHRA for their ability to conduct a careful assessment and take timely action to help protect the people of the UK," said Chief Executive Officer Bourla."As we anticipate further authorisations and approvals, we are focused on moving with the same level of urgency to safely supply a high-quality vaccine around the world."Britain's medicines regulator approved the vaccine in record time - partly by doing a "rolling" concurrent analysis of data and the manufacturing process while Pfizer raced to conclude trials."With 450 people dying of COVID-19 infection every day in the UK, the benefits of rapid vaccine approval outweigh the potential risks," said Andrew Hill, senior visiting research fellow in the Department of Pharmacology at the University of Liverpool."However, we need new independent clinical trials to monitor long-term safety and efficacy."The U.S. Food and Drug Administration (FDA) is set to meet on Dec. 10 to discuss whether to recommend emergency use authorization of the Pfizer/BioNTech vaccine and the European Medicines Agency said it could give emergency approval for the shot by December 29."The data submitted to regulatory agencies around the world are the result of a scientifically rigorous and highly ethical research and development programme," said Ugur Sahin, chief executive and co-founder of BioNTech.U.S. media reported on Tuesday that the White House had summoned FDA head Stephen Hahn to discuss why the U.S. agency hadn't moved faster to authorise Pfizer's vaccine.Britain said it would start vaccinating ordinary people early next week after it gets 800,000 doses from Pfizer's manufacturing centre in Belgium. The speed of the rollout depends on how fast Pfizer can manufacture and deliver the vaccine.Johnson said last month that Britain had ordered 40 million doses of the Pfizer vaccine - enough for just under a third of the population as two shots of the jab are needed per person to gain immunity. Health Secretary Matt Hancock said hospitals were ready to receive the shots and vaccination centres would be set up across the country but he admitted distribution would be a challenge given that the vaccine must be shipped and stored at -70C (-94F), the sort of temperature typical of an Antarctic winter.Pfizer has said the shots can be kept in thermal shipping boxes for up to 30 days, from up to 15 days previously guided. Afterwards, the vaccine can be kept at fridge temperatures for up to 5 days.Other frontrunners in the vaccine race include U.S. biotech firm Moderna, which has said its shot is 94% successful in late-stage clinical trials. Moderna and Pfizer have developed their shots using new messenger RNA (mRNA) technology.AstraZeneca said last month its COVID-19 shot, which is based on traditional vaccine technology, was 70% effective in pivotal trials and could be up to 90% effective. Summarise this report in a few sentences.
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uk's medicine authority approves a 95% effective vaccine. it is the first time the uk has approved a vaccine for use in the west. the jab should be available to the most vulnerable people next week. the new coronavirus has killed nearly 1.5 million people globally. it has hammered the world economy and upended normal life.
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Reliance Industries share price hit a fresh 52-week high today after the Mukesh Ambani-led conglomerate announced the sale of 1.85 per cent stake in Jio Platforms to Abu Dhabi-based sovereign investor Mubadala for Rs 9,093.60 crore. This is the sixth fund infusion in RIL's digital unit in as many weeks amounting to a record Rs 87,655.35 crore investment to help it pare debt. Share price of Reliance Industries gained 2.39% to hit a fresh yearly high of Rs 1,617 compared to the previous close of Rs 1579.95 on BSE. The large cap stock hit a fresh 52-week low of Rs 867 on March 23, 2020. Since then, the stock has gained 86.50% on BSE. Reliance Industries stock has gained 9% in the last 5 days. On Nifty, the stock gained 3.35% to Rs 1,474 compared to the previous close of Rs 1,426.75. Total 2.75 lakh shares changed hands on BSE amounting to turnover of Rs 44.10 crore. Market cap of the firm rose to Rs 10.08 lakh crore on BSE. RIL stock price has gained 8.69% in one week and 9% in one month. It has gained 17.87% since the beginning of this year and risen 5.18% during last one year. RIL stock trades higher than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages. On Nifty, the stock gained 2.46% to hit a fresh 52 week high of Rs 1,618 against previous close of Rs 1579.80. Abu Dhabi's Mubadala to invest Rs 9,093.60 cr in Mukesh Ambani's Jio Platforms Jio Platforms has raised a cumulative Rs 87,655.35 crore from technology investors such as Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks. Since announcement of Facebook's Rs 43,574-crore investment in Reliance Jio on April 22 which was the first among these investors, the RIL stock has gained 30.82%. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said Mubadala is one of the most astute and transformational global growth investors. "Through my longstanding ties with Abu Dhabi, I have personally seen the impact of Mubadala''s work in diversifying and globally connecting the UAE''s knowledge-based economy. We look forward to benefitting from Mubadala''s experience and insights from supporting growth journeys across the world," Ambani said. RIL share price gains 2% after firm raises Rs 84,000 crore through rights issue Mukesh Ambani scores 5th cheque! KKR to invest Rs 11,367 cr into Jio Platforms Summarise this report in a few sentences.
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the sale of 1.85 per cent stake in Jio Platforms to mubadala for Rs 9,093.60 crore is the sixth fund infusion in as many weeks. the large cap stock hit a fresh 52-week low of Rs 867 on march 23, 2020. since then, the stock has gained 86.50% on BSE. RIL stock price has gained 8.69% in one week and 9% in one month.
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Others The domestic equity market had a roller-coaster ride this week with the dollar and crude oil hitting higher levels and taking the market lower. However, when crude oil relented, the market bounced back immediately. The change from bearish to bullish sentiment overnight was a little surprising to all. SBI , the country’s biggest lender reported its second straight quarterly loss of Rs 7,718 crore on account of surging provisions for bad loans and erosion in profitability from its core lending and securities trade business. The bellwether of the Indian economy did not meet the Street expectations; but the stock bounced back post results.This shows there was huge pessimism among investors and traders and SBI bounce post earning suggests the worst may be over at least for the interim period.There is very little room left for the stock to go down further in the short term. Also, the management commentary that the worst is over for the bank instills confidence that the coming financial year would be one of hope, as there are chances of recovery of Rs 78,000 crore from the cases in the first two lists of companies referred to NCLT.However, on further analysis it looks like smaller PSU banks such as Allahabad Bank PNB and a few others would recover a much higher amount in terms of percentage of their market cap from IBC resolutions compared with that of SBI.Sugar prices prone to highest cyclicality are facing an existential crisis. Sugar prices have plunged 30-40 per cent, creating a dent in operating margins of companies, which are unable to pay farmers. But is this, the turning point for the mills is that the government is willing to help the battered industry by revisiting the fair and remunerative prices offered. If the government indeed passes protective measures for sugar mills, stock prices are going to bounce, given that internationally sugar prices have moved up 10 per cent, giving higher realisations to exporters.The market has bounced back from the oversold levels, and more such bounces are likely to happen after which Nifty is again expected to start its downward journey to touch lower support levels. Midcaps and smallcaps are expected to bounce more vigorously, as they had corrected more sharply in percentage terms. Traders should buy-on-dips at current weekly low with stop losses. Overall, the market is expected to remain volatile, so stop losses have to be little wider.The domestic equity market can expect some volatility on account of expiry and earnings from a couple of companies such as NTPC Oil India and Aurobindo Pharma , among others. Key sectors to watch out for would be oil and gas, IT and cement. With rising uncertainty on the global front, the market is not in a hurry to begin a northbound journey. Investors can hold on to their investments and look to pick quality stocks to build long-term portfolios. Buy on dips should be the strategy.The Nifty50 closed the week by a marginal 0.08 per cent higher at 10,605. Summarise this report in a few sentences.
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domestic equity market had a roller-coaster ride this week with the dollar and crude oil hitting higher levels and taking the market lower. but when crude oil relented, the market bounced back immediately. SBI reported its second straight quarterly loss of Rs 7,718 crore on account of surging provisions for bad loans. the bank's bounce post earning suggests the worst may be over at least for the interim period.
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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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While the lockdown has given Prabhtej Singh Bhatia , CEO, Simba , to have a little more free time on his hands, working from home can get taxing.But his family and sunny home office make up for it.My workstation at home is at the corner of the house by the window, overlooking the greens, and away from the hustle-bustle. The window allows the right amount of sunlight for me to soak in, leaving me refreshed and energized.Lockdown has given me the opportunity to put my health first. My day starts early with exercise followed by a cup of tea. Thereafter, work takes over. During the first half of the day, I connect with all my teams such as finance, sales, regional and our team back at the brewery to share feedback, timely updates which help me stay on top of things on real-time basis. In the second half, the focus shifts to troubleshooting and strategy building with a focus on the financial health and new markets amongst other things. By assessing a little everyday over our previous performance, we are building on strategies for the near future with the aim of yielding more successful results.Increased family time is something that I have come to cherish. Work from home has given me the opportunity to revive my hobby of reading books. The Kindle is now my newfound love. But a major drawback has been not being able to meet new people. The conversations have been limited to only video and audio calls. When we meet people physically, we get to know them better, learn more about them resulting in solidified bonds and stronger relations. I miss the energy of such meet-ups.My family and my teams have played a huge role in shaping my positive outlook with their constant support, optimism and enthusiasm. Additionally, on days when the workload is heavy or I am feeling low, an episode or two of 'Modern Family' can never go wrong.I cannot wait to travel. I am really looking forward to going out, meeting new people and exploring new places. I also cannot wait to get back on the field along with all my colleagues/teams so that we can all put our heads together and pave the way ahead. Summarise this report in a few sentences.
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simba's CEO, prbhtej Singh Bhatia, has a little more free time on his hands. but his family and sunny home office make up for it. he is looking forward to going out, meeting new people and exploring new places. he is also looking forward to a trip to a new country.
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Multi Commodity Exchange of India (MCX) posted a weak set of earnings in Q3; fall in margins as well as in revenue. Profit after tax (PAT) dipped by 45 percent while margins too took a hit. In an interview with CNBC-TV18, Mrugank Paranjpe, MD & CEO of MCX gave a detailed insight into this quarter's earnings. Paranjpe said that the overall turnover down at 9 percent; Q3 usually a subdued quarter. However, metals have shown a healthy growth. He further said that we are working to ensure that cost base remains flat. We saw 10-12 percent rise in volumes in first ten days of 2018, he said. We are looking to launch crude, zinc, copper and silver in Futures and Options (F&O), Paranjpe further mentioned. "We believe that absolutely justified request and something which we are very hopeful, the Budget will take care of this year is the re-introduction of benefits under section 88E for our members. We believe this will go long way in terms of boosting both the volumes and the confidence in the overall commodity markets in terms of volume as well," he added. Watch accompanying video for more details. Summarise this report in a few sentences.
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MCX posts weak earnings in Q3. profit after tax dipped by 45 percent. metals have shown a healthy growth. re-introduction of benefits under section 88E is a hopeful move. 'we are looking to launch crude, zinc, copper and silver in futures and options', says MCX MD & CEO.
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The Centre needs to provide focused policy attention for an active and vibrant corporate bond market, so as to raise long-term funds for an infrastructure-led investment boom, to generate demand in the economy. The recent Rs 75,000 crore funding package for non-banking financial companies (NBFCs), housing finance companies (HFCs) and micro, small and medium enterprises (MSMEs) helps create a thriving debt market, and would need it to take off. Corporate debt remains privately placed, almost 98% of the total corpus raised. That makes for opacity and worse; top AAA-rated bonds held to maturity can well turn out to be duds, as happened with IL&FS. The way forward clearly is for the government to policy-induce insurance and pension funds to invest bonds issued to fund viable infrastructure projects. The government will have to take the lead in creating a corporate bond market. Issue fresh equity in existing and new vehicles. These can raise funds by issuing bonds that RBI can purchase. With this money in hand, these State-owned vehicles can invest in corporate and NBFC bonds to finance infrastructure bonds. Once such a large supply of bonds start trading, investors, including foreign ones, would join in, provided credit, interest and currency derivatives of the requisite kinds are available to hedge against risk. Transaction taxes should go and the burden of stamp duty be minimal and uniform across states, with an overall cap. We do need to discourage bank funding for long-gestation projects, as it inevitably leads to routine asset-liability mismatches. Outstanding bank credit to the infrastructure sector has declined to 12% of non-food credit from 16% in 2016. The Centre needs to operationalise the Credit Guarantee Enhancement Corporation, announced last fiscal, without delay — most infrastructure loan assets typically are rated BBB– or lower. The assets managed by pension and insurance funds exceed Rs 55 lakh crore. The estimate is that institutional credit guarantee can purposefully free up about Rs 3.5 lakh crore of bank exposure to the infrastructure sector. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Economic Times. END OF ARTICLE Summarise this report in a few sentences.
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a recent Rs 75,000 crore funding package for non-banking financial companies helps create a thriving debt market. corporate debt remains privately placed, almost 98% of the total corpus raised. the way forward is for the government to policy-induce insurance and pension funds to invest bonds issued to fund viable infrastructure projects. the government will have to take the lead in creating a corporate bond market.
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Ravindra Rao Countries across the world are battling severe pressure on their health systems as well as the economy and are preparing for a widespread impact as the coronavirus outbreak continues unabated. Talks of a global recession are becoming stronger and investors are scurrying for assets that will help protect their investments. Gold is considered a safe haven asset during times of financial and political uncertainty. Increasing uncertainty about the health of the global economy should boost safe-haven buying but the metal has been on a roller-coaster ride. The metal price has tested 2002 highs but has so far failed to sustain above the $1,700 per troy ounce. While the surge in physical gold sales and ETF inflows show robust buying interest and has kept price supported, general strength in the US dollar has kept a check on the upside. US Mint data show that sales of American Eagle gold coins rose from about 7,000 ounces in February to 142,000 ounces in March, a month on month increase of 1,928 percent and the highest since November 2016. Sale of silver coins jumped to 5.4825 million ounces in March from around 650,000 ounces in February. Similar trend was witnessed in Australia as well. Australia’s Perth Mint gold sales soared to their highest in about seven year, as investors bought the metal to safeguard themselves from the virus outbreak. Sales of gold coins and minted bars in March surged to 93,775 ounces, the highest since April 2013, gaining more than 309 percent month on month and more than 186 percent from the same period last year. Sales of silver coins in March jumped about 187 percent from February and rose 85.5 percent from the same period last year, to 17,36,409 ounces, its highest since March 2016. Highlighting the rush to buy gold in physical markets, the Wall Street Journal reported that demand for gold had skyrocketed but there was not enough of it in local coffers to satisfy buyers’ appetites. ETF investors are also putting more funds into the metal to safeguard themselves in times of uncertainty. Gold holdings with SPDR ETF were last reported at 968.75 tonnes, the highest since October 2016. Despite the surge in demand and the possibility of supply tightness as virus-related restrictions hit mining and refining operations, the gold price remains choppy near $1,600. One of the reasons is preference for cash, especially in form of the US dollar. The preference for US dollar indicates that market players expect the US economy to weather the virus outbreak better than other economies. However, with continuing monetary infusion by the Fed and the severe economic impact on the economy, it is difficult that US dollar may be able to maintain its upper hand. If the US economic data continues to reflect pressure because of the outbreak, the dollar may weaken, increasing the appeal of gold. The author is VP - Head Commodity Research at Kotak Securities. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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gold is considered a safe haven asset during times of financial and political uncertainty. the metal price has tested 2002 highs but has failed to sustain above $1,700 per troy ounce. general strength in the US dollar has kept a check on the upside. sales of gold coins and minted bars in australia soared to their highest in about seven year.
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Item 7A. Quantitative and Qualitative Disclosures About Market Risk Our exposure to market rate risk includes risk of foreign currency exchange rate fluctuations, changes in interest rates and translation risk. Foreign Exchange Risks We are subject to inherent risks attributed to operating in a global economy. Our international sales and our operations in foreign countries subject us to risks associated with fluctuating currency values and exchange rates. Because a portion of our sales are denominated in United States dollars, increases in the value of the United States dollar could increase the price of our products so that they become relatively more expensive to customers in a particular country, possibly leading to a reduction in sales and profitability in that country. A significant portion of the sales of our products are denominated in reais. In addition, we have certain costs that are denominated in foreign currencies, and decreases in the value of the U.S. dollar could result in increases in such costs that could have a material adverse effect on our results of operations. We do not currently purchase financial instruments to hedge foreign exchange risk, but may do so in the future. As a result of our international operations, we generate a portion of our net sales and incur a portion of our expenses in currencies other than the U.S. dollar, particularly the reais. Approximately 44%, 62% and 52% of our net sales during fiscal 2019, 2018 and 2017, respectively, originated in reais. We present our combined financial statements in U.S. dollars, and we must translate the assets, liabilities, net sales and expenses of a substantial portion of our foreign operations into U.S. dollars at applicable exchange rates. Consequently, increases or decreases in the value of the U.S. dollar may affect the value of these items with respect to our non-U.S. dollar businesses in our combined financial statements, even if their value has not changed in their local currency. Our customer pricing and material cost of sales are based on U.S. dollars, as is the global market for memory products. Accordingly, the impact of currency fluctuations to our consolidated statement of operations is primarily to our other costs of sales (i.e., non-material components) and our operating expenses as those items are typically denominated in local currency. Our consolidated statement of operations is also impacted by foreign currency gains and losses recorded in Other Income (Expense) arising from transactions denominated in a currency other than the functional currency of the respective subsidiary. These translations could significantly affect the comparability of our results between financial periods or result in significant changes to the carrying value of our assets, liabilities and equity. As a result, changes in foreign currency exchange rates impact our reported results. During fiscal 2019, 2018 and 2017, we recorded ($3.1) million, ($13.2) million, and $0.3 million, respectively, of foreign exchange gains (losses). Interest Rate Risk We are subject to interest rate risk in connection with our long-term and short-term debt, including the $208.5 million aggregate balance under the term loan under the Amended Credit Agreement as of August 30, 2019. Although we did not have any revolving balances outstanding as of August 30, 2019, the revolving facility under the Amended Credit Agreement provides for borrowings of up to $50 million that would also bear interest at variable rates. Assuming that we will satisfy the financial covenants required to borrow and that the Amended Credit Agreement is fully drawn and other variables are held constant, each 1.0% increase in interest rates on our variable rate borrowings would result in an increase in annual interest expense and a decrease in our cash flow and income before taxes of $2.6 million per year. Item 8. Summarise this report in a few sentences.
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Summary:
Micron Technology is exposed to market rate risk, including foreign currency exchange rate fluctuations, changes in interest rates, and translation risk. Approximately 44%, 62%, and 52% of Micron's net sales during fiscal 2019, 2018, and 2017, respectively, originated in reais. Increases or decreases in the value of the U.S. dollar may affect the value of these items with respect to Micron's non-U.S. dollar businesses in their combined financial statements. During fiscal 2019, 2018, and 2017, Micron recorded ($3.1) million, ($13.2) million, and $0.3 million, respectively, of foreign exchange gains (losses). Additionally, Micron is subject to interest rate risk in connection with their long-term and short-term debt. A 1.0% increase in interest rates on their variable rate borrowings would result in an increase in annual interest expense and a decrease in their cash flow and income before taxes of $2.6 million per year.
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Copper topped $8,000 a ton for the first time in more than seven years, with Goldman Sachs Group Inc. and BlackRock Inc. pointing to the start of a new long-term bull market as supply lags an expected demand boom. The market is witnessing the sharpest rally in more than a decade, with China’s appetite for commodities and supply snags early on in the Covid-19 pandemic lifting copper about 80% from its March lows. Expectations for a deficit, the weaker dollar, and its role in green technology have also fueled gains. Some banks and investors are now drawing comparisons to the spike in the early 2000s, when a jump in Chinese orders ushered in the last super-cycle for commodities. “You have all the tell-tale signs of a super-cycle," Jeff Currie, head of commodities research at Goldman Sachs, told Bloomberg TV. He cited metals hitting multiyear highs, the weaker dollar, crude oil reaching $50, and rising global liquidity. The surge in prices has been a boon for miners, with shares in copper-focused producers including Antofagasta Plc. and Freeport-McMoRan Inc. vaulting to multiyear highs recently. In addition, production costs have been falling, setting the stage for a blowout year for profitability. Copper rose as much as 1.4% to $8,028 a ton, the highest price since 2013, and was at $7,999.50 by 12:50 p.m. on the London Metal Exchange. Most other metals also gained, with nickel rising 0.4%. Singapore iron ore futures pushed above $160 a ton, hitting the highest level since trading began in 2013. Goldman pointed to the start of a positive feedback loop between commodities, the dollar and emerging-market growth that has driven past structural bull markets. At the center is strong, synchronized, policy-driven demand focused on wealth redistribution and renewables and, with commodity supply-side spending outside of renewables still at very low levels, this demand growth should keep markets tight for the foreseeable future, it said in a Dec. 17 note. BlackRock expects copper to hit new all-time highs in the upswing of the cycle, Evy Hambro, the firm’s global head of thematic investing, told Bloomberg TV on Thursday. China’s relative success at containing the pandemic and optimism about global economic growth next year as vaccines are rolled out is fueling gains across industrial commodities from iron ore to oil. It’s been a remarkable turnaround for copper, which fell more than 50% from a record high in 2011, trading below $5,000 a ton during a slump in 2015-16 and again earlier this year. Copper also benefits from more specific factors that make it attractive to long-term investors. While many expect oil prices to rebound in the short term as the world begins returning to normal, there’s more doubt about its long-term outlook as the energy transition gathers pace. Copper, on the other hand, is likely to benefit from the shift because of its use in electrical wiring. In the near term, copper is getting a boost from tight supplies and strong demand. Top consumer China churned out a record volume last month, pointing to resilient consumption as the country emerges from the pandemic. Among signs of tightness, stockpiles tracked by top exchanges including the LME have slumped to a six-year low. Cooling Warning There’s also a brighter outlook for consumption outside China. U.S. lawmakers are pressing to finalize a spending deal, and the Federal Reserve this week strengthened its commitment to supporting the world’s largest economy. Still, copper’s surge may be at risk of cooling. Citigroup Inc. warned earlier this month that the metal was “too hot to handle" following a recent rally, and that prices may retrace if gains aren’t supported by the physical market. “Investors are probably already currently pricing in the broader, deeper and strong 2021 economic recovery," Fitch Solutions said in a note. “This increases the risk that prices could struggle to hold such gains later in 2021." On the technical side, LME copper’s 14-day relative-strength index was at 77 on Friday and has largely remained in overbought territory for three weeks, even as prices continued to rise. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Summarise this report in a few sentences.
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copper topped $8,000 a ton for the first time in more than seven years. goldman and blackrock are pointing to the start of a new long-term bull market. copper is witnessing the sharpest rally in more than a decade. goldman says supply lags an expected demand boom. goldman says copper is a good example of a long-term bull market.
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Gold, Silver prices in India on November 2: Gold prices were trading a tad lower on Monday post flat movement for two consecutive sessions, following weak global cues. However, the yellow metal continued to trade above Rs 50K mark in India as the safe-haven asset appealed to investors amid rising coronavirus cases. Gold October Futures on the Multi Commodity Exchange-traded flat at Rs 50,700 after hitting an intraday high and low of Rs 50,612 and Rs 50,777, respectively. On the contrary, Silver September Futures traded at Rs 61,590 per kg today, rising Rs 725 over the last close of Rs 60,865 per kg. Gold price fell in global markets amid strong American currency and delay in an agreement on the US economic stimulus. Spot gold was steady at $1,882.00 per ounce, while US gold futures traded at $1,882.90 per ounce as investors digested news over the dealy of coronavirus relief package in the US. Silver, on the other hand, rose 1.2% to $23.92 per ounce. Gold price gains amid rising coronavirus cases; silver rates scale Rs 60K mark Meanwhile, dollar index, rose 0.13 per cent to 94.15, against a basket of six currencies, capping gold's rise today. Gold prices have gained 24% this year as concerns over the economic impact of rising coronavirus infections led to less participation of investors in broader equity indices and more inclination towards precious commodities. However, the yellow metal, considered as a hedge against inflation and currency debasement, trades below $1,900 mark overseas amid uncertainty around US elections and the fading possibility of additional stimulus. In India, coronavirus cases crossed 82-lakh mark with total deaths standing at 1.22 lakh. Worldwide, there were 468 lakh confirmed cases and 12 lakh deaths from COVID-19 outbreak. Share Market News Live: Sensex rises 250 points, Nifty at 11,700; Axis Bank, ICICI Bank, SBI top gainers Reliance Industries share falls below Rs 2,000 post Q2 earnings: Time to buy, sell or hold the stock? Stocks in news: Reliance Industries, Axis Bank, Just Dial, DLF, M&M, ICICI Bank Summarise this report in a few sentences.
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gold prices were trading a tad lower on Monday after weak global cues. yellow metal continued to trade above Rs 50K mark in india as asset appealed to investors. gold price fell in global markets amid strong american currency and delay in stimulus deal. dollar index rose 0.13 per cent to 94.15, capping gold's rise today.
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MUMBAI: Japanese advertising company Daiko Advertising has acquired a majority stake in New Delhi-based creative advertising firm From Here On Communications (FHO). Post acquisition, the company will be re-branded as Daiko FHO.Gullu Sen and Rajesh Aggarwal, managing partners of FHO will continue to manage Daiko FHO in the same role. Hiroshi Ochiai, president, Daiko Advertising, said, “We found FHO to be the most compatible partner, as they have a lot of experience handling not only Japanese brands, but other big brands as well.”Founded in 2011 by former Dentsu executives — Sen and Aggarwal — FHO has grown at a fast pace as an independent full service agency, specialising in brand strategy, above the line and digital advertising. Some of the clients include Yamaha, Tilda, Emaar, American Standard, Kenstar, MensXP, Reliance, Videocon, Escorts, ET Money, and Prince Pipes among others.“We see this as a great opportunity to learn from each other, and explore new dimensions in communication,” Sen said.Aggarwal added, “This will allow us to use international tools and learnings, to take Daiko FHO to the next level. We will now look at expanding into new markets.” Osaka-headquartered Daiko Advertising and FHO did not disclose the financial details of the deal.For Daiko, the acquisition will mean strengthening its base in India and expanding in Asia. Summarise this report in a few sentences.
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daiko advertising has acquired a majority stake in creative advertising firm from here on communications. the company will be re-branded as Daiko FHO. the acquisition will mean strengthening its base in India and expanding in Asia. some of the clients include Yamaha, Tilda, Emaar, American Standard, Kenstar, MensXP, Reliance, Videocon, Escorts, ET Money, and Prince Pipes.
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